x	~~QUARTERLY REPORT UNDER SECTION 13 OR~~ 15 ~~(D) OF THE SECURITIES EXCHANGE ACT OF 1934~~

x QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

¨	~~TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934~~

¨ TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ~~_______~~____________ to ~~_______.~~____________.

VIKING ~~INVESTMENTS~~ENERGY GROUP, INC.

(Formerly Viking Investments Group, Inc.)

(Exact name of registrant as specified in its charter)

Nevada		98-0199508
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

(Former name, former address and former fiscal year, if changed since last report)

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 x¨

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 x¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	¨	Accelerated Filer	¨
~~Non Accelerated~~Non-Accelerated Filer	¨	Smaller Reporting Company	x

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

As of ~~November 11, 2016,~~August 9, 2017, the registrant had ~~47,647,419~~62,599,577 shares of common stock ~~outstanding, including 1,996,590 issuable.~~outstanding.

As disclosed in the Current Report on Form 8-K of Viking Investments Group, Inc. (the “Company”) filed on November 14, 2016, on November 9, 2016, the Company engaged Turner, Stone & Company, L.L.P. (the “New Auditors”) as the Company’s new independent registered public accounting firm. The New Auditors have been engaged to audit the Company’s financial statements for the year ended December 31, 2015, and review the Company’s financial statements for the periods ending March 31, 2016, June 30, 2016, and September 30, 2016, but they have not completed the audit or reviews.

As a result, this report is deficient because the unaudited financial statements contained in this report for the period ended September 30, 2016, have not been reviewed by an independent registered public accountant as required by rule 10-01(d) regulation S-X. Completion of the New Auditors’ independent review of the Company’s financial statements for the period ended September 30, 2016, and the subsequent filing of an amendment to this report after the completion of that review, will make this report current. When the review is complete, the Company intends to file an amendment to this report which will include the required certifications of the Company's Principal Executive Officer and Principal Financial and Accounting Officer as required by sections 302 and 906 of the Sarbanes-Oxley Act.

~~(Amounts expressed in US dollars)~~

VIKING ENERGY GROUP, INC.

Consolidated Balance Sheets

(Amounts expressed in US dollars)

	September 30,			December 31,			June 30,			December 31,
	2016			2015			2017			2016
	(Unaudited)			(Unaudited)			(unaudited)			(audited)
ASSETS
Current assets:
Cash	$	88,625		$	30,585		$	9		$	18,605
Accounts receivable – oil and gas		11,948			-			70,504			66,176
Other receivable – related party		76,719			76,719			76,939			76,939
Prepaid expenses								24,618			87,532
Total current assets		177,292			107,304			172,070			249,252

Oil and gas properties, full cost method
Proved developed producing oil and gas properties, net		1,305,414			48,221			1,717,674			1,765,373
Undeveloped and non-producing oil and gas properties, net		1,557,632			755,439			1,198,297			1,237,489
Total oil and gas properties, net		2,863,046			803,660			2,915,971			3,002,862

Long term investment – related party		235,819			87,156
Deposit		288,000			-
Long term investment								-			106,930
Derivative asset								43,203			-
TOTAL ASSETS	$	3,564,157		$	998,120		$	3,131,244		$	3,359,044

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accrued expenses and other current liabilities	$	244,103		$	95,575		$	250,947		$	179,421
Accounts payable		15,492			104,774			72,467			121,365
Derivative liability		547,894			810,647			689,767			1,136,894
Amount due to directors		756,215			614,991			1,077,677			1,072,576
Secured notes payable, net of debt discount		632,904			-
Convertible notes – current, net of debt discount		1,225,000			16,770
Current portion of long term debt – net of debt discount								1,794,076			1,302,476
Total current liabilities		3,421,608			1,642.757			3,884,933			3,812,732
Convertible notes – net of current portion and debt discount		-			6,778
Long term debt - net of current portion and debt discount								1,496,326			1,579,469
Asset retirement obligation		431,760			416,246			851,658			833,017
TOTAL LIABILITIES		3,853,367			2,065,781			6,232,918			6,225,218

Commitments and contingencies		-			-
Commitments and contingencies (Note 7)

STOCKHOLDERS’ DEFICIT
Capital Stock
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2016 and December 31, 2015		28			28
Common stock, $0.001 par value, 100,000,000 shares
Authorized, 47,534,919 and 30,333,993 shares issued, issuable and outstanding as of September 30, 2016 and December 31, 2015 respectively. (1,996,590 and 0 shares issuable, respectively).		47,648			30,334
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2017 and December 31, 2016								28			28
Common stock, $0.001 par value, 100,000,000 shares authorized, 62,599,577 and 53,093,192 shares issued, issuable and outstanding as of June 30, 2017 and December 31, 2016 respectively.								62,600			53,093
Additional Paid-In Capital		10,640,079			7,960,372			13,256,690			11,526,847
Prepaid equity-based compensation		(97,095	)		(145,561	)		(129,250	)		(35,068	)
Accumulated other comprehensive income		(9,761	)		(158,424	)
Deficit		(10,870,110	)		(8,754,410	)
Accumulated other comprehensive loss								-			(1,446	)
Accumulated deficit								(16,291,742	)		(14,409,628	)
TOTAL STOCKHOLDERS’ DEFICIT		(289,211	)		(1,067,661	)		(3,101,674	)		(2,866,174	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	3,564,157		$	998,120		$	3,131,244		$	3,359,044

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

VIKING ENERGY GROUP, INC.

Consolidated Statements Of Operations And Comprehensive Loss

(Unaudited)

(Amounts expressed in US dollars)

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

~~(Amounts expressed in US dollars)~~

VIKING ENERGY GROUP, INC.

Consolidated Statements of Cash Flows

(Unaudited)

(Amounts expressed in US dollars)

Three months ended,

Nine months ended,

September 30,

September 30,

2016

2015

2016

2015

$

$

$

$

Revenue

Oil and gas sales

105,426

32,425

232,013

64,448

Operating expenses

Lease operating costs

66,456

24,961

165,773

46,736

General and administrative

166,507

181,010

419,603

403,927

Stock based compensation

172,219

-

578,363

108,000

Accretion – ARO

5,234

4,985

15,514

4,985

Depreciation, depletion and amortization

40,677

10,155

110,863

10,155

Total operating expenses

451,093

221,111

1,290,116

573,804

Loss from operations

(345,667 )

(188,686 )

(1,058,103 )

(509,356 )

Other income (expense)

Interest expense

(542,107 )

(137,801 )

(1,966,015 )

(195,702 )
Debt settlement income

-

-

75,000

-

Derivative expense

-

-

(403,193 )
Change in the fair value of derivative liability

2,765,013

(36,424 )

833,418

77,682

Total other income (expense)

2,222,906

(174,225 )

(1,057,597 )

(521,213 )

Net Income (loss)

1,877,239

(362,911 )

(2,115,700 )

(1,030,569 )

Other comprehensive income (loss)

Unrealized gain (loss) on securities available-for-sale

(3,394 )

