Petro Viking Energy Inc.

Petro Viking Energy Inc.

February 15, 2012 18:19 ET

Petro Viking Operational Update

CALGARY, ALBERTA--(Marketwire - Feb. 15, 2012) - Mr. Giovanni DeFrancesco, President & CEO of Petro Viking Energy Inc. (TSX VENTURE:VIK) (the "Company"), provides the following operational update on field activities. Optimization of oil production at the Company's Ronalane property has increased oil production by 40% and Petro Viking is now producing approximately 100 boepd, weighted at 55% oil & NGLs and 45% natural gas. In addition, licensing for a horizontal well is complete on the Company's Plato, Saskatchewan prospect where the target is Viking Oil. Petro Viking plans to secure a joint venture partner before drilling this well.

Brownfield Field Activity Update

Testing has now been completed on workovers which commenced in mid December, at the Company's Brownfield, Alberta property. The results were disappointing and management has determined the Brownfield wells are uneconomic to produce. Expenditures were in the range of $1,000,000. No additional capital will be allocated to the Brownfield property. This prospect will be readdressed in the spring after the wells have had a chance to build up pressure and the Company assesses all the data collected in the last testing segment.

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.

The reader is advised that some of the information contained herein may constitute forward looking statements within the meaning assigned by National Instrument 51-102 and other relevant securities legislation. It includes, but is not limited to, statements with respect to well production and performance, expected timing of well development and operations including the anticipated dates for the drilling of wells, oil and gas reserves value, and future sources of cash to fund operations. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur. Forward-looking information is based on the Company's expectations regarding its future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and assumptions and is based on information currently available to it. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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
    President & CEO
    (403) 592-6257
    (403) 265-4011 (FAX)

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