Viking Energy acquires working interests in US oil and gas assets

Exploration and production company Viking Energy Group has acquired additional working interests in multiple oil and gas assets located in Eastern Kansas, US, through a wholly owned subsidiary, Mid-Con Drilling.

The acquisition covers 980 acres of property and comprises a 90% working interest in four new oil and gas leases in Anderson County in Eastern Kansas.

The financial terms of the transaction and the identity of the seller were not disclosed.

As part of the acquisition, Viking will have an undivided interest in all oil and gas wells, equipment, fixtures and other personal property in the precincts of the leased properties and used in connection with oil and gas operations.

According to the company, the leases produce oil from the Cherokee formation at a depth of around 850ft.

The company expects the potential for numerous future drilling locations within the leases.

Kansas Resource Development Company’s (KRDC) subsidiary S&B Operating, Viking's existing operator, is responsible for operations at the new leases.

KRDC is engaged in formulating and operating water-flood enhanced oil recovery programmes.

Viking is focused on the acquisition and development of oil and natural gas properties in North America and owns oil and gas leases in Kansas, Missouri and Alberta.

In July this year, the company completed its first tranch of a private placement aimed at clearing outstanding loans, as well as acquiring a working interest in oil and gas properties in Kansas.