Viking's Enhancement Strategy Pays Off: Sells Certain KS Assets For $4.1M

Viking Energy Group, Inc. (“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.

$3.8M 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 subsidiaries, reducing the principal balance of the RBL to $7.6M. The balance of the sale proceeds were used for transaction costs and working capital purposes.

In addition to its interests in oil & gas leases in Texas, Louisiana and Mississippi, the Company continues to own other assets in Kansas, including in the counties of Miami, Franklin, Anderson, Woodson, Allen, Riley, Geary and Wabaunsee.

About Viking Energy Group, Inc.
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 Texas, Louisiana, Mississippi and Kansas. Viking targets under-valued assets with realistic appreciation potential.

For more information, visit: https://www.vikingenergygroup.com.