Viking’s Enhancement Strategy Pays Off: Sells Certain KS Assets for $4.1 Million
VIKING ENERGY GROUP INC (VKIN)
NASDAQ:AMEX Investor Relations:
vikingenergygroup.com
Company Research
Source: GlobeNewswire
HOUSTON, TX, May 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking” or the “Company”), is pleased to announce that on May 1, 2019, the Company’s subsidiary, Mid-Con Development, LLC (“Mid-Con”), sold to an independent third party all of Mid-Con’s interests in the oil and gas assets it owned in Ellis and Rooks Counties, Kansas for a sale price of $4,100,000. The assets, consisting of working interests in approximately 41 oil leases, were purchased by Mid-Con on December 29, 2017. Throughout 2018 Mid-Con and the other working interest owners in the leases arranged to deepen and perforate approximately fifteen wells, and also improve water disposal capacity, successfully increasing production and putting the company in a position to sell the assets at a premium. $3.8 million of the sale proceeds were applied toward the reserve-based loan (“RBL”) previously provided by CrossFirst Bank to Mid-Con and certain of Viking’s other subsid
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