Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Note 10 - Subsequent Events

The Company has evaluated subsequent events from September 30, 2018, through the date of filing this Form 10-Q, and determined there are no additional items to disclose other than the following:

 

  · During October 2018, the Company issued 99,714 common shares to an individual as the result of a cashless exercise of 250,000 warrants.
     
  · During October 2018, the Company issued 25,907 common shares for services.
     
  · On October 17, 2018, the Company filed a definitive Schedule 14C Information Statement with the SEC regarding a prospective reverse stock split of the Company’s outstanding shares of common stock at a reverse split ratio range of one post-split share for five pre-split shares up to one post-split share for thirty pre-split shares (1:5 up to 1:30), at the discretion of the Company’s Board of Directors.

 

  · On or about October 31, 2018, Viking’s subsidiary Mid-Con Drilling entered into an agreement to sell 20% of its 80% working interest in certain oil and gas leases in Kansas, for $41,242. In connection with the agreement, Mid-Con Drilling and the purchaser entered into a Farmout Agreement, pursuant to which the purchaser agreed to advance up to $1,000,000 toward development work on one or more of the subject leases in exchange for 100% of the tax benefits associated with the development.
     
  · Between September 30, 2018 and November 5, 2018, the Company, through its private placement filed in June 2018, raised an additional $2,685,288, bringing the total funds raised to $14,501,500. Pursuant to the terms of the private placement, these investors will receive five-year warrants to purchase 2,013,966 common shares at an exercise price of $.20 per share. In connection with the private placement funds raised through November 5, 2018, the Company will issue 955,144 common shares pursuant to placement agent agreements with the Company’s registered broker-dealers.
     
  · On November 1, 2018, the parties to the September 2018 Acquisition Agreement amended the agreement as described in Note 9.
     
  · On November 5, 2018, the Company amended its Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 100,000,000 to 500,000,000.