Deals - Joint Ventures | Drilling Program - Wells
Mid-Con to Drill New Wells on Eastern Kansas Lease
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[Summary: Viking Investments Group's wholly-owned subsidiary, Mid-Con Petroleum, has entered into an agreement to drill new wells on one of its existing oil leases in Eastern Kansas.]
The agreement, effective December 30th, 2016, contemplates Mid-Con assigning a small portion (i.e. 2%) of its working interest in the ABC lease, located in Miami County, to an individual investor in exchange for the investor contributing capital to facilitate the drilling and completion of 6 to 7 new producing wells on the lease.
Viking will retain a 93% working interest in the lease. The investor will receive one hundred percent of the tax credits available in connection with the drilling investment.
The agreement is conditional upon approval of Mid-Con's senior secured lender, CrossFirst Bank, releasing…
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