Securities registered pursuant to Section 12(b) of the Act: Common Stock, par value $0.001

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	~~Accelerated filer~~ o	~~Non-accelerated filer~~ o	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

As of June 30, ~~2015,~~2016, the aggregate market value of the shares of the Registrant's common equity held by non-affiliates was approximately ~~$1,841,964,~~$9,616,424, using the June 30, ~~2015~~2016 closing price of the Registrant's common stock of ~~$0.254/~~$0.2854/share. Shares of the Registrant's common stock held by each executive officer and director and each by each person who owns 10 percent or more of the outstanding common stock have been excluded in that such persons may be deemed to be "affiliates" of the Registrant for purposes of the above calculation. This determination of affiliate status is not a conclusive determination for other purposes.

The number of shares of the Registrant's common stock outstanding as of ~~May~~April 10, ~~2016,~~ 2017, was ~~35,634,919.~~

~~EXPLANATORY NOTE~~57,395,691, which includes 284,090 shares that are issuable.

This Amendment No. 1 of Form 10-K/A for the year ended December 31, 2015, amends in its entirety the Form 10-K that was originally filed on April 14, 2016 to reflect the completion of the audits of the Company's consolidated financial statements as of and for the year ended December 31, 2015, to update various disclosures throughout this Form 10-K/A and to include all appropriate certifications by the Principal Executive and Principal Financial Officers of the Company.

This Annual Report on Form 10-K contains statements that constitute "forward-looking statements." These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology like "believes," "anticipates," "expects," "estimates," "may," or similar terms. These statements appear in a number of places in this annual report and include statements regarding the Company's intent, belief or current expectations and those of its directors or officers with respect to, among other things:(i) trends affecting its financial condition or results of operations, (ii) its business and growth strategies, and (iii) its financing plans. You are cautioned that forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Factors that could adversely affect actual results and performance include, among others, the Company's need for additional capital, its history of losses, the intense competition the Company faces in its business, the fact that its stock is a "penny stock" and the other material risks described under "Risk Factors". The accompanying information contained in this annual report, including, without limitation, the information set forth under the heading "Item 1. Business" identifies important additional factors that could materially adversely affect actual results and performance. You are urged to carefully consider these factors. All forward-looking statements attributable to us are expressly qualified in their entirety by the foregoing cautionary statement.

Viking ~~Investments~~Energy Group, Inc., is sometimes referred to hereinafter as "Viking ~~Investments"~~Energy" or the "Company." The Company was incorporated under the laws of the State of Florida on May 3, 1989, and remained inactive until June 27, 1998. After several name changes, the Company merged with and into a wholly-owned subsidiary, SinoCubate, Inc., which was formed in the State of Nevada on September 11, 2008. The merger resulted in a change of name to SinoCubate, Inc., and a change in the state of incorporation of the Company to Nevada. On June 13, 2012, the Company changed its name to Viking Investments Group, Inc., and the Company's ticker symbol was changed to "VKIN." On March 17, 2017, the Company changed its name to Viking Energy Group, Inc.

The Company's business plan is to ~~provide professional consulting services and~~ engage in the acquisition, exploration, development and production of oil and gas operations. Relative to providing professional advisory and consulting services, the Company's focus is to help companies undergoing or anticipating periods of rapid growth, significant change or ownership transition, and when justified, provide staffing, financing, and/or providing operational support to such companies. Target companies must have superior management, intimate knowledge of their particular industry and a sound business plan, along with a desire and receptiveness for specific expertise to advance the company's business objectives. Viking's primary focus is directed toward North America, targeting various industries. Viking targets under-valued businesses with realistic appreciation potential and a defined exit strategy.

~~The Company's business plan as pertains to the oil and gas industry is to explore and develop oil and~~natural gas properties, both individually and through collaborative partnerships with other companies in this field of endeavor. On March 8, 2016, the Company incorporated a wholly owned subsidiary, Viking Oil & Gas (Canada) ULC, in Alberta, Canada, to hold its Canadian oil and gas interests.

~~Viking Investments is neither an underwriter as~~ On August 30, 2016, the ~~term is defined~~Company organized a wholly owned subsidiary, Mid-Con Petroleum, LLC, a Kansas limited liability company, to hold its oil and gas interests in ~~Section 2(a)(11) of~~ the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Viking Investments is not an investment adviser pursuant to the Investment Advisers Act of 1940. Viking Investments is not registered with FINRA or SIPC.central United States.

Neither the Company nor any of its subsidiaries engaged in any research and development activities during ~~2015.~~2016. The Company does not manufacture any products or engage in any activity that requires compliance with environmental laws.

The ~~Companyd employs four people (and~~Company does not currently have any employees, but instead retains outside consultants as ~~needed)~~needed, involved in business development, business analysis, financial consulting, web programming and designing, execution and support of the Company's business.

The Company provides its annual report that includes its audited financial information to its shareholders upon written request. The Company also makes its financial information equally available to any interested parties or investors through compliance with the disclosure rules of the Exchange Act. The Company is subject to disclosure filing requirements including filing Form 10-K's annually and Form 10-Q's quarterly. In addition, the Company files Form 8-K and other proxy and information statements from time to time as required.

The public may read and copy any materials that the Company files with the SEC at the SEC's Public Reference Room at 100 F Street NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The Company, as a smaller reporting company (as defined by Rule 12b-2 of the Exchange Act), is not required to furnish information required by this item. However, the following important factors among others, could cause our actual operating results to differ materially from those indicated or suggested by forward-looking statements made in this Form 10-K or presented elsewhere by management from time to time.

There are numerous and varied risks, known and unknown, that may prevent us from achieving our goals. If any of these risks actually occur, our business, financial condition or results of operation may be materially adversely affected. In such case, the trading price of our common stock could decline and investors could lose all or part of their investment.

There is doubt about our ability to continue as a going concern due to our operating history of net losses, negative working capital and insufficient cash flows, and lack of liquidity to pay our current obligations, all of which means that we may not be able to continue operations.

Our independent accounting firm has added an explanatory paragraph to their audit opinion issued in connection with the financial statements. We cannot provide our shareholders any assurance that we will be able to raise sufficient funding from the generation of revenue, the sale of our common stock, or through financing to sustain the Company over the next twelve months. We do not have enough cash on hand to meet our obligations over the next twelve months. As discussed in Note 1 to our financial statements for the years ended December 31, ~~2015~~2016 and ~~2014,~~2015, the facts that we have generally had net losses and a working capital deficiency raise substantial doubt about our ability to continue as a going concern.

Oil and gas price fluctuations in the market may adversely affect the results of our operations.

Our profitability, cash flows and the carrying value of our oil and natural gas properties are highly dependent upon the market prices of oil and natural gas. Substantially all of our sales of oil and natural gas, if any, are made in the spot market, or pursuant to contracts based on spot market prices, and not pursuant to long-term, fixed-price contracts. Accordingly, the prices received for our oil and natural gas production are dependent upon numerous factors beyond our control. These factors include the level of consumer product demand, governmental regulations and taxes, the price and availability of alternative fuels, the level of foreign imports of oil and natural gas and the overall economic environment.

Historically, the oil and natural gas markets have proven cyclical and volatile as a result of factors that are beyond our control. Any additional declines in oil and natural gas prices or any other unfavorable market conditions could have a material adverse effect on our financial condition.

Actual quantities of recoverable oil and gas reserves and future cash flows from those reserves most likely will vary from our estimates.

Estimating accumulations of oil and gas is complex. The process relies on interpretations of available geological, geophysical, engineering and production data. The extent, quality and reliability of this data can vary. The process also requires certain economic assumptions, some of which are mandated by the SEC, such as oil and gas prices, drilling and operating expenses, capital expenditures, taxes and availability of funds. The accuracy of a reserve estimate is a function of:

	·	the quality and quantity of available data;
	·	the interpretation of that data;
	·	the accuracy of various mandated economic assumptions; and
	·	the judgment of the persons preparing the estimate.

Estimates of proved reserves prepared by others might differ materially from our estimates. Actual quantities of recoverable oil and gas reserves, future production, oil and gas prices, revenues, taxes, development expenditures and operating expenses most likely will vary from our estimates. Any significant variance could materially affect the quantities and net present value of our reserves. In addition, we may adjust estimates of proved reserves to reflect production history, results of exploration and development and prevailing oil and gas prices. Our reserves also may be susceptible to drainage by operators on adjacent properties.

Our operations will require significant expenditures of capital that may not be recovered.

We require significant expenditures of capital to locate and develop producing properties and to drill exploratory and exploitation wells. In conducting exploration, exploitation and development activities for a particular well, the presence of unanticipated pressure or irregularities in formations, miscalculations or accidents may cause our exploration, exploitation, development and production activities to be unsuccessful, potentially resulting in abandonment of the well. This could result in a total loss of our investment. In addition, the cost and timing of drilling, completing and operating wells is difficult to predict.

Compliance with, or breach of, environmental laws can be costly and could limit our operations.

Our operations will be subject to numerous and frequently changing laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Any properties we might own for the exploration and production of oil and gas and the wastes disposed on these properties may be subject to the Comprehensive Environmental Response, Compensation and Liability Act, the Oil Pollution Act of 1990, the Resource Conservation and Recovery Act, the Federal Water Pollution Control Act, similar state laws, and similar Canadian laws. Under such laws, we could be required to remove or remediate previously released wastes or property contamination. Laws and regulations protecting the environment have generally become more stringent and may, in some cases, impose "strict liability" for environmental damage. Strict liability means that we may be held liable for damage without regard to whether we were negligent or otherwise at fault. Environmental laws and regulations may expose us to liability for the conduct of or conditions caused by others or for acts that were in compliance with all applicable laws at the time they were performed. Failure to comply with these laws and regulations may result in the imposition of administrative, civil and criminal penalties.

Although we believe that our operations are in substantial compliance with existing requirements of governmental bodies, our ability to conduct continued operations is subject to satisfying applicable regulatory and permitting controls. Our current permits and authorizations and ability to get future permits and authorizations may be susceptible on a going forward basis, to increased scrutiny, greater complexity resulting in increased costs, or delays in receiving appropriate authorizations.

We are subject to changing laws and regulations and other governmental actions that can significantly and adversely affect our business.

Federal, state, local, territorial and foreign laws and regulations relating to tax increases and retroactive tax claims, disallowance of tax credits and deductions, expropriation or nationalization of property, mandatory government participation, cancellation or amendment of contract rights, and changes in import and export regulations, limitations on access to exploration and development opportunities, as well as other political developments may adversely affect our operations.

The oil and gas we produce may not be readily marketable at the time of production.

Crude oil, natural gas, condensate and other oil and gas products are generally sold to other oil and gas companies, government agencies and other industries. The availability of ready markets for oil and gas that we might discover and the prices obtained for such oil and gas depend on many factors beyond our control, including:

	·	the extent of local production and imports of oil and gas,
	·	the proximity and capacity of pipelines and other transportation facilities,
	·	fluctuating demand for oil and gas,
	·	the marketing of competitive fuels, and
	·	the effects of governmental regulation of oil and gas production and sales.

Natural gas associated with oil production is often not marketable due to demand or transportation limitations and is often flared at the producing well site. Pipeline facilities do not exist in certain areas of exploration and, therefore, we intend on utilizing trucks to transport any oil that is discovered.

The price of oil and natural gas has historically been volatile. If it were to decrease substantially, our projections, budgets and revenues would be adversely affected, potentially forcing us to make changes in our operations.

Our future financial condition, results of operations and the carrying value of any oil and natural gas interests we acquire will depend primarily upon the prices paid for oil and natural gas production. Oil and natural gas prices historically have been volatile and likely will continue to be volatile in the future, especially given current world geopolitical conditions. Our cash flows from operations are highly dependent on the prices that we receive for oil and natural gas. This price volatility also affects the amount of our cash flows available for capital expenditures and our ability to borrow money or raise additional capital. The prices for oil and natural gas are subject to a variety of additional factors that are beyond our control. These factors include:

	·	the level of consumer demand for oil and natural gas;
	·	the domestic and foreign supply of oil and natural gas;
	·	the ability of the members of the Organization of Petroleum Exporting Countries ("OPEC") to agree to and maintain oil price and production controls;
	·	the price of foreign oil and natural gas;
	·	domestic governmental regulations and taxes;
	·	the price and availability of alternative fuel sources;
	·	weather conditions;
	·	market uncertainty due to political conditions in oil and natural gas producing regions, including the Middle East; and
	·	worldwide economic conditions.

These factors as well as the volatility of the energy markets generally make it extremely difficult to predict future oil and natural gas price movements with any certainty. Declines in oil and natural gas prices affect our revenues, and could reduce the amount of oil and natural gas that we can produce economically. Accordingly, such declines could have a material adverse effect on our financial condition, results of operations, oil and natural gas reserves and the carrying values of our oil and natural gas properties. If the oil and natural gas industry experiences significant price declines, we may be unable to make planned expenditures, among other things. If this were to happen, we may be forced to abandon or curtail our business operations, which would cause the value of an investment in us to decline in value, or become worthless.

Because of the inherent dangers involved in oil and gas operations, there is a risk that we may incur liability or damages as we conduct our business operations, which could force us to expend a substantial amount of money in connection with litigation and/or a settlement.

The oil and natural gas business involves a variety of operating hazards and risks such as well blowouts, pipe failures, casing collapse, explosions, uncontrollable flows of oil, natural gas or well fluids, fires, spills, pollution, releases of toxic gas and other environmental hazards and risks. These hazards and risks could result in substantial losses to us from, among other things, injury or loss of life, severe damage to or destruction of property, natural resources and equipment, pollution or other environmental damage, cleanup responsibilities, regulatory investigation and penalties and suspension of operations. In addition, we may be liable for environmental damages caused by previous owners of property purchased and leased by us. As a result, substantial liabilities to third parties or governmental entities may be incurred, the payment of which could reduce or eliminate the funds available for exploration, development or acquisitions or result in the loss of our properties and/or force us to expend substantial monies in connection with litigation or settlements. We currently have no insurance to cover such losses and liabilities, and even if insurance is obtained, there can be no assurance that it will be adequate to cover any losses or liabilities. We cannot predict the availability of insurance or the availability of insurance at premium levels that justify our purchase. The occurrence of a significant event not fully insured or indemnified against could materially and adversely affect our financial condition and operations. We may elect to self-insure if management believes that the cost of insurance, although available, is excessive relative to the risks presented. In addition, pollution and environmental risks generally are not fully insurable. The occurrence of an event not fully covered by insurance could have a material adverse effect on our financial condition and results of operations, which could lead to any investment in us becoming worthless.

We will be subject to operating hazards normally associated with the exploration and production of oil and gas, including hurricanes, blowouts, explosions, oil spills, cratering, pollution, earthquakes, labor disruptions and fires. The occurrence of any such operating hazards could result in substantial losses to us due to injury or loss of life and damage to or destruction of oil and gas wells, formations, production facilities or other properties. We do not maintain insurance coverage for matters that may adversely affect our operations, including war, terrorism, nuclear reactions, government fines, treatment of waste, blowout expenses, wind damage and business interruptions. Losses and liabilities arising from uninsured or underinsured events could reduce our revenues or increase our costs. There can be no assurance that any insurance we do obtain will be adequate to cover losses or liabilities associated with operational hazards. We cannot predict the continued availability of insurance, or its availability at premium levels that justify its purchase.

We face strong competition from larger oil and gas companies, which could result in adverse effects on our business.

The petroleum exploration and production business is highly competitive. Many of our competitors have substantially larger financial resources, staffs and facilities. Our competitors in the United States and Canada include numerous major oil and gas exploration and production companies. Additionally, other companies engaged in our line of business may compete with us from time to time in obtaining capital from investors. Competitors include larger companies which, in particular, may have access to greater resources, may be more successful in the recruitment and retention of qualified employees and may conduct their own refining and petroleum marketing operations, which may give them a competitive advantage. Actual or potential competitors may be strengthened through the acquisition of additional assets and interests. Additionally, there are numerous companies focusing their resources on creating fuels and/or materials which serve the same purpose as oil and gas, but are manufactured from renewable resources.

Our estimates of the volume of reserves could have flaws, or such reserves could turn out not to be commercially extractable. as a result, our future revenues and projections could be incorrect.

Estimates of reserves and of future net revenues prepared by different petroleum engineers may vary substantially depending, in part, on the assumptions made and may be subject to adjustment either up or down in the future. Our actual amounts of production, revenue, taxes, development expenditures, operating expenses, and quantities of recoverable oil and gas reserves may vary substantially from the estimates. Oil and gas reserve estimates are necessarily inexact and involve matters of subjective engineering judgment. In addition, any estimates of our future net revenues and the present value thereof are based on assumptions derived in part from historical price and cost information, which may not reflect current and future values, and/or other assumptions made by us that only represent our best estimates. If these estimates of quantities, prices and costs prove inaccurate, we may be unsuccessful in expanding our oil and gas reserves base with our acquisitions. Additionally, if declines in and instability of oil and gas prices occur, then write downs in the capitalized costs associated with any oil and gas assets we obtain may be required. Because of the nature of the estimates of our reserves and estimates in general, we can provide no assurance that reductions to our estimated proved oil and gas reserves and estimated future net revenues will not be required in the future, and/or that our estimated reserves will be present and/or commercially extractable. If our reserve estimates are incorrect, the value of our common stock could decrease and we may be forced to write down the capitalized costs of our oil and gas properties.

Our business will suffer if we cannot obtain or maintain necessary licenses.

Our operations will require licenses, permits and in some cases renewals of licenses and permits from various governmental authorities. Our, or our partners', ability to obtain, sustain or renew such licenses and permits on acceptable terms is subject to change in regulations and policies and to the discretion of the applicable governments, among other factors. Our inability to obtain, or our loss of or denial of extension of, any of these licenses or permits could hamper our ability to produce revenues from our operations.

Our operations are subject to various litigation that could have an adverse effect on our business.

From time to time we may become a defendant in various litigation matters. The nature of our operations exposes us to further possible litigation claims in the future. There is risk that any matter in litigation could be adversely decided against us regardless of our belief, opinion and position, which could have a material adverse effect on our financial condition and results of operations. Litigation is highly costly and the costs associated with defending litigation could also have a material adverse effect on our financial condition.

We may be affected by global climate change or by legal, regulatory, or market responses to such change.

The growing political and scientific sentiment is that increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere are influencing global weather patterns. Changing weather patterns, along with the increased frequency or duration of extreme weather conditions, could impact the availability or increase the cost to produce our products. Additionally, the sale of our products can be impacted by weather conditions.

Concern over climate change, including global warming, has led to legislative and regulatory initiatives directed at limiting the greenhouse gas emissions. For example, proposals that would impose mandatory requirements on greenhouse gas emissions continue to be considered by policy makers in the provinces, states or territories we operate in. Laws enacted that directly or indirectly affect our oil and gas production could impact our business and financial results.

If oil or natural gas prices decrease or drilling efforts are unsuccessful, we may be required to record writedowns of our oil and natural gas properties.

We could be required to write down the carrying value of certain of our oil and natural gas properties. ~~Writedowns~~Write-downs may occur when oil and natural gas prices are low, or if we have downward adjustments to our estimated proved reserves, increases in our estimates of operating or development costs, deterioration in drilling results or mechanical problems with wells where the cost to ~~redrill~~re-drill or repair is not supported by the expected economics.

Accounting rules require that the carrying value of oil and natural gas properties be periodically reviewed for possible impairment. Under the full cost method of accounting, capitalized oil and natural gas property costs less accumulated depletion, net of deferred income taxes, may not exceed a ceiling amount equal to the present value, discounted at 10%, of estimated future net revenues from proved oil and natural gas reserves plus the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are subject to amortization. Should capitalized costs exceed this ceiling, which is tested on a quarterly basis, an impairment is recognized. While an impairment charge reflects our long-term ability to recover an investment, reduces our reported earnings and increases our leverage ratios, it does not impact cash or cash flow from operating activities.

Our future success depends on our ability to replace reserves that are produced.

