Benzinga | Jul 30, 2021 08:32AM EDT

Viking Energy Reports $11M Investment By Camber Energy

Viking Energy Group, Inc. (OTCQB:VKIN) ("Viking" or the "Company") is pleased to announce the completion of another deal with its majority-owned shareholder, Camber Energy, Inc. (NYSE:CEI) ("Camber"), pursuant to which Camber purchased $11 million worth of common stock of Viking.

The proceeds from the transaction are to be used by Viking to (i) facilitate the potential acquisition of an approximate 60.5% interest in a company engaged in the manufacture and supply of industrial engines, power generation products, services and custom energy solutions; (ii) facilitate the potential execution of an agreement with respect to the license of a patented carbon-capture system for exclusive use in Canada and for a specified number of locations in the United States; and (iii) for general working capital purposes.

Additional details regarding the transaction were included in Viking's and Camber's Current Reports on Form 8-K filed with the Securities and Exchange Commission ("SEC") on July 30, 2021, and are available under "investors" -- "SEC filings" at www.vikingenergygroup.com and www.camber.energy.