NEW YORK, NY, Jan. 23, 2018 (GLOBE NEWSWIRE) — Viking Energy Group, Inc. (“Viking”) (OTCQB: VKIN) is pleased to announce that it has acquired, through its wholly-owned subsidiary, Mid-Con Development, LLC (“Mid-Con”), a majority working interest in several oil leases in Ellis and Rooks Counties in Kansas.
Features of the acquired assets include:
- Over 40 oil leases, comprising approx. 3,300 acres
- Cumulative oil production from the acquired leases is over 6,400,000 barrels
- Average oil production for the first 9 months of 2017 was 172 bopd / 5,160 per month
- Average well depth is 2,700 to 3,300 ft.
- Multiple Pay Zones
- Target formations include Arbuckle, Kansas City, Topeka Limestone & Kinder Hook
- Multiple in-field drilling locations
- Tremendous upside potential through enhancement of existing wells
- Purchase included an interest in the equipment, fixtures and other personal property located upon the leased properties, and substantial rolling-stock.
- Haas Petroleum LLC, a fourth-generation oil and gas company, has been engaged to operate the assets on behalf of Mid-Con.
Further details regarding the transaction were referenced in Viking’s Current Report on Form 8-K filed on January 8, 2018 with the Securities and Exchange Commission and available under “Investors — SEC Filings” at www.vikingenergygroup.com. Since the date of that report, Mid-Con assigned 12.5% of the working interest it acquired from the seller to strategic partners in the region, so Mid-Con’s average working interest in the subject oil leases is approximately 83.5% to 87.5%. Mid-Con paid the balance of the purchase price in full the week of January 15, 2018. The majority of the funds to facilitate the completion of the transaction were provided by participants in the private placement being coordinated on behalf of Viking by Fusion Analytics Securities, LLC, a FINRA-member broker dealer (as referenced in the Form D Notice of Exempt Offering of Securities filed by Viking on October 16, 2017 with the Securities and Exchange Commission and available under “Investors — SEC Filings” at www.vikingenergygroup.com) and by the company’s President & CEO.
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, Texas, Louisiana, Mississippi and Alberta. Viking targets under-valued assets with realistic appreciation potential.