(4,420 )

148,663

(16,642 )
Total comprehensive income (loss)

(3,394 )

(4,420 )

148,663

(16,642 )
Net Comprehensive Income (loss)

1,873,845

(367,331 )

(1,967,037 )

(1,047,211 )

Income (loss) per common share - Basic and diluted

0.041

(0.013 )

(0.049 )

(0.040 )
Weighted average number of common shares outstanding – basic and diluted

45,837,636

27,602,291

43,584,699

25,882,581

	Six Months Ended
	June 30,
	2017			2016

Cash flows from operating activities:
Net loss	$	(1,882,114	)	$	(3,971,368	)
Adjustments to reconcile net loss to cash used in operating activities:
Derivative (gain) loss		(455,098	)		1,931,595
Amortization of prepaid expenses		162,914			-
Stock based compensation		1,151,020			406,144
Loss on sale of investments		7,185			-
Depreciation, depletion and amortization		86,891			48,616
Accretion – Asset retirement obligation		18,641			10,279
Amortization of debt discount		514,540			1,218,090
Changes in operating assets and liabilities
Accounts receivable		(4,328	)		(15,828	)
Accounts payable		(48,898	)		(75,837	)
Accrued expenses and other current liabilities		88,429			132,426
Amounts due to directors		94,871			52,758
Net cash used in operating activities		(265,947	)		(263,125	)

Cash flows from investing activities:
Purchase of oil and gas properties		-			(1,350,000	)
Proceeds from sale of investments		101,191			-
Net cash provided by (used in) investing activities		101,191			(1,350,000	)

Cash flows from financing activities:
Proceeds from amount due to directors		5,350			-
Repayment of amount due to directors		(300,024	)		(46,056	)
Proceeds from sale of common stock		331,667			187,500
Common stock issuance costs		-			(37,500	)
Proceeds from long term debt		331,667			1,667,500
Repayment of long term debt		(222,500	)		(170,500	)
Net cash provided by financing activities		146,160			1,600,944

Net decrease in cash		(18,596	)		(12,181	)
Cash, beginning of period		18,605			30,585

Cash, end of period	$	9		$	18,404
Supplemental Cash Flow Information:
Cash paid for:
Interest	$	99,909		$	90,252
Income taxes	$	-		$	-

Supplemental disclosure of Non-Cash Investing and Financing Activities:
Conversion of convertible note payable	$	-		$	6,778
Issuance of shares for oil and gas property acquisition	$	-		$	820,250
Issuance of warrants for 4,062,500 common shares as debt discount	$	-		$	416,315
Prepayment of contract through amounts due directors	$	100,000		$	-
Long term debt paid through amounts due directors	$	104,904		$	-
Issuance of shares for contract services	$	700,920		$	-
Sale of shares through satisfaction of unrelated notes payable	$	127,.215		$	-
Accrued expenses exchanged for long term debt	$	9,500		$	-

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

~~VIKING INVESTMENTS GROUP, INC.~~

VIKING ENERGY GROUP, INC.

Consolidated Statements of Changes in Stockholders’ Deficit

(Unaudited)

(Amounts expressed in US dollars)

Nine Months Ended

September 30,

2016

2015

$

$

Cash flows from operating activities:

Net loss

(2,115,700 )

(1,030,569 )
Adjustments to reconcile net loss to net cash used in operating activities:

Chang in the fair value of derivative liability

(833,418 )

(77,682 )
Derivative expense

-

403,193

Stock based compensation

578,363

108,000

Stock based interest payment

52,500

Depreciation, depletion and amortization

110,863

10,155

Accretion – Asset retirement obligation

15,514

4,985

Amortization of debt discount

1,626,062

119,211

Gain on settlement of debt

(75,000 )

-

Changes in operating assets and liabilities:

Increase(decrease) in accounts payable

(14,282 )

82,904

Increase in accrued expenses and other liabilities

151,862

29,826

Decrease (increase) in other receivables

-

(76,719 )
Decrease (increase) in accounts receivables

(11,948 )

-

Net cash used in operating activities

(515,184 )

(426,696 )

Cash flows from investing activities:

Acquisition of oil and gas properties

(1,350,000 )

(77,158 )
Net cash used in investing activities

(1,350,000 )

(77,158 )

Cash flows from financing activities:

Advances from Directors

197,280

479,400

Repayments to Directors

(56,056 )

(15,000 )
Sale of common stock

388,125

-

Proceeds from notes payable

619,875

-

Repayments of notes payable

(98,000 )

-

Payment of issuance costs

(37,500 )

-

Proceeds from convertible notes

1,480,000

211,000

Repayment of convertible notes

(570,500 )

(164,000 )
Net cash provided by financing activities

1,923,224

511,400

Net increase (decrease) in cash

58,040

7,546

Cash, beginning of period

30,585

1,345

Cash, end of period

88,625

8,891

Supplemental Cash Flow Information:

Cash paid for:

Interest

$ 125,431

$ 63,741

Income taxes

$ -

$ -

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

Conversion of convertible note and accrued interest into shares

$ 10,111

$ -

Issuance of shares as part of oil and gas property acquisition

$ 820,250

$ -

Notes payable for oil and gas property acquisition

$ 1,350,000

$ -

Issuance of warrants for 4,062,500 common shares as debt discount

$ 415,569

$ -

Derivative liability at inception

$ 1,216,303

$ 1,374,808

Extinguished derivative liability

$ 645,638

$ 143,403

Issuance of shares for prepaid equity-based compensation

$ 800,000

$ -

Stock issued for debt

$ -

$ 227,807

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

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	)

Shares issued for consulting services		2,561,943			2,563											433,092												435,655
Shares issued as prepaid equity-based compensation		3,885,000			3,885											805,661			(809,546	)								-
Sale of stock		3,059,442			3,059											455,858												458,917
Derivative liability adjustments - satisfaction of convertible debt																35,232												35,232
Amortization of prepaid equity-based compensation																			715,364									715,364
Unrealized gain (loss) on securities held for sale																						1,446						1,446
Net loss for the six months ended June 30, 2017																									(1,882,114	)		(1,882,114	)

Balances at June 30, 2017		62,599,577		$	62,600			-	$	-		28,092	$	28	$	13,256,690		$	(129,250	)	$	-		$	(16,291,742	)	$	(3,101,674	)

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

Accumulated

Total

Additional

Prepaid

Other

Stockholders'

Common Stock

Shares to be Issued

Preferred Stock

Paid-in

Equity-Based

Comprehensive

Equity

Number

Amount

Number

Amount

Number

Amount

Capital

Compensation

Income

Deficit

(Deficiency)

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

421,571

421

29,579

30,000

Shares issued in satisfaction of debt

2,872,871

2,873

198,228

201,101

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

Unrealized gain (loss) on securities held for sale

19,028

19,028

Amortization of prepaid equity-based compensation

19,439

19,439

Net loss for the year ended December 31, 2015

(1,687,143 )

(1,687,143 )