Because the rate of production from oil and natural gas properties generally declines as reserves are depleted, our future success depends upon our ability to economically find or acquire and produce additional oil and natural gas reserves. Except to the extent that we acquire additional properties containing proved reserves, conduct successful exploration and development activities, or, through engineering studies, identify additional behind-pipe zones or secondary recovery reserves, our proved reserves will decline as our reserves are produced. Future oil and natural gas production, therefore, is highly dependent upon our level of success in acquiring or finding additional reserves that are economically recoverable. We cannot assure you that we will be able to find or acquire and develop additional reserves at an acceptable cost.

We may acquire significant amounts of unproved property to further our development efforts. Development and exploratory drilling and production activities are subject to many risks, including the risk that no commercially productive reservoirs will be discovered. We may acquire both proved and producing properties as well as undeveloped acreage that we believe will enhance growth potential and increase our earnings over time. However, we cannot assure you that all of these properties will contain economically viable reserves or that we will not abandon our initial investments. Additionally, we cannot assure you that unproved reserves or undeveloped acreage that we acquire will be profitably developed, that new wells drilled on our properties will be productive or that we will recover all or any portion of our investments in our properties and reserves.

Our lack of industry and geographical diversification may increase the risk of an investment in our company.

We operate in the oil and gas sector and our leases are in Alberta, Canada, Kansas, and Missouri. This lack of geographic diversification may make our holdings more sensitive to economic developments within a regional area, which may result in reduced rates of return or higher rates of default than might be incurred with a company that is more geographically diverse.

Our business depends on oil and natural gas transportation and processing facilities and other assets that are owned by third parties.

The marketability of our oil and natural gas depends in part on the availability, proximity and capacity of pipeline systems, processing facilities, oil trucking fleets and rail transportation assets owned by third parties. The lack of available capacity on these systems and facilities, whether as a result of proration, physical damage, scheduled maintenance or other reasons, could result in the delay or discontinuance of development plans for our properties. The curtailments arising from these and similar circumstances may last from a few days to several months.

Our leasehold acreage is subject to leases that will expire over the next several years unless production is established or maintained or the leases are extended.

Some of our acreage is currently held by production or held by operations, but some is not. Unless production in paying quantities is established or operations are commenced on units containing these latter leases during their terms, those leases may expire. Likewise, if we are unable to maintain production on acreage held by production or operations, those leases may expire. If our leases expire and we are unable to renew the leases, we will lose our right to develop or utilize the related properties.

Deficiencies of title to our leased interests could significantly affect our financial condition.

We, or our partners, often incur the expense of a title examination prior to acquiring oil and natural gas leases or undivided interests in oil and natural gas leases or other developed rights. If an examination of the title history of a property reveals that an oil or natural gas lease or other developed rights have been purchased in error from a person who is not the owner of the mineral interest desired, our interest would substantially decline in value or be eliminated. In such cases, the amount paid for such oil or natural gas lease or leases or other developed rights may be lost.

We have not established an effective system of internal control over our financial reporting, and if we fail to maintain such internal control, we may not be able to accurately report our financial results, and current and potential stockholders may lose confidence in our financial reporting.

We have not established and maintained adequate and effective internal control over financial reporting that would provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. We are, however, required to evaluate the effectiveness of our internal controls and to disclose any changes and material weaknesses in those internal controls.

Any failure to maintain adequate internal controls could adversely impact our ability to report our financial results on a timely and accurate basis. If our financial statements are not accurate, investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis as required by the SEC, ~~and the Capital Market,~~ we could face severe ~~consequences from those authorities.~~consequences. In either case, there could result a material adverse effect on our business. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our stock.

The Company currently has limited funds and the lack of additional funds may negatively impact the Company's ability to pursue its business strategy to conduct operations in the oil and gas industry and to acquire, invest in and/or provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth. Even if the Company's funds prove to be sufficient to provide such services or to acquire an interest in, or complete a transaction with, an entity, the Company may not have enough capital to exploit the opportunity. The ultimate success of the Company may depend upon its ability to raise additional capital. The Company may investigate the availability, source, or terms that might govern the acquisition of additional capital but will not do so until it determines a need for additional financing. If additional capital is needed, there is no assurance that funds will be available from any source or, if available, that they can be obtained on terms acceptable to the Company. If not available, the Company's operations will be limited to those that can be financed with its modest capital.

The Company's securities may be subject to a SEC rule that imposes special sales practice requirements upon broker-dealers who sell such securities to persons other than established customers or accredited investors. For purposes of the rule, the phrase "accredited investors" means, in general terms, institutions with assets in excess of $5,000,000, or individuals having a net worth, or joint net worth with spouse, in excess of $1,000,000 excluding the value of the person's primary residence or having an annual income that exceeds $200,000 (or that, when combined with a spouse's income, exceeds $300,000). For transactions covered by the rule, the broker-dealer must make a special suitability determination for the purchaser and receive the purchaser's written agreement to the transaction prior to the sale. Consequently, the rule may affect the ability of broker-dealers to sell the Company's securities and also may affect the ability of purchasers in an offering to sell their securities in any market that might develop.

In addition, the SEC has adopted a number of rules to regulate "penny stocks." Such rules include Rules 3a51-1, 15g-1, 15g-2, 15g-3, 15g-4, 15g-5, 15g-6, 15g-7, and 15g-9 under the Securities Exchange Act of 1934, as amended or the Exchange Act. Because the securities of the Company may constitute "penny stocks" within the meaning of the rules, the rules would apply to the Company and to its securities. The rules may further affect the ability of owners of shares to sell the securities of the Company in any market that might develop for them.

Shareholders should be aware that, according to SEC, the market for penny stocks has suffered in recent years from patterns of fraud and abuse. Such patterns include (i) control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer; (ii) manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases; (iii) "boiler room" practices involving high-pressure sales tactics and unrealistic price projections by inexperienced sales persons; (iv) excessive and undisclosed bid-ask differentials and markups by selling broker-dealers; and (v) the wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the resulting inevitable collapse of those prices and with consequent investor losses.

Due to the numerous risks inherent in the implementation of a new business emphasis and plan, the Company must be regarded as a new or start-up venture with all of the unforeseen costs, expenses, problems, and difficulties to which such ventures are subject.

There is no assurance that the Company will be able to successfully implement its business plan and provide the contemplated services to its client companies. Even if the Company is successful in providing its services to its client companies, there is a risk that it will not generate revenues or profits, or that the market price of the Company's common stock will increase.

The Company has limited operating funds, and this makes it impracticable for the Company to conduct a complete and exhaustive investigation and analysis of its opportunities. Decisions will therefore likely be made without detailed geotechnical reports, feasibility studies, independent analysis, market surveys and the like, which, if the Company had more funds available to it, would be desirable. The Company will be particularly dependent in making decisions upon information provided by third parties with interests in the transaction. A significant portion of the Company's available funds could be expended for investigative expenses and other preliminary expenses, and potential profits could therefore be lessened.

Because of the limited financial resources that the Company has, it is unlikely that the Company will be able to diversify its acquisitions or operations. The Company's probable inability to diversify its activities into multiple areas will subject the Company to economic fluctuations within a particular business or industry and therefore increase the risks associated with the Company's operations.

The Company generally will require audited financial statements from companies with which it seeks to enter into a contractual arrangement. In cases where no audited financials are available, the Company will have to rely upon interim period unaudited information received from a prospective client company's management that has not been verified by outside auditors. The lack of the type of independent verification which audited financial statements would provide increases the risk that the Company, in evaluating a contractual arrangement with such a company, will not have the benefit of full and accurate information about the financial condition and recent interim operating history of that company. This risk increases the prospect that the contractual arrangement with such a company might prove to be an unfavorable one for the Company or the holders of the Company's securities.

Moreover, the Company will be subject to the reporting provisions of the Exchange Act, and thus will be required to furnish certain information about significant contractual arrangements, including audited financial statements for any business with which it enters into a contractual arrangement for control. Consequently, prospects that do not have, or are unable to provide reasonable assurances that they will be able to obtain, the required audited statements would not be considered by the Company to be appropriate clients so long as the reporting requirements of the Exchange Act are applicable. Should the Company, during the time it remains subject to the reporting provisions of the Exchange Act, complete into a contract for control of an entity for which audited financial statements prove to be unobtainable, the Company would be exposed to enforcement actions by the SEC and to corresponding administrative sanctions, including permanent injunctions against the Company and its management. The legal and other costs of defending an SEC enforcement action would have material, adverse consequences for the Company and its business. The imposition of administrative sanctions would subject the Company to further adverse consequences. In addition, the lack of audited financial statements would prevent the securities of the Company from becoming eligible for listing on NASDAQ, or on any existing stock exchange.

Moreover, the lack of such financial statements is likely to discourage broker-dealers from becoming or continuing to serve as market makers in the securities of the Company. Without audited financial statements, the Company would almost certainly be unable to offer securities under a registration statement pursuant to the Securities Act of 1933 or the Securities Act, and the ability of the Company to raise capital would be significantly limited until such financial statements were to become available.

A contractual arrangement for acquisition of equity ownership of or control may be of a company that is subject to rules and regulation by federal, state, local or foreign authorities. Compliance with such rules and regulations can be expected to be a time-consuming, expensive process and may limit other opportunities of the Company.

Limited ~~Participation~~participation of ~~Management~~management could adversely affect our operations.

The Company is heavily dependent upon the skills, talents, and abilities of its management, who currently have other business interests and do not devote their full time to management of the Company. Our President, CEO and director, James Doris, spends approximately 20% of his time practicing law through Doris Law Office Professional Corporation and as counsel to Mann Lawyers LLP. If practicing law causes distractions to his management of the Company, it would adversely affect the Company’s operations.

The Company does not have any employment agreements with its Chief Executive Officer and President, Mr. Doris, and its Executive Chairman, Treasurer and former Chief Executive Officer, Mr. Simeo. As a result, there is no assurance that Mr. Doris or Mr. Simeo will continue to be associated with the Company in the future. In connection with future business opportunities, it is possible that Mr. Doris or Mr. Simeo may resign as an officer and director of the Company subject to compliance with Section 14f of the Exchange Act. A decision to resign will be based upon the identity of the business opportunity and the nature of the transaction and is likely to occur without the vote or consent of the stockholders of the Company.

The Company does not have an independent Audit Committee of its Board of Directors. The entire Board of Directors functions as the Company's Audit Committee. The Sarbanes-Oxley Act of 2002, as amended or the SOX and rules and regulations adopted by the SEC to implement the SOX impose certain standards on listed companies relative to the maintenance and operations of Board of Directors Audit Committees, including but not limited to the requirement that Audit Committees be appointed, that membership of such committees comprise only independent directors, that a financial professional be among the membership of such committee and that such committee be afforded an adequate operating budget and be able to employ independent professional advisors. The SOX also requires that the Audit Committee oversee the work of a company's outside auditors and that the outside auditors be responsible to the Audit Committee. At this time, the Company is not in compliance with the requirements of the Sarbanes-Oxley Act as they relate to independent Board of Directors Audit Committees. The Company believes that under rules and regulations adopted by the SEC to implement these provisions of the SOX it is not required to comply with its requirements relating to the appointment of an Audit Committee of its Board of Directors and conforming with the enumerated standards and guidelines because the Company is not a "Listed Company" as defined therein. Notwithstanding, the Company may ultimately be determined not to be in compliance therewith and may therefore face penalties and restrictions on its operations until it comes into full compliance. Additionally, the Company's failure to comply with the provisions of the SOX could preclude it from being listed on NASDAQ or any other stock exchanges until it can show that it is in compliance. The Company's failure to be in compliance with the SOX could also present an impediment to a potential business combination where the target company intends that the Company apply for listing on NASDAQ or any other applicable stock exchanges.

Nevada law provides for the indemnification of the Company's directors, officers, employees, and agents, under certain circumstances, against attorney's fees and other expenses incurred by them in any litigation to which they become a party arising from their association with or activities on behalf of the Company. The Company will also bear the expenses of such litigation for any of its directors, officers, employees, or agents, upon such person's promise to repay the Company if it is ultimately determined that any such person shall not have been entitled to indemnification. This indemnification policy could result in substantial expenditures by the Company which it may be unable to recoup.

To supplement the Company's officers, directors and principal shareholders, the Company may be required to employ accountants, technical experts, appraisers, attorneys, or other consultants or advisors. The selection of any such advisors will be made by the Company without any input from stockholders. Furthermore, it is anticipated that such persons may be engaged on an "as needed" basis without a continuing fiduciary or other obligation to the Company. In the event the Company considers it necessary to hire outside advisors, such persons may be affiliates of the Company, if they are able to provide the required services.

The Company has not paid dividends on its common stock and does not anticipate paying such dividends in the foreseeable future.

The Company may consider, as consideration for future business opportunities, an amount of the Company's authorized but unissued common stock that would, upon issuance, represent the great majority of the voting power and equity of the Company. The result would be that another company's stockholders and management would control the Company, and the Company's Board of Directors and management could be replaced by persons unknown at this time. Such a merger would result in a greatly reduced percentage of ownership of the Company by its current shareholders.

We may issue shares of preferred stock in the future that may adversely impact the rights of holders of our common stock.

Our Articles of Incorporation authorize our Board of Directors to determine the relative rights and preferences of preferred shares without further stockholder approval. As a result, our Board of Directors could authorize the issuance of a series of preferred stock that would grant to holders preferred rights to our assets upon liquidation, the right to receive dividends before dividends are declared to holders of our common stock, and the right to the redemption of such preferred shares, together with a premium, prior to the redemption of the common stock. In addition, shares of preferred stock could be issued with terms calculated to delay or prevent a change in control or make removal of management more difficult, which may not be in your interest.

Members of our management hold shares of preferred stock, and they control the Company.

Our director and CEO, James Doris, and our director and CFO, Tom Simeo, hold shares of a series of our preferred stock, which, among other rights and preferences, have a weighted vote which, along with their ownership of Company common stock, allows them to control the outstanding votes on all matters to be voted on by the holders of the Company’s issued and outstanding capital stock. By virtue of these preferential voting rights, the CEO and CFO of the Company can cause the Company to take actions that require a shareholder vote without the affirmative vote of any other shareholders.

The majority of the outstanding shares of common stock held by present stockholders are "restricted securities" within the meaning of Rule 144 under the Securities Act. As restricted shares, these shares may be resold only pursuant to an effective registration statement or under the requirements of Rule 144 or other applicable exemptions from registration under the Securities Act and as required under applicable state securities laws. A sale under Rule 144 or under any exemption from the Securities Act, if available, or pursuant to subsequent registration of shares of common stock of present stockholders, may have a depressive effect upon the price of the Company's common stock.

The Company leases office space on a month-to-month basis at 1330 Avenue of the Americas, Suite 23 A, New York, New York, 10019.

On November 3, 2014, the Company entered into a Purchase and Sale, Petroleum and Natural Gas Conveyance Agreement (the "Agreement"), with Tanager Energy Inc., a Canadian corporation listed on the TSX Venture Exchange as a Tier 2 company and trading under the stock symbol "TAN" ("Tanager Energy"). Pursuant to the Agreement, the Company acquired a 50% working interest in the Joffre oil and gas property located in Alberta, Canada (the "Joffre Property"). On or about March 30, 2016, the working interest was registered in the name of the Company's wholly owned subsidiary, Viking Oil & Gas (Canada) ULC.

As of December 31, ~~2015,~~2016, this Canadian property consists of one oil well producing from the Leduc Formation, three suspended oil wells, one abandoned oil well, and a suspended water injector.

~~Information~~On February 23, 2016, the Company closed on the acquisition of working interests in four leases with ~~regard~~access to the mineral rights (oil and gas) concerning approximately 281 acres of property in Miami and Franklin Counties in eastern Kansas. On October 4, 2016, the Company completed an acquisition whereby the Company (i) increased its working interest in three existing oil and gas ~~producing activities follows:~~leases in Miami and Franklin Counties in Eastern Kansas, and (ii) acquired a working interest in four new oil and gas leases in the same region, comprising approximately 660 acres of property.

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on: the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are further classified in accordance with the level of certainty associated with the estimates.

~~Mbbl = thousands of barrels~~

~~MMcf = millions of cubic feet~~

~~Mboe - thousands of barrels of oil equivalent~~

2. ~~Disclosure~~2016, these central United States properties consist of ~~Oil~~one hundred thirty-three producing wells and ~~Gas~~ ~~Production,~~ ~~Sales~~ ~~and Average Prices~~fifty-seven injector wells.

~~Oil and Gas Production and Sales by geographic area for the years ended December 31, 2015 and 2014~~

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of December 31, ~~2015,~~2016, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s results of ~~our operations.~~operations except as follows. On September 2, 2016, the Company received notice that its former independent registered public accounting firm, Green & Company, CPAs (the “Former Accountant”) resigned. In that correspondence, the Company was notified that the Former Accountant was withdrawing its audit report for the year ended December 31, 2015, as further described in the Company’s Current Report on Form 8-K/A filed on November 18, 2016, which is incorporated by reference herein. The Company disagreed with the Former Accountant’s statements in its September 2, 2016 letter, retained litigation counsel, and sent a demand letter to the Former Accountant.

There is no "established trading market" for shares of the Company's common stock. As of December 31, ~~2015,~~2016, the Company's common stock was quoted on OTC Markets Group's OTCQB under the symbol "VKIN." No assurance can be given that any "established trading market" for the Company's common stock will develop or be maintained.

The range of high and low closing bid quotations for the Company's common stock during each quarter of the calendar years ended December 31 ~~2015~~2016 and ~~2014,~~2015, is shown below, as quoted by http://finance.yahoo.com. Prices are inter-dealer quotations, without retail mark-up, markdown or commissions and may not represent actual transactions.

Quarter Ended	High		Low		High		Low
March 31, 2014		0.20		0.05
June 30, 2014		0.60		0.19
September 30, 2014		0.51		0.15
December 31, 2014		0.40		0.03
March 31, 2015		0.40		0.06		0.40		0.06
June 30, 2015		0.40		0.06		0.40		0.06
September 30, 2015		0.28		0.06		0.28		0.06
December 31, 2015		0.23		0.06		0.23		0.06
March 31, 2016						0.25		0.05
June 30, 2016						0.29		0.10
September 30, 2016						0.29		0.06
December 31, 2016						0.25		0.07

The future sale of the Company's presently outstanding "unregistered" and "restricted" common stock by present members of management and persons who own more than five percent of the Company's outstanding voting securities may have an adverse effect on any "established trading market" that may develop in the shares of the Company's common stock.

As of December 31, ~~2015,~~2016, the Company had 76approximately 121 shareholders of record of common stock, including shares held by brokerage clearing houses, depositories or otherwise in unregistered form. The Company does not know the beneficial owners of such shares.

We have not historically distributed dividends to stockholders, nor do we intend to do so in the foreseeable future.

The Company does not have any securities authorized for issuance under equity compensation plans.

Our common stock is considered "penny stock" under the rules the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934. The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ Stock Market System, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or quotation system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the Commission, that:

-	contains a description of the nature and level of risks in the market for penny stocks in both public offerings and secondary trading;

-	contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of Securities' laws; contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price;

-	contains a toll-free telephone number for inquiries on disciplinary actions;

-	defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and

-	contains such other information and is in such form, including language, type, size and format, as the Commission shall require by rule or regulation.

The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with:

-	bid and offer quotations for the penny stock;

-	the compensation of the broker-dealer and its salesperson in the transaction;

-	the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the marker for such stock; and

-	monthly account statements showing the market value of each penny stock held in the customer's account.

In addition, the penny stock rules that require that prior to a transaction in a penny stock not otherwise exempt from those rules; the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written acknowledgement of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed and dated copy of a written suitably statement.

These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our stock.

The Company, as a smaller reporting company (as defined by Rule 12b-2 of the Exchange Act), is not required to furnish information required by this item.

You should read the following discussion and analysis in conjunction with the audited consolidated financial statements and notes thereto appearing elsewhere in this annual report on Form 10-K.

In preparing the management's discussion and analysis, the registrant presumes that you have read or have access to the discussion and analysis for the preceding fiscal year.

This document includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended or the Reform Act. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to, any projections of earning, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions of performance; and statements of belief; and any statements of assumptions underlying any of the foregoing. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the Company's ability to raise capital and the terms thereof; and other factors referenced in the Form 10-K.

The use in this Form 10-K of such words as "believes", "plans", "anticipates", "expects", "intends", and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements present the Company's estimates and assumptions only as of the date of this report. Except for the Company's ongoing obligation to disclose material information as required by the federal securities laws, the Company does not intend, and undertakes no obligation, to update any forward-looking statements.

