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Viking Investments Group, Inc. Announces Letter of Intent With Jolen, Inc. Regarding Proposed Joint Venture
Viking Investments Group, Inc. Announces Letter of Intent With Jolen, Inc. Regarding Proposed Joint Venture.
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[{"type":"text","content":"\n \n \n Viking Investments Group, Inc. Announces Letter of Intent With Jolen, Inc. Regarding Proposed Joint Venture\n \n \nViking Investments Group, Inc. Announces Letter of Intent With Jolen, Inc. Regarding Proposed Joint Venture\n \n NEW YORK, NY--(Marketwired - May 28, 2015) - Viking Investments Group, Inc. (\"Viking\") (OTC PINK: VKIN) is pleased to announce it has executed a Letter of Intent (\"LOI\") with Jolen, Inc. (\"Jolen\") (OTC PINK: JOLE), wherein the parties have outlined the essential elements of a joint venture concerning the acquisition, development and/or management of certain projects in the Energy sector in the United States.\n Jolen's management team has performed extensive due diligence over the past several months assessing opportunities in the oil and gas industry. Jolen has entered into a non-binding agreement with respect to one project located in Western US, which contemplates the purchase of existing oil production and the right to drill additional vertical wells to increase production to approximately 650 to 700 boe/day. Jolen has expressed interest in partnering with Viking regarding this opportunity. The wells and any future drilling programs would be managed by the project's existing management team. The Letter of Intent between Jolen and the existing owner of the project, a private company, is non-binding and any formal transaction between Jolen (or Jolen and Viking)and the vendor is subject to the parties executing a definitive agreement.\n Given the similarities in the business plan and growth strategy of each company, executives of Jolen and Viking agreed it would be ideal to combine their resources and expertise and adopt a collaborative approach toward completing select transactions in the United States which have been sourced by Jolen, including pursuing the opportunity described above.\n The LOI is non-binding and any formal transaction between Viking and Jolen is subject to the parties executing a definitive agreement.\n About Viking: \n Viking aims to acquire, invest in and/or provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition. Viking's primary focus is directed toward evaluating and completing investments in North America, mainly in the Oil & Gas and Real Estate sectors, w...