NEW YORK, NY, United States, via ETELIGIS INC., 12/22/2014 – – Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN), is pleased to report the completion of the first step toward the re-activation of the 4 suspended oil wells and 1 suspended water injection well within the Joffre D3 B Pool (the “Joffre Project”) in which Viking has a 50% working interest.
On Saturday, December 20th, 2014, Tanager Energy Inc. (“Tanager”) (TSX VENTURE: TAN), joint venture operator of the Joffre Project, completed the re-entry and downhole pressure survey of the first well to determine the current reservoir pressure, a critical element in determining the scope and anticipated production of this suspended oil pool. The survey confirmed the reservoir pressure has 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. With the reservoir at near original pressure it is expected the well will flow oil and gas to surface on testing. It should be noted that the first well in this pool produced over 2,100 barrels of oil per day for the first 7 months following its initial completion.
The next step in the re-activation process is to complete a production test to confirm the productivity of the pool, which will occur the week of January 5th 2015 as service crews are unavailable for the remainder of December due to the holiday season. The production testing may take up to 10 days to complete.
About Tanager Energy Inc.
Tanager is a Lethbridge, Alberta based corporation engaged in the exploration for oil and gas and minerals, with an operations office in Calgary, Alberta. Tanager’s common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".
Viking is not an investment company, as defined by the Investment Company Act of 1940.
Safe Harbor Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.
For additional information please contact:
James A. Doris, President & C.E.O.
Viking Investments Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Website: www.vikinginvestments.com(will be updated accordingly)
SOURCE: Viking Investments Group, Inc.