Petro Viking Reduces Costs and Plans to Increase Production
Calgary, Alberta CANADA, January 08, 2013 /FSC/ - Petro Viking Energy Inc. (VIK - TSX Venture), is pleased to announce significant cost reduction measures undertaken by the new management in the current portfolio of operations. The detailed focus on lifting costs as well as general and overhead expenses has already proven to lift the Company's bottom line. President Irvin Eisler reports that the Company will continue its efforts in 2013 to further improve the efficiency. In addition, the Company plans to increase the production of mainly oil by re-entering existing wellbores on the Company's existing properties. Management has also initiated discussions with Joint Venture partners to assist in the development of the Viking oil assets in Saskatchewan.
Management and existing shareholders are considering a capital injection to finance its workover program currently under review.
The specific goal set by management is to have the Company operate on a net profit by June 30th 2013.
For further information, please contact:
Petro Viking Energy Inc.
200, 744 - 4th Avenue SW
Calgary, Alberta T2P 3T4
Telephone: (250) 558-9509
Facsimile: (403) 265-4011
Attention: Mr. Irvin Eisler, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a webpage please click on the following link:
http://www.usetdas.com/pr/petrovikingjan82013.htm
Petro Viking Energy Inc. (TSX:V - VIK) http://petroviking.com
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