NEW YORK, NY--(Marketwired - Jan 26, 2017) - Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN) is pleased to announce its wholly-owned subsidiary, Mid-Con Petroleum, LLC ("Mid-Con"), obtained a revolving line of credit facility ("LOC") from CrossFirst Bank, a commercial bank with offices in Kansas, Oklahoma and Texas.
CrossFirst Bank (https://www.crossfirstbank.com/) has expertise in serving the needs of participants in the oil, gas and energy industry, particularly in the mid-continent region. As announced on October 5, 2016, the LOC was used to, among other things, assist Mid-Con with increasing its working interest in certain existing oil and gas leases in Miami and Franklin Counties in Eastern Kansas, and acquiring working interests in four new oil and gas leases in the same region. The majority of existing production in the area comes from the Squirrel sandstone (750 - 900 FT) within the Cherokee formation, and the leases offer the potential for several future drilling locations.
Amounts advanced under the LOC bear interest at a rate equal to Wall Street Journal Prime plus 1.5%.
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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