NEW YORK, NY--(Marketwired - Feb 16, 2017) - Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN): As announced on February 15, 2017, Viking's wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), has entered into an agreement to drill 6 to 7 new producing wells on its ABC Lease located in Miami County in Eastern Kansas. The agreement is subject to approval from CrossFirst Bank.
The ABC Lease, in which Mid-Con acquired a 95% working interest on October 4th, 2016, is a prolific oil lease in the region. Prior to Mid-Con's acquisition, engineering estimates indicated approximately 913,675 barrels of oil had been produced from this lease as of April 1, 2016, and remaining PDP and PUD reserves were 73,825 stb and 91,200 stb, respectively. Wells on the lease are approx. 350 feet deep and target the Peru formation. Wells in the area similar to those on this lease have demonstrated the ability to produce for 20 - 30 years.
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.
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