Petro Viking Energy Inc. Announces Results of Annual General and Special Meeting and Provides Corporate Update

PETRO VIKING ENERGY INC.

 

Calgary, Alberta – TheNewswire – October 19, 2021 – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) is pleased to announce the results of the Annual General and Special Meeting (the “Meeting”) held on October 15, 2021, at 1:00 P.M. EST.

 

Results from the Annual General and Special Meeting

 

The following resolutions were approved and adopted by the Company :

 

  1. 1.The financial statements of the Company for the financial year ending December 31, 2020, together with the auditor’s report thereon;  

  2. 2.Setting the number of directors of the Company to five (5) until the next Annual General Meeting;  

  3. 3.The election of the directors of the Company, as follows :  

    1. a.Mr. Leonard Van Betuw 

    2. b.Mr. Thomas Valentine 

    3. c.Mr. Daniel Lucero 

    4. d.Mr. Kyle Appleby 

    5. e.Mr. Michel Lebeuf Jr.  

  4. 4.The adoption of the Company’s stock option plan and the approval of the number of shares reserved for issuance under the Company’s stock option plan; 

  5. 5.The amendment of the Company’s articles to give effect to a name change of the Company to Avila Energy Corp. or any such name as is authorized by the board of directors of the Company, acceptable to the Canadian Stock Exchange and applicable regulatory authorities. 

 

Change of Auditors

 

The Company also announces that it has appointed WDM, Chartered Professional Accountants (“WDM”) as the Company’s independent auditor to hold office until the next Annual General Meeting of Shareholders.

 

Effective October 6, 2021, at the request of the Company, Petro Viking’s predecessor auditor, MNP LLP, Chartered Professional Accountants (“MNP”), resigned as auditors and WDM was appointed to fill their vacancy for the fiscal year ending December 31, 2021.

 

In accordance with the requirements of National Instrument 51-102, a notice of change of auditor (“Notice of Change”) dated October 7, 2021, with an effective date of October 6, 2021, was sent to WDM and MNP, each of whom have provided a letter confirming their agreement with the statement made in the Notice of Change.

 

Corporate Update        

 

The Company continues its efforts with the Canadian Securities Exchange (the “CSE”) and the Alberta Securities Exchange (the “ASC”) to obtain all necessary regulatory approvals in connection with the previously announced acquisition of assets from 611890 Alberta Inc. (the “Acquisition”), which would ultimately allow for the resumption of trading of the Company’s common shares on the CSE. To the knowledge of the Company’s management, there are no material circumstances that could adversely affect delays in relation to which such approvals are obtained. As part of the approval process, the Company intends to circulate and execute a consent resolution by its shareholders in connection with the Acquisition.  

 

About Petro Viking Energy Inc.

 

The Company is an energy company based and operating in the province of Alberta, Canada engaged in petroleum and natural gas exploration and development activities in western Canada, and is an Emerging CSE listed corporation (“VIK”), whose common shares have recently been subject to a trading halt in accordance with CSE Policies due to the contemplated Acquisition that would result in a fundamental change. As a low-cost Carbon Neutral Energy Producer in 2022 the Company will continue to achieve its results by focusing on the application of a combination of proven geological, geophysical, engineering, and production techniques. The Company intends to becoming an integrated energy company utilizing the experience of its officers and directors who have acquired experience as developers, explorers, operators and financiers of energy projects in Canada and internationally.

 

ON BEHALF OF THE BOARD

 

Leonard Van Betuw

President, Director and Chief Executive Officer

Email : leonard.v@avilaexpl.com

 

For further information, please contact:

 

Peter Nesveda

Vice-president, Corporate Affairs and Investor Relations

Email: peter@intuitiveaustralia.com.au

 

Lars Glimhagen

Chief Financial Officer

Email : lars@petroviking.ca

 

All statements contained in this press release about anticipated future events constitute forward-looking statements. Forward looking statements are often, but not always, identified by the use of words such as “anticipate” and “expect”. Forward-looking statements are subject to business risks and uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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