Balances at December 31, 2015

30,333,993

$ 30,334

-

$ -

28,092

$ 28

$ 7,960,372

$ (145,561 ) $ (158,424 ) $ (8,754,410 ) $ (1,067,661 )

Shares issued for convertible debt

300,926

301

9,810

10,111

Shares issued for consulting services

1,000,000

1,000

101,500

102,500

Shares issued in acquisition of oil and gas properties

9,650,000

9,650

810,600

820,250

Shares issued as prepaid equity-based compensation

4,000,000

4,000

636,000

(640,000 )

-

Shares committed for prepaid equity-based compensation

1,000,000

1,000

159,000

(160,000 )

-

Derivative liability adjustment - satisfaction of convertible debt

17,745

17,745

Shares issued from sale of stock

1,250,000

1,250

186,250

187,500

Debt issuance costs

(37,500 )

(37,500 )
Derivative liability adjustment - satisfaction of convertible debt

602,580

602,580

Cancelation of shares issued as prepaid equity-based compensation

(4,000,000 )

(4,000 )

(368,603 )

372,603

-

Shares issued to secure an oil and gas property acquisition

2,400,000

2,400

285,600

288,000

Shares commited as costs associated with settlement of debt

375,000

375

52,125

52,500

Shares committed from sale of stock

1,337,500

1,338

199,287

200,625

Issuable shares issued

715,910

716

(715,910 )

(716 )

-

Derivative liability adjustment - satisfaction of convertible debt

25,313

25,313

Unrealized gain (loss) on securities held for sale

148,663

148,663

Amortization of prepaid equity-based compensation

475,863

475,863

Net loss for the nine months ended September 30, 2016

(2,115,700 )

(2,115,700 )

Balances at September 30, 2016

45,650,829

$ 45,651

1,996,590

$ 1,997

28,092

$ 28

$ 10,640,079

$ (97,095 ) $ (9,761 ) $ (10,870,110 ) $ (289,211 )

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

~~The Company~~Viking Energy Group, Inc. (“Viking” or 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 ticker symbol was changed to “VKIN.” On March 17, 2017, the Company changed its name to Viking Energy Group, Inc.

~~Prior to the first quarter of 2016, the~~The Company’s business plan ~~consisted~~is to engage in the acquisition, exploration, development and production of ~~two strategies: (a) identifying target~~oil and natural gas properties, both individually and through collaborative partnerships with other companies ~~that were undergoing or anticipating periods~~in this field of ~~rapid growth~~endeavor. On March 8, 2016, the Company incorporated a wholly owned subsidiary, Viking Oil & Gas (Canada) ULC, in Alberta, Canada, to ~~provide advisory and consulting services, and (b) identifying investments in~~hold its Canadian oil and gas ~~properties for future exploration and development.~~interests. 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, as explained in note 4.~~

Commencing with the first quarter of 2016, the Company determined that its singular business plan is to engage in the acquisition, exploration, development and production of oil and natural gas properties. Consistent with its refocused efforts, onCanada. On February 23, 2016, the Company closed on the acquisition of working interests in four leases with access to the 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 incorporated an additional wholly owned subsidiary, Mid-Con Petroleum, LLC (“Mid-Con”), in the State of Kansas to hold its current acquisitions 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 property.

These ~~unaudited~~ 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 ~~$2,120,840~~$1,880,668, and ~~$1,030,569~~$3,819,311 for the ~~nine~~six months ended ~~September~~June 30, ~~2016~~2017 and ~~2015,~~2016, respectively. The Company has accumulated a stockholders’ deficit of ~~($294,351)~~$3,101,674 as of ~~September~~June 30, ~~2016.~~2017. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. 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. These ~~unaudited~~ 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 accompanying unaudited consolidated financial statements of ~~Viking Investments Group, Inc. (“Viking” or~~ the ~~“Company”)~~Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in Viking’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates.

The financial statements presented herein reflect the consolidated financial results of the Company and its wholly owned ~~subsidiary,~~subsidiaries, Viking Oil & Gas (Canada) ULC, a Canadian corporation formed on March 8, ~~2016. This subsidiary is intended~~2016, to provide a base of operations for properties in Canada, ~~although at~~and Mid-Con Petroleum, LLC, formed on August 30, 2016, to provide a base of operations for properties in the ~~time of this filing there has been no activity.~~Central United States. All significant intercompany transactions and balances have been eliminated upon consolidation.

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 ~~assets, liabilities,~~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-lived assets.

The estimates of proved, probable and possible oil and gas reserves are used as ~~well as certain financial statement disclosures. While management believes that~~significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks.

Actual results could differ from the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Significant estimates generally include those with respect to the amount of recoverable oil and gas reserves, the fair value of financial instruments, oil and gas depletion, asset retirement obligations, stock-based compensation, derivative liabilities and impairment of long-term investment.utilized.

ASC Topic 820-10, “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. The carrying amounts reported in the consolidated balance sheets for other ~~receivables,~~receivable – related party, 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:

Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3: inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The changes in the Level 3 investments during the nine months ended September 30, 2016 consisted of an investment in the oil and gas properties acquired in February of 2016 in the amount of $2,170,250 minus depreciation of the recorded Asset Retirement Cost in the amount of $30,466 and depletion of $80,397.

Assets and liabilities measured at fair value as of ~~September~~June 30, 2017 are classified below based on the three fair value hierarchy described above:

Assets and liabilities measured at fair value as of December 31, 2016 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	$	235,819	$	-	$	-	$	148,663	$	106,930	$	-	$	-	$	156,978
Oil and Gas properties - net		-		-		2,863,046		-
	$	239,213	$	-	$	2,863,046	$	152,057	$	106,930	$	-	$	-	$	156,978

Financial liabilities
Derivative liabilities	$	-	$	547,894	$	-	$	833,418	$	-	$	-	$	1,075,833	$	265,448
Commodity Derivative										-		61,061		-		(61,061	)
	$	-	$	547,894	$	-	$	833,418	$	-	$	61,061	$	1,075,833	$	204,387

~~Assets and liabilities measured at fair value~~The Company’s long term investment consisted of 1,437,500 common shares of Tanager Energy Inc., as of December 31, ~~2015~~2016, which is traded on the TSX Venture Exchange (Toronto Stock Exchange). During the three months ended March 31, 2017, the Company sold these shares. The change in the fair value of this investment that has been recognized as an unrealized gain in other comprehensive income on the statement of operations and comprehensive loss was $1,446 for the six months ended June 30, 2017, and $152,057 for the six months ended June 30, 2016.

