Viking Completes Drilling of 6 New Oil Wells
NEW YORK, NY -- (Marketwired) -- 05/24/17 -- Viking Energy Group, Inc. ("Viking") (OTC PINK: VKIN) is pleased to announce its wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), completed the drilling of 6 new producing oil wells on its ABC lease in Eastern Kansas. The intent to drill such wells was previously announced by the company on February 15th, 2017.
Mid-Con's operator, S&B Operating, LLC ("S&B"), who is experienced in designing and operating enhanced oil recovery projects, coordinated and supervised this development initiative. All 6 wells were drilled, cased and cemented as of April 19th, 2017. S&B was able to complete all 6 wells under budget by utilizing its local contacts and personnel already in place. S&B performed various types of analysis on the wells, which included coring, geologic analysis and neutron logging. The wells were perforated and stimulated the following week. All 6 wells were put on-line in or around the first week of May and have been producing oil. Mid-Con expects by July of this year to be able to determine the estimated daily production from each well for the near and mid-term, following the dissipation of the initial production. The wells were drilled at a depth of approximately 380 feet targeting the Wayside formation, which has been prolific in the region for many years. Wells similar to those drilled on this lease have demonstrated the ability to produce for over 20 years.
The ABC lease (approx. 400 acres) is only one of Mid-Con's producing leases in Eastern Kansas. Approximately 30% of the ABC lease has been developed, leaving many more drillable locations.
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. 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 Energy Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Source: Viking Energy Group, Inc.
Released May 24, 2017