Viking Engages Leading Oil & Gas Operator in Eastern Kansas
NEW YORK, NY -- (Marketwired) -- 10/25/16 -- Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN) is pleased to announce it has engaged Kansas Resource Development Company ("KRDC") to operate certain of its oil and gas-related leases in Eastern Kansas.
Effective September 1st, 2016 KRDC's subsidiary, S & B Operating, LLC ("S&B"), became the operator of record for the leases known as A. Wilson (East), L. Wilson (West) and Elam/Hahn in which Viking's working interest, through its subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), is 100%, 92% and 58%, respectively. It is also anticipated that effective November 1st, 2016 S & B will be the operator of record for the ABC, Terbrock, Renner and Griffin leases in which Viking, through Mid-Con, purchased a working interest as previously announced on October 5th, 2016.
Regarding the engagement, James Doris, Viking's President & C.E.O., said, "This relationship is an integral part of our plan to become a leading E&P company in the midcontinent region. We are excited to be able to leverage the skills and expertise of the talented team at KRDC."
Mr. Doris continued by saying, "Continuing to align ourselves with industry experts, in particular those with local knowledge, is imperative to increase value for company stakeholders, and we have done that yet again by formalizing a deal with KRDC."
KRDC is a premier operating company in Kansas and Missouri, and through its affiliates has over 1,000 wells under management. KRDC's executives have decades of experience in the oil & gas sector. The company has established relationships with proven vendors and a first-rate administrative and communication system to assist clients, including publicly-traded companies and private equity firms with an E&P focus, with reporting obligations and making informed decisions regarding future operations and development. KRDC's management team specializes in formulating and operating water-flood enhanced oil recovery programs, and since 2014 the company, through its affiliates, has spudded more wells than any other operator in Kansas.
Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in North America. The company owns oil and gas leases in Alberta, Kansas and Missouri. The company's interests in Kansas and Missouri cover over 6,000 acres of property. Viking targets under-valued investments with realistic appreciation potential and a defined exit strategy.
Viking is not an investment company, as defined by the Investment Company Act of 1940.
Safe Harbor Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
Source: Viking Investments Group, Inc.
Released October 25, 2016