EXHIBIT 99.1

Viking Energy Group, Inc.

Unaudited Pro Forma Condensed Consolidated Financial Statements

VIKING ENERGY GROUP, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following sets forth unaudited pro forma condensed consolidated financial information of Viking Energy Group, Inc. (the “Company”) prepared in accordance with Article 8-05 of Regulation S-X. You should read this information in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations, “Risk Factors” and the Company’s consolidated financial statements and related notes and other financial information included in its most recent Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q. The unaudited pro forma condensed consolidated financial information is based on and has been derived from the Company’s historical consolidated financial statements.

On July 8, 2022, four of the wholly-owned subsidiaries of Petrodome Energy, LLC (“Petrodome”), a wholly owned subsidiary of Viking Energy Group, Inc. (“Viking”), entered into Purchase and Sale Agreements (the “Purchase Agreements”) to sell all of their interests in the oil and gas assets owned by those Petrodome subsidiaries, including in the aggregate, interests in 8 producing wells, 8 shut-in wells, 2 salt water disposal wells and 1 inactive well, to the third parties and on the headline terms described below (collectively the “Dispositions”). On July 8, 2022, the Dispositions were completed and the purchase price in each of the Dispositions was received by each of the subsidiaries, and applied to repay CrossFirst Bank all amounts owed to it by Petrodome under the June 13, 2018, revolving line of credit loan, which loan was secured by a mortgage on all of the oil and gas leases of Petrodome and its subsidiaries, a security agreement covering all of Petrodome assets, and a guaranty by Viking.

· On July 8, 2022, Petrodome Napoleonville, LLC, the wholly owned Louisiana subsidiary of Petrodome, entered into (i) a Purchase and Sale Agreement to sell 50% of its oil and gas assets to Napoleonville, L.L.C., a Delaware limited liability company, for a $37,500 purchase price, and (ii) a Purchase and Sale Agreement to sell the remaining 50% of its oil and gas assets to WPP Petro, L.L.C., a Delaware limited liability company, for a $37,500 purchase price.

· On July 8, 2022, Petrodome Bloomington, LLC, the wholly owned Texas subsidiary of Petrodome, entered into (i) a Purchase and Sale Agreement to sell 50% of its oil and gas assets to Bloomington, L.L.C., a Delaware limited liability company, for a $25,000 purchase price, and (ii) a Purchase and Sale Agreement to sell the remaining 50% of its oil and gas assets

· On July 8, 2022, Petrodome Pineville, LLC, the wholly owned Mississippi subsidiary of Petrodome, entered into (i) a Purchase and Sale Agreement to sell 50% of its oil and gas assets to Bay Springs North, L.L.C., a Delaware limited liability company, for a $1,657,500 purchase price, and (ii) a Purchase and Sale Agreement to sell the remaining 50% of its oil and gas assets to WPP Petro, L.L.C., a Delaware limited liability company, for a $1,657,500 purchase price.

· On July 8, 2022, Petrodome Louisiana Pipeline, LLC, the wholly owned Louisiana subsidiary of Petrodome, entered into (i) a Purchase and Sale Agreement to sell 50% of its oil and gas assets to East Mud Lake, L.L.C., a Delaware limited liability company, for a $75,000 purchase price, and (ii) a Purchase and Sale Agreement to sell the remaining 50% of its oil and gas assets to WPP Petro, L.L.C., a Delaware limited liability company, for a $75,000 purchase price.

The unaudited pro forma condensed consolidated balance sheet as of June 30, 2022 and statements of operations for the six months ended June 30, 2022 and the year ended December 31, 2021 give pro forma effect to the elimination of certain assets and liabilities associated with the Dispositions as if they occurred on June 30, 2022 (in the case of the balance sheet) or January 1, 2021 (in the case of the statement of operations). The unaudited pro forma effects of the disposition on the Company’s oil and gas reserves and the standardized measure of future net cash flows, give pro forma effect to the dispositions of the reserves based on the information disclosed in the Company’s annual report as of and for the year ended December 31, 2021.

