World News: 14:00 GMT Wednesday 15th May 2019. [Viking Energy Group, Inc. via Globe Newswire via SPi World News]
HOUSTON, May 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Viking Energy Group, Inc. (OTCQB: ) (“Viking” or the “Company”), an independent exploration and production company focused on the acquisition and development of oil and natural gas properties, currently in Texas, Louisiana, Mississippi and Kansas, announced yesterday the Company's financial results for the first quarter ended March 31, 2019.
James Doris, Viking’s President and Chief Executive Officer, commented, “We are pleased with our progress in important areas, including achieving positive income from operations and reducing lease operating expenses as a percentage of revenue, but by no means are we satisfied. We remain steadfast in our goal to build value for our shareholders, and intend to continue to leverage the experience, sophistication and relationships of our technical and management team to execute on our business strategy and achieve profitability through acquisitions, development and responsible fiscal measures. We have the key pieces in place to significantly grow our business. We are very excited for what’s ahead in 2019.”
The following tables highlight the Company’s revenues, lease operating costs and production volumes for the three months ended March 31, 2019 as compared to those for the 2018 fiscal year (annually and quarterly):
Lease Operating Costs as a percentage of Total Revenues averaged between 45% and 55% throughout 2018, resulting in an annual average of 48%, with Revenue in Excess of Lease Operating Costs averaging 52%. For the Three Months Ended March 31, 2019, Lease Operating Costs were 28% of Total Revenues and Revenues in Excess of Lease Operating Costs were 72%.
Total Revenues of $9,346,592 for the Three Months Ended March 31, 2019 exceeded Total Revenues for the entire year of 2018 by $1,378,620.
For the three months ended March 31, 2019, the Company produced 144,385 barrels of crude oil as compared to 130,889 barrels of crude oil for the entire year of 2018. For the three months ended March 31, 2019, the Company produced 522,408 mcf of natural gas as compared to 56,685 mcf of natural gas for the entire year of 2018.
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Globe Newswire: 14:00 GMT Wednesday 15th May 2019
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