Petro Viking Energy Inc.

December 02, 2010 16:48 ET

Petro Viking Receives Conditional Approval for Qualifying Transaction

CALGARY, ALBERTA--(Marketwire - Dec. 2, 2010) - Mr. David Heighington, a Director of Petro Viking Energy Inc. ("Petro Viking") (TSX VENTURE:VIK.P), announces that it has received conditional approval from the TSX Venture Exchange Inc. (the "Exchange") concerning its previously announced proposed qualifying transaction with Deep Creek Oil & Gas Inc. Details of the proposed qualifying transaction can be found in the Information Circular of Petro Viking which has been posted on the SEDAR website at Closing of the transaction is expected to occur on January 7, 2011, following the conclusion of the special meeting of the shareholders of Petro Viking scheduled for January 7, 2011 in Calgary, Alberta.

Completion of the transaction is subject to a number of conditions including, but not limited to, Exchange acceptance, majority of the minority shareholder approval, and completion of the previously announced private placement for minimum gross proceeds of $2M. The transaction cannot close until the applicable conditions and approvals have been satisfied.

Investors are cautioned that, except as disclosed in the Information Circular prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. There can be no assurance that the proposed transaction will be completed as proposed or at all.

The Exchange 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain information regarding the Corporation contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to Petro Viking's ability to obtain necessary approvals from the Exchange and from Petro Viking's shareholders or completion of the private placement. All statements included herein, other than statements of historical fact, including are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Petro Viking's disclosure documents on the SEDAR website at Petro Viking does not undertake to update any forward looking information except in accordance with 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. David D. Heighington
    (403) 237-0018
    Petro Viking Energy Inc.
    730, 1015 - 4th Street SW
    Calgary, Alberta T2R 1J4