At Viking Investments Group, our focus is directed toward evaluating and completing investments in North America, mainly in Energy, Resources and Emerging Markets with appropriate diversification and balance between each division.
We target under-valued investments with realistic and immediate appreciation potential and a defined exit strategy. Target companies must have proven management, intimate knowledge of their industry and a sound strategic plan, along with a desire and receptiveness for specific expertise to advance the company's business objectives.
The Energy Industry is Presenting an Attractive Opportunity for Investors
Viking has solidified relationships with industry experts and formulated a responsible acquisition strategy, with emphasis on acquiring under-valued, producing properties from distressed vendors or those deemed as non-core assets by larger sector participants. We are not considering speculative exploration programs, but target properties with current production and untapped reserves for future upside.
Crude oil is one of the most demanded commodities with the International Monetary Fund projecting global growth in oil demand of 3.5% in 2015 and 3.7% in 2016. The demand for crude oil is dependent on global, economic and geopolitical conditions as well as market speculation.
For much of the past decade, oil prices have been high because of soaring oil consumption in countries like China and conflicts in key oil nations in the Middle East. Oil production in conventional fields could not keep up with demand, causing prices to spike.
As oil prices increased, many energy companies found it profitable to extract oil from difficult-to-drill places. In the United States, for example, companies began using techniques like fracking and horizontal drilling to extract oil from shale formations in North Dakota and Texas. In Canada, companies were heating Alberta's oil sands with steam to extract usable crude oil. This led to a boom in "unconventional" oil production.
Over the past year demand for oil in places such as Europe, Asia and the U.S. tapered off, thanks to weakening economies and new efficiency measures. Unused oil was simply being stockpiled for future utilization. As a result, in the fall of 2014 prices started falling sharply, thus creating unique acquisition and investment opportunities as a result of certain companies needing to restructure (i.e. sell assets) and adjust to new economic models. Viking is capitalizing on such opportunities.
Joint Venture with Tanager Energy, Inc.
Tanager Energy’s initial project incorporates the Leduc D-3 B Pinnacle Reef in Central Alberta, which is where the Joffre D-3 Oil Project is located (the "Joffre Project"). Viking owns a 50% working interest in the project, which consists of 4 oil wells and one water injection well.
These wells were previously suspended. After solidifying our joint venture with Tanager Energy, we mobilized the first well (initial production commenced on April 1, 2015) and intend to mobilize the remaining wells sequentially.
After 5 days of anticipated monitoring and operating facility adjustments, the first well produced, without a pump jack, at a rate of 118 barrels of oil per day of 38 API gravity crude oil and 250 mcf of natural gas, totaling 160 BOE/D. The well is a flowing oil well with a flowing wellhead pressure of 435 psi. Now that production has been confirmed and testing complete, Viking and Tanager are in the process of installing the pump jack on the first well. The installation is expected to be completed by the end of July, 2015, and the mobilization of the remaining wells during is expected to occur by the end of the third quarter of 2015.
Mobilization and reactivation efforts involve, among other things, completing the re-entry and downhole pressure survey to determine the current reservoir pressure, a critical element in determining the scope and anticipated production of this suspended oil pool. The survey with respect to the first well confirmed the reservoir pressure returned to 94% of the original pressure (i.e. the pressure that existed when the pool was discovered in 1986) due to the active water drive in the pool.
Following the pressure test described above, a production test is performed to confirm the productivity of the pool. The production test for the first well occurred between January 13th and January 15th, 2015 and the test results indicated a stabilized production rate of 290 BOE/d (235 barrels per day of oil and 325 mcf/d of gas).
Following the production test, steps are taken to place the well on production through the existing pipeline located at the edge of the subject property. Such efforts include the design engineering for the equipment and piping for the tie-in to the separator, the flowline tie-in to the wellhead, as well as the re-activation of the discontinued flowline and its change in use from a gas line to an oil effluent line and its subsequent hydrostatic pressure test.
Viking owns a working interest (NRI 80 to 87%) in four leases with access to the mineral rights (oil and gas) concerning approximately 281 acres of property in Miami and Franklin Counties in Eastern Kansas, including an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations. Viking's working interests in the leases range from 15% to 84%. This project produces oil from the Cherokee formation at a depth of approximately 600 feet. These leases offer the potential for several future drilling locations.