The unaudited pro forma condensed consolidated financial information includes unaudited pro forma adjustments that are factually supportable and directly attributable to the respective transactions. In addition, the unaudited pro forma adjustments are expected to have a continuing impact on the Company’s results. The Company has prepared the unaudited pro forma condensed consolidated financial information for illustrative purposes only and it does not purport to represent what the results of operations or financial condition would have been had the respective transactions actually occurred on the dates indicated, nor does the Company purport to project the results of operations or financial condition for any future period or as of any future date. The actual results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

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VIKING ENERGY GROUP, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS AT JUNE 30, 2022

	Historical June 30, 2022			Pro Forma Adjustments			Pro Forma  June 30, 2022
ASSETS
Current assets:
Cash	$	3,332,399					$	3,332,399
Accounts receivable, net		6,125,290						6,125,290
Inventory		8,146,111						8,146,111
Notes receivable		1,960,000						1,960,000
Prepaids and other current assets		670,957						670,957
Total current assets		20,234,757						20,234,757
Total oil and gas properties, net		14,162,055			(12,791,680	)(a)		1,370,375
Fixed assets, net		1,510,486						1,510,486
Right of use assets, net		5,000,859						5,000,859
ESG Clean Energy license, net		4,732,747						4,732,747
Due from related parties		456,965						456,965
Other intangibles – Simson Maxwell, net		3,790,935						3,790,935
Other intangibles – Variable Interest Entities		15,433,340						15,433,340
Goodwill		252,290						252,290
Deposits and other assets		10,300						10,300
TOTAL ASSETS	$	65,584,734					$	52,793,054
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,324,595					$	3,324,595
Accrued expenses and other current liabilities		879,004						879,004
Customer deposits		1,396,347						1,396,347
Due to Camber Energy, Inc.		8,022,300						8,022,300
Undistributed revenues and royalties		3,228,070						3,228,070
Current portion of operating lease liability		1,354,637						1,354,637
Due to related parties		674,604						674,604
Current portion of notes payable – related parties		74,645						74,645
Bank indebtedness – credit facility		3,310,982						3,310,982
Current portion of long-term debt – net of discount		4,549,393			(3,590,000	)(a)		959,393
Total current liabilities		26,814,577						23,224,577
Notes payable – related parties – net of current portion		673,252						673,252
Long term debt - net of current portion and debt discount		2,425,034						2,425,034
Operating lease liability, net of current portion		3,786,750						3,786,750
Contingent obligations		1,435,757						1,435,757
Asset retirement obligation		2,193,281			(239,975	)(a)		1,953,306
TOTAL LIABILITIES		37,328,651						33,498,676
Commitments and contingencies		-
STOCKHOLDERS’ EQUITY
Preferred Stock Series C, $0.001 par value, 50,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		28						28
Preferred Stock Series E, $0.001 par value, 2,075 shares authorized, 475 and 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		5						5
Common stock, $0.001 par value, 500,000,000 shares authorized, 114,780,967 and 111,030,965 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively.		114,781						114,781
Additional paid-in capital		126,909,137						126,909,137
Accumulated other comprehensive loss		(112,686	)					(112,686	)
Accumulated deficit		(110,046,514	)		(8,961,705	)(a)		(119,008,219	)
Parent’s Stockholders’ Equity in Viking		16,864,751						7,903,046
Non-controlling interest		11,391,332						11,391,332
TOTAL STOCKHOLDERS’ EQUITY		28,256,083						19,294,378
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	65,584,734					$	52,793,054

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VIKING ENERGY GROUP, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022

	Historical  Six Months Ended June 30, 2022			Pro Forma Adjustments			Pro Forma  Six Months Ended June 30, 2022
Revenue
Oil and gas sales	$	3,548,872			(2,070,975	)(b)	$	1,477,897
Power generation units and parts		3,634,127						3,634,127
Service and repairs		5,322,563						5,322,563
		12,505,562						10,434,587
Operating expenses
Cost of goods sold		5,053,599						5,053,599
Lease operating costs		1,186,168			(757,564	)(b)		428,604
General and administrative		8,480,762						8,480,762
Stock based compensation		588,870						588,870
Depreciation, depletion and amortization		1,013,470			(470,513	)(b)		542,957
Accretion - ARO		81,631			(11,076	)(b)		70,555
Total operating expenses		16,404,500						15,165,347
Income (loss) from operations		(3,898,938	)					(4,730,760	)
Other income (expense)
Interest expense		(353,045	)					(353,045	)
Amortization of debt discount		(94,896	)					(94,896	)
Change in fair value of derivatives		-						-
Loss on financing settlements		-						-
Other income		511,855						511,855
Total other income (expense)		63,914						63,914
Net loss before income taxes		(3,835,024	)					(4,666,846	)
Income tax benefit (expense)		-						-
Net loss		(3,835,024	)					(4,666,846	)
Net loss attributable to non-controlling interest		(548,854	)					(548,854	)
Net loss attributable to Viking Energy Group, Inc.	$	(3,286,170	)				$	(4,117,992	)
Earnings (loss) per common share
Basic and Diluted		(0.03	)					(0.04	)
Weighted average number of common shares outstanding
Basic and Diluted		114,364,300						114,364,300