Although the Company believes that the expectations reflected in any of the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed or any of the Company's forward-looking statements. The Company's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties.

The Company provides professional advisory, financing and consulting services to established companies in the United States, Canada and Asia in need of specific expertise to advance their particular business plans. These services include, but are not limited to, professional advisory services before and after financing, management consulting, professional board member services, accounting, pre-audit and CFO services, corporate governance advice and general corporate management advisory services in consideration for a fee, comprised of either cash or equity, or a combination of both.

The Company's business plan ~~as pertains~~is to engage in the acquisition, exploration, development and production of oil and ~~gas industry is to explore and develop oil and~~natural gas properties, both individually and through collaborative partnerships with other companies in this field of endeavor. In November of 2014, the Company entered its first contract of this ~~kind as explained~~kind. On March 8, 2016, the Company incorporated a wholly owned subsidiary, Viking Oil & Gas (Canada) ULC, in ~~Note 4.~~Alberta, Canada, to hold its Canadian oil and gas interests.

~~The~~On February 23, 2016, the Company ~~is neither an underwriter as~~closed on the ~~term is defined~~acquisition of working interests in ~~Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant~~four leases with access to the ~~Investment~~mineral rights (oil and gas) concerning approximately 281 acres of property in Miami and Franklin Counties in eastern Kansas. On August 30, 2016, the Company ~~Act~~organized a wholly owned subsidiary, Mid-Con Petroleum, LLC, a Kansas limited liability company, to hold its oil and gas interests in the central United States. On October 4, 2016, the Company, through Mid-Con, completed an acquisition whereby the Company (i) increased its working interest in three existing oil and gas leases in Miami and Franklin Counties in Eastern Kansas, and (ii) acquired a working interest in four new oil and gas leases in the same region, comprising approximately 660 acres of ~~1940. The Company is not an investment adviser pursuant to the Investment Advisers Act of 1940, nor is it registered with FINRA or SIPC.~~property.

The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however, there is no assurance of additional funding being available.

The following discussion of the consolidated financial condition and results of operation of the Company should be read in conjunction with the consolidated financial statements and the related Notes included elsewhere in this Report.

Working Capital:	December 31,						December 31,
	2015			2014			2016			2015

Current Assets	$	252,865		$	1,345		$	249,252		$	184,462
Current Liabilities	$	996,697		$	481,902		$	3,812,732		$	1,642,757
Asset retirement obligation	$	416,246		$	-		$	833,017		$	416,246
Working Capital (deficit)	$	(743,832	)	$	(480,557	)	$	(3,563,480	)	$	(1,458,295	)

Cash Flows:	Years Ended December 31,						Years Ended December 31,
	2015			2014			2016			2015

Net Cash Provided by (Used in) Operating Activities	$	(455,453	)	$	(370,800	)	$	(108,555	)	$	(151,307	)
Net Cash Provided by (Used in) Investing Activities	$	(77,158	)	$	(549,811	)	$	(2,270,857	)	$	-
Net Cash Provided by (Used in) Financing Activities	$	561,851		$	909,666		$	2,367,432		$	180,547
Increase (Decrease) in Cash during the Period	$	29,240		$	(10,894	)	$	(11.,980	)	$	29,240
Cash and Cash Equivalents, End of Period	$	30,585		$	1345		$	18,605		$	30,585

The Company had current assets of ~~$252,865 during the fiscal year ended~~$249,252 as of December 31, ~~2015,~~2016, as compared to ~~$1,345~~$184,462 in the comparable period in ~~2014.~~2015. The Company had current liabilities of ~~$996,697 during the year ended~~$3,812,732 as of December 31, ~~2015,~~2016, as compared to ~~$481,902~~$1,642,757 in the comparable period in ~~2014.~~2015. The increase in current liabilities is mainly due to an increase in ~~other payables,~~ amounts due to directors, new debt, and ~~new convertible debt.~~a corresponding derivative liability. The Company had a working capital deficit of ~~$743,832 due to an influx~~$3,563,480 as a consequence of ~~cash from an increase in borrowing from directors and new convertible debt during the fiscal year ended~~these increased liabilities as of December 31, ~~2015, as~~2016, compared to a working capital deficit in December 31, ~~2014,~~2015, of ~~$480,557.~~$1,458,295.

Cash used in operating activities ~~increased~~decreased to ($~~455,453)~~108,555) during the fiscal year ended December 31, ~~2015,~~2016, as compared to ($~~370,800)~~151,307) in the comparable period in ~~2014. The increase was mostly due to increased expenses.~~2015.

Cash from financing activities ~~decreased~~increased to ~~$561,851~~$2,367,432 during the fiscal year ended December 31, ~~2015~~2016, as compared to ~~909,666~~180,547 in the comparable period in ~~2014.~~2015. The ~~decrease~~increase was mostly due to the Company ~~not issuing units during 2015 and generating less cash through convertible, as well as the borrowings from directors.~~successfully arranging for new debt to facilitate property acquisitions.

Cash used in investing activities ~~decreased~~increased to ($~~77,158)~~2,270,857 during the fiscal year ended December 31, ~~2015,~~2016, as compared to ~~($549,811)~~zero in the comparable period in ~~2014.~~2015. The ~~decrease~~increase is a result of the Company having accomplished the purchase of 1,256,593 and 2,187,500 units of Tanager Energy Inc. ("Tanager"), a Canadian mining company listed on the Canadian TSX Venture Exchange as a Tier 2 company and trading under the stock symbol "TAN," at a price of C$0.08 per unit during 2014. On November 3, 2014, the Company entered into a Purchase and Sale, Petroleum and Natural Gas Conveyance Agreement (the "Agreement"), with Tanager Energy. Pursuant to the Agreement, the Company is entitled to receive a 50% working interest in the Joffreadditional oil and gas property located in Alberta, Canada (the "Joffre Property"). On November 4, 2014, the Company closed the transaction by paying Tanager US$302,367, with US$52,801 (C$60,000) payable as of December 31, 2014, which was paid in January of 2015.

~~Tanager owns the remaining 50%~~ working ~~interest~~interests in the ~~Joffre Property~~central united states, facilitated by new investments through both debt and operates and manages the property in accordance with an operating agreement pursuant to the Canadian Association of Petroleum Landman Operating Procedure. The proceeds were to be used by Tanager to complete and place on production the first of four suspended Devonian oil wells in the Joffre D-3 B oil pool (the "Joffre Project"). In April 2015, the Company advanced to Tanager, an additional $153,877 (C$190,000) as an investment in the second well in the Joffre D-3 oil pool. On or about March 30, 2016, the working interest was registered in the name of the Company's wholly owned subsidiary, Viking Oil & Gas (Canada) ULC.equity.

The Company had gross revenues of ~~$95,924~~$376,829 for the year ended December 31, ~~2015,~~2016, representing its share of revenue from its 50% working interest in the Joffre ~~Property. This~~Property, and the revenue ~~comes from~~being generated through the ~~first two~~ oil ~~wells~~and gas acquisitions in the Joffre Project which began producing during April of 2015. The Company's portion of the operational costs of processing, gathering and administering the oil wells in the Joffre Project amounted to $49,965, providing a realizable gross profit for the year ended December 31, 2015, of $45,959. The Company did not have any revenue for the year ended December 31, 2014.central United States.

The Company's operating expenses increased by ~~$87,788~~$2,702,968 to ~~$654,439~~$3,627,963 for the year ended December 31, ~~2015,~~2016, from ~~$566,651~~$924,995 for the year ended December 31, ~~2014.~~2015. This increase ~~was~~is mainly ~~due~~attributable to the ~~increase~~recognition of ~~general~~an impairment loss of $1,710,393, stock based compensation of $766,882, and ~~administrative expenses~~increases in lease operating costs commensurate with the new oil and ~~stock compensation incurred during the year ended December 31, 2015, as compared to the year ended December 31, 2014.~~gas wells purchased in 2016. Additionally, there were small increases in accretion expense and depreciation, depletion and amortization expense.

The Company incurred a ~~net~~ loss from operations of ~~$892,962~~$3,251,134 for the year ended December 31, ~~2015,~~2016, as compared to a ~~net~~ loss from operations of ~~$830,737~~$829,071 for the year ended December 31, ~~2014.~~2015. The increase in ~~net~~ loss from operations was mainly due to the items referred to in the analysis of expenses.

The Company does not have any ~~off balance~~off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity or capital expenditures or capital resources that is material to an investor in the Company's securities.

The Company's business and operating results are not currently affected in any material way by ~~inflation.~~inflation although they could be adversely affected in the future were inflation to increase, resulting in cost increases.

On ~~February 23, 2016,~~January 9, 2017, the Company ~~closed on~~entered into a six-month Consulting agreement to assist the ~~acquisition of working interests (Net Revenue Interests from 80 to 87%)~~Company in ~~four leases with access~~developing and implementing appropriate plans and materials for presenting the Company and its business plans, strategy and personnel to the mineral rights (oil and gas) concerning approximately 281 acres of property in Miami and Franklin Counties in eastern Kansas. This project produces oil from the Cherokee formation at a depth of approximately 600 feet. These leases offer the potential for several future drilling locations.financial community. The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations upon the leases attributable to the working interests purchased by the Company. The effective dateterms of the ~~acquisitions is February 1, 2016, so~~agreement require the issuance of 3,000,000 common shares, an initial payment of $100,000 upon execution, (which was advanced through amounts due to directors), and $40,000 each month thereafter for the balance of the contract term.

On January 25, 2017, the Company ~~was entitled to net revenues from its share of production as of such date.~~

~~As consideration for this transaction, the Company made~~issued a ~~cash payment of $1,305,000 at closing to the vendors and issued a~~secured promissory note in the amount of ~~$45,000. The note bears interest at~~$100,000 with a ~~rate of 0% per annum and was due at the end of February. The Company also agreed to~~50% original issue ~~the vendors 4,500,000 shares of~~discount, that included a securities purchase agreement for 333,333 common ~~stock.~~shares.

~~Immediately prior to the above-noted acquisition,~~On February 15, 2017, the Company also purchased a 100% working interest (Net Revenue Interest of 83%) in: (i) three leases with access to the mineral rights (oil and gas) concerning approximately 270 acres of property in Miami and Franklin Counties in eastern Kansas; and (ii) 31 leases with access to the mineral rights (oil and gas) concerning approximately 5,500 acres of property in Cass and Bates Counties in Missouri. The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations upon the leases attributable to the working interests purchased by Viking. As consideration for this transaction, Viking agreed to issue the vendors 5,150,000issued 240,000 common shares ~~of common stock of Viking.~~

~~To facilitate these acquisitions, the Company borrowed $1,450,000 from private lenders~~ pursuant to a ~~15% Senior Secured Convertible Promissory Note (the "Note"), arranged through a licensed broker/dealer, with the primary terms of the loan being as follows: (i)~~ ~~Term~~ ~~– 6 months; (ii)~~ ~~Rate~~ ~~– 15% per annum; (iii)~~ ~~Security~~ ~~– 1st ranking charge against company assets pursuant to a Security~~one-year contract for Investor Relations and ~~Pledge Agreement (the "Security Agreement"); (iv)~~ ~~Conversion~~ ~~– the lenders have a right to convert all or part of the note into common stock of Viking at a price of $0.15 per share, subject to certain ownership restrictions; and (v)~~ ~~Warrants~~ – the lenders were given an option to purchase, within the next 5 years, 3,750,000 shares of common stock of Viking at an exercise price of $0.20 per share pursuant to a Common Stock Purchase Warrant. Viking's CEO and director, James Doris, also personally guaranteed repayment of the loan and granted the lenders a security interest in his assets.promotion.

~~The foregoing descriptions~~On February 16, 2017, the Company issued a secured promissory note in the amount of $200,000 with a 50% original issue discount, that included a securities purchase agreement for 666,666 common shares.

On March 9, 2017, the ~~terms~~Company issued 62,500 common shares for services.

During March 2017, the Company raised $355,833 through the issuance of new debt.

During March 2017, the ~~Note, Security Agreement and Warrant are qualified in their entirety by~~Company satisfied the full ~~text~~amount of ~~such agreements,~~$375,000 pertaining to the ~~form of which Note, Security Agreement and Warrant are incorporated by reference in and to Exhibits 99.3, 99.4, and 99.5 hereto.~~Secured Subordinated promissory notes that were issued on April 29, 2016 as follows:

·	The Company paid $52,500 of principal to three creditors along with interest accrued through the date of payment.

·	Through amounts due to directors, an additional $90,000 of principal was paid to one creditor along with interest accrued through the date of payment.

·	The Company issued new six-month secured promissory notes in satisfaction of the remaining $232,500 of principal outstanding, and paid the accrued interest through the date of issuance of the new notes.

We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the financial statements are prepared and actual results could differ from our estimates and such differences could be material. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation of our financial statements, as well as the sufficiency of the disclosures pertaining to our accounting policies in the footnotes accompanying our financial statements. Described below are the most significant policies we apply in preparing our consolidated financial statements, some of which are subject to alternative treatments under GAAP. We also describe the most significant estimates and assumptions we make in applying these policies. See “Note 2 - Summary of Significant Accounting Policies” to our consolidated financial statements.

The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs of acquisition, exploration and development of oil and natural gas properties (including such costs as leasehold acquisition costs, geological expenditures, dry hole costs, tangible and intangible development costs and direct internal costs) are capitalized as the cost of oil and natural gas properties when incurred.

The full cost method requires the Company ~~adopted Statement~~to calculate quarterly, by cost center, a "ceiling," or limitation on the amount of ~~Financial Accounting Standards ("SFAS"~~properties that can be capitalized on the balance sheet. To the extent capitalized costs of oil and natural gas properties, less accumulated depletion and related deferred taxes exceed the sum of the discounted future net revenues of proved oil and natural gas reserves, the lower of cost or estimated fair value of unproved properties subject to amortization, the cost of properties not being amortized, and the related tax amounts, such excess capitalized costs are charged to expense.

Estimates of our proved reserves included in this report are prepared in accordance with U.S. SEC guidelines for reporting corporate reserves and future net revenue. The accuracy of a reserve estimate is a function of:

Our proved reserve information included in this report was predominately based on estimates. Because these estimates depend on many assumptions, all of which may substantially differ from future actual results, reserve estimates will be different from the quantities of oil and gas that are ultimately recovered. In addition, results of drilling, testing and production after the date of an estimate may justify material revisions to the estimate.

In accordance with SEC requirements, we based the estimated discounted future net cash flows from proved reserves on the unweighted arithmetic average of the prior 12-month commodity prices as of the first day of each of the months constituting the period and costs on the date of the estimate.

The estimates of proved reserves materially impact depreciation, depletion, amortization and accretion (“DD&A”) ~~No. 143, Accounting~~expense. If the estimates of proved reserves decline, the rate at which we record DD&A expense will increase, reducing future net income. Such a decline may result from lower market prices, which may make it uneconomic to drill for and produce from higher-cost fields.

Asset retirement obligations (“ARO”) primarily represent the ~~financial accounting~~estimated present value of the amount we will incur to plug, abandon and ~~reporting obligations~~remediate our producing properties at the projected end of their productive lives, in accordance with applicable federal, state and ~~retirement costs~~local laws. We determined our ARO by calculating the present value of estimated cash flows related to the obligation. The retirement ~~of tangible long-lived assets. Among other things, SFAS No. 143 requires oil and gas companies to reflect decommissioning liabilities on the face~~obligation is recorded as a liability at its estimated present value as of the ~~balance sheet at fair value on a discounted basis. This statement requires that the fair value~~obligation’s inception, with an offsetting increase to proved properties. Periodic accretion of ~~a liability for an asset retirement obligation be recognized in the period in which it is incurred. The associated asset retirement costs are capitalized as part~~discount of the ~~carrying cost of the asset. Our asset retirement obligations consist of~~ estimated ~~costs for dismantlement, removal, site reclamation and similar activities associated with our oil and gas properties.~~

With the adoption of SFAS No. 143, an asset retirement obligation and the related asset retirement cost in the amount of $406,214 have been recorded. This asset retirement cost was determined and discounted to present value using a credit-adjusted risk-free rate. After the initial recording, the liability is ~~increased for the passage of time, with the increase being reflected~~recorded as accretion expense in the ~~statement~~accompanying consolidated statements of ~~operations. Subsequent adjustments~~operations and comprehensive income.

ARO liability is determined using significant assumptions, including current estimates of plugging and abandonment costs, annual inflation of these costs, the productive lives of wells and a risk-adjusted interest rate. Changes in any of these assumptions can result in significant revisions to the ~~cost estimate are reflected in the liability and the amounts continue to be amortized over the useful life of the related long-lived asset.~~estimated ARO.

Revenues from oil and gas properties are recognized under the entitlements method of accounting, whereby revenue is recognized on the amount the Company is entitled to, based on its interest in the property after all costs associated with exploration, gathering, marketing and sales relative to the volumes of product sold.

The Company has updated its accounting for net operating losses to reflect accumulated deficits.

The Company, as a smaller reporting company (as defined by Rule 12b-2 of the Exchange Act), is not required to furnish information required by this item.

We have audited the accompanying consolidated balance ~~sheet~~sheets of Viking ~~Investments~~Energy Group, Inc. and its subsidiary (the “Company”) as of December 31, ~~2015~~2016 and ~~2014,~~2015, and the related ~~statement~~consolidated statements of operations ~~stockholders' deficiency,~~and comprehensive loss, changes in stockholders’ deficit and cash flows for the years then ended. These financial statements are the responsibility of the ~~Company's~~Company’s management. Our responsibility is to express an opinion on these financial statements based on our ~~audit.~~audits.

We conducted our ~~audit~~audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit ~~incl udes~~includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial ~~statements,~~statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Viking ~~Investments~~Energy Group, Inc. and its subsidiaries as of December 31, ~~2015~~2016 and ~~2014, and~~2015, the results of ~~its~~their consolidated operations and ~~its~~ cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As ~~shown~~discussed in Note 1 to the ~~accompanying~~consolidated financial statements, the Company has suffered recurring losses from operations since inception and has a significant ~~net losses and cash flow deficiencies. Those conditions~~working capital deficiency both of which raise substantial doubt about ~~the Company's~~its ability to continue as a going concern. ~~Management's~~Management’s plans ~~regarding those~~in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Consolidated ~~Statements of Operations and Comprehensive Loss~~Balance Sheets

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated ~~Statement Of Cash Flows~~Statements of Operations and Comprehensive Loss

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated ~~Statement~~Statements of ~~Changes in Stockholders' Deficiency~~Cash Flows

The accompanying notes are an integral part of these consolidated financial statements.

