Viking's ABC Lease Has Produced Almost 1mm Barrels of Oil
NEW YORK, NY -- (Marketwired) -- 02/16/17 -- Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN): As announced on February 15, 2017, Viking's wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), has entered into an agreement to drill 6 to 7 new producing wells on its ABC Lease located in Miami County in Eastern Kansas. The agreement is subject to approval from CrossFirst Bank.
The ABC Lease, in which Mid-Con acquired a 95% working interest on October 4th, 2016, is a prolific oil lease in the region. Prior to Mid-Con's acquisition, engineering estimates indicated approximately 913,675 barrels of oil had been produced from this lease as of April 1, 2016, and remaining PDP and PUD reserves were 73,825 stb and 91,200 stb, respectively. Wells on the lease are approx. 350 feet deep and target the Peru formation. Wells in the area similar to those on this lease have demonstrated the ability to produce for 20 - 30 years.
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 February 16, 2017