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VIKING ENERGY GROUP, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

	Historical  Year Ended  December 31, 2021			Pro Forma Adjustments			Pro Forma  Year Ended  December 31, 2021
Revenue
Oil and gas sales	$	33,679,679			(2,767,176	)(b)	$	30,912,503
Power generation units and parts		1,607,077						1,607,077
Service and repairs		2,701,208						2,701,208
		37,987,964						35,220,788
Operating expenses
Cost of goods sold		3,003,044						3,003,044
Lease operating costs		15,878,437			(1,414,019	)(b)		14,464,418
General and administrative		8,121,519						8,121,519
Stock based compensation		1,738,145						1,738,145
Depreciation, depletion and amortization		7,307,157			(1,348,660	)(b)		5,958,497
Accretion - ARO		608,691			(25,243	)(b)		583,448
Total operating expenses		36,656,993						33,869,071
Income (loss) from operations		1,330,971						1,351,717
Other income (expense)
Interest expense		(10,053,014	)					(10,053,014	)
Amortization of debt discount		(3,704,049	)					(3,704,049	)
Change in fair value of derivatives		(17,338,784	)					(17,338,784	)
Loss on financing settlements		(4,774,628	)					(4,774,628	)
Equity in earnings of unconsolidated subsidiary		(178,942	)					(178,942	)
Gain on disposal of membership interests		19,457,104						19,457,104
Interest and other income		470,492						470,492
Total other income (expense)		(16,121,821	)					(16,121,821	)
Net loss before income taxes		(14,790,850	)					(14,770,104	)
Income tax benefit (expense)		-						-
Net loss		(14,790,850	)					(14,770,104	)
Net loss attributable to non-controlling interest		305,003						305,003
Net loss attributable to Viking Energy Group, Inc.	$	(14,485,847	)				$	(15,075,107	)
Earnings (loss) per common share
Basic and Diluted		(0.18	)					(0.18	)
Weighted average number of common shares outstanding
Basic and Diluted		82,228,404						82,228,404

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VIKING ENERGY GROUP, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Disposition Adjustments to the Unaudited Pro Forma Condensed Consolidated Balance Sheet

The following adjustments have been made to the accompanying unaudited pro forma condensed consolidated balance sheet as of June 30, 2022.

a) Reflects the elimination of assets and liabilities and resulting loss on disposition of assets sold.

Disposition Adjustments to the Unaudited Pro Forma Condensed Consolidated Statement of Operations

The following adjustments have been made to the accompanying unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2022, and for the year ended December 31, 2021.

b) Represents the elimination of oil and gas production revenues and expenses for the assets sold.

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VIKING ENERGY GROUP, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED PRO FORMA EFFECT OF THE DISPOSITION OF OIL AND GAS ASSETS

Reserve Category	Historical December 31, 2021			Pro Forma Dispositions			Pro Forma December 31, 2021
Proved Reserves
Developed, Producing		1,164,578			(1,034,526	)		130,052
Developed, Non Producing		414,418			(350,963	)		63,455
Total Proved Reserves		1,578,996			(1,385,489	)		193,507
Estimated Future Net Cash Flows	$	26,837,237		$	(22,638,200	)	$	4,199,037
10% annual discount for estimated timing of cash flows		(11,822,285	)		10,427,800			(1,394,485	)
Discounted Future Net Cash Flows	$	15,014,952		$	(12,210,400	)	$	2,804,552

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