	Common Stock						Shares to be Issued						Preferred Stock				Additional Paid-in			Prepaid Equity-Based			Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Number			Amount			Number			Amount			Number		Amount		Capital			Compensation			Loss			Deficit			Deficit

Balance at December 31, 2014		24,094,551		$	24,095			675,000		$	675			28,092	$	28	$	7,162,660		$	-		$	(177,452	)	$	(7,067,267	)	$	(57,261	)

Shares issued to investors		675,000			675			(675,000	)		(675	)																		-
Shares issued for consulting services		720,000			720													107,280												108,000
Shares issued in satisfaction of debt		3,294,442			3,294													227,807												231,101
Shares issued for convertible debt		550,000			550													20,450												21,000
Shares issued as prepaid equity-based compensation		1,000,000			1,000													164,000			(165,000	)								-
Derivative liability adjustment - satisfaction of convertible debt																		278,175												278,175
Amortization of prepaid equity-based compensation																					19,438									19,438
Unrealized gain (loss) on securities held for sale																								19,028						19,028
Net loss for the year ended December 31, 2015																											(1,897,174	)		(1,897,174	)

Balances at December 31, 2015		30,333,993		$	30,334			-		$	-			28,092	$	28	$	7,960,372		$	(145,562	)	$	(158,424	)	$	(8,964,441	)	$	(1,277,693	)
Shares issued in satisfaction of debt		300,926			301													9,810												10,111
Derivative liability adjustments - satisfaction of convertible debt																		685,668												685,668
Shares issued for consulting services		1,315,000			1,315													164,185												165,500
Shares issued in acquisition of oil and gas properties		14,862,021			14,862													1,430,829												1,445,691
Shares issued as prepaid equity-based compensation		5,000,000			5,000													795,000			(800,000	)								-
Cancellation of shares issued as prepaid equity-based compensation		(4,000,000	)		(4,000	)												(636,000	)		640,000									-
Sale of stock		2,841,667			2,842													423,408												426,250
Capital issuance costs																		(37,500	)											(37,500	)
Shares issued as payment for interest expense		1,931,250			1,931													324,444												326,375
Shares issued as additional discount on debt		508,335			508													75,742												76,250
Warrants issued for services																		330,889												330,889
Amortization of prepaid equity-based compensation																					270,494									270,494
Unrealized gain (loss) on securities held for sale																								156,978						156,978
Net loss for the year ended December 31, 2016																											(5,445,187	)		(5,445,187	)

Balances at December 31, 2016		53,093,192		$	53,093			-		$	-			28,092	$	28	$	11,526,847		$	(35,068	)	$	(1,446	)	$	(14,409,628	)	$	(2,866,174	)

The accompanying notes are an integral part of these consolidated financial statements

The Company was incorporated under the laws of the State of Florida on May 3, 1989, as Sparta Ventures Corp. and remained inactive until June 27, 1998. After several name changes, the Company merged with and into a wholly-owned subsidiary, SinoCubate, Inc., which remained the surviving entity of the merger. SinoCubate, Inc. was formed in the State of Nevada on September 11, 2008. The merger resulted in a change of name of the Company from Synthenol Inc. to SinoCubate, Inc., and a change in the state of incorporation of the Company from Florida to Nevada. On June 13, 2012, the Company changed its name to Viking Investments Group, Inc., and the ~~Company's~~Company’s ticker symbol was changed to ~~"VKIN."~~“VKIN.” On March 17, 2017, the Company changed its name to Viking Energy Group, Inc.

The Company's business plan ~~relative to providing professional advisory and consulting services~~ is to ~~help companies undergoing or anticipating periods~~engage in the acquisition, exploration, development and production of rapid growth, significant change or ownership transition, and when justified, staffing, financing, and/or providing operational support to such companies. Target companies must have superior management, intimate knowledge of their particular industry and a sound business plan, along with a desire and receptiveness for specific expertise to advance the company's business objectives. Viking's primary focus is directed toward North America, targeting various industries. Viking targets under-valued businesses with realistic appreciation potential and a defined exit strategy.

~~The Company's business plan as it pertains to the~~ oil and ~~gas industry is to explore and develop oil and~~natural gas properties, both individually and through collaborative partnerships with other companies in this field of endeavor. In November of 2014, the Company entered into its first contract relative to oil and gas activities involving jointly controlled assets and related liabilities by purchasing an undivided 50% interest in the Joffre project located in Alberta, Canada. On March 8, 2016, the Company incorporated a wholly owned subsidiary, Viking Oil & Gas (Canada) ULC, in Alberta, Canada, to hold its Canadian oil and gas interests. On February 23, 2016, the Company closed on the acquisition of ~~this kind as explained~~working interests in ~~Note 4.~~

~~Viking Investments is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant~~four leases with access to the ~~Investment~~mineral rights (oil and gas) concerning approximately 281 acres of property in Miami and Franklin Counties in eastern Kansas. On August 30, 2016, the Company ~~Act~~incorporated an additional wholly owned subsidiary, Mid-Con Petroleum, LLC, in the State of ~~1940. Viking Investments is not~~Kansas to hold its current acquisitions in the central United States. On October 4, 2016, the Company, through Mid-Con, completed an ~~investment adviser pursuant to~~acquisition whereby the ~~Investment Advisers Act~~Company (i) increased its working interest in three existing oil and gas leases in Miami and Franklin Counties in Eastern Kansas, and (ii) acquired a working interest in four new oil and gas leases in the same region, comprising approximately 660 acres of ~~1940. Viking Investments is not registered with FINRA or SIPC.~~property.

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had a net comprehensive loss of ~~$892,962~~$5,288,209 and ~~$830,737~~$1,878,146 for the years ended December 31, ~~2015~~2016 and ~~December 31, 2014,~~2015, respectively. The Company ~~had~~has accumulated a ~~working capital deficiency in the amount~~stockholders’ deficit of ~~$743,832~~$2,866,174 as of December 31, ~~2015.~~2016. The Company ~~had accumulated~~has a ~~negative shareholders' deficiency~~working capital deficit of ~~$243,234~~$3,563,480. These conditions raise substantial doubt about the Company’s ability to continue as ~~of December 31, 2015, and~~ a ~~negative shareholders' deficiency of $57,261 as of December 31, 2014.~~going concern. The ~~Company's~~Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however, there is no assurance of additional funding being available. These consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

The consolidated financial statements of the Company ~~have been prepared in accordance with generally accepted accounting principles in United States ("US GAAP") and are expressed in U.S. dollars. The Company's fiscal year-end is December 31.~~

~~The foregoing audited consolidated financial statements~~ have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for consolidated financial information and with the instructions to Form 10-K as promulgated by the Securities and Exchange Commission (the "SEC"). Accordingly, these consolidated financial statements include all of the disclosures required by generally accepted accounting principles for complete consolidated financial statements.

The financial statements presented herein reflect the consolidated financial results of the Company and its wholly owned ~~subsidiary,~~subsidiaries, Viking ~~Investments Group~~Oil & Gas (Canada) ULC, a Canadian corporation formed on March 8, 2016, to provide a base of operations for properties in Canada, and Mid-Con Petroleum, LLC, formed on August 30, 2016, to provide a ~~Delaware limited liability company through December 2, 2015, when~~base of operations for properties in the Company sold for $1, all of its ownership interest to its member interest in Viking Investments Group LLC to Tom Simeo, the Company's Chairman. Viking Investments Group, LLC was never an operational entity, did notCentral United States. All significant intercompany transactions and balances have ~~any assets, liabilities, or operations, and therefore is not presented as a discontinued operation.~~been eliminated upon consolidation.

~~Use of Estimates~~

c) Use of Estimates in the Preparation of Financial Statements

The preparation of consolidated financial statements in conformity with ~~U.S.~~ GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. The Company's actual results could vary materially from management's estimates and assumptions. Significant areas requiring the use of management estimates relate to the determination of expected tax rates for future income tax recoveries, stock-based compensation, embedded derivative liabilities, asset retirement obligations and impairment of ~~long-term investment.~~long-lived assets.

Accounting Standards Codification, “ASC” Topic 820-10, ~~"Fair~~“Fair Value ~~Measurements and Disclosures,"~~Measurement” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, ~~"Financial Instruments,"~~ defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value ~~measures.~~measurement. The carrying amounts reported in the consolidated balance sheets for other ~~receivables,~~receivable – related party, long-term investment, accrued expenses and other current liabilities, accounts payable, ~~accrued~~derivative liabilities, ~~short term loan and~~amount due to ~~director~~directors, and convertible notes each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

~~The changes in the Level 3 investments during the year ended~~

F-7

Table of Contents

Assets and liabilities measured at fair value as of December 31, ~~2015 consisted of an investment by~~2016 are classified below based on the ~~Company in well #2 of the Joffre project in the amount of $77,158, and the recording of an Asset Retirement Cost for the Joffre project of $406,214 minus depreciation of $20,310.~~three fair value hierarchy described above:

Assets and liabilities measured at fair value as of December 31, 2015 are classified below based on the three fair value hierarchy described above:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)

Financial Assets
Long term investment	$	87,156	$	-	$	-	$	19,028		$	87,156	$	-	$	-	$	19,028
Petroleum and natural gas rights - net		-		-		818,230		-
	$	87,156	$	-	$	818,230	$	19,028		$	87,156	$	-	$	-	$	19,028

Financial liabilities
Derivative liabilities	$	-	$	154,297	$	-	$	(5,686	)	$	-	$	-	$	810,647	$	266,378
	$	-	$	154,297	$	-	$	(5,686	)	$	-	$	-	$	810,647	$	266,378

~~Assets and liabilities measured at fair value~~The Company’s long term investment consisted of 3,437,500 common shares of Tanager Energy, Inc., as of December 31, ~~2014~~2015, which is traded on the TSX Venture Exchange (Toronto Stock Exchange). During 2016, the Company disposed of 2,000,000 of these shares in exchange for services, leaving the Company’s investment to consist of 1,437,500 common shares as of December 31, 2016. The change in the fair value of this investment recognized as an unrealized gain in other comprehensive income on the statement of operations and comprehensive loss was $156,978 for the year ended December 31, 2016 and $19,028 for the year ended December 31, 2015.

The Company had commodity financial derivatives in place at December 31, 2016. The Company does not designate its commodities derivative instruments as hedges and therefore does not apply hedge accounting. Changes in fair value of derivative instruments subsequent to the initial measurement are ~~classified below~~recorded as change in fair value on derivative liability, in other income (expense). The estimated fair value amounts of the Company’s commodity derivative instruments have been determined at discrete points in time based on relevant market information which resulted in the ~~three~~Company classifying such derivatives as Level 2. Although the Company’s commodity derivative instruments are valued using public indices, the instruments themselves are traded with unrelated counterparties and are not openly traded on an exchange. The change in the fair value ~~hierarchy described above:~~of the commodity derivative for the year ended December 31, 2016 consisted of the initial recognition of this liability as a loss in the statement of operations and comprehensive loss in the amount of $61,061.

~~Notes~~The Company uses the Black-Scholes model to ~~Consolidated Financial Statements~~

Cash ~~includes bank deposits~~ and cash ~~on hand.~~equivalents include cash in banks and highly liquid investment securities that have original maturities of three months or less. At December 31, 2016 and 2015, the Company does not have any cash deposits in excess of FDIC insured limits.

Accounts receivable consist of oil and gas receivables. The Company has classified these as short-term assets in the balance sheet because the Company expects repayment or recovery within the next 12 months. The Company evaluates these accounts receivable for collectability and, when necessary, records allowances for expected unrecoverable amounts. The Company deems all accounts receivable to be collectable, and has not recorded any allowance for doubtful accounts.

Prepaid equity-based expenses represent amounts paid in advance through the issuance of restricted shares of stock, for future contractual benefits to be received. These expenses paid in advance are recorded as prepaid equity-based compensation as a component of “Stockholders’ Deficit” and then amortized to the statements of operations and comprehensive loss over the life of the contract using the straight-line method. At December 31, 2016 and 2015, the balances of the prepaid equity-based compensation were comprised of the following:

The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs associated with acquisition, exploration and development of oil and gas reserves, including directly related overhead costs, are capitalized. General and administrative costs related to production and general overhead are expensed as incurred.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit of production method using estimates of proved reserves. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in operations. Unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is included in loss from operations before income taxes and the adjusted carrying amount of the unproved properties is amortized on the unit-of-production method.

Depreciation, depletion and amortization expense utilizing the unit-of-production method for the Company’s oil and gas properties for the years ended December 31, 2016 and 2015 were as follows:

Under the full-cost method of accounting, we are required, at the end of each reporting date, to perform a test to determine the limit on the book value of our oil and natural gas properties (the “Ceiling” test). If the capitalized costs of our oil and natural gas properties, net of accumulated amortization and related deferred income taxes, exceed the Ceiling, this excess or impairment is charged to expense. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. The Ceiling is defined as the sum of:

(a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month hedging arrangements pursuant to SAB 103, less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves, plus

(d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties.

The Company recognized an impairment loss on oil and gas properties for the years ended December 31, 2016 and 2015 of $1,710,393 and $210,932, respectively.

Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof, including evaluations and extrapolations of well flow rates and reservoir pressure. Estimates by different engineers often vary sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using recent prices of the evaluation, estimated reserve quantities can be significantly impacted by changes in product prices.

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and, adjusted by any effects of warrants and options outstanding, if dilutive, that may add to the number of common shares during the period. At December 31, 2016 and 2015 there were approximately ~~2,500,00~~6,582,259 and 6,059,537 common stock equivalents respectively, that were anti-dilutive and were not included in the calculation.

~~Revenues from contracts for consulting services with fees based on time and materials are~~l) Revenue Recognition

All revenue is recognized as the services are performed and amounts are earned in accordance with the Securities and Exchange Commission (the "SEC") Staff Accounting Bulletin ("SAB") No. 101, "Revenue Recognition in Financial Statements" ("SAB 101"), as amended by SAB No. 104, "Revenue Recognition" ("SAB 104"). The Company considers amounts to be earned oncewhen persuasive evidence of an arrangement ~~has been obtained, services are delivered, fees are~~exists, the service or sale is complete, the price is fixed or determinable and collectability is reasonably assured. ~~In such contracts,~~Revenue is derived from the ~~Company's efforts, measured by time incurred, typically represent the contractual milestones or output measure, which~~sale of crude oil and natural gas. Revenue from crude oil and natural gas sales is ~~the contractual earnings pattern. For consulting contracts with fixed fees, the Company recognizes revenues in accordance with contract terms, and~~recognized when the ~~services are~~product is delivered ~~price~~to the purchaser and collectability is ~~determinable~~reasonably assured. The Company follows the “sales method” of accounting for oil and ~~the~~natural gas revenue, ~~is earned~~so it recognizes revenue on all natural gas or ~~collectable.~~crude oil sold to purchasers.

FASB ASC 220 ~~"Comprehensive~~“Comprehensive Income,"” establishes standards for the reporting and ~~display~~presentation of comprehensive income and its components in the consolidated financial statements. For the ~~fiscal years~~year ended December 31, 2016 and 2015, comprehensive income was $156,978 and ~~2014, comprehensive loss was $892,962~~$19,028 respectively, and ~~$830,737, respectively.~~consisted primarily of unrealized gains on available for sale securities.

The Company accounts for income taxes under FASB Codification Topic 740-10-25 ("(“ASC ~~740-10-25"~~740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely. The Company did not incur any material impact to its financial condition or results of operations due to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is subject to U.S federal jurisdiction income tax examinations for the tax years 2007 through ~~2015.~~2016. In addition, the Company is subject to state and local income tax examinations for the tax years 2007 through ~~2015.~~2016.

The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. ~~The Company has adopted ASC Topic 718 (formerly SFAS 123R), "Accounting for Stock-Based Compensation", which establishes a fair value method of accounting for stock-based compensation plans.~~ In accordance with guidance ~~now incorporated~~ in ASC Topic 718, the cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair ~~value.~~value of the grant. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.

The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the ~~Company's~~Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.

The following table represents stock warrant activity as of and for the year ended December 31, 2016:

The Company used the Black-Scholes model to value these warrants at $416,315 included as a debt discount and a corresponding component of derivative liabilities, and $330,889 as stock based compensation.

Management determines the appropriate classification of investment securities at the time of purchase. Securities are classified as held-to-maturity when the Company has both the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Securities not classified as held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are stated at fair value, the changes in the market value of available-for-sale securities, excluding other-than-temporary impairments, are reflected in Other Comprehensive Income, with the impairment losses, net of income taxes, charged to net income in the period in which it occurs.

The fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. A decline in the market value of any available-for-sale or held-for-maturity security below cost that is deemed to be other-then-temporary results in a reduction in carrying amount to fair value.

Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of ~~operations.~~operations and comprehensive loss. The Company considers various factors in reviewing impairments, including the length of time and extent to which fair value has been less than the ~~Company's~~Company’s cost basis, the financial condition and near-term prospects of the issuer, and the ~~Company's~~Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value.

As atof December 31, ~~2015~~2016, and ~~2014,~~2015, the Company had no trading and held-to-maturity securities.

~~On September 9, 2014, the Company subscribed for 1,265,593 units~~The Company’s long term investment consisted of 1,437,500 and 3,437,500 common shares of Tanager Energy, Inc. ~~("Tanager")~~, ~~a Canadian mining company listed~~as of December 31, 2016 and 2015 respectively, which is traded on the ~~Canadian~~ TSX Venture Exchange (Toronto Stock Exchange), and is considered as ~~a Tier 2 company~~“available-for-sale” securities. The change in the fair value of this investment recognized as an unrealized gain in other comprehensive income on the statement of operations and ~~trading under the stock symbol "TAN," at a price of C$0.08 per unit. Each unit consists of one share of Tanager's common stock~~comprehensive loss was $156,978 and one warrant. Each warrant entitles the Company to subscribe for one additional Common Share at a price of C$0.15 at any time until October 5, 2016. The Warrants expire on October 5, 2016. The total price$19,028 for the ~~units subscribed is C$101,247.47. The Company paid US$92,000, which was equivalent to C$101,247.47 on September 11, 2014.~~years ended December 31, 2016 and 2015 respectively.

On October 6, 2014, the Company subscribed for an additional 2,187,500 units of Tanager at a price of C$0.08 per unit. Each unit consists of one share of Tanager's common stock and one warrant. Each warrant entitles the Company to subscribe for one additional Common Share at a price of $ 0.15 at any time until October 5, 2016. The Warrants expire on October 5, 2016. The total price for the units subscribed is C$175,000. The Company paid US$155,444, which was equivalent to C$175,000 on October 17, 2014.

~~The Company's investment in Tanager is considered as "available-for-sale" securities, and an unrealized gain~~q) Impairment of ~~$19,028 was recorded in other comprehensive income for the year ended December 31, 2015.~~long-lived assets

In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.

Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There iswas no impairment of long-lived assets excluding oil and gas properties during the ~~year~~years ended December 31, ~~2015~~2016 and ~~2014.~~2015.

An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. ~~Functional~~The functional currency of the parent company is the U.S. Dollar. The reporting currency of the Company is the U.S. ~~Dollar, and the functional currency of its~~Dollar. The Company has oil and gas operations ~~is the Canadian Dollar ("CAD" or "C$" herein). The oil and gas operations of the Company are located~~ in Alberta, Canada in which the ~~CAD~~Canadian Dollar (“CAD” or “CS” herein) is the primary economic environment. The reporting currency of these consolidated financial statements is the U.S. Dollar.

For financial reporting purposes, the operational results of the Company's oil and gas operations in Canada are prepared using the CAD, and are translated into the Company's reporting currency, the U.S. Dollar. ~~Assets and liabilities are translated using the exchange rate at each balance sheet date.~~ Revenue and expenses applicable to the oil and gas operations in Alberta, Canada are translated using average rates prevailing during each reporting ~~period,~~period. Gains or losses resulting from the settlement of foreign currency transactions are recorded as a separate component of accumulated other comprehensive income in stockholders' equity when realized. There have been no settlement transactions that resulted in the recognition of a foreign currency exchange gain or loss during the years ended December 31, 2016 and ~~shareholders' equity is translated at historical exchange rates.~~
2015.

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments.

The Company has evaluated the terms and conditions of ~~the~~its convertible ~~note~~notes under the guidance of ASC 815. The conversion feature did not meet the definition of ~~"indexed~~“indexed to a ~~company's~~company’s own ~~stock"~~stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.

The Company reviews the terms of convertible debt issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument

Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense.

~~On July 1, 2015, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 143,~~ u) Accounting for Asset Retirement Obligations~~which addresses~~

Asset retirement obligations (“ARO”) primarily represent the ~~financial accounting~~estimated present value of the amount the Company will incur to plug, abandon and ~~reporting obligations~~remediate its producing properties at the projected end of their productive lives, in accordance with applicable federal, state and ~~retirement costs~~local laws. The Company determined its ARO by calculating the present value of estimated cash flows related to the obligation. The retirement ~~of tangible long-lived assets. Among other things, SFAS No. 143 requires oil and gas companies to reflect decommissioning liabilities on the face~~obligation is recorded as a liability at its estimated present value as of the ~~balance sheet at fair value on a discounted basis. This statement requires that the fair value of a liability for~~obligation’s inception, with an asset retirement obligation be recognized in the period in which it is incurred. The associated asset retirement costs are capitalized as part of the carrying cost of the asset. Our asset retirement obligations consist of estimated costs for dismantlement, removal, site reclamation and similar activities associated with our oil and gasoffsetting increase to proved properties.

With the adoption of SFAS No. 143, an asset retirement obligation and the related asset retirement cost in the amount of $406,214 have been recorded. This asset retirement cost was determined and discounted to present value using a credit-adjusted risk-free rate. After the initial recording, the liability is increased for the passage of time, with the increase being reflected as accretion expense in the statement of operations. Subsequent adjustments in the cost estimate are reflected in the liability and the amounts continue to be amortized over the useful life of the related long-lived asset.

