In Texas, Viking Energy Group, Inc. has entered into a Membership Interest Purchase Agreement to acquire a 100% interest in a group of companies that are in the process of engineering, developing, constructing and bringing into commercial operations a processing plant located in Reno, Nevada, which is designed to produce renewable diesel. The estimated production capacity of the plant once operational is 43 million gallons per year. The main part of the Plant is ⁓95% complete and there is a pre-treatment unit under construction within the Plant that is ⁓30% complete.
Viking’s obligation to close the transaction is conditional on a number of items set out in the Membership Interest Purchase Agreement, including, without limitation Viking having obtained financing, on terms and conditions satisfactory to Viking in its sole discretion. There is no guaranty the conditions will be satisfied.
