Viking Investments Group, Inc. (VKIN) today announced that through their wholly owned subsidiary, Mid-Con Petroleum, LLC, that the company has engaged Kansas Resource Development Company (KRDC) to operate additional oil and gas related leases in the Eastern Kansas area.
As announced back on October 25, 2016, KRDC’s subsidiary, S&B Operating, LLC., had become the operator of record for certain of Mid-Con’s producing oil and gas leases. Subsequently, on November 1, 2016, S&B was appointed the operator of record for three additional producing leases which were acquired by Mid-Con in the early part of October 2016.
VKIN Mid-West Presence
VKIN’s association with KRDC brings with it potential opportunity to tap into revenues through the over 1000 wells currently under management by KRDC. KRDC, and its associated affiliates offer decades of experience in the oil and gas sector, and has established relationships with proven vendors as well as a first rate administrative and communication system to assist clients.
KDRC’s management team specializes in formulating and operating water-flood enhanced oil and recovery programs and since 2014 has spudded more wells than any other operator in the state of Kansas.
For its part, VKIN is an independent exploration and production company seeking to expand upon its already established footprint in the Mid-continent states. Currently, VKIN owns over 6000 acres of property, inclusive of oil and gas leases in Alberta, Kansas, and Missouri. VKIN’s strategy continues to focus on acquiring under-valued assets that have the potential to deliver immediate revenue generating production value.
Viking Horns In On Mid-Continent
VKIN plans to continue on its expansion strategy in 2017, taking advantage of key relationships with existing operating and producing companies. VKIN is is the process of negotiating on, and submitting bids for, five potential acquisitions that range in value from $12MM dollars to over $160MM dollars. Funding for the planned acquisitions will be realized through support of various funding groups, inclusive of taking advantage of its available funding vehicle established with local and state banking institutions.
VKIN management provided CNA Finance followers some key insight into the near and long term strategies and goals, and the entire interview with CEO, James A. Doris, can be found in our “Thought Leaders” section of the site, or by clicking here. As always, CNA Finance will keep followers appraised of any breaking news related to VKIN and/or its affiliate companies.
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