The following table describes the changes in the ~~Company's~~Company’s asset retirement obligations for the ~~year~~years ended December 31, 2016 and 2015:

The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during ~~2015.~~2016. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the ~~Company's~~Company’s reported financial position or operations in the near term.

The Company has evaluated subsequent events from December 31, 2016 through the date of filing this Form 10-K to assess the need for potential recognition or disclosure in this report. Based upon this evaluation, management determined that all subsequent events that require recognition in the financial statements have been included. (See Note 8)

During April 2015, the Company made an advance to Tanager Energy Inc., in conjunction with a joint investment in the second oil well of the Joffre ~~Project (as defined and described in Note 4).~~Project. As of December 31, ~~2015,~~2016, the balance owed by Tanager to the Company is ~~$76,719, which is~~$153,877. The Company has determined to reserve 50% of the balance and has reduced the amount shown as ~~"Other~~other receivable – ~~joint venture"~~related party to $76,939 on the balance sheet.

On June 5, 2015, the Company authorized and approved the issuance of 2,000,000 and 872,871 restricted shares of common stock in settlement and cancellation of a total of $201,101 of amounts owed to directors, at a cost basis of $0.07 per share.

During the year ended December 31, ~~2015,~~2016, the ~~Company's~~Company’s Executive Chairman and Director, Tom Simeo ~~accrued~~did not accrue payroll and made no advances to the Company. The Company ~~in the amount~~paid a total of ~~$56,692 in order to provide the Company with funds to carry on its operations. These~~$1,056 against prior advances. Any accruals and advances do not bear interest, are unsecured and have no specific terms of repayment. As of December 31, ~~2015,~~2016, the net amount due ~~to Mr. Simeo~~ for ~~accrued payroll~~prior accruals and expenses paid on behalf of the Company is ~~$37,159.~~$36,103. The Company has not imputed interest as the amount is deemed immaterial.

During the year ended December 31, ~~2015,~~2016, the ~~Company's~~Company’s CEO and Director, James Doris incurred expenses on behalf of, and made ~~net~~ advances to the Company in the amount of ~~$128,770~~$221,290 in order to provide the Company with funds to carry on its ~~operations.~~operations, and the Company made repayments of $68,848. These advances do not bear interest, are unsecured and have no specific terms of repayment. As of December 31, 2016, the amount due for expenses paid on behalf of the Company is $370,937. The Company has not imputed interest as the amount is deemed immaterial. Additionally, Mr. Doris made several loans to the Company totaling ~~$359,336,~~$665,536, all accruing interest at 12%, and payable on demand. As of December 31, ~~2015,~~2016, the total amount due to Mr. Doris for advances and expenses paid on behalf of the Company and loans is ~~$577,832.~~$1,036,473. Accrued interest of ~~$20,401~~$73,800 is included in other ~~payables~~current liabilities at December 31, ~~2015.~~2016.

~~As at December 31, 2014, the net amount due to Mr. Simeo for accrued payroll~~Note 4.Oil and ~~payment of certain expenses on behalf of the Company was $236,713. The balance is non-interest bearing, has no fixed term of repayment and is payable on demand.~~

As at December 31, 2014, the amount due to Mr. Doris for the expenses paid on behalf of the Company was $89,726. The balance is non-interest bearing, has no fixed term of repayment and is payable on demand.Gas Properties

The following table ~~reflects~~summarizes the ~~balances of related- parties' transactions as of December 31, 2015 and 2014:~~

On November 3, 2014, the Company entered into a Purchase and Sale, Petroleum and Natural Gas Conveyance Agreement (the "Agreement"), with Tanager Energy Inc., a Canadian corporation listed on the TSX Venture Exchange as a Tier 2 company and trading under the stock symbol "TAN" ("Tanager Energy"). Pursuant to the Agreement, the Company was to receive a 50% working interest in the JoffreCompany’s oil and gas ~~property located in Alberta, Canada (the "Joffre Property"), and the Company was obligated to pay Tanager C$400,000~~activities by classification for the ~~interest in~~year ended December 31, 2016:

The following table summarizes the ~~Joffre Property, with C$340,000 payable at closing.~~Company’s oil and gas activities by classification for the year ended December 31, 2015:

	December 31, 2014		Adjustments			Impairments			December 31, 2015
Proved developed producing oil and gas properties
Canada cost center	$	21,310	$	24,374		$	(12,602	)	$	33,082
United States cost center		-		-			-			-
Accumulated depreciation, depletion and amortization		-		(2,093	)		-			(2,093	)
Proved developed producing oil and gas properties, net	$	21,310	$	22,281		$	(12,602	)	$	30,989

Undeveloped and non-producing oil and gas properties
Canada cost center	$	333,858	$	381,841		$	(197,430	)	$	518,269
United States cost center		-		-			-			-
Accumulated depreciation, depletion and amortization		-		(32,788	)		-			(32,788	)
Undeveloped and non-producing oil and gas properties, net	$	333,858	$	349,053		$	(197,430	)	$	485,481

Total Oil and Gas Properties, Net	$	355,168	$	371,334		$	(210,032	))	$	516,470

On ~~November 4, 2014,~~February 23, 2016, with an effective date of February 1, 2016, the Company closed on the ~~transaction by paying Tanager $302,367,~~acquisition of working interests in four leases with access to the ~~balance~~mineral rights (oil and gas) concerning approximately 281 acres of ~~$52,801 (C$60,000) paid~~property in ~~January~~Miami and Franklin Counties in eastern Kansas. This project produces oil from the Cherokee formation at a depth of ~~2015. Tanager owns the remaining 50% working~~approximately 600 feet.The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the ~~property~~leased properties and ~~operates~~used in connection with oil and ~~manages~~gas operations upon the ~~property in accordance with an operating agreement pursuant~~leases attributable to the Canadian Association of Petroleum Landman Operating Procedure. The proceeds were to be used by Tanager to complete and place on production the first of four suspended Devonian oil wells in the Joffre D-3 B oil pool (the "Joffre Project"). The Company's (and Tanager's) working interest in the Joffre Property will generally terminate when future production, if any, ceases (or in the case of the water disposal well on the Joffre Property, on the date that production ceases after 5 years has elapsed).

In April 2015, the Company advanced to Tanager Energy Inc., an additional $153,877 (C$190,000) as an investment in the second well in the Joffre D-3 oil pool. As the Company and Tanager each own 50% of each phase of this project, the Company has accounted for this transaction as an investmentinterests purchased by the ~~Company of $77,158 (C$95,270), with a loan receivable from Tanager of $76,719 (C$94,730).~~

~~The Company's petroleum and natural gas rights are recorded at cost as of December 31, 2015.~~ The Company reviews its petroleum and natural gas properties for impairment whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. We estimate the undiscounted future net cash flows of our petroleum and natural gas properties and compare such undiscounted future cash flows to the carrying amount to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, we adjust the carrying amount to fair value. At December 31, 2015, the Company has determined that there has been no impairment to its carrying value as of that date.

The Company accounts for income taxes under ASC 740. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is "more likely than not" that some component or all of the benefits of deferred tax assets will not be realized.

The Company has net operating losses of $7,979,257 and $7,067,267 as of December 31, 2015 and 2014 respectively. The potential benefit of these net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not that it will utilize the net operating losses carried forward in future years. The net operating loss will expire at various times to December 31, 2036.

The components of the net deferred tax asset at December 31, 2015 and December 31, 2014 and the statutory tax rate, the effective tax rate and the elected amount of the valuation allowance are indicated below:

~~The tax returns have not been filed; hence the taxation years of 2012, 2013 and 2014 are open for audit by both federal and state taxing authorities.~~Company.

~~VIKING INVESTMENTS GROUP, INC.~~As consideration for this transaction, the Company paid $1,350,000 plus 4,650,000 shares of common stock valued at $.085 per share, or $395,250.

The Company also purchased a 100% working interest (Net Revenue Interest of 83%) in certain Non-Producing Leases as follows: (i) three leases with access to the mineral rights (oil and gas) concerning approximately 270 acres of property in Miami and Franklin Counties in eastern Kansas; and (ii) 31 leases with access to the mineral rights (oil and gas) concerning approximately 5,500 acres of property in Cass and Bates Counties in Missouri. The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations upon the leases attributable to the working interests purchased by Viking. As consideration for this transaction, Viking agreed to issue the vendors 5,000,000 shares of common stock valued at $.085 per share or $425,000.

To facilitate these acquisitions, the Company borrowed $1,625,000 from private lenders pursuant to a 15% Senior Secured Convertible Promissory Note (the "Note"), arranged through a licensed broker/dealer, with the primary terms of the loan being as follows: (i) Term – 6 months; (ii) Rate – 15% per annum; (iii) Security – 1^st ranking charge against company assets pursuant to a Security and Pledge Agreement (the "Security Agreement"); (iv) Conversion – the lenders have a right to convert all or part of the note into common stock of Viking at a price of $0.15 per share, subject to certain ownership restrictions; and (v) Warrants – the lenders were given an option to purchase, within the next 5 years, 4,062,500 shares of common stock of Viking at an exercise price of $0.20 per share pursuant to a Common Stock Purchase Warrant. Viking's CEO and director, James Doris, also personally guaranteed repayment of the loan and granted the lenders a security interest in his assets.

On October 4, 2016, the Company, through Mid-Con Petroleum, LLC, completed an acquisition whereby the Company (i) increased its working interest in three existing oil and gas leases in Miami and Franklin Counties in Eastern Kansas, and (ii) acquired a working interest in four new oil and gas leases in the same region, comprising approximately 660 acres of property.

As consideration for this transaction, the Company paid $920,857 plus 5,212,021 shares of common stock valued at $625,442.

To facilitate these acquisitions, the Company, through Mid-Con Petroleum, LLC, borrowed $1,800,000 from Crossfirst Bank under a revolving credit agreement, payable at $15,000 per month, and a maturity date of September 30, 2018.

The Company is authorized to issue 5,000,000 shares of ~~Series C~~ Preferred Stock, par value $0.001 per share (the ~~"Preferred Stock"~~“Preferred Stock”).

~~On October 3, 2012, the Company issued 28,092 shares~~, of which 50,000 have been designated as Series C Preferred Stock to Tom Simeo in exchange for the return of the equal amount of shares of common stock, owned by Tom Simeo, deposited in a brokerage account, to the Company for cancellation. On or about September 1, 2015, Tom Simeo instructed the Company's Stock Transfer Agent, VStock Transfer LLC, to cancel stock certificate number 3032, representing 28,092 shares of common stock, in consideration for the missing 28,092 shares of common stock. Neither the common stock, nor the preferred stock, were assessed any value.(the “Series C Preferred Stock”).

Each share of Series C Preferred Stock shall entitle the holder thereof to two thousand (2,000) votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any time on or after the date that Preferred Stock has been issued ("(“Distribution Date) declare or pay any dividend on common stock payable in shares of common stock, or effect a subdivision or combination or consolidation of the outstanding shares of common stock (by reclassification or otherwise than by payment of a dividend in shares of common stock) into a greater or lesser number of shares of common stock, then in each such case the number of votes per share to which holders of shares of Series C Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction of the numerator of which is the number of shares of common stock outstanding immediately after such event and the denominator of which is the number of shares of common stock that were outstanding immediately prior to such event.

Each share of Series C Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into one share of fully paid and non-assessable common stock (the ~~"Conversion Rate"~~“Conversion Rate”).

On July 16, 2015, Tom Simeo, Executive Chairman, and a director of the Company, who owned 28,092 shares of the Company's Series C Preferred Stock (the "Shares"), transferred 50% (14,046) of the Shares to James A. Doris, President, CEO and a director of the Company in consideration of the purchase price of $10,000, paid from the personal funds of Mr. Doris. Mr. Simeo retained 14,046 shares of the Company's Series C Preferred Stock, and no other shares of Series C Preferred Stock are issued or outstanding. Since each of the preferred shares entitles the holder to 2,000 votes per share, Mr. Simeo and Mr. Doris effectively control the Company jointly, neither of them solely controls the Company, and the transfer of the preferred shares constituted a change of control of the Company.

The Company is authorized to issue 100,000,000 shares of common stock, par value $0.001 per share.

On ~~February 20, 2014, a~~January 12, 2016, the Company issued 300,926 common shares for convertible ~~note holder elected to convert $25,000 of~~debt in the ~~principal~~ amount of the convertible note dated May 21, 2013, into 615,764 shares of the Company's common stock at a fair value of $0.11 per share in accordance with the convertible note agreement. These shares were issued on March 5, 2014.$10,111.

On March ~~12, 2014, a convertible note holder elected to convert $21,000~~16, 2016, the Company issued 1,000,000 common shares for services, valued at $102,500.

On February 1, 2016, the Company authorized the issuance of 9,650,000 common shares as part of the ~~principal amount~~consideration for the acquisition of the ~~convertible note dated May~~Oil and Gas properties made at that time.

On March 21, ~~2013, into 532,454~~2016, the Company executed a one year advisory services agreement requiring the issuance of 1,000,000 common shares for the contract. The shares are to be issued as 375,002 upon execution of the contract, with 56,818 shares being issued at the beginning of each month for the remaining eleven months.

As of April 29, 2016, the Company, pursuant to a securities purchase agreement, sold 1,250,000 shares of ~~the Company's~~its common stock at ~~a fair value of $0.10~~$0.15 per ~~share in accordance with the convertible note agreement. These shares were issued on March 20, 2014.~~share.

On ~~May 5, 2014, a~~August 18, 2016, the Company authorized the issuance of 156,250 common shares pursuant to an extension agreement on certain convertible ~~note holder elected~~notes that had become due.

During September 2016, the Company negotiated the payment of certain convertible notes, and committed to ~~convert $16,000~~the issuance of 375,000 common shares at the ~~principal amount of the convertible note dated October 28, 2013, into 235,294 shares of the Company's common stock at a fair~~current market value of ~~$0.21 per share in accordance with the convertible note agreement. These shares were issued on June 9, 2014.~~$52,500 as additional interest.

On September ~~8, 2014,~~28, 2016, the Company sold 300,000 units to Talem Investments, LLC ("Talem") at a purchase price of $0.50 per unit. Each unit consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitled the holder to purchase one share of the Company'sissued 2,400,000 common shares, at ~~an exercise price of $0.50 per share, was exercisable immediately, and had a term of exercise through June 30, 2015. The Company estimated that~~ the ~~fair~~current market value of the warrants was approximately $60,674 ($0.20 per unit) using a Black-Scholes option pricing model at the time of issuance. The total proceeds of $150,000 were paid by Talem in September 2014. The Company approved the issuance of 300,000 shares$288,000 as part of the ~~Company's common stock to Talem~~consideration for the acquisition of the Oil and Gas Properties acquired on ~~November 5, 2014.~~October 4, 2016.

On October ~~16, 2014,~~4, 2016, the Company sold 518,348 units to Sackville Holdings, LLC ("Sackville") at a purchase price of $0.30 per unit. Each unit consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitles the holder to purchase one share of the Company's common shares at an exercise price of $0.30 per share, was exercisable immediately, and has a term of exercise through October 15, 2015. The total proceeds of $155,515 were paid by Sackville on October 16, 2014. The Company approvedauthorized the issuance of ~~518,348 restricted~~2,752,021 common shares as part of the ~~Company's common stock to Sackville on November 5, 2014.~~consideration for the acquisition of the Oil and Gas properties made at that time.

On October ~~30, 2014,~~4, 2016, the Company ~~sold 622,665 units to Diana Dodge ("Dodge") at a purchase price of $0.20 per unit. Each unit consisted of one share~~issued 60,000 common shares as part of the ~~Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitled~~consideration for the ~~holder to purchase one share~~acquisition of the ~~Company's common shares~~Oil and Gas properties made at an exercise price of $0.20 per share, was exercisable immediately, and has a term of exercise through October 30, 2015. The total proceeds of $124,533 were paid by on October 30, 2014. The Company approved the issuance of 622,665 restricted shares of the Company's common stock to Dodge on November 5, 2014.that time.

On October ~~30, 2014,~~21, 2016, the Company issued 1,400,000 common shares valued at $252,000 pursuant to an extension agreement on certain convertible notes that had become due.

On October 21, 2016, the Company sold 889,521 units to L.A. Knapp Inc. ("Knapp") at a purchase price of $0.20 per unit. Each unit consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitled the holder to purchase one share of the Company's187,500 common shares, pursuant to a securities purchase agreement, at an exercise price of $0.20 per share, was exercisable immediately, and has a term of exercise through October 30, 2015. The total proceeds of $177,904 were paid by Knapp on October 30, 2014. The Company approved the issuance of 889,521 restricted shares of the Company's common stock to Knapp on November 5, 2014.

On September 18, 2014, the Company authorized and approved the issuance of 540,000 shares of common stock to the Company's lawyer for the provision of $66,668 in legal services rendered to the Company, at a cost basis of $0.1235$0.15 per share.

During ~~the year ended December 31, 2014,~~November 2016, the Company authorized ~~and approved~~ the issuance of ~~44,118, 59,055, 81,591,~~508,335 common shares as additional discount on debt previously issued, and ~~31,597 restricted shares of common stock in June, July, September and October, respectively, to one of~~an amendment extending the ~~Company's consultants for the provision of $149,784 in consulting services rendered to the Company, at a cost basis of $0.34, $0.254, $0.3677 and $0.475 per share, respectively.~~

During the year ended December 31, 2014, the Company authorized and approved the issuance of 500,000 and 150,000 shares of common stock in September and November, respectively, to one of the Company's consultants for the provision of $47,500 in consulting services rendered to the Company, at a cost basis of $0.05 and $0.15 per share, respectively.

In May 2015, the Company authorized and approved the issuance of 720,000 shares of its common stock in conjunction with a six-month consulting agreement, at a cost basis of $0.15 per share, the current fair market value at the time of the agreement.

On August 3, 2015, the Company issued 421,571 restricted shares of common stock in settlement and cancellation of $30,000 of accrued payroll, and 2,000,000 and 872,871 restricted shares of common stock in settlement and cancellation of a total of $201,101 of amounts owed to directors, at a cost basis of $0.07 per share.

On November 18, 2015, the Company issued 1,000,000 restricted shares of its common stock in conjunction with a one year consulting agreement, at a cost of $0.165 per share, the current fair market value at the time of agreement..

On November 23, 2015, a convertible note holder elected to convert $4,200 of the principal amount of the convertible note dated May 22, 2015, into 100,000 shares of the Company's common stock in accordance with the convertible note agreement.

On December 1, 2015, a convertible note holder elected to convert $8,400 of the principal amount of the convertible note dated May 22, 2015, into 200,000 shares of the Company's common stock in accordance with the convertible note agreement.

On December 24, 2015, a convertible note holder elected to convert $8,400 of the principal amount of the convertible note dated May 22, 2015, into 250,000 shares of the Company's common stock in accordance with the convertible note agreement.

On May 21, 2013, the Company issued a $58,000, 8% convertible note with a term expiring on February 28, 2014 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuancedue date at the holder's option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the ten trading day period prior to conversion. In the event the Company prepays the note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 110% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 115% if prepaid 31 days following the closing through 60 days following the closing, (iii) 120% if prepaid 61 days following the closing through 90 days following the closing, (iv) 125% if prepaid 91 days following the closing through 120 days following the closing, (v) 130% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 135% if prepaid 151 days following the closing through the 180 days following the closing, and (vii) the Company shall have no right of prepayment after the expiration of 180 days following the closing. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable.

The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of "indexed to a company's own stock" provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.

~~The following table reflects the allocation of the purchase on the inception date:~~

On December 5, 2013, the note holder elected to convert $12,000 of the principal amount of the convertible note dated May 21, 2013, into 159,151 shares of the Company's common stock at a fair value of $0.13 per share in accordance with the agreement. These shares were issued on December 17, 2013. A gain of $422 was recorded on the extinguishment of the debt.

