Viking Acquires More Oil Production -- 2nd Deal this Week and 3rd in Less Than 30 Days
NEW YORK, NY -- (Marketwired) -- 10/05/17 -- Viking Energy Group, Inc. ("Viking") (OTCQB: VKIN) is pleased to announce it has acquired additional working interests in various oil and gas-related leases in Kansas. This is the company's 3rd acquisition in less than 30 days.
Acquisition of Additional Production and Development Acreage:
On October 4th, 2017, Viking, through a wholly-owned subsidiary, Mid-Con Drilling, LLC ("Mid-Con"), a Kansas limited liability company, acquired, effective September 1st, 2017, an 80% working interest in six new oil and gas leases in Riley, Geary and Wabaunsee Counties in Kansas. The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations upon the leases attributable to the working interests purchased by Viking, through Mid-Con. The leases produce oil from various zones, including the Conglomerate (at depths of 1,650 to 1,800 feet), Viola and Simpson Sandstone (at depths of 2,917 to 3,063 feet) and offer the potential for several future drilling locations. The new leases are currently operated by Haas Petroleum LLC, a fourth-generation oil and gas company.
One of the leases referenced above is known as the Thowe Lease. According to geological records, the lease, located in Wabaunsee County, was discovered in 1950 with the Thowe 2 well reported on the driller's log having an initial production rate of 3,000 bopd. Subsequently 3 more oil wells were drilled and completed in the Viola. In 1991 new wells staked between the Viola producers were drilled deeper to the Simpson Sandstone target. In 2008 the then operator drilled an offsetting well and established production in the Simpson Sandstone at a rate of approximately 100 bopd. The pay-zones are at depths of approximately 2,917 to 3,063 ft.
Additional details about the acquisition are included in Viking's Current Report on Form 8-K filed on October 3rd, 2017 with the Securities and Exchange Commission and available under "Investors -- SEC Filings" at www.vikingenergygroup.com.
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 Kansas, Missouri and Alberta. Viking targets under-valued assets with realistic appreciation potential.
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 October 5, 2017