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.
About Viking:
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.