On ~~February 20, 2014,~~December 30, 2016, the Company sold 66,667 common shares pursuant to a ~~convertible note holder elected to convert $25,000 of the principal amount of the convertible note dated May 21, 2013, into 615,764 shares of the Company's common stock~~securities purchase agreement, at ~~a fair value of $0.11~~$0.15 per ~~share in accordance with the convertible note agreement. These shares were issued on March 5, 2014. A gain of $138 was recorded on the extinguishment of the debt.~~

On March 12, 2014, a convertible note holder elected to convert $21,000 of the principal amount of the convertible note dated May 21, 2013, into 532,454 shares of the Company's common stock at a fair value of $0.10 per share in accordance with the convertible note agreement. These shares were issued on March 20, 2014.share.

As of December 31, ~~2014, this convertible note had been fully converted. A loss of $47,940 associated with the changes in the fair value of convertible note was recorded for the year ended December 31, 2014.~~

~~On October 28, 2013,~~2016, the Company, issued a $16,000, 8% convertible note with a term expiring on July 30, 2014 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder's option, at a 60% discount to the average of the three lowest closing bid prices of the common stock during the ten trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable.

~~The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of "indexed~~pursuant to a company's own stock" provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.

~~The following table reflects the allocation of the~~securities purchase ~~on the inception date:~~

~~On May 5, 2014, a convertible note holder elected to convert $16,000 of the principal amount of the convertible note dated October 28, 2013, into 235,294~~agreement, sold 1,337,500 shares of ~~the Company's~~its common stock at ~~a fair value of $0.10~~$0.15 per ~~share in accordance with the convertible note agreement. These shares were issued on June 9, 2014. A gain of $1,094 was recorded on the extinguishment of the debt.~~share.

As of December 31, ~~2014, this convertible note had been fully converted. A loss~~2016, the Company authorized the issuance of ~~$8,437 associated with the changes in the fair value of convertible note was recorded~~315,000 common shares for ~~the year ended December 31, 2014.~~services.

~~On April 8, 2014, the Company issued a $53,000, 8% convertible note with a~~Note 6. Long Term Debt

Long term ~~expiring on January 14, 2015 (the "Maturity Date"). The principal amount~~debt consisted of the ~~note~~following at December 31, 2016 and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder's option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the twelve trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable.2015:

	December 31, 2016		December 31, 2015

On May 22, 2015, the Company issued a convertible promissory note with a cap of $50,000 with a 0% interest rate for the first three months. The terms of the note include a $5,000 Original Issue Discount, providing for a maximum funding of $45,000. The amount of the note funded as of March 31, 2016 was $25,000. The Company may repay this Note at any time on or before 90 days from the effective date. If the Company does not make a payment on or before 90 days from the notes effective date, a one-time interest charge of 12%shall be applied to the principal sum. The maturity date of the note is two years from the effective date of the note. The investor has the right, at any time after the Effective Date, at its election, to convert all of part of the outstanding and unpaid Principal Sum and accrued interest. The conversion price is the lesser of $0.10 or 60% of the lowest trade price in the 25 trading days previous to the conversion. Balance net of unamortized discount of $4,772 as of December 31, 2015. As of December 31, 2016, the full amount of the note has been converted to common shares.	$	-	$	2,006

On November 3, 2015, the Company issued a $63,000 8% convertible note with a term expiring on November 3, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of unamortized discount of $52,500 at December 31, 2015. At December 31, 2016, the note is paid in full.		-		10,500

On November 20, 2015, the Company issued a $30,000 12% convertible note with a term expiring on November 20, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of unamortized discount of $27,500 at December 31, 2015. At December 31, 2016, the note is paid in full.		-		2,500

~~The following table reflects the allocation of the purchase on the inception date:~~

On November 7, 2014, a convertible note holder elected to convert $10,000 of the principal amount of the convertible note dated April 8, 2014, into 215,517 shares of the Company's common stock at a fair value of $0.046 per share in accordance with the convertible note agreement. These shares were issued on November 25, 2014.

On November 20, 2014, Talem paid $67,500 to the convertible note holder on behalf the Company as the settlement of the remaining principal balance of $43,000. In consideration for the $67,000 paid by Talem, the Company shall issue 675,000 units to Talem with each unit consists of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company's common shares at an exercise price of $0.10 per share, be exercisable immediately, and have a term of exercise through January 2, 2016. The agreement was signed between Talem and the Company on January 2, 2015.

As of December 31, 2014, this convertible note had been fully settled. A loss of $40,371 associated with the changes in the fair value of convertible note, and a gain of $8,253 due to extinguishment of the debt were recorded for the year ended December 31, 2014.

On March11, 2015, the Company issued a $50,000 8% convertible note with a term expiring on March 11, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. In the event the Company prepays the note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 121% if prepaid 31 days following the closing through 60 days following the closing, (iii) 127% if prepaid 61 days following the closing through 90 days following the closing, (iv) 133% if prepaid 91 days following the closing through 120 days following the closing, (v) 139% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 145% if prepaid 151 days following the closing through the 180 days following the closing, and (vii) the Company shall have no right of prepayment after the expiration of 180 days following the closing. This note was paid in full on September 8, 2015.

On March12, 2015, the Company issued a $25,000 8% convertible note with a term expiring on March 12, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. In the event the Company prepays the note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 121% if prepaid 31 days following the closing through 60 days following the closing, (iii) 127% if prepaid 61 days following the closing through 90 days following the closing, (iv) 133% if prepaid 91 days following the closing through 120 days following the closing, (v) 139% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 145% if prepaid 151 days following the closing through the 180 days following the closing, and (vii) the Company shall have no right of prepayment after the expiration of 180 days following the closing. This note was paid in full on September 8, 2015.

From time to time the Company ~~issued~~may be a ~~$35,000 12% convertible note with~~party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a ~~term expiring on March 24, 2016 (the "Maturity Date"), and which was funded on April 23 2015. The principal amount of the note and interest is payable~~material effect on the ~~maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58%~~Company’s financial position or results of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. This note was paid in full on October 22, 2015.operations.

On May 22, 2015, the Company issued a convertible promissory note with a cap of $50,000 with a 0% interest rate for the first three months. The terms of the note include a $5,000 Original Issue Discount, providing for a maximum funding of $45,000. The amount of the note funded as of December 31, 2015 was $25,000. The Company may repay this Note at any time on or before 90 days from the effective date. If the Company does not make a payment on or before 90 days from the notes effective date, a one-time interest charge of 12%shall be applied to the principal sum. The maturity date of the note is two years from the effective date of the note. The investor has the right, at any time after the Effective Date, at its election, to convert all of part of the outstanding and unpaid Principal Sum and accrued interest. The conversion price is the lesser of $0.10 or 60% of the lowest trade price in the 25 trading days previous to the conversion. As of December 31, 2015, $21,000 of this note had been converted to common shares. ~~The principal balance of $6,778 is accounted for as a non - current liability due to being satisfied through the issuance of equity in January 2016.~~

On November 3, 2015, the Company issued a $63,000 8% convertible note with a term expiring on November 3, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company.

On November 20, 2015, the Company issued a $30,000 12% convertible note with a term expiring on November 20, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company.

On November 19, 2015, the Company issued a $50,000 12% convertible note with a term expiring on November 19, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company.

On November 25, 2015, the Company issued a $27,500 8% convertible note with a term expiring on November 25, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 42% of the lowest trading price of the common stock for the twenty-five prior trading days including the day upon which a Notice of Conversion is received by the Company.

The Company is exposed to financial risks due to the nature of its business and the financial assets it holds. A summary of the Company's risk exposures as it relates to financial instruments are reflected below:

Market risk is the risk that the fair value from a financial instrument will fluctuate because of changes in market prices. The Company will be exposed to potential losses if the price of the long-term investment it hold decreases.

~~The Company manages liquidity risk by maintaining sufficient cash balances to meet operation expense requirement in additional to expenses assumed by majority shareholders.~~

~~Credit risk also arises from cash and deposits with banks and financial institutions. To minimize the credit risk the Company places these instruments with a high credit quality financial institution.~~

The Company has evaluated subsequent events from December 31, ~~2015~~2016 through ~~April 14, 2016,~~ the date of filing this ~~report was available to be issued,~~Form 10-K, and determined there are no other items to disclose other than those disclosed below:

On January 25, 2017, the Company ~~was entitled to net revenues from its share of production as of such date.~~

~~As consideration for this transaction, the Company made~~issued a ~~cash payment of $1,305,000 at closing to the vendors and issued a~~secured promissory note in the amount of ~~$45,000. The note was paid in full on or about March 11, 2016. The note bears interest at~~$100,000 with a ~~rate of 0% per annum and was due at the end of February. The Company also agreed to~~50% original issue ~~the vendors 4,500,000 shares of~~discount, that included a securities purchase agreement for 333,333 common ~~stock.~~shares.

~~To facilitate these acquisitions, the Company borrowed $1,450,000 from private lenders~~ pursuant to a ~~15% Senior Secured Convertible Promissory Note (the "Note"), arranged through a licensed broker/dealer, with the primary terms of the loan being as follows: (i)~~ ~~Term~~ ~~– 6 months; (ii)~~ ~~Rate~~ ~~– 15% per annum; (iii)~~ ~~Security~~ ~~– 1~~^st ~~ranking charge against company assets pursuant to a Security~~one-year contract for Investor Relations and ~~Pledge Agreement (the "Security Agreement"); (iv)~~ ~~Conversion~~ ~~– the lenders have a right to convert all or part of the note into common stock of Viking at a price of $0.15 per share, subject to certain ownership restrictions; and (v)~~ ~~Warrants~~ – the lenders were given an option to purchase, within the next 5 years, 3,750,000 shares of common stock of Viking at an exercise price of $0.20 per share pursuant to a Common Stock Purchase Warrant. Viking's CEO and director, James Doris, also personally guaranteed repayment of the loan and granted the lenders a security interest in his assets.

The Company has not completed the initial accounting for this business combination. Consequently, the Company is not providing the required proforma financial information relative to this acquisition, as it has not been able to engage outside professionals to complete this task as of the date of this report.promotion.

On ~~January 12, 2016~~February 16, 2017, the Company issued ~~300,926~~a secured promissory note in the amount of $200,000 with a 50% original issue discount, that included a securities purchase agreement for 666,666 common ~~shares for convertible debt.~~shares.

On March ~~16, 2016~~9, 2017, the Company issued ~~1,000,000~~62,500 common shares for services.

~~On April 15, 2016~~During March 2017, the Company ~~issued 4,000,000 common shares for services.~~raised $355,833 through the issuance of new debt.

During March 2017, the Company satisfied the full amount of $375,000 pertaining to the Secured Subordinated promissory notes that were issued on April 29, 2016 as follows:

·	The Company paid $52,500 of principal to three creditors along with interest accrued through the date of payment.

·	Through amounts due to directors, an additional $90,000 of principal was paid to one creditor along with interest accrued through the date of payment.

·	The Company issued new six-month secured promissory notes in satisfaction of the remaining $232,500 of principal outstanding, and paid the accrued interest through the date of issuance of the new notes.

The following supplemental unaudited information regarding Viking’s oil and gas activities is presented pursuant to the disclosure requirements of ASC 932. Viking’s oil and gas activities are located in the United States and Canada.

	United States					Canada
	2016			2015		2016			2015
Results of operations
Sales	$	254,537		$	-	$	122,292		$	95,924
Lease operating costs		(161,147	)		-		(87,147	)		(49,965	)
Depletion, accretion and impairment		(1,678,064	)		-		(153,864	)		(254,945	)

Net	$	(1,584,674	)	$	-	$	(118,719	)	$	(208,986	)

~~SUPPLEMENTAL INFORMATION - PETROLEUM AND NATURAL GAS PRODUCTION – (unaudited)~~

At December 31, 2015, the Company has a 50% working interest in an oil property located approximately tem miles northeast of Red Deer, Alberta in Canada. The property consists of one oil well producing from the Leduc Formation, three suspended oil wells, one abandoned oil well, and a suspended water injector.

The Lake Devonian Leduc formation is represented by large barrier reef and smaller pinnacle reef bioherms which grew on the Cooking Lake platform carbonates. Trending northeast to southwest, the limestones and dolostones of the Leduc/Cooking Lake Formations were deposited on the bathymetric highs of the Lake Devonian seas. Hydrocarbons are trapped by lateral stratigraphic pinch out of these dolomitic carbonates into deeper water shale sediments.

Proved developed producing reserves have been assigned to the first producing oil well. The well was re-activated and came on production in January 2015. The well has produced sporadically since January averaging seven to ten days of production per month. Production forecasts have taken into account this workover and reflect the increase of reserves in the total proved and proved plus probable cases.

The Company plans on installing a pumpjack to the well in early 2016 to enhance performance. The three suspended wells are scheduled to be re-activated in 2016. Proved reserves are assigned to these wells as the wells have demonstrated production over a number of years.

The results of operations for petroleum and natural gas production as of December 31, 2015 consist exclusively of the Company's 50% working interest in the Joffre oil and gas property located in Alberta, Canada as follows;

Oil and Gas Production and Sales by geographic area for the years ended December 31, ~~2015~~2016 and ~~2014:~~ 2015:

Geographic

Unit of

December 31,

Area

Measure

2015

2014

Production

Oil

Canada

Barrels

$
1,707

$
-

Natural Gas

Canada

Mcf

$
8,140

$
-

Natural Gas Liquids

Canada

Barrels

$
849

$
-

Sulphur

Canada

Tonnes

$
36

$
-

Sales

Oil

Canada

Barrels

$ 1,639

$ -

Natural Gas

Canada

Mcf

$ 5,404

$ -

Natural Gas Liquids

Canada

Barrels

$ 849

$ -

Sulphur

Canada

Tonnes

$ 36

$ -

Average Sales Prices

Oil

Canada

Barrels

$ 0.96

$ -

Natural Gas

Canada

Mcf

$ 0.66

$ -

Natural Gas Liquids

Canada

Barrels

$ 1.00

$ -

Sulphur

Canada

Tonnes

$ 1.00

$ -

Mcf = thousands of cubic feet

Tonnes = Metric tons

~~Petroleum and Natural Gas Exploration and Production Costs~~Reserve Quantity Information

The ~~amounts shown~~supplemental unaudited presentation of proved reserve quantities and related standardized measure of discounted future net cash flows provides estimates only and does not purport to reflect realizable values or fair market values of the Company’s reserves. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries are more imprecise than those of producing oil and gas properties. Accordingly, significant changes to these estimates can be expected as ~~net capitalized costs for petroleum~~future information becomes available.

Proved reserves are those estimated reserves of crude oil (including condensate and natural gas ~~rights of $818,230~~liquids) and ~~$355,168 consist of the initial investment~~natural gas that geological and engineering data demonstrate with reasonable certainty to ~~acquire the working interest~~be recoverable in ~~the Joffre Project, as well as additional licensing costs at this location, as additional~~future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are those expected to be recovered through existing wells, ~~begin to produce. The Company does not incur any production or exploratory costs as the entire project is operated through a subcontract relationship.~~equipment, and operating methods.

United States

Canada

2016

2015

2016

2015

Proved Developed, Producing

289,100

-

12,800

386,900

Proved Developed, Non Producing

-

-

-

-

Total Proved Developed

289,100

-

12,800

386,900

Proved Undeveloped

148,312

-

136,900

-

Total Proved

437,412

-

149,700

386,900

United States

Canada

2016

2015

2016

2015

Beginning of year

-

-

386,900

390,200

Extensions and discoveries

-

-

-

-

Revisions of previous estimates

-

-

(224,927 )

Purchase of minerals in place

443,812

-

-

-

Production

(6,400 )

-

(12,273 )

(3,300 )
End of year

437,412

-

149,700

386,900

Reserves are estimated remaining quantities of oil and natural gas and related substances, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations – prior to the time at which contracts providing the right to operate expire.

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The ~~reserve information disclosed herein is representative~~standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and the changes in standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves were prepared in accordance with provisions of ASC 932 - Extractive Activities - Oil and Gas. Future cash inflows at December 31, 2016 and 2015 were computed by applying the unweighted, arithmetic average of the ~~one~~closing price on the first day of each month for the 12-month period prior to December 31, 2016 and 2015 to estimated future production. Future production and development costs are computed by estimating the expenditures to be incurred in developing and producing ~~well,~~the proved oil and natural gas reserves at year-end, based on year-end costs and assuming continuation of existing economic conditions.

Future income tax expenses are calculated by applying appropriate year-end tax rates to future pretax net cash flows relating to proved oil and natural gas reserves, less the ~~re-activation~~tax basis of properties involved. Future income tax expenses give effect to permanent differences, tax credits and loss carry forwards relating to the proved oil and natural gas reserves. Future net cash flows are discounted at a rate of 10% annually to derive the standardized measure of discounted future net cash flows. This calculation procedure does not necessarily result in an estimate of the ~~three suspended wells expected~~fair market value of the Company’s oil and natural gas properties.

The standardized measure of discounted future net cash flows relating to ~~begin production~~proved oil and natural gas reserves for the year ended December 31, 2016 and 2015 are as follows:

	United States					Canada
	2016			2015		2016			2015

Future cash inflows		15,829,956			-		3,372,759			6,096,432
Future production costs		(8,229,227	)		-		(2,666,059	)		(5,019,577	)
Future development costs		(1,546,600	)		-		(778,569	)		(870,645	)
Future income tax expense		-			-		-			-

Future net cash flows		6,054,129			-		(71,869	)		206,210
10% annual discount for estimated timing of cash flows		(2,995,514	)		-		22,583			-

Standardized measure of DFNCF	$	3,058,615		$	-	$	(49,286	)	$	206,210

The changes in the standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves for the years ended December 31, 2016 and 2015 are as follows:

	United States					Canada
	2016			2015		2016			2015

Balance - beginning	$	-		$	-	$	133,735		$	175,671
Net changes in prices and production costs		-			-		354,677			-
Net changes in future development costs		-			-		57,919			-
Sales of oil and gas produced, net		(93,390	)		-		(35,146	)		(45,959	)
Extensions, discoveries and improved recovery		-			-		-			-
Purchases of reserves		3,058,616			-		-			-
Sales of reserves					-		-			-
Revisions of previous quantity estimates					-		(604,061	)		-
Previously estimated development costs incurred					-		-			-
Net change in income taxes					-		(4,022	)		4,022
Accretion of discount					-		6,146			6,146
Other		93,389			-		41,466			(6,145	)

Balance - ending	$	3,058,615		$	-	$	(49,286	)	$	133,735

In accordance with SEC requirements, the pricing used in the Company’s standardized measure of future net revenues is based on the 12-month un-weighted arithmetic average of the first-day-of-the-month price for the period January through December for each period presented and adjusted by lease for transportation fees and regional price differentials. The use of SEC pricing rules may not be indicative of actual prices realized by the Company in the future.

~~The following table is a reconciliation of reserve balances for the year ended December 31, 2015:~~

Production forecasts are based on historical trends or by comparison with other wells in the immediate area producing from similar reservoirs. Non-producing gas reserves were forecast to come on-stream within the first two years from the effective date under direct sales pricing and deliverability assumptions, if a tie-in point to an existing gathering system was in close proximity (approximately two miles). If the tie-in point was of a greater distance (and dependent on the reserve volume and risk) the reserves were forecast to come on-stream in years three or four from the effective date. These on-stream dates were used when the company could not provide specific on –stream date information.

For reserve volumes that meet all reserve category rules but are behind casing and waiting on depletion of the producing zone, these volumes are forecast to be brought on –stream following the end of the existing production.

~~The following tables summarize projected revenues, expenses and discounted cash flows:~~

On September 2, 2016, the Company received notice that its independent registered public accounting firm, Green & Company, CPAs (the “Former Accountant”) resigned. In that correspondence, the Company was notified that the Former Accountant was withdrawing its audit report for the year ended December 31, 2015, as further described in the Company’s Current Report on Form 8-K/A filed on November 18, 2016 (which is incorporated by reference herein). As disclosed in the Company’s Current Report on Form 8-K filed on November 14, 2016, and November 15, 2016 (both of which are incorporated by reference herein), on October 28, 2016, the Company engaged Mohle Adams, LLP as the Company’s independent registered public accounting firm, and on November 9, 2016, the Company engaged Turner, Stone & Company, L.L.P. as the Company’s new independent registered public accounting firm.