Viking also owns a 100% working interest (NRI 83%) in three oil and gas leases concerning approximately 270 acres of property in Miami and Franklin Counties in Eastern Kansas for future development purposes.
Viking owns a 100% working interest (approx. NRI 83%) in 31 leases with access to the mineral rights (oil and gas) concerning approximately 5,500 acres of property in Cass and Bates Counties in Missouri. These leases are within a prolific oil and gas region and offer the potential for hundreds of future drilling locations.
Chief Executive Officer, President and Director
Mr. Doris has been a member of the Board of Directors of the Company since June 28, 2014, and its President and CEO since December 12, 2014. Mr. Doris has owned his own law practice, known as DLO Lawyers (“DLO”), since 2006. DLO is a full-service law firm and represents domestic and foreign clients regarding their business and investment activities in Canada. Mr. Doris’ practice areas include Mergers and Acquisitions, Private Equity Investments, Joint Ventures, Corporate Finance, Corporate Governance, Dispute Resolution, Real Estate and Estates. Prior to starting his own firm, Mr. Doris served as Executive Vice President and In-House Counsel for PineLake Group, a real estate investment and development company in Toronto, Canada, and prior to working for PineLake, Mr. Doris was an associate lawyer at one of Canada’s leading business law firms. Mr. Doris graduated (cum laude) from the University of Ottawa in 2001 and was called to the Bar of Ontario in 2002.
Chief Financial Officer, Chairman of the Board
Mr. Simeo has been the Company’s Chief Executive Officer, director and Chairman of the Board since August 15, 2008, when Viking Investments Group, LLC acquired control of the Company. On December 12, 2014, Mr. Simeo resigned as the Company’s CEO, and was appointed the Company’s Executive Chairman. Mr. Simeo, a corporate lawyer and investment banker, is the founder and managing partner of Viking Investments Group, LLC, established in 1993. Between 1990 and 1993, Mr. Simeo advised on the financing and private acquisition of state-owned companies in former Soviet Bloc countries. During the years of 1993 through 2004, Mr. Simeo initiated, advised and helped structure investments in private and publicly companies in the United States, Asia and other jurisdictions. From the early 1980's through 1990, Mr. Simeo was a practicing lawyer in Sweden. Mr. Simeo is a graduate Jur. kand. (American LLM equivalent) from the University of Lund, Sweden. Mr. Simeo also studied law at Stockholm University and International Economy at Uppsala University in Sweden.
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Viking Investments Group provides professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition, and when justified, staffing, financing, and/or providing operational support to such companies. Target companies must have superior management, intimate knowledge of their particular industry and a sound business plan, along with a desire and receptiveness for specific expertise to advance the company's business objectives.
|Main Phone:||+1 212 653-0946|
|Address:||1330 Avenue of the Americas|
|Address 2:||Suite 23 A|
|City / Town:||New York|
|CEO:||James A. Doris|
|Issuer Type:||CS - Common Stock|
|Last Price 0.18||Change $ 0.||Change % 0.00||Tick N/A|
|Bid N/A||Bid Size N/A||Ask N/A||Ask Size N/A|
|Open N/A||High N/A||Low N/A||Prev Close 0.18|
|Last Trade||Volume 0||52 Wk Hi 0.29||52 Wk Low 0.06|
|Market Cap 9.3 mi||Ex-Div Date N/A||Div Rate N/A||Yield N/A|
|Shares 51,702,850.00||EPS (TTM) -0.08||PE Ratio N/A||Exchange OTCPK|
|Form Type||Form Description||Pages||Date|
|10-Q||Quarterly report with a continuing view of a company's financial position||44||2016-08-22|
|10-Q/A||Amendment to a previously filed 10-Q||46||2016-08-22|
|NT 10-Q||Notification that form 10-Q will be submitted late||3||2016-08-16|
|8-K||Report of unscheduled material events or corporate changes.||3||2016-07-12|
|8-K||Report of unscheduled material events or corporate changes.||3||2016-07-07|
|10-Q||Quarterly report with a continuing view of a company's financial position||27||2016-05-27|
|8-K||Report of unscheduled material events or corporate changes.||3||2016-05-24|
|10-K/A||Amendment to a previously filed 10-K||93||2016-05-16|
|NT 10-Q||Notification that form 10-Q will be submitted late||3||2016-05-16|
|10-K||Annual report with a comprehensive overview of the company||56||2016-04-14|