U.S. oil and natural gas properties developer Viking Energy Group Inc. announced that it has bought producing oil and gas assets in Texas and Louisiana for $90 million.
In connection with the deal, Viking has increased its overall proven oil and gas reserves by approximately 10,500,000 barrel of oil equivalent.
The acquired assets include about 58 conventional, producing oil and gas wells.
Viking plans to further assess and exploit the proved developed nonproducing and undeveloped prospects associated with the assets, and to perform a more in-depth geophysical and geological analysis of the entire asset portfolio to identify other development and advancements initiatives.