Viking Engages Leading Oil & Gas Operator for New Leases
NEW YORK, NY -- (Marketwired) -- 01/31/17 -- Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN) is pleased to announce its wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), has engaged Kansas Resource Development Company ("KRDC") to operate additional oil and gas-related leases in Eastern Kansas.
As announced on October 25th, 2016, KRDC's subsidiary, S & B Operating, LLC ("S&B"), became the operator of record for certain of Mid-Con's producing oil and gas leases (i.e. A. Wilson (East), L. Wilson (West) and Elam/Hahn). Effective November 1st, 2016, S & B was appointed the operator of record for 3 additional producing leases (i.e. ABC, Terbrock and Renner) which were acquired by Mid-Con in early October.
KRDC is a premier operating company in Kansas and Missouri and through its affiliates has over 1,000 wells under management. KRDC's executives have decades of experience in the oil & gas sector. The company has established relationships with proven vendors and a first-rate administrative and communication system to assist clients, including publicly-traded companies and private equity firms with an E&P focus, with reporting obligations and making informed decisions regarding future operations and development. KRDC's management team specializes in formulating and operating water-flood enhanced oil recovery programs, and since 2014 the company, through its affiliates, has spudded more wells than any other operator in Kansas.
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 Alberta, Kansas and Missouri. The company's interests in Kansas and Missouri cover over 6,000 acres of property. Viking targets under-valued assets with realistic appreciation potential.
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.
James A. Doris
President and C.E.O.
Viking Investments Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Source: Viking Investments Group, Inc.
Released January 31, 2017