NEW YORK, NY, Jan. 17, 2018 (GLOBE NEWSWIRE) — 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 adds another 1,000 acres (approx.) of development lands to Viking’s existing portfolio in Kansas.
Acquisition of Additional Production and Development Acreage:
On January 16, 2018, Viking, through its wholly-owned subsidiary, Mid-Con Drilling, LLC (“Mid-Con”), a Kansas limited liability company, acquired a 100% working interest in five new oil and gas leases in Allen and Woodson Counties in Kansas, comprising approximately 1,000 acres of property. 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 the Cherokee formation at a depth of approximately 850 feet, and offer the potential for several future drilling locations. The execution of the purchase agreement regarding this transaction was first disclosed by the company in Viking’s Current Report on Form 8-K filed December 8, 2017 with the Securities and Exchange Commission.
The new leases will be operated by Viking’s existing operator of record in Kansas, S&B Operating, LLC, a subsidiary of Kansas Resource Development Company (“KRDC”). KRDC is a premier operating company in Kansas and Missouri, and its executives have decades of experience in the oil & gas sector. KRDC’s management team specializes in formulating and operating water-flood enhanced oil recovery programs.
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.