New York, NY, Jan. 02, 2018 (GLOBE NEWSWIRE) -- Viking Energy Group, Inc. (“Viking”) (OTCQB: VKIN) is pleased to announce that it has increased its overall proven oil and gas reserves by approximately 1,501.83 Mbbl and 993.41 MMcf, respectively, in connection with its recent acquisition.
Details of the transaction were referenced in the press release issued by Viking on December 26, 2017, and in Viking’s Current Report on Form 8-K filed on December 29, 2017 with the Securities and Exchange Commission and available under "Investors -- SEC Filings" at www.vikingenergygroup.com.
Features of the company acquired by Viking include the following:
· Working interest in multiple oil and gas fields across Texas, Louisiana and Mississippi.
· Current production is approx. 350 (net) BOEPD (75% oil).
· Leases to 11,629 gross acres / 9,360 net acres.
· Conventional oil and gas prospects utilizing several hundred miles of 3D seismic data, proprietary seismic reprocessing, and AVO analysis of the final data.
· Multiple up dip proven field locations have been high-graded and can be drilled and completed.
· Estimated value of proved producing reserves (PDP) on a PV9 basis, with NYMEX commodity pricing as of December 2017 (discounted by 5%), was approx. $16.3 million.
· A Management team with deep experience in Petroleum Engineering and Geophysics, in addition to a Certified Professional Landman and other personnel. Individuals in key positions have over 100 years’, collectively, gulf coast experience in the energy sector.
The acquired company also has utilized 3D seismic data for the majority of the assets being acquired and has identified and vetted numerous future drilling locations (mainly “infill drilling” and “behind pipe”) as part of a multi-year drilling program.
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 Kansas, Missouri, Texas, Louisiana, Mississippi and Alberta. Viking targets under-valued assets with realistic appreciation potential.
Safe Harbor Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
Source:Viking Energy Group, Inc.