Viking Investments Group, VKIN, Profile, Summary
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.
Viking’s primary focus is directed toward North America, targeting various industries,mainly in the Oil & Gas sector and other selective sectors, with appropriate diversification and balance between each. Viking targets under-valued businesses with realistic appreciation potential and a defined exit strategy.
Current Projects
The Joffre D-3 Oil Project is located in the Leduc D-3 B Pinnacle Reef in Central Alberta, Canada (the “Joffre Project”).
Viking owns a 50% working interest in the Joffre Project which consists of 4 oil wells and one water injection well. The wells were previously suspended. Viking and Tanager Energy Inc., Viking’s partner for this project, mobilized the first well (production commenced on April 1st, 2015), and intend to mobilize the remaining wells sequentially.
After 5 days of anticipated monitoring and operating facility adjustments, the well is now producing 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.
Viking estimates to complete the re-work of the remaining wells during the second and 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 the following:
a stabilized production rate of 290 BOE/d (235 barrels per day of oil and 325 mcf/d of gas).
the flowing wellhead pressure was stable at 475 psi, estimated to be a 7.7% drawdown of the reservoir. On a metric equivalent basis this is 52.5 cubic meters oil equivalent per day at 3265 kpa flowing wellhead pressure.
The fluid produced was 100 percent high gravity oil.
Sources: The Company, OxBridge Research, OTCKING, DailyStockDeals, OTCstockIQ
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