PEORIA, AZ, Dec. 13, 2012 /CNW/ - Viking Minerals Inc. (OTCBB: VKML) announces on behalf of the Board of Directors that the Company is currently negotiating financial terms and conditions with various funding groups for the acquisition of Gold mine and Oil & Gas concessions, subject to approval by the Company.
The Company expects to receive initial financial term sheet for the acquisitions before the holidays.
The Company is seeking to acquire Oil & Gas leases on Net Revenue cash flow basis in Sanpete County, in Central Utah. Several reports have suggested that Uintah, Duchesne and Sanpete Counties in North Eastern Counties have recoverable Oil resource in excess of 14.5 Billion barrels of Shale Oil.
Below see a short excerpt from a Report prepared by Hunt, 1954.
"Oil shale is presumed to be the source of practically all of the abundant bituminous and petroleum deposits in Uintah County (Hunt, 1954, and Paper 24) and the recoverable shale oil reserves locked up in the deposits of eastern Uintah County are estimated to exceed 14.5 billion barrels (Cashion, 1956). Shales yielding over 45 gallons of oil per ton of rock are not uncommon in certain parts of the area. Some of the oil-shale zones are hundreds of feet thick near the center of the basin and undoubtedly will be exploited sometime in the future.
As announced earlier, the President & CEO Dr. Allan Rosenthal is a Ph.D. in Materials Science and Engineering, with expertise in both management and operations in the mining space. The Company currently has mining concessions in North and South America, the Company will decide in the coming quarter, to proceed with the exploration program on its concession in South America.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
SOURCE: Viking Minerals Inc.
For further information:
Viking Minerals Inc.
Peoria, AZ. 85381
Charles Irizarry, President CEO