Viking Investments Group, Inc. Announces Letter of Intent With Jolen, Inc. Regarding Proposed Joint Venture
NEW YORK, NY -- (Marketwired) -- 05/28/15 -- Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN) is pleased to announce it has executed a Letter of Intent ("LOI") with Jolen, Inc. ("Jolen") (OTC PINK: JOLE), wherein the parties have outlined the essential elements of a joint venture concerning the acquisition, development and/or management of certain projects in the Energy sector in the United States.
Jolen's management team has performed extensive due diligence over the past several months assessing opportunities in the oil and gas industry. Jolen has entered into a non-binding agreement with respect to one project located in Western US, which contemplates the purchase of existing oil production and the right to drill additional vertical wells to increase production to approximately 650 to 700 boe/day. Jolen has expressed interest in partnering with Viking regarding this opportunity. The wells and any future drilling programs would be managed by the project's existing management team. The Letter of Intent between Jolen and the existing owner of the project, a private company, is non-binding and any formal transaction between Jolen (or Jolen and Viking)and the vendor is subject to the parties executing a definitive agreement.
Given the similarities in the business plan and growth strategy of each company, executives of Jolen and Viking agreed it would be ideal to combine their resources and expertise and adopt a collaborative approach toward completing select transactions in the United States which have been sourced by Jolen, including pursuing the opportunity described above.
The LOI is non-binding and any formal transaction between Viking and Jolen is subject to the parties executing a definitive agreement.
Viking aims to acquire, invest in and/or provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition. Viking's primary focus is directed toward evaluating and completing investments in North America, mainly in the Oil & Gas and Real Estate sectors, with appropriate diversification and balance between each division. 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.
BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead
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 May 28, 2015