Viking More Than Doubles Daily Oil & Gas Production With Recent Acquisition
HOUSTON, TX, Feb. 10, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Viking Energy Group, Inc. (“Viking”) (OTCQB: VKIN) is pleased to announce that it has more than doubled its daily oil and gas production (on a barrel of oil equivalent basis), and increased its overall proven oil and gas reserves in connection with its recent acquisition.
Details of the transaction were referenced in Viking’s Current Report on Form 8-K filed on February 6, 2020 with the Securities and Exchange Commission and available under “Investors — SEC Filings” at www.vikingenergygroup.com, and in the press release issued by Viking on February 4, 2020.Features of the assets acquired by Elysium Energy, LLC, a majority owned subsidiary of Viking, include the following: Working interests and over-riding royalty interests in multiple oil and gas fields. Current production is approx. 3,200 (net) BOEPD (40% oil).Conventional oil and gas wells.Approx. 72 active wells in Texas and 55 active wells in Louisiana, along with all associated production equipment.Counties in Texas include Matagorda, Nueces, Colorado, Orange, Brooks, Jefferson & San PatricioParishes in Louisiana include Calcasieu, St. Mary, Lafourche, Plaquemines and AssumptionSeveral PDNP enhancement opportunities (e.g. recompletions and work-overs).Infill drilling prospects.James Doris, President & CEO of Viking, stated, “The new assets complement our existing well portfolio, strengthen our overall asset base and help expand our footprint along the Gulf Coast.”About Viking:Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in the Gulf Coast and Mid-Continent region. The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. Viking targets under-valued assets with realistic appreciation potential. Forward Looking Statements:This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and any statements that are not historical facts contained in this press release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ending December 31, 2018, and our Quarterly Reports on Form 10-Q for the quarters ending March 31, 2019, June 30, 2019 and September 30, 2019. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and any statements that are not historical facts contained in this press release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ending December 31, 2018, and our Quarterly Reports on Form 10-Q for the quarters ending March 31, 2019, June 30, 2019 and September 30, 2019. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.For additional information please contact:Contact Information
Investors and Media:
Tel. 917-841-5859
IR@vikingenergygroup.com
Details of the transaction were referenced in Viking’s Current Report on Form 8-K filed on February 6, 2020 with the Securities and Exchange Commission and available under “Investors — SEC Filings” at www.vikingenergygroup.com, and in the press release issued by Viking on February 4, 2020.Features of the assets acquired by Elysium Energy, LLC, a majority owned subsidiary of Viking, include the following: Working interests and over-riding royalty interests in multiple oil and gas fields. Current production is approx. 3,200 (net) BOEPD (40% oil).Conventional oil and gas wells.Approx. 72 active wells in Texas and 55 active wells in Louisiana, along with all associated production equipment.Counties in Texas include Matagorda, Nueces, Colorado, Orange, Brooks, Jefferson & San PatricioParishes in Louisiana include Calcasieu, St. Mary, Lafourche, Plaquemines and AssumptionSeveral PDNP enhancement opportunities (e.g. recompletions and work-overs).Infill drilling prospects.James Doris, President & CEO of Viking, stated, “The new assets complement our existing well portfolio, strengthen our overall asset base and help expand our footprint along the Gulf Coast.”About Viking:Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in the Gulf Coast and Mid-Continent region. The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. Viking targets under-valued assets with realistic appreciation potential. Forward Looking Statements:This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and any statements that are not historical facts contained in this press release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ending December 31, 2018, and our Quarterly Reports on Form 10-Q for the quarters ending March 31, 2019, June 30, 2019 and September 30, 2019. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and any statements that are not historical facts contained in this press release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ending December 31, 2018, and our Quarterly Reports on Form 10-Q for the quarters ending March 31, 2019, June 30, 2019 and September 30, 2019. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.For additional information please contact:Contact Information
Investors and Media:
Tel. 917-841-5859
IR@vikingenergygroup.com