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Management must evaluate its internal controls over financial reporting, as required by Sarbanes-Oxley Act Section 404 (a). The Company's internal control over financial reporting is a process designed under the supervision of the Company's Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with U.S. generally accepted accounting principles or GAAP.

As of December 31, ~~2015,~~2016, management assessed the effectiveness of the Company's internal control over financial reporting based on the criteria for effective internal control over financial reporting established in the 2013 Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and SEC guidance on conducting such assessments. Based on that evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of the Company's internal controls over financial reporting that adversely affected its internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that the Company's management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and lack of a majority of outside directors on the Company's board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by the Company's chief financial officer in connection with the audit of the Company's financial statements as of December 31, ~~2014~~2016 and communicated the matters to the Company's management.

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on the Company's financial results. However, management believes that the lack of outside directors on the Company's board of directors can resulting in oversight in the establishing and monitoring of required internal controls and procedures which can affect the process of preparing Company's financial statements.

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on the Company's Board. In addition, management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result in proper segregation of duties and provide more checks and balances within the financial reporting department. Additional personnel will also provide the cross training needed to support the Company if personnel turn over issues within the financial reporting department occur. This coupled with the appointment of additional outside directors will greatly decrease any control and procedure issues the Company may encounter in the future.

Management will continue to monitor and evaluate the effectiveness of its internal controls and procedures and its internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Management has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")) as of December 31, ~~2014.~~2016. Based on this evaluation, Management concluded that the Company's disclosure controls and procedures were not effective as of December 31, ~~2015.~~2016.

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and Rule 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, ~~2015.~~2016. Based on this assessment, management concluded that, as of December 31, ~~2015,~~2016, the Company's internal control over financial reporting was not effective based on those criteria.

To remediate our internal control weaknesses, management intends to implement the following measures:

The additional hiring is contingent upon the Company's efforts to obtain additional funding through equity or debt for its continued operational activities and corporate expenses. Management expects to secure funds in the coming fiscal year but provides no assurances that it will be able to do so.

We understand that remediation of material weaknesses and deficiencies in internal controls are a continuing work in progress due to the issuance of new standards and promulgations. However, remediation of any known deficiency is among our highest priorities. Our management will periodically assess the progress and sufficiency of our ongoing initiatives and make adjustments as and when necessary.

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant rules of the SEC that permit us to provide only management's report in this annual report. On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in the Act is a provision that permanently exempts smaller public companies that qualify as either a Non-Accelerated Filer or Smaller Reporting Company from the auditor attestation requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002.

There was no change in our internal control over financial reporting during the quarter ended December 31, ~~2015~~2016, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

The name of the officers and directors of the Company as of ~~April 4,~~December 31, 2016, as well as certain information about them, are set forth below:

Mr. Doris has been a member of the Board of Directors of the Company since June 28, 2014, and its President and CEO since December 12, 2014. Mr. Doris has owned his own law practice, known as DLO Lawyers ("DLO") since 2006. DLO is a full-service law firm and represents domestic and foreign clients regarding their business and investment activities in Canada. Mr. Doris is also Of Counsel to Mann Lawyers LLP. Mr. Doris' practice areas include Mergers and Acquisitions, Private Equity Investments, Joint Ventures, Corporate Finance, Corporate Governance, Dispute Resolution, Real Estate and Estates. DLO has 4 offices in Eastern Ontario, Ottawa, Prescott, Brockville and Perth. Mr. Doris manages all aspects of the organization, including with respect to Business Development, Human Resources, Finance and Strategic Planning. Prior to starting his own firm, Mr. Doris served as Executive Vice President and In-House Counsel for PineLake Group, a real estate investment and development company in Toronto, Canada, and prior to working for PineLake, Mr. Doris was an associate lawyer at McMillan LLP, one of Canada's leading business law firms. Mr. Doris graduated (cum laude) from the University of Ottawa in 2001 and was called to the Bar of Ontario in 2002. Mr. Doris is not a director of any other public company.

Mr. Simeo has been the Company's Chief Executive Officer, director and Chairman of the Board since late August ~~15,~~of 2008, when Viking Investments Group, LLC (a Nevis limited liability ~~company)~~company controlled by Mr. Simeo) acquired control of the Company. On December 12, 2014, Mr. Simeo resigned as the Company's CEO, and was appointed the Company's Executive Chairman. Upon the resignation of Cecile Guangfang Yang, Mr. Simeo was appointed as the Company’s interim CFO as of July 5, 2016. Mr. Simeo, a corporate lawyer and investment banker, is the founder and managing partner of Viking Investments Group, LLC, ~~the Company's subsidiary and~~ a privately held Delaware ~~limited liability company established in 1993.~~company. Between 1990 and 1993, Mr. Simeo advised on the financing and private acquisition of state-owned companies in former Soviet Bloc countries. During the years of 1993 through 2004, Mr. Simeo initiated, advised and helped structure investments in the United States to foreign private and publicly listed companies. From the early 1980's through 1990, Mr. Simeo was a practicing lawyer in Sweden. Mr. Simeo is a graduate Jur. kand. (American LLM equivalent) from the University of Lund, Sweden. Mr. Simeo also studied law at Stockholm University and International Economy at Uppsala University in Sweden. Mr. Simeo is not a director of any other public company.

On February 12, 2015, Mr. Squarek was appointed as Vice President of Energy for the Company. Mr. Squarek, P. Eng., MBA, has been the President, CEO and a director of Tanager Energy Inc., a publicly listed oil and gas exploration and development company (symbol TAN) on the Toronto Stock Venture Exchange, since June of 2012. From 1999 to 2013, he was also the President and CEO of Oasis Energy Inc., a privately held company through which Mr. Squarek has provided management and energy consulting services to the oil and gas industry. Mr. Squarek is also the past President, CEO and a director of Bellevue Resource Inc., and First Star Energy Ltd., both TSX listed companies, and is the Past Chairman of the Small Explorers and Producers Association of Canada. Mr. Squarek is a Member of the Association of Professional Engineers Geological and Geophysicists of Alberta and a Member of the Legion of Honor of the Society of Professional Engineers. He has 49 years' experience in the oil, gas and mineral industry, has a B. Sc. in Petroleum Engineering from the University of Oklahoma (1966), and has a Master's Degree in Business Administration from Adelaide University in Adelaide, South Australia (1996).

~~On February 7, 2013, Ms. Yang was appointed as the chief financial officer of the Company and was appointed to the Board of Directors of the Company.~~

~~Ms. Yang brings to the Company 15 years of general accounting and auditing experience, auditing private and publicly held companies in China, the United Kingdom and the United States.~~

Most recently before joining the Company, Ms. Yang was from 2009, director of finance and administration for the Grassroots Community Association where she was the financial controller for 5 major projects and the executive body of the association, responsible for cash flow forecast and management and budget control. Ms. Yang was also in charge of overseeing the fund-raising process and managing sponsor relationships. From 2007- 2009, Ms. Yang was a Senior Manager for Acquisition Audits with Moores Rowland CEC, where she among other things, led the acquisition audit team for Sinolog Logistic Group, a company consisting of six entities headquartered in Singapore. Ms. Yang was also an annual auditor for Acer during that time.

From 1998-2006, Ms. Yang was with KPMG where she held various positions, from auditor to manager. While Ms. Yang initially held a position as an auditor, she later led a field audit with multiple team members and later became an audit team member for middle- to large-size audit projects. She coordinated auditing for the Sinopec IPO, and worked in various capacities on the China Mobil IPO and annual audit as well as the China Constructional Bank and CITIC Bank IPO's.

Ms. Yang graduated from Hult International Business School, UK, London, from the MBA Executive Track Program. Ms. Yang also graduated from Fudan University, Shanghai, China with a bachelor degree, major in International Finance.

On July 10, 2012, Mr. Townsend Tang was appointed to the Board of Directors of the Company. Mr. Townsend Tang, a seasoned executive and entrepreneur, has more than 10 years of experience in the finance industry in China, including Venture Capital, Private Equity, Mergers and Acquisitions, Initial Public Offerings and Private Investments in Public Equity, and various forms of debt financing. Before joining the Company, Mr. Tang was from 2007, a partner and managing director with Beijing Capital Fund Management Co., Ltd, Beijing, where he was instrumental in raising RMB100 million, plus additional debt and equity financings for a number of the firm's clients. Between the years of 2001 to 2006, Mr. Tang owned and managed Ou Shang Investments, Co., Ltd., a financing consultant firm focused on assisting various domestic Chinese and South East Asian companies to obtain debt and equity financing, ranging from RMB10 million to RMB100 million to a total of 13 clients, of which three clients obtained a listing in A Market, Shanghai.

~~Mr. Tang graduated from Nanjing Industry University where he received an MBA. Mr. Tang also holds a Chinese securities business qualification certificate.~~

There are no family relationships between any of the Company's officers and directors.

The Company does not currently have an audit committee financial expert, nor does it have an audit committee. The Company's entire board of directors handles the functions that would otherwise be handled by an audit committee. The Company does not currently have the capital resources to pay director fees to a qualified independent expert who would be willing to serve on its board and who would be willing to act as an audit committee financial expert. As its business expands and as it appoints others to its board of directors, the Company expects that it will seek a qualified independent expert to become a member of its board of directors. Before retaining any such expert the Company's board would make a determination as to whether such person is independent.

The Company has not yet formally adopted a written code of ethics to be applied to the Company's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. Based on its small size, limited financial and human resources, the Company has not adopted written code of ethics.

To the best of the registrant's knowledge, during the past five years, no director, executive officer, promoter or control person of the Company:

To the best of the knowledge of the Company, persons who beneficially owned more than ten percent of the Company's common stock filed timely reports in compliance with Section 16(a).

Summary Compensation Table— Fiscal Years Ended December 31, ~~2015~~2016 and ~~2014~~2015

The following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to the named persons for services rendered in all capacities during the noted periods. No other executive officers received total annual salary and bonus compensation in excess of $100,000.

Name and Principal Position

Year

Salary
($)

Bonus
($)

Stock
Awards
($)

Option
Awards
($)

Non-Equity
Incentive Plan
Compensation
Earnings
($)

Non-Qualified
Deferred
Compensation
Earnings
($)

All Other
Compensation
($)

Total
Tom Simeo

2015

45,000

0

0

0

0

0

0

45,000

Executive Chairman

2014

180,000

0

0

0

0

0

0

180,000

Guangfang Yang (1)

2015

0

0

0

0

0

0

0

0

CFO

2014

0

0

3,914

0

0

0

0

3,914

James A. Doris (2)

2015

0

0

0

0

0

0

0

0

CEO & President

2014

0

0

0

0

0

0

0

0

John Squarek

2015

0

0

0

0

0

0

0

0

Vice President of Energy

2014

0

0

0

0

0

0

0

0

As of December 31, ~~2015,~~2016, the Company did not maintain an equity incentive plan or other plan, including but not limited to bonus, deferred compensation or retirement plan under which the Company's securities may be issued to its named executive officers as compensation.

The Company ~~employs four~~currently does not employ any people ~~and~~but instead has retained the services of ~~four~~several outside consultants. At December 31, ~~2015,~~2016, the Company had no formal compensation ~~arrangements with any of its employees. Commencing January 1, 2016 the Company is compensating each of Tom Simeo and James Doris, $10,000 per month plus equity for their services.~~arrangements.

The directors and former directors of the Company were compensated as such during the fiscal years ended December 31, ~~2015,~~2016, and December 31, ~~2014,~~2015, respectively, as follows:

Name	2015 Compensation		2014 Compensation		2016 Compensation		2015 Compensation

James A. Doris	$	0	$	N/A	$	0	$	0
Tom Simeo (1)	$	45,000	$	180,000	$	0	$	45,000
Guangfang Yang (2)	$	0	$	3,914	$	0	$	0
Townsend Tang(3)	$	0	$	0	$	0	$	0

Directors of the Company may be reimbursed for any out-of-pocket expenses incurred by them for each regular or special meeting attendance. The Company presently has no pension, health, annuity, insurance or profit sharing plans.

The following table sets forth information regarding beneficial ownership of the Company's common stock (and preferred stock) as of December 31, ~~2015,~~2016, (i) by each person who is known by us to beneficially own more than 5% of the Company's common stock; (ii) by each of our officers and directors as of such date; and (iii) by all of our officers and directors as a group.

Unless otherwise specified, the address of each of the persons set forth below is in care of the Company at 1330 Avenue of the Americas, Suite 23 A, New York, NY 10019

Title of Class	Name & Address of Beneficial Owners	Amount & Nature of Beneficial Ownership (1)		Percent of Class (2)			Name & Address of Beneficial Owners	Amount & Nature of Beneficial Ownership (1)		Percent of Class (2)

Common Stock, $0.001 par value	Tom Simeo (3) C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		4,501,894		14.8	%
Common Stock, $0.001 par value	Rutgeford Imperial Holdings LLC (4) 3rd Floor North Wing Flagship Building, Harbour Drive, Grand Cayman, Cayman Island		2,940,949		9.7	%
Common Stock, $0.001 par value	Sackville Holdings LLC (5)		2,537,399		8.4	%
	Hunkins Plaza, Suite 21 Main Street, Charleston, Nevis, West Indies
Common Stock, $0.001 par value	Simjac Investments LLC (6) Hunkins Plaza, Suite 22-D Main Street, Charleston, Nevis, West Indies		1,662,763		5.5	%	Tom Simeo (3)		4,501,894		8.7	%
Common Stock, $0.001 par value	Talem Investments LLC (7) Hunkins Plaza, Suite 22-D Main Street, Charleston, Nevis, West Indies		1,623,232		5.4	%	Rutgeford Imperial Holdings LLC (4) 3rd Floor North Wing Flagship Building, Harbour Drive, Grand Cayman, Cayman Island		2,940,949		5.7	%
Common Stock, $0.001 par value	James A. Doris C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		2,000,000		6.6	%	Coal Creek Energy, LLC (5) 32195 West 135^th Street Olathe, KS 66061		4,369,435		8.4	%
Common Stock, $0.001 par value	Townsend Tang C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		25,000		0.1	%	James A. Doris		2,000,000		3.9	%
Common Stock, $0.001 par value	All officers and directors as a Group		6,526,894		21.5	%	All officers and directors as a Group		6,501,894		12.5	%
Series C Preferred Stock, $0.001 par value	Tom Simeo C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		14,046		50.0	%	Tom Simeo C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		14,046		50.0	%
Series C Preferred Stock, $0.001 par value	James A. Doris C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		14,046		50.0	%	James A. Doris C/O 1330 Avenue of the Americas, Suite 23A New York, NY 10019		14,046		50.0	%
Series C Preferred Stock, $0.001 par value	All officers and directors as a Group		28,092		100.0	%	All officers and directors as a Group		28,092		100.0	%

2.	As of December 31, ~~2015,~~2016, a total of ~~30,333,993~~51,986,940 shares of the Company's common stock, and 28,092 shares of the Company's preferred stock, are considered to be outstanding pursuant to SEC Rule 13d-3(d)(1). For each Beneficial Owner above, any options exercisable within 60 days have been included for purposes of calculating the relevant percentage.

3.	Tom Simeo has sole voting power over 944,981 shares owned by Viking Investments Group, LLC (Nevis), and hence is deemed to be the beneficial owner of shares held in its name as well as the shares held in his own name.

4.	Upon information and belief, Andrew Williams is the beneficial owner of the shares held in the name of this entity as the Company believes that he has voting power over such shares.

5.	Upon information and belief, ~~Braden Wyatt~~John Loeffelbein is the beneficial owner of the shares held in the name of this entity as the Company believes that he has voting power over such shares.

6.

~~Upon information and belief, Elridge Glasford is the beneficial owner of the shares held in the name of this entity as the Company believes that he has voting power over such shares.~~

~~Upon information and belief, Holly Roode is the beneficial owner of the shares held in the name of this entity as the Company believes that she has voting power over such shares.~~

During April 2015, the Company made an advance to Tanager Energy Inc., in conjunction with a joint investment in the second oil well of the Joffre Project. As of December 31, ~~2015,~~2016, the balance owed by Tanager to the Company ~~was $76,719, which was~~is $153,877. The Company has determined to reserve 50% of the balance and has reduced the amount shown as ~~"Other~~other receivable – ~~joint venture"~~related party to $76,939 on the balance sheet.

During the year ended December 31, ~~2015,~~2016, the ~~Company's~~Company’s CEO and Director, James Doris incurred expenses on behalf of, and made advances to the Company in the amount of ~~$188,769~~$221,290 in order to provide the Company with funds to carry on its ~~operations.~~operations, and the Company made repayments of $68,848. These advances do not bear interest, are unsecured and have no specific terms of repayment. As of December 31, 2016, the amount due for expenses paid on behalf of the Company is $370,937. The Company has not imputed interest as the amount is deemed immaterial. Additionally, Mr. Doris made several loans to the Company totaling ~~$359,336,~~$665,536, all accruing interest at 12%, and payable on demand. As of December 31, ~~2015,~~2016, the total amount due to Mr. Doris for advances and expenses paid on behalf of the Company and loans is ~~$577,832.~~$1,036,473. Accrued interest of ~~$20,401~~$73,800 is included in other payables at December 31, ~~2015.~~

As at December 31, 2014, the net amount due to Mr. Simeo for accrued payroll and payment of certain expenses on behalf of the Company was $236,713. The balance was non-interest bearing, had no fixed term of repayment and was payable on demand.

As at December 31, 2014, the amount due to Mr. Doris for the expenses paid on behalf of the Company was $89,726. The balance was non-interest bearing, had no fixed term of repayment, and was payable on demand.2016.

The following table reflects the balances of related parties' transactions as of December 31, ~~2015~~2016 and ~~2014:~~2015:

	Years ended				Years ended
	December 31,				December 31,
	2015		2014		2016		2015
Due to Mr. Tom Simeo	$	37,159	$	236,713	$	36,103	$	37,159
Due to Mr. James A. Doris – advances		218,496		89,726		370,937		218,496
Due to Mr. James A. Doris – demand loans		359,336		-		665,536		359,336
	$	614,991	$	326,439	$	1,072,576	$	614,991

Other than as disclosed, there were no material transactions, series of similar transaction, current transactions, or series of similar transactions, to which the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeded $120,000 or 1% of the Company's total assets as of December 31, ~~2015,~~2016, and in which any director or executive officer, or any security holder who is known to the Company to own of record or beneficially more than five percent of the Company's common stock, or any member of the immediate family of any of the foregoing persons, had a material interest.

The following table sets forth the fees billed by our former principal independent accounting firm, ~~Schwartz Levitsky Feldman LLP,~~Green & Company CPA’s, and our former principal independent accounting firm, ~~DKM Certified Public Accountants ("DKM"),~~RBSM LLP, and ~~the Company's~~our current principal independent accounting firm ~~Green~~of Turner, Stone & Company, ~~CPA's,~~LLP, for each of our last two fiscal years for the categories of services indicated.

	Years Ended December 31,				Years Ended December 31,
Category	2015		2014		2016		2015
Audit Fees	$	50,000	$	75,000	$	19,000	$	54,000
Audit Related Fees		-		-		-		-
Tax Fees		-		-		-		-
All Other Fees		-		-		-		-
Total	$	50,000	$	75,000	$	19,000	$	54,000

Audit fees. Consists of fees billed for the audit of our annual financial statements and review of our interim financial information and services that are normally provided by the accountant in connection with year-end and quarter-end statutory and regulatory filings or engagements.

Audit-related fees. Consists of fees billed for services relating to review of other regulatory filings including registration statements, periodic reports and audit related consulting.

Tax fees. Consists of professional services rendered by our principal accountant for tax compliance, tax advice and tax planning.

~~_________~~______________
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

In accordance with the requirements of Section 13 or 15(d) of the Securities Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

In accordance with the Securities Exchange Act this report has been signed below by the following person(s) on behalf of the registrant and in the capacities and on the dates indicated.

