Viking Energy Group, based in New York has finished another acquisition of an oil and gas company in the U.S.
It was in early November when Viking announced it was acquiring the assets of a privately-owned company involving multiple oil and gas fields across Texas, Louisiana and Mississippi. The production totaled 350 BOE/d.
The leases totaled 11,629 gross acres. Viking will also become the 100% owner of the company after paying $3 million in cash on closing plus 2,000,000 common shares in the capital stock of Viking. While the announcement did not identify the seller, a filing with the Securities and Exchange Commission identified it as Black Rhino LP.
It is the latest in acquisitions for Viking which also owns oil and gas leases in Kansas, Missouri, and Canada. The company is known for focusing under-valued assets.
This latest purchase comes after an October 2017 acquisition of a working interest in six new oil and gas leases in eastern Kansas. The purchases were made through Viking Energy’s wholly-owned subsidiary, Mid-Con Drilling LLC.
