Viking Begins Enhancement Initiative for Existing Oil Leases
NEW YORK, NY -- (Marketwired) -- 02/22/17 -- Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN) is pleased to announce its wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), is proceeding with phase one of the low-cost maintenance program announced by Viking on February 2nd, 2017 regarding improvements to certain of its existing oil leases in Eastern Kansas.
Mid-Con, with assistance from its operator, S & B Operating, LLC ("S&B"), a subsidiary of Kansas Resource Development Company, completed a performance review of all of its existing producing leases in Kansas and identified relatively low-cost methods, including stimulating inactive or inefficient water injectors, to increase production and achieve operational efficiencies.
Phase one of the enhancement initiative contemplates Mid-Con stimulating water injectors on three of Mid-Con's leases: L. Wilson (7 injectors); Wilson A. (3 injectors); and Terbrock (1 injector), and on February 21st, 2017 S&B, specialists in formulating and operating water-flood enhanced oil recovery programs, scheduled all of such work with applicable service providers. The work is expected to be completed by March 3rd, 2017, weather permitting. It is estimated the stimulation program will improve production from these particular leases by 20 to 25%.
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 22, 2017