The Company had commodity financial derivatives in place at June 30, 2017. 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 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)

Financial Assets

Long term investment

$ 87,156

$ -

$ -

$ 19,028

Oil and Gas properties - net

-

-

803,660

-

$ 87,156

$ -

$ 803,660

$ 19,028

Financial liabilities

Derivative liabilities

$ -

$ 810,647

$ -

$ 266,378

$ -

$ 810,647

$ -

$ 266,378

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 Company uses the Black-Scholes model to value its derivative liabilities. This model takes into account inputs such as contract terms, including maturity and market parameters, including assumptions associated with interest rates, volatility and credit worthiness. The embedded derivative assets and liabilities of the Company were $43,203 and $689,767 as of June 30, 2017, and $0 and $1,075,833 as of December 31, 2016, respectively. The change in the fair value of the derivative assets and liabilities for the six months ended June 30, 2017 consisted of an increase of $104,264 associated with commodity derivatives, a decrease in derivative liabilities of $350,834 associated with warrants and the conversion features of convertible debt, and a reduction of $35,232 associated with the satisfaction of certain convertible debt and a gain recognized in the statement of operations and comprehensive loss in the amount of $455,098.

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 June 30, 2017 and December 31, 2016, 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’ ~~Equity”~~Deficit” and then amortized to the statements of operations and comprehensive loss over the life of the contract using the straight-line method. At ~~September~~June 30, ~~2016~~2017 and December 31, ~~2015,~~2016, the balances of the prepaid equity-based compensation were comprised of the following:

September 30, 2016

December 31, 2015

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

$ 21,698

145,561

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. Two of the agreements have been cancelled. The balance remaining pertains to only of the original agreements

75,397

-

$ 97,095

$ 145,561

Table of Contents

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 ~~to income. Investment~~ in ~~unproved~~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 continuing operations before income taxes and the adjusted carrying amount of the unproved properties is amortized on the unit-of-production method.

~~Amortization~~Depreciation, depletion and amortization expense utilizing the unit-of-production method for the Company’s oil and gas properties ~~in both Canada and the United States~~ for the three and ~~nine~~six months ended ~~September~~June 30, ~~2016~~2017 and ~~2015~~2016 were as follows:

Oil and Gas Properties by Geographical Cost Center	Oil and Gas Properties by Geographical Cost Center									Oil and Gas Properties by Geographical Cost Center
		Three months ended,				Nine months ended,					Three months ended				Six months ended,
		September 30,				September 30,					June 30, 2017				June 30,
Cost Center		2016		2015		2016		2015			2017		2016		2017		2016

Canada		$	8,374	$	-	$	15,046	$	14,570		$	221		3,348	$	17,228	$	5,412
United States			22,148		-		65,351		-			35,388		24,902		69,663		43,204

		$	30,522	$	-	$	80,397	$	14,570		$	35,609	$	28,250	$	86,891	$	48,616

Under the full-cost method of accounting, we are required, at the end of each ~~fiscal quarter,~~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 and reflected as additional accumulated depreciation, depletion and amortization or as credit to oil and natural gas properties.~~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

(b) the cost of properties not being ~~amortized (pursuant to Reg. S-X Rule 4-10 (c)(3)(ii);~~amortized; plus

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

~~Our proved oil and gas reserves are estimated by independent petroleum engineers.~~ 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.

~~The standardized measure of discounted future~~Basic net ~~cash flows and changes in such cash flows are prepared using assumptions required~~loss per share is computed by dividing the net loss by the ~~Financial Accounting Standards Board~~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 ~~Securities~~number of common shares during the period. At June 30, 2017 and ~~Exchange Commission. Such assumptions include using a 10% rate. Changes~~2016, there were 6,582,259 and 6,059,537 common stock equivalents respectively, that were anti-dilutive and were not included in ~~any of these assumptions could have a significant impact on~~ the standardized measure. Accordingly, the standardized measure does not represent management’s estimated current market value of proved reserves. At September 30, 2016, the Company’s net book value of oil and natural gas properties did not exceed the ceiling amount calculated for the quarter.calculation.

All revenue is recognized when persuasive evidence of an arrangement exists, the service or sale is complete, the price is fixed or determinable and collectability is reasonably assured. Revenue is derived from the sale of crude oil and natural gas. Revenue from crude oil and natural gas sales is recognized when the product is delivered to the purchaser and collectability is reasonably assured. The Company follows the “sales method” of accounting for oil and natural gas revenue, so it recognizes revenue on all natural gas or crude oil sold to purchasers.

FASB ASC 220 “Comprehensive Income,” establishes standards for the reporting and ~~display~~presentation of comprehensive income and its components in the consolidated financial statements. ~~The~~For the six months ended June 30, 2017 and 2016, comprehensive income ~~for the three months ended September 30, 2016~~(loss) was ~~$1,868,704~~$1,446 and ~~the comprehensive loss for the nine months ended September 30, 2016 was ($1,972,177)~~$152,057 respectively, and ~~the comprehensive losses~~consisted primarily of unrealized gains and (losses) on available for ~~the three and nine months ended September 30, 2015 was ($367,331) and ($1,047,211) respectively.~~

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. Dilution is computed by applying the treasury stock method for options and warrants. Under this method, “in-the money” options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. At September 30, 2016, there were 4,062,500 common stock equivalents that were anti-dilutive and not included in the calculation.sale securities.

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 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 ~~2006~~2007 through ~~2014.~~2016. In addition, the Company is subject to state and local income tax examinations for the tax years ~~2006~~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. 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 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 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 ~~nine~~six months ended ~~September~~June 30, ~~2016:~~2017:

Number
of Shares

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual Life

Aggregate
Intrinsic
Value

Warrants Outstanding – December 31, 2015

-

-.

-

-

Granted

4,062,500

$ 0.20

5.0 years

-

Exercised

-

-

-

-

Forfeited/expired/cancelled

-

-

-

Warrants Outstanding – September 30, 2016

4,062,500

$ 0.20

4.25 years

$ -

Outstanding Exercisable – December 31, 2015

-

$ -

-

$ -

Outstanding Exercisable – September 30, 2016

4,062,500

$ 0.20

4.25 years

$ -

Management determines the appropriate classification of investment securities at the time of purchase. Securities are classified 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 cost basis, the financial condition and near-term prospects of the issuer, and the 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 of ~~September~~June 30, ~~2016~~2017, and December 31, ~~2015,~~2016, the Company had no trading and held-to-maturity securities.

~~On September 9, 2014, the Company subscribed for 1,250,000 units~~The Company’s long term investment consisted of 1,437,500 common shares of Tanager Energy Inc. ~~(“Tanager”)~~, ~~a Canadian mining company listed~~as of December 31, 2016, which is traded on the ~~Canadian TSXVenture~~TSX Venture Exchange ~~as a Tier 2 company and trading under~~(Toronto Stock Exchange). During the stock symbol “TAN,” at a price of C$0.08 per unit. Each unit consists of one share of Tanager’s common stock and one warrant to purchase 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 for the units subscribed for was C$101,247.47. The Company paid $92,000, which was equivalent to C$101,247.47 on September 11, 2014.

~~On October 6, 2014,~~three months ended March 31, 2017, the Company ~~subscribed for an additional 2,187,500 units~~sold these shares. The change in the fair value of Tanager at a price of C$0.08 per unit. Each unit consists of one share of Tanager’s common stock to purchase 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 for the units subscribed for was C$175,000. The Company paid $155,444, which was equivalent to C$175,000 on October 17, 2014.

