Petro Viking Energy Inc.

Petro Viking Energy Inc.

August 02, 2011 16:54 ET

Petro Viking Acquires P&NG Assets

CALGARY, ALBERTA--(Marketwire - Aug. 2, 2011) - Mr. Giovanni DeFrancesco, Vice President of Operations of Petro Viking Energy Inc. (TSX VENTURE:VIK) (the "Company"), announces the Company has completed its previously disclosed (Stockwatch: June 17, 2011) purchase of a portfolio of certain petroleum and natural gas assets (the "Assets") located in Alberta for an aggregate purchase price of $500,000(Cdn.). The Transaction was arm's length.

Production from the Assets averages approximately 50 barrels of oil equivalent per day comprised of 30 barrels of oil per day and 120mcf per day of gas. The transaction has an effective date of May 1, 2011 and operatorship of the properties commenced July 1, 2011. As of July 1, 2010 the production of Petro Viking averages 90 boe/d. The acquisition was funded with existing cash on hand.

Petro Viking is in the process of finalizing its workover plans to be initiated during the third quarter, 2011. In addition to the workovers within the Company's existing properties, several have been identified within the newly acquired Assets.

The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Forward-looking information is frequently characterized by words such as "expect", "schedule", "estimate", "approximate", "intend", "anticipate", "believe", and other similar words. These statements are only predictions and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social risks and uncertainties; risks relating to oil and gas exploration and exploitation activities; oil and gas prices; acquisition risks; risks relating to greater resources, and delays in obtaining regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Petro Viking Energy Inc.
    Mr. Giovanni DeFrancesco
    VP Operations
    (403) 592-6257
    (403) 265-4011 (FAX)

    Petro Viking Energy Inc.
    200, 744 4th Avenue SW
    Calgary, Alberta T2P 3T4