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.
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