~~The Company’s~~this investment, ~~in Tanager is considered~~recognized as ~~“available-for-sale” securities, and~~ an unrealized gain ~~of $148,663 was recorded~~ in other comprehensive income on the statement of operations and comprehensive loss was $1,446 and 152,057 for the ~~nine~~six months ended ~~September~~June 30, ~~2016.~~2017 and 2016, respectively.

In accordance with ASC 360, ~~"Accounting~~“Accounting for the Impairment or Disposal of Long-Lived ~~Assets"~~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~~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 is no impairment of long-lived assets during the ~~nine~~six months ended ~~September~~June 30, ~~2016~~2017 and ~~2015.~~2016.

An ~~entity's~~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~~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. The Company has oil and gas operations in Alberta, Canada in which the Canadian Dollar (“CAD” or ~~“C$”~~“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~~Company’s oil and gas operations in Canada are prepared using the CAD, and are translated ininto the Company’s reporting currency, the U.S. Dollar. Revenue and expenses applicable to the oil and gas operations in Alberta, Canada are translated using average rates prevailing during each reporting period. Gains or losses resulting from the settlement of foreign currency transactions are recorded as a separate component of accumulated other comprehensive ~~income~~loss in ~~stockholders; equity~~stockholders’ deficit when realized. There have been no settlement transactions that resulted in the recognition of a foreign currency exchange gain or loss during the ~~three or nine~~six months ended ~~September~~June 30, ~~2016~~2017 and ~~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 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.

We review 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.~~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,~~Asset retirement obligations (“ARO”) primarily represent the estimated present value of the amount the Company ~~adopted Statement~~will incur to plug, abandon and remediate its producing properties at the projected end of ~~Financial Accounting Standards (“SFAS”) No. 143,~~ ~~Accounting for Asset Retirement Obligations,~~ ~~which addresses~~their productive lives, in accordance with applicable federal, state and local laws. The Company determined its ARO by calculating the ~~financial accounting and reporting obligations and retirement costs~~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.

Pursuant to the terms of the operating agreement associated with the oil and gas property acquisitions in the United States made during the quarter ended March 31, 2016, the Company has not incurred any additional asset retirement obligations as a result of this acquisition.

The following table describes the changes in the Company’s asset retirement obligations for the ~~nine~~six months ended ~~September~~June 30, 2017 and the year ended December 31, 2016:

Asset retirement obligation at December 31, 2015

$ 416,246

Accretion expense

15,514

Asset retirement obligation at September 30, 2016

$ 431,760

~~Certain reclassifications have been made to conform the prior period data to the current presentations.~~

~~The~~During the six months ended June 30, 2017, there were several new accounting pronouncements issued by the Financial Accounting Standards ~~Board and other entities issued new~~Board. Each of these pronouncements, as applicable, has been or ~~modifications to, or interpretations of, existing accounting guidance during 2016.~~will be adopted by the Company. Management ~~has carefully considered the new pronouncements that altered generally accepted accounting principles and~~ does not believe ~~that~~the adoption of any ~~other new~~of these accounting pronouncements has had or ~~modified principles~~ will have a material impact on the Company’s ~~reported~~consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. It is effective for annual and interim reporting periods beginning after December 15, 2017. This standard permits early adoption and permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard will not have a material impact on our financial position and results of operations, as we do not expect to change the manner or ~~operations~~timing of recognizing revenue on a majority of our revenue transactions.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. Costs for a financing lease will be disaggregated and recognized as both an operating expense (for the amortization of the right-of-use asset) and interest expense (for interest on the lease liability). This standard will be effective for our interim and annual periods beginning January 1, 2019, and must be applied on a modified retrospective basis to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the ~~near term.~~financial statements. Early adoption is permitted. We are currently evaluating the timing of adoption and the potential impact of this standard on our financial position, but we do not expect it to have a material impact on our results of operations.

The Company has evaluated all ~~transactions~~subsequent events from June 30, 2017, through the date ~~the consolidated financial statements were issued for subsequent event disclosure consideration.~~of filing this report, and determined there are no additional items to disclose other than those disclosed in Note 8 below.

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 ~~September~~June 30, ~~2016,~~2017, 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 – related ~~party”~~party to $76,939 on the consolidated balance sheet.

~~During the nine months ended September 30, 2016,~~On May 16, 2017, Tom Simeo, formerly the Company’s Executive Chairman and a Director, resigned from all positions with the Company. During the six months ended June 30, 2017, Tom Simeo did not accrue payroll and made no advances to the Company. The Company paid a total of ~~$1,056~~$20,643 against prior advances. Concurrent with his resignation, Mr. Simeo waived any remaining balance of prior advances ~~by Mr. Simeo.~~previously payable to him. Any accruals and advances do not bear interest, are unsecured and have no specific terms of repayment. As of ~~September~~June 30, ~~2016, the net amount due for prior accruals and expenses paid on behalf of the Company is $36,103. The Company has not imputed interest as the amount is deemed immaterial.~~2017, there are no remaining balances payable to Mr. Simeo.

During the ~~nine~~six months ended ~~September~~June 30, ~~2016,~~2017, the Company’s CEO and Director, James Doris incurred expenses on behalf of, and made advances to the Company in the amount of ~~$197,281~~$100,221 in order to provide the Company with funds to carry on its operations, and the Company made repayments of ~~$55,000 against prior advances.~~$279,381. These advances ~~by Mr. Doris~~ do not bear interest, are unsecured and have no specific terms of repayment. As of ~~September~~June 30, ~~2016,~~2017, the amount due for advances and expenses paid on behalf of the Company is ~~$253,276.~~$215,286. The Company has not imputed interest as the amount is deemed immaterial. Additionally, during the six months ended June 30, 2017, Mr. Doris made several loans to the Company totaling ~~$466,836,~~$196,855, all accruing interest at 12%, and payable on demand. As of ~~September~~June 30, ~~2016,~~2017, the total amount due to Mr. Doris for advances and expenses paid on behalf of the Company and loans is ~~$720,112.~~$1,077,677. Accrued interest of ~~$53,931~~$123,036 is included in accrued expenses and other current liabilities at ~~September~~June 30, ~~2016.~~2017.

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.

