Viking Announces First Oil Well Within Joffre Project Now Producing
NEW YORK, NY -- (Marketwired) -- 04/07/15 -- Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN) is pleased to report that the first well within the Joffre D3 B Pool (the "Joffre Project") is now on production.
The well was placed on production on April 1st, 2015. After 5 days of anticipated monitoring and operating facility adjustments, the well is now producing at a rate of 118 barrels of oil per day and 250 mcf of natural gas, totaling 160 BOE/D. The well is a flowing oil well with a flowing wellhead pressure of 435 psi.
Viking and Tanager Energy Inc., joint venture operator of the Joffre Project, intend to proceed with the work necessary to reactivate the second of the remaining suspended oil wells in this project. The second well is expected to be on production by the end of June 2015. Other wells will be mobilized and reactivated sequentially.
Viking aims to acquire, invest in and/or provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition. Viking's primary focus is directed toward evaluating and completing investments in North America, mainly in the Energy sector and other selective sectors, with appropriate diversification and balance between each division. Viking targets under-valued investments with realistic appreciation potential and a defined exit strategy.
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.
BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
James A. Doris
President & C.E.O.
Viking Investments Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Source: Viking Investments Group, Inc.
Released April 7, 2015