		Page

PART I

Item 1.	Business		4
Item 1A.	Risk Factors		54
Item 1B.	Unresolved Staff Comments		14
Item 2.	Properties		14
Item 3.	Legal Proceedings		1514
Item 4.	Mine Safety Disclosures		1514

PART II

Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		1615
Item 6.	Selected Financial Data		1817
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations		1817
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		21
Item 8.	Financial Statements and Supplementary Data		22
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure		23
Item 9A.	Controls and Procedures		23

PART III

Item 10.	Directors, Executive Officers and Corporate Governance		26
Item 11.	Executive Compensation		2928
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		29
Item 13.	Certain Relationships and Related Transactions		30
Item ~~13.~~14.	~~Certain Relationships and Related Transactions~~		32
~~Item 14.~~	Principal Accounting Fees and Services		3331

PART IV

Item 15.	Exhibits, Financial Statement Schedules		3432

SIGNATURES			3533

	Oil		Natural Gas		Natural Gas Liquids		Barrels of Oil Equivalent
	(Mbbl)		(MMcf)		(Mbbl)		(Mboe)
Proved
Developed - Producing		18.2		49.6		2.1		28.6
Developed - Non-Producing		225.8		977.5		40.6		429.3
Undeveloped		-		-		-		-
Total Proved		244.0		1,027.1		42.7		457.9
Probable		201.6		865.9		35.9		381.9
Total Proved plus Probable		445.6		1,893.0		78.6		839.8

Report of Independent Registered Public Accounting Firm		F-1
Consolidated Balance Sheets as at December 31, ~~2015~~2016 and ~~2014~~2015		F-2
Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, ~~2015~~2016 and ~~2014~~2015		F-3
Consolidated Statements of Cash Flows for the years ended December 31, ~~2015~~2016 and ~~2014~~2015		F-4
Consolidated Statements of Changes in Stockholders' ~~Deficiency~~Deficit		F-5
Notes to Consolidated Financial Statements		F-6

	December 31
	2015			2014
ASSETS
CURRENT ASSETS
Cash	$	30,585		$	1,345
Other receivable – joint venture		76,719			-
Prepaid expenses		145,561			-
Total current assets		252,865			1,345
Long term investment		87,156			68,128
Petroleum and natural gas rights – net		818,230			355,168
Loan costs		11,458	��
TOTAL ASSETS	$	1,169,709		$	424,641

LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES
Other payable	$	81,700		$	116,149
Accounts payable		118,649			39,314
Derivative liability		154,297			-
Amount due to directors		614,991			326,439
Convertible notes - current		20,282			-
Total current liabilities		989,919			481,902
Convertible notes - net of current		6,778			-
Asset retirement obligation		416,246			-
TOTAL LIABILITIES		1,412,943			481,902

STOCKHOLDERS' EQUITY (DEFICIENCY)
Capital Stock
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of December 31, 2015 and 2014		28			28

Common stock, $0.001 par value, 100,000,000 shares
Authorized, 30,333,993 shares issued and outstanding
as of December 31, 2015, 24,094,551 shares issued and
outstanding as of December 31, 2014		30,334			24,095
Shares to be issued		-			675
Additional Paid-In Capital		7,864,085			7,162,660
Deficit		(7,979,257	)		(7,067,267	)
Accumulated other comprehensive income (loss)		(158,424	)		(177,452	)
TOTAL STOCKHOLDERS' DEFICIENCY		(243,234	)		(57,261	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$	1,169,709		$	424,641

The accompanying notes are an integral part of these consolidated financial statements.

	For the Years Ended December 31,
	2015			2014


Revenue	$	95,924		$	-
Direct costs		49,965			-
Gross profit		45,959			-

Operating expenses
General and administrative expenses		211,470			42,596
Stock based compensation		108,000		189,167
Professional fees		212,964			61,620
Rent		18,653			18,608
Wages		69,000			249,607
Amortization and depreciation		34,352			5,053
Total operating expenses		654,439			566,651
Loss from operations		(608,480	)		(566,651	)
Interest expense		(297,824	)		-
Derivative loss		(5,686	)		-
Change in fair value of convertible notes		-			(96,748	)
Gain on extinguishment of debt		-			9,485
Other income		-			2,440
Net loss		(911,990	)		(651,474	)

Unrealized gain on securities available-for-sale		19,028			(179,316	)
Foreign currency translation adjustment		-			53

Comprehensive loss	$	(892,962	)	$	(830,737	)

Loss per weighted average number of common shares outstanding – basic and diluted		(0.03	)		(0.03	)
Weighted average number of common
shares outstanding – basic and diluted		26,767,594			24,094,551

	Geographic	Unit of	December 31,
	Area	Measure	2015		2014

Production
Oil	Canada	Barrels		1,707		-
Natural Gas	Canada	Mcf		8,140		-
Natural Gas Liquids	Canada	Barrels		849		-
Sulphur	Canada	Tonnes		36		-

Sales
Oil	Canada	Barrels	$	1,639	$	-
Natural Gas	Canada	Mcf	$	5,404	$	-
Natural Gas Liquids	Canada	Barrels	$	849	$	-
Sulphur	Canada	Tonnes	$	36	$	-

Average Sales Prices
Oil	Canada	Barrels	$	0.96	$	-
Natural Gas	Canada	Mcf	$	0.66	$	-
Natural Gas Liquids	Canada	Barrels	$	1.00	$	-
Sulphur	Canada	Tonnes	$	1.00	$	-

	For the Years Ended December 31,
	2016			2015

Revenue
Oil and gas sales	$	376,829		$	95,924

Operating expenses
Lease operating costs		248,294			49,965
Impairment of oil and gas properties		1,710,393			210,032
General and administrative		780,859			492,647
Stock based compensation		766,882			127,438
Accretion – asset retirement obligations		22,963			10,032
Depreciation, depletion & amortization		98,572			34,881
Total operating expenses		3,627,963			924,995

Loss from operations		(3,251,134	)		(829,071	)

Other income (expenses)
Interest expense		(2,483,308	)		(288,281	)
Change in fair value of derivative liabilities		204,387			266,378
Derivative expense		-			(1,065,808	)
Gain on settlement of debt		102,868			19,608
Realized loss on available-for-sale securities		(18,000	)		-
Total other income (expenses)		(2,194,053	)		(1,068,103	)

Net loss before income taxes		(5,445,187	)		(1,897,174	)
Income tax expense		-			-

Net loss		(5,445,187	)		(1,897,174	)

Other comprehensive income
Unrealized gain on securities available-for-sale		156,978			19,028

Net Comprehensive loss	$	(5,288,209	)	$	(1,878,146	)

Loss per weighted average number of common shares outstanding – basic	$	(0.12	)	$	(0.07	)
Weighted average number of common shares outstanding – basic		45,721,005			27,283,026

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)

Financial Assets
Long term investment	$	106,930	$	-	$	-	$	156,978
	$	106,930	$	-	$	-	$	156,978

Financial liabilities
Derivative liabilities	$	-	$	-	$	1,075,833	$	265,448
Commodity Derivative		-		61,061		-		(61,061	)
	$	-	$	61,061	$	1,075,833	$	204,387

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)

Financial Assets
Long term investment	$	68,128	$	-	$	-	$	(179,316	)
Petroleum and natural gas rights - net		-		-		355,168		-
	$	68,128	$	-	$	355,168	$	(179,316	)

Financial liabilities
Derivative liabilities	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-

	December 31, 2016		December 31, 2015

In November, 2015, a 1 year consulting agreement with an unrelated party for services related to the petroleum industry in the amount of $165,000.	$	-	$	145,562

In March, 2016, 3 one year consulting agreements with 3 unrelated parties for services related to the petroleum industry for a combined total amount of $800,000.		35,068		-
	$	35,068	$	145,562

Oil and Gas Properties by Geographical Cost Center
	Years ended,
	December 31,
Cost Center	2016		2015

Canada	$	15,272	$	34,881
United States		83,300		-

	$	98,572	$	34,881

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Warrants Outstanding – December 31, 2015		-		-.		-		-
Granted		5,720,834		0.19		5.0 years		-
Exercised		-		-		-		-
Forfeited/expired/cancelled		-				-		-
Warrants Outstanding – December 31, 2016		5,720,834	$	0.19		4.34 years	$	-

Outstanding Exercisable – December 31, 2015		-	$	-		-	$	-
Outstanding Exercisable – December 31, 2016		5,720,834	$	0.19		4.34 years	$	-

Asset retirement obligation at December 31, 2014	$	-
Liability recorded on July 1, 2015 with adoption of SFAS 143		406,214
Accretion expense		10,032

Asset retirement obligation at December 31, 2015	$	416,246

	2016		2015

Asset retirement obligation – beginning	$	416,246	$	-
Oil and gas purchases		393,808		406,214
Accretion expense		22,963		10,032

Asset retirement obligation - ending	$	833,017	$	416,246

	December 31, 2015 Number of shares						December 31, 2014 Number of shares
	Authorized		Outstanding		Amount		Authorized		Outstanding		Amount

Capital Stock					$						$

Preferred stock, $0.001 par value		5,000,000		28,092		28		5,000,000		28,092		28
Common stock, $0.001 par value		100,000,000		30,333,993		30,334		100,000,000		24,094,551		24,095
Common shares to be issued				-0		-				675,000		675
Additional Paid-in Capital						7,864,085						7,162,660

Convertible Note, Face Value	$	58,000
Convertible promissory note, Fair Value		106,522

Day-one derivative loss		(48,522	)

Convertible Note, Face Value	$	16,000
Convertible promissory note, Fair Value		44,410

Day-one derivative loss		(28,410	)

Convertible Note, Face Value	$	53,000
Convertible promissory note, Fair Value		102,414

Day-one derivative loss		(49,414	)

On November 19, 2015, the Company issued a $50,000 12% convertible note with a term expiring on November 19, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of unamortized discount of $43,750 at December 31, 2015. At December 31, 2016, the note is paid in full.		-			6,250

On November 25, 2015, the Company issued a $27,500 8% convertible note with a term expiring on November 25, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 42% of the lowest trading price of the common stock for the twenty-five prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of unamortized discount of $25,208 at December 31, 2015. At December 31, 2016, the note is paid in full.		-			2,292

On February 19, 2016, the Company issued a total of $1,625,000 15% convertible notes with a term expiring August 18, 2016 (the “Maturity Date”). The principal amounts of each note and interest is payable on the maturity date. Placement fees of $145,000 were subtracted from proceeds. The notes are convertible into common stock at any time, at the holder’s option, The conversion price shall be the lowest of (i) $0.15, (ii) 58% of the price of the Company’s securities that are sold in any offering of the Company’s securities in excess of $100,000, of (iii) the conversion price of any Equity converted on or prior to the Conversion Date.		125,000			-

On April 29, 2016, the Company issued a total of $375,000 of 10% Secured Subordinated promissory notes with a term expiring January 12, 2017 (the “Maturity Date”) (See Note 8), and an original issue discount of fifty percent (50%). Interest is payable on the outstanding principal of these notes at 10% per annum on the Maturity Date. The balance shown is net of unamortized discount of $8,824 at December 31, 2016.		366,176			-

On July 27, 2016, the Company issued a promissory note in the amount of $20,000, bearing interest at 12%, with an initial maturity date of August 27, 2016, and a provision for an extension of six additional terms of 30 days.		20,000			-

As of December 31, 2016, the Company issued a total of $630,000 of 10% Secured promissory notes with a term expiring April 3, 2017 (the “Maturity Date”), and an original issue discount of thirty-seven and one half percent (37.5%). The discount was modified to fifty percent (50%) retroactively with an extension of the maturity to June 2017. Interest is payable on the outstanding principal of these notes at 10% per annum on the Maturity Date. The balance shown is net of unamortized discount of $208,064 at December 31, 2016.		421,936			-

On October 4, 2016, the Company issued a non-interest bearing note, payable on demand in the amount of $203,000.		203,000

On October 4, 2016, the Company closed on a revolver loan with Crossfirst Bank in the amount of $1,800,000, payable at $15,000 per month, interest at 10%, with all unpaid principal and accrued interest payable on September 30, 2018. The total facility limit is $3,000,000. The balance shown is net of unamortized discount of $24,167 at December 31, 2016.		1,745,833

		2,881,945			23,548
Less current portion		(1,302,476	)		(6,778	)
	$	1,579,469		$	16,770

	Canada
	2015		2014
Results of Operations
Revenue	$	95,924	$	-
Production costs		49,965		-

	$	45,959	$	-

	Joffre Project - Canada
	Proved												Probable
	Oil (Mbbl)			Natural Gas (MMcf)			Natural Gas Liquids (Mbbl)			Barrels of Oil Equivalent (Mboe)			Oil (Mbbl)		Natural Gas (MMcf)		Natural Gas Liquids (Mbbl)		Barrels of Oil Equivalent (Mboe)

Opening Balance		-			-			-			-			-		-		-		-
Adjusmtnent for acquired reserves		247.0			1,034.8			42.9			462.5			201.6		865.9		35.9		381.9
Production		(3.0	)		(7.7	)		(0.2	)		(4.6	)		-		-		-		-

Closing Balance		244.0			1,027.1			42.7			457.9			201.6		865.9		35.9		381.9

	Oil		Natural Gas		Natural Gas Liquids		Barrels of Oil Equivalent
	(Mbbl)		(MMcf)		(Mbbl)		(Mboe)
Proved
Developed - Producing		18.2		49.6		2.1		28.6
Developed - Non-Producing		225.8		977.5		40.6		429.3
Undeveloped		-		-		-		-
Total Proved		244.0		1,027.1		42.7		457.9
Probable		201.6		865.9		35.9		381.9
Total Proved plus Probable		445.6		1,893.0		78.6		839.8

Mbbl = thousands of barrels
MMcf = millions of cubic feet
Mboe - thousands of barrels of oil equivalent

Location	Formation	Oil (Mbbl)		Natural Gas (MMcf)		Natural Gas Liquids (Mbbl)		Barrels of Oil Equivalent (Mboe)

Well #1	Leduc		40.0		108.7		4.6		62.7
Well #2	Leduc		147.2		650.4		27.0		282.6
Well #3	Leduc		127.0		557.4		23.1		243.1
Well #4	Leduc		131.4		576.5		23.9		251.4

			445.6		1,893.0		78.6		839.8

Year	Number of Wells	Company Revenue (M$)		Crown Royalty (M$)		ORR Royalty (M$)		Net Revenue After Royalties (M$)		Fixed Operating Expense (M$)		Variable Operating Expense (M$)		Net Operating Income (M$)

2016	4		2,043		576		259		1,207		82		1,033		92
2017	4		3,320		1,012		399		1,910		121		1,484		306
2018	4		3,137		1,008		298		1,831		124		1,199		508
2019	4		2,936		1,006		273		1,657		126		957		573
2020	4		2,707		950		253		1,504		128		772		603
2021	3		2,334		842		219		1,274		96		613		564
2022	3		2,058		715		193		1,150		98		500		552
2023	3		1,696		537		159		1,000		100		408		491
2024	3		1,405		404		132		869		102		334		433
2025	3		1,149		301		108		740		104		272		364
Sub			22,785		7,351		2,293		13,142		1,083		7,571		4,488
Rem			4,293		679		395		3,219		914		969		1,336
Total			27,078		8,030		2,688		16,361		1,998		8,540		5,823

Year	Number of Wells	Net Operating Income (M$)		Total Investment (M$)		Net Cash Flow (M$)			Cumulative Cash Flow (M$)			Discounted Cash Flow (10%) (M$)

2016	4		92		647		(555	)		(555	)		(539	)
2017	4		306		-		306			(249	)		265
2018	4		508		-		508			259			401
2019	4		573		-		573			832			411
2020	4		603		-		603			1,436			393
2021	3		564		-		564			2,000			334
2022	3		552		-		552			2,552			297
2023	3		491		-		491			3,043			240
2024	3		433		-		433			3,476			193
2025	3		364		-		364			3,840			147
Sub			4,488		647		3,840			3,840			2143
Rem			1,336		-		1,336			5,176			383
Total			5,823		647		5,176			5,176			2526

	●	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

	●	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

	●	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

	●	The Company will add sufficient number of independent directors to the board and appoint an audit committee.

	●	The Company will add sufficient knowledgeable accounting personnel to properly segregate duties and to effect a timely, accurate preparation of the financial statements.

	●	Upon the hiring of additional accounting personnel, the Company will develop and maintain adequate written accounting policies and procedures.

Name	Age	Position
James A. Doris	4142	Director/CEO/President
Tom Simeo	5960	Director/~~Treasurer/~~Executive ~~Chairman~~
~~John Squarek~~	73	~~Vice President of Energy~~
~~Guangfang Yang~~	37	~~Director/~~Chairman/CFO
~~Townsend Tang~~	36	~~Director~~

Name and Principal Position	Year	Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation Earnings ($)		Non-Qualified Deferred Compensation Earnings ($)	All Other Compensation ($)		Total

Tom Simeo	2015		45,000		0		0		0		0	0		0		45,000
Executive Chairman	2014		180,000		0		0		0		0	0		0		180,000

Guangfang Yang (1)	2015		0		0		0		0		0	0		0		0
CFO	2014		0		0		3,914		0		0	0		0		3,914

James A. Doris (2)	2015		0		0		0		0		0	0		0		0
CEO & President	2014		0		0		0		0		0	0		0		0

John Squarek	2015		0		0		0		0		0	0		0		0
Vice President of Energy	2014		0		0		0		0		0	0		0		0

Name and Principal Position	Year	Salary		Bonus ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation Earnings ($)		Non-Qualified Deferred Compensation Earnings ($)		All Other Compensation ($)		Total

Tom Simeo	2016		0		0		0		0		0		0		0		0
Executive Chairman	2015		45,000		0		0		0		0		0		0		45,000

James A. Doris (1)	2016		0		0		0		0		0		0		0		0
CEO & President	2015		0		0		0		0		0		0		0		0

1.	~~On February 7, 2013, Ms. Guangfang "Cecile" Yang was appointed as the Company's Chief Financial Officer and a director~~ ~~and~~ ~~received 25,000 shares of stock during the fiscal year ended December 31, 2014, valued at $3,914.~~

2.	On June 28, 2014, Mr. Doris was appointed as a director, and on December 12, 2014, as the CEO and President of the Company.

1.	In his capacity as an officer (not for director services).
2.	~~The value of 25,000 shares of common stock.~~Former director through July 5, 2016.
3.	Former director through December 6, 2016.

Number		Description

3.1		Articles of Incorporation (incorporated by reference to our Definitive Information Statement on Schedule 14C filed on October 14, 2008)

3.2		Bylaws (incorporated by reference to our Definitive Information Statement on Schedule 14C filed on October 14, 2008)

3.3		Certificate of Amendment to Articles of Incorporation (incorporated by reference to our Definitive Information Statement on Schedule 14C filed on May 23, 2012)

10.1		Purchase and Sale, Petroleum and Natural Gas Conveyance Agreement with Tanager Energy Inc. dated November 3, 2014 (incorporated by reference to our Current Report on Form 8-K filed on November 10, 2014)

10.2		Purchase, Sale and Capital Contribution Agreement effective February 1, 2016 (incorporated by reference to our Annual Report on Form 10-K/A filed on May 16, 2016)

31.1		Certification of Principal Executive Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Principal Financial Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

99.1		Guaranty and Repurchase Agreement dated April 11, 2012 (incorporated by reference to our Annual Report on Form 10-K filed on April 18, 2013)

99.2		Repurchase Agreement dated April 15, 2013 (incorporated by reference to our Annual Report on Form 10-K filed on April 18, 2013)

99.3		Form of Note (incorporated by reference to Exhibit 99.1 to our Current Report on Form 8-K filed on March 1, 2016)

99.4		Form of Security Agreement (incorporated by reference to Exhibit 99.2 to our Current Report on Form 8-K filed on March 1, 2016)

99.5		Form of Warrant (incorporated by reference to Exhibit 99.3 to our Current Report on Form 8-K filed on March 1, 2016)

101.INS**		XBRL Instance Document

101.SCH**		XBRL Taxonomy Extension Schema Document

101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**		XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

	VIKING ~~INVESTMENTS~~ENERGY GROUP, INC. (Registrant)

Date: ~~May 16~~ , ~~2016~~April 17, 2017	By:	/s/ ~~Tom Simeo~~James Doris
		~~Tom Simeo~~James Doris
		Principal Executive ~~Chairman, Director and Treasurer~~Officer

Date: ~~May 16~~, ~~2016~~April 17, 2017	By:	/s/ ~~Guangfang Yang~~Tom Simeo
		~~Guangfang Yang~~Tom Simeo
		~~Chief~~Principal Financial and Accounting Officer ~~& Director~~