The following table summarizes the Company’s oil and gas activities by classification and geographical cost center for the ~~nine~~six months ended ~~September~~June 30, ~~2016:~~2017:

	December 31,								September 30,			December 31,								June 30,
	2015			Additions			Disposals		2016			2016			Additions			Impairments		2017
Proved developed producing oil and gas properties
Canada cost center	$	50,313		$	-		$	-	$	50,313		$	34,733		$	-		$	-	$	34,733
United States cost center		-			1,308,938			-		1,308,938			1,787,840			-			-		1,787,840
Accumulated depletion and impairment		(874	)		(49,918	)		-		(50,792	)
Accumulated depreciation, asset retirement costs		(1,218	)		(1,827	)		-		(3,045	)
Accumulated depreciation, depletion and amortization													(57,200	)		(47,699	)		-		(104,899	)
Proved developed producing oil and gas properties, net	$	48,221		$	1,257,193		$	-	$	1,305,414		$	1,765,373		$	(47,699	)	$	-	$	1,717,674

Undeveloped and non-producing oil and gas properties
Canada cost center	$	788,227		$	-		$	-	$	788,227		$	371,481		$	-		$	-	$	371,481
United States cost center		-			861,312			-		861,312			917,184			-			-		917,184
Accumulated depletion and impairment		(13,696	)		(30,481	)		-		(44,177	)
Accumulated depreciation, asset retirement costs		(19,092	)		(28,638	)		-		(47,730	)
Accumulated depreciation, depletion and amortization													(51,176	)		(39,192	)		-		(90,368	)
Undeveloped and non-producing oil and gas properties, net	$	755,439		$	802,193		$	-	$	1,557,632		$	1,237,489		$	(39,192	)	$	-	$	1,198,297

Total Oil and Gas Properties, Net	$	803,660		$	2,059,386		$	-	$	2,863,046		$	3,002,862		$	(86,891	)	$	-	$	2,915,971

~~On November 3, 2014,~~The following table summarizes 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 the Joffre Property, with C$340,000 payable at closing.~~year ended December 31, 2016:

On November 4, 2014, the Company closed the transaction by paying Tanager $302,367, with the balance of $52,801 (C$60,000) paid in January of 2015. Tanager owns the remaining 50% working interest in the property 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”). 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 investment by the Company of $77,158 (C$95,270), with a loan receivable from Tanager of $76,719 (C$94,730).

On February 23, 2016, with an effective date of February 1, 2016, the Company closed on the acquisition of working interests in four leases with access 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. The~~feet.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 names of the four leases and Viking’s percentage ownership of the working interest of each lease is as follows:~~

~~Lease Name~~	~~Viking's Working Interest Percentage~~
			17
~~HAHN~~		~~32.299~~	%
~~JOHNSTON~~		~~84.041~~	%
~~WILSON, EAST~~		~~15.000~~	%
~~WILSON, WEST~~		~~55.003~~	%Table of Contents

~~The effective date of the acquisitions is February 1, 2016, so the Company was entitled to net revenues from its share of production as of such date.~~ As consideration for this transaction, the Company paid $1,350,000 plus 4,650,000 shares of common stock valued at ~~$0.10~~$.085 per share, or ~~$465,000.~~$395,250.

The Company also purchased a 100% working interest ~~(a net revenue interest~~(Net Revenue Interest of 83%) in certain ~~non-producing leases~~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 ~~$0.10~~$.085 per share or ~~$500,000.~~

~~The total purchase of these oil and gas interests is calculated as follows, and is included as an investment in Petroleum and Gas properties on the balance sheet at September 30, 2016:~~

Cash consideration

$ 1,350,000

Stock for producing interests

395,250

Stock for non-producing interests

425,000

Total purchase price

$ 2,170,250

~~Proforma condensed selected financial data for the three and nine months ended September 30, 2016 and 2015, as though this acquisition had taken place at January 1, 2015, are as follows:~~

Three Months Ended September 30,

Nine Months Ended September 30,

2016

2015

2016

2015

Revenues

$ 105,426

$ 68,985

$ 246,449

$ 243,708

Net Loss

$ (688,024 )

$ (619,621 )

$ (2,114,117 )

$ (966,696 )

Loss per share

$ (0.016 )

$ (0.003 )

$ (0.034 )

$ (0.039 )

For the three and nine months ended September 30, 2016, the Company has included $49,232 and $135,334 of revenue providing $11,947 and $46,138 of net earnings in its consolidated income statement from the date of acquisition.$425,000.

To facilitate these acquisitions, the Company borrowed ~~$1,450,000~~$1,625,000 from private lenders pursuant to a 15% Senior Secured Convertible Promissory Note (the ~~"Note"~~“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"~~“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 ~~initial~~ exercise price of $0.20 per share pursuant to a Common Stock Purchase Warrant. ~~Viking's~~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.

The Company is authorized to issue 5,000,000 shares of Preferred Stock, par value $0.001 per share (the “Preferred Stock”), of which 50,000 have been designated as Series C Preferred Stock (the “Series C Preferred Stock”).

On October 3, 2012, the Company issued 28,092 shares of 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.

Each share of Series C Preferred Stock ~~shall entitle~~entitles the holder ~~thereof~~ to two thousand (2,000) votes on all matters submitted to a vote of the stockholders of the ~~Corporation.~~Company. In the event the ~~Corporation~~Company 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”).~~

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 voter of 2,000 votes per share, or 70,230,000 each, 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.stock.

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

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 January 12, 2016, the Company issued 300,926 common shares ~~upon the conversion of~~for convertible debt in the amount of $10,111.

On March 16, 2016, the Company issued 1,000,000 common shares for services, valued at $102,500.

~~As of~~On February 1, 2016, the Company ~~issued~~authorized the issuance of 9,650,000 common shares as part of the consideration for the acquisition of the ~~oil~~Oil and ~~gas investment~~Gas properties made at that time.

On March 21, 2016, the Company executed two one-year consulting agreements requiring the issuance of 2,000,000 common shares for each contract. Both of these contracts were terminated, the shares were returned to the Company, and were cancelled in August 2016.

On March 21, 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. The Company has determined to account for all 1,000,000 common shares valued at $0.16 per share upon execution of the agreement as prepaid equity-based compensation to be amortized over the term of the contract. As of September 30, 2016, 284,090 shares remain unissued, and are accounted for as issuable.

As of April 29, 2016, the Company, pursuant to a securities purchase agreement, sold 1,250,000 shares of its common stock at $0.15 per share.

On August 18, 2016, the Company authorized the issuance of 156,250 common shares pursuant to an extension agreement on certain convertible notes that had become due.

On September 28, 2016, the Company issued 2,400,000 common shares, at the current market value of $288,000 as ~~a portion~~part of the ~~purchase price~~consideration for the acquisition of ~~additional oil~~the Oil and ~~gas properties~~Gas Properties acquired on October 4, ~~2016. This amount is included as a deposit in other assets as of September 30,~~ 2016.

During September 2016, the Company negotiated the payment of certain convertible notes, and committed to the issuance of 375,000 common shares at the current market value of $52,500 as additional interest. ~~These shares have not been issued as of the date of this report, and are accounted for as issuable at September 30, 2016.~~

As of September 30, 2016, the Company, pursuant to a securities purchase agreement, sold $1,337,500 shares of its common stock at $0.15 per share.

~~(c) Prepaid Equity-Based Compensation~~On October 4, 2016, the Company authorized the issuance of 2,752,021 common shares as part of the consideration for the acquisition of the Oil and Gas properties made at that time.

On October 4, 2016, the Company issued 60,000 common shares as part of the consideration for the acquisition of the Oil and Gas properties made at that time.

