Viking Investments Group, Inc. Purchases Working Interest in Oil Property
04 11월 2014 - 10:55PM
eTeligis
NEW YORK, NY(Eteligis Inc.)
NEW YORK, NY, United States, via ETELIGIS INC., 11/04/2014 - -
Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN), is pleased
to advise it has completed the purchase of a 50% working interest
in the Joffre oil and gas property located in Alberta, Canada (the
"Joffre Property"). Viking's interest will be held through a
wholly-owned subsidiary of Viking. Tanager Energy Inc. (TSX.V: TAN)
("Tanager") owns the remaining 50% working interest in the property
and will operate and manage the property in accordance with an
Operating Agreement pursuant to the Canadian Association of
Petroleum Landman Operating Procedure.
This investment provides Tanager with the working capital to
complete and place on production the first of four suspended
Devonian oil wells in the Joffre D-3 B oil pool. It is anticipated
that additional recompletions will follow depending on the results
of this first well.
The total purchase price for Viking's interest in the property
was CDN$400,000, with $340,000 paid on closing and the balance to
be paid on or before November 30th, 2014. The proceeds will be used
by Tanager to complete and place on production its first re-entry
of a Devonian oil well in the Joffre D-3 B oil pool. Tanager is
planning to mobilize immediately and expects to have the well
re-completed by the end of November. The well is anticipated to
initially produce approximately 100 barrels of oil per day.
An independent third party evaluation by the Resources
Evaluation and Advisory Group of Deloitte LLP provided the
following information on 100% of the Joffre Property:
Value $1000s
Proved undiscounted reserves, $4,797.7. Discounted 10%,
$3,061.8
Proved + Probable reserves, $10,727.6. Discounted 10%,
$7,051.9
Tanager and Viking are also evaluating additional oil and gas
properties for acquisition within the next 6 months.
Viking was able to complete the Joffre acquisition using
proceeds (USD$302,437.29) received by Viking on October 31, 2014 in
connection with the private placement announced by Viking on May
12, 2014.
Tanager Energy Inc. is a Lethbridge, Alberta based corporation
engaged in the exploration for oil and gas and minerals, with an
operations office in Calgary, Alberta. The Corporation's common
shares are listed on the TSX Venture Exchange under the trading
symbol "TAN".
Viking provides professional advisory and consulting services to
companies undergoing or anticipating periods of rapid growth,
significant change or ownership transition. Target companies must
have superior management, intimate knowledge of the particular
industry and a sound business plan, along with a desire and
receptiveness for specific expertise to advance the company's
business objectives.
Viking is not an investment company, as defined by the
Investment Company Act of 1940.
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.
CONTACT:
For additional information please contact:
Viking Investments Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Email: IR@vikinginvestments.com
Website: www.vikinginvestments.com(will be updated
accordingly)
SOURCE: Viking Investments Group, Inc.
Associated Documentation:
http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=28365
- Link to submission on http://www.eteligis.com
Tanager Energy Inc. (TSXV:TAN)
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Tanager Energy Inc. (TSXV:TAN)
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