Viking's Sub Secures Credit Facility with Commercial Bank
NEW YORK, NY -- (Marketwired) -- 01/26/17 -- Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN) is pleased to announce its wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), obtained a revolving line of credit facility ("LOC") from CrossFirst Bank, a commercial bank with offices in Kansas, Oklahoma and Texas.
CrossFirst Bank (https://www.crossfirstbank.com/) has expertise in serving the needs of participants in the oil, gas and energy industry, particularly in the mid-continent region. As announced on October 5, 2016, the LOC was used to, among other things, assist Mid-Con with increasing its working interest in certain existing oil and gas leases in Miami and Franklin Counties in Eastern Kansas, and acquiring working interests in four new oil and gas leases in the same region. The majority of existing production in the area comes from the Squirrel sandstone (750 - 900 FT) within the Cherokee formation, and the leases offer the potential for several future drilling locations.
Amounts advanced under the LOC bear interest at a rate equal to Wall Street Journal Prime plus 1.5%.
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 assets with realistic appreciation potential.
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.
For additional information please contact:
James A. Doris
President and C.E.O.
Viking Investments Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Source: Viking Investments Group, Inc.
Released January 26, 2017