On October 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 187,500 common shares, pursuant to a securities purchase agreement, at $0.15 per share.

During November 2016, the Company authorized the issuance of 508,335 common shares as additional discount on debt previously issued, and an amendment extending the due date of the debt.

On December 30, 2016, the Company sold 66,667 common shares pursuant to a securities purchase agreement, at $0.15 per share.

As of December 31, 2016, the Company, pursuant to a securities purchase agreement, sold $1,337,500 shares of its common stock at $0.15 per share.

As of December 31, 2016, the Company authorized the issuance of 315,000 common shares for services.

On January 9, 2017, the Company issued 3,000,000 common shares upon the execution of a six-month services contract.

On January 25, 2017, the Company sold 333,333 common shares, pursuant to a securities purchase agreement, at $0.15 per share.

On February 16, 2017, the Company sold 666,666 common shares pursuant to a securities purchase agreement at $0.15 per share.

On March 23, 2017, the Company sold 2,059,443 common shares pursuant to a securities purchase agreement at $0.15 per share.

On April 1, 2017, the Company issued 77,777 common shares as compensation for an extended maturity date on debt.

On April 18, 2017, the Company issued 250,000 common shares pursuant to a one-year consulting agreement.

On June 15, 2017, the Company issued 395,000 common shares upon the execution of a six-month consulting agreement.

Long term debt consisted of the following at June 30, 2017 and December 31, 2016:

From time to time the Company ~~has issued shares~~may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s consolidated financial position or results of restricted common stock to various unrelated parties as prepayment for certain services to be rendered over a term of one year from the date of the agreement. The Company has recorded the fair value of the shares at the date of the agreement as prepaid equity-based compensation, and then amortizes this amount to stock based compensation ratably over the life of the agreements. As of September 30, 2016, the prepaid equity-based compensation balance is $97,095.operations.

~~Convertible notes payable at September 30, 2016, and December 31, 2015, as detailed below, are summarized as follows:~~

September 30,

December 31,

2016

2015

(e) - JMJ Financial

$ -

$ 6,778

(f) - LG Capital

-

63,000

(g) - GW Holdings

-

30,000

(h) - EMA Financial

-

50,000

(i) - JDF Capital

-

27,500

(j) - (p) Senior Secured 15% Convertible Promissory Notes (7)

1,225,000

-

1,225,000

177,278

Net of unamortized debt discount

-

(153,730 )

$ 1,225,000

$ 23,548

Less current portion

(1,225,000 )

(16,770 )

$ -

$ 6,778

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.

On March 25, 2015, the Company issued a $35,000 12% convertible note with 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 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. This note was paid in full on October 22, 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 September 30, 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. As of September 30, 2016 the full amount of the note has been converted to common shares.

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. The note was paid in full on April 29, 2016.

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. The note was paid in full on May 9, 2016.

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. The note was paid in full on May 12, 2016.

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 note was paid in full on May 2, 2016.

On February 19, 2016, the Company issued a $75,000 15% convertible note with a term expiring August 18, 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, 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. The maturity date of this note has been extended.

On February 19, 2016, the Company issued a $50,000 15% convertible note with a term expiring August 18, 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, 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. The maturity date of this note has been extended.

On February 19, 2016, the Company issued a $1,100,000 15% convertible note with a term expiring August 18, 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, 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. The note was paid in full on October 4, 2016.

On February 19, 2016, the Company issued a $200,000 15% convertible note with a term expiring August 18, 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, 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. The note was paid in full on September 30, 2016.

On February 19, 2016, the Company issued a $100,000 15% convertible note with a term expiring August 18, 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, 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. The note was paid in full on August 18, 2016.

As of 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”), 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 of these notes as of September 30, 2016, is $298,529, net of an unamortized discount of $76,471.

As of September 2016, the Company issued a total of $535,000 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%). Interest is payable on the outstanding principal of these notes at 10% per annum on the Maturity Date. The balance of these notes as of September 30, 2016 is $334,375, net of an unamortized discount of $200,625.

On September 30, 2016, the Company entered into a Revolver Loan agreement with Crossfirst Bank, a Kansas banking corporation for a revolving line of credit facility in the amount of $3,000,000, with an initial funding commitment of $1,800,000, interest at Prime plus 1.5%, and a final maturity date of September 30, 2018. As of September 30, 2016, the Company had not borrowed any money under this agreement.

The Company has evaluated subsequent events from ~~September~~June 30, ~~2016,~~2017, through the date of filing this ~~report,~~Form 10-Q, and determined there are no ~~other~~additional items to disclose other than ~~those disclosed below:~~the below.

Between July 3, 2017, and August 8, 2017, the Company ~~closed~~borrowed $1,475,000 from private lenders pursuant to a 10% Secured Convertible Promissory Note (the “Note”), arranged through a licensed broker/dealer, with the primary terms of the loan being as follows (the “PIC Private Placement”): (i) Term – 12 months; (ii) Rate – 10% per annum; (iii) Security – security interest against and pledge of all of the membership interests/units of Viking’s subsidiary, Mid-Con Petroleum, LLC, pursuant to a Security and Pledge Agreement (the “Security Agreement”); (iv) Conversion – the lenders have a right to convert up to 50% of the Note into common stock of Viking at a price of $0.25 per share, subject to certain ownership restrictions; (v) Warrants – the lenders were given an option to purchase, within the next 5 years, 1,475,000 shares of common stock of Viking at an exercise price of $0.30 per share pursuant to a Common Stock Purchase Warrant (the “Warrant”); and (vi) Stock – the lenders are to be issued a total of 590,000 shares of common stock of Viking. The PIC Private Placement permitted the Company to raise up to $7,500,000 on the aforementioned terms. Following August 8, 2017, the PIC Private Placement was terminated, and the Company commenced a new private placement, through another licensed broker/dealer (the “FAS Private Placement”) on the following terms: (i) Investment Type – debt evidenced by a secured promissory note; (ii) Term – 12 months with the Company having a right to extend the term for a further 12 months at an increased interest rate (i.e. 12.5%) and in exchange for issuing additional common stock to an investor (i.e. 200,000 shares for every $100,000 invested); (iii) Initial Interest Rate – 10% per annum; (iv) Security – security interest against and pledge of all of the membership interests/units of a new, wholly-owned subsidiary to be incorporated by the Company; and (v) Stock – each investor is entitled to receive 150,000 shares of common stock of the Company for every $100,000 invested. The Company is permitted to raise up to $6,500,000 (up to $8,000,000 with an over-allotment option) under the FAS Private Placement, the proceeds of which will be used to repay existing loans, purchase ~~of working interests~~an interest in ~~various~~new oil and gas leases, ~~in Eastern Kansas. Simultaneously, to facilitate the purchase,~~drill new oil wells on existing or acquired oil and gas leases, and for general working capital purposes. There is no guarantee the Company ~~closed on its initial funding from Crossfirst Bank~~will raise $6,500,000 or any other amount under the ~~September 30, 2016 Revolver Agreement in~~FAS Private Placement. On August 15, 2017, the ~~amount~~Company borrowed $150,000 from a private lender pursuant to the FAS Private Placement, and that private placement remains open as of ~~$1,800,000.~~the date hereof.

~~As of September 30, 2016, the Company has two separate oil and gas production projects as follows:~~

~~(1)~~

The Company has a 50% undivided interest in an oil property located approximately ten 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.

	~~(2)~~	The Company has various working interests in four leases with access 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.

		The Company also purchased a 100% working interest (a 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 results of operations for petroleum and natural gas production for the three and nine months ended September 30, 2016, consist of both the 50% undivided interest in the Joffre oil and gas property located in Alberta, Canada as well as the various working interests in the four leases in eastern Kansas, as follows:

Three Months Ended September 30, 2016

Results of Operations by Geographic Area

Canada

United States

Total

Revenue

Oil

$ 47,656

$ 49,232

$ 96,888

Gas

4,844

-

4,844

Liquids

3,296

-

3,296

Sulphur

398

-

398

Total revenues

56,194

49,232

105,426

Production costs

29,172

37,285

66,457

$ 27,022

$ 11,947

$ 38,969

Oil and Gas Production and Sales by Geographic Area

Canada

United States

Totals

Production

Oil - (barrels)

1,319

1,307

2,626

Natural Gas - (mcf)

2,813

-

2,813

Natural Gas Liquids - (barrels)

415

-

415

Sulphur - (tonnes)

16

-

16

Sales

Oil - (barrels)

1,319

1,307

2,626

Natural Gas - (mcf)

2,813

-

2,813

Natural Gas Liquids - (barrels)

415

-

415

Sulphur - (tonnes)

16

-

16

Average Sales Prices

Oil - (barrels)

$ 36.13

$ 37.67

$ 36.90

Natural Gas - (mcf)

$ 1.72

$ -

$ 1.72

Natural Gas Liquids - (barrels)

$ 7.94

$ -

$ 7.94

Sulphur - (tonnes)

$ 24.88

$ -

$ 24.88

Mcf = thousands of cubic feet

Tonnes = Metric tons

Nine Months Ended September 30, 2016

Results of Operations by Geographic Area

Canada

United States

Total

Revenue

Oil

$ 79,653

$ 135,334

$ 214,987

Gas

9,328

-

9,328

Liquids

7,207

-

7,207

Sulphur

491

-

491

Total revenues

96,679

135,334

232,013

Production costs

76,577

89,196

165,773

$ 20,102

$ 46,138

$ 66,240

Oil and Gas Production and Sales by Geographic Area

Canada

United States

Totals

Production

Oil - (barrels)

2,276

3,857

6,133

Natural Gas - (mcf)

8,666

-

8,666

Natural Gas Liquids - (barrels)

887

-

887

Sulphur - (tonnes)

25

-

25

Sales

Oil - (barrels)

2,229

3,857

6,086

Natural Gas - (mcf)

6,597

-

6,597

Natural Gas Liquids - (barrels)

941

-

941

Sulphur - (tonnes)

25

-

25

Average Sales Prices

Oil - (barrels)

$ 35.73

$ 35.09

$ 35.32

Natural Gas - (mcf)

$ 1.41

$ -

$ 1.41

Natural Gas Liquids - (barrels)

$ 7.66

$ -

$ 7.66

Sulphur - (tonnes)

$ 19.64

$ -

$ 19.64

Mcf = thousands of cubic feet

Tonnes = Metric tons

The amounts shown as net capitalized costs for petroleum and natural gas rights of $2,863,046 and $803,660 consist of the initial investment to acquire the undivided interest in the Joffre Project, as well as additional licensing costs at that location, as well as the investment made during the first quarter of this year, to acquire the oil and gas properties in Kansas. The Company does not incur any production or exploratory costs as the entire project is operated through a subcontract relationship.

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. The detailed reserve information and production forecasts for the Joffre project in Alberta, Canada were presented in the Company’s annual report on Form 10-K for the year ended December 31, 2015, and is incorporated herein.

The following information is an estimate of the proved oil reserve, and the associated economic values of those certain properties in Franklin, Linn and Miami counties, Kansas, acquired by the Company in February 2016

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

The Proved, Developed Producing (PDP) reserves were determined by extrapolation of the lease production decline curves. Waterflood reserves are classified as PDP on these leases by virtue of the successful past operations in these, and regional analogous, reservoirs. Developed reserves are those expected to be recovered from existing wells (including reserves behind pipe). Improved recovery reserves are considered developed only after the necessary equipment has been installed, or when the costs to do so are relatively minor. The gross PDP reserves (November 1, 2015) of the subject leases are:

Gross PDP Reserves

Working Interest PDP Reserves

Viking PDP Reserves

Lease Name

Cumulative Production to Date

Remaining Reserve

Ultimate Production

Net Revenue Interest % (Working Interest)

NRI Remaining Reserve

Viking % of Working Interest

Viking Reserve Balances

HAHN

5,092

64,908

70,000

86.500 %

56,145

32.299 %

18,134

JOHNSTON

40,738

81,762

122,500

83.000 %

67,862

84.041 %

57,032

WILSON, EAST

16,346

153,654

170,000

83.000 %

127,533

15.000 %

19,130

WILSON, WEST

7,962

134,438

142,400

83.000 %

111,584

55.003 %

61,375

70,138

434,762

504,900

363,124

155,671

~~The following table summarizes PDP projected revenues, expenses and discounted cash flows for the HAHN lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Hahn Lease

Proved, Developed, Producing Reserves - (PDP)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

14

0.184

39.68

7.318

0.073

2.035

-

5.210

5.168

2016

14

1.450

44.55

64.579

0.646

12.209

-

51.724

53.708

2017

14

1.475

48.43

71.439

0.714

12.209

-

58.515

103.629

2018

14

1.367

51.03

69.753

0.698

12.209

-

56.846

147.717

2019

14

1.261

52.87

66.684

0.667

12.209

-

53.808

185.655

2020

14

1.164

54.08

62.952

0.630

12.209

-

50.114

217.776

2021

14

1.074

56.25

60.409

0.604

12.209

-

47.596

245.510

2022

14

0.991

58.00

57.474

0.575

12.209

-

44.691

269.183

2023

14

0.915

58.00

53.053

0.531

12.209

-

40.313

288.597

2024

14

0.844

58.00

48.932

0.489

12.209

-

36.233

304.459

2025

14

0.779

58.00

45.166

0.452

12.209

-

32.506

317.396

2026

14

0.719

58.00

41.682

0.417

12.209

-

29.056

327.909

2027

14

0.663

58.00

38.460

0.385

12.209

-

25.866

336.417

2028

14

0.611

58.00

35.462

0.355

12.209

-

22.899

343.264

2029

14

0.565

58.00

32.746

0.328

12.209

-

20.209

348.758

2030

14

0.521

58.00

30.198

0.302

12.209

-

17.687

353.129

2031

14

0.481

58.00

27.875

0.279

12.209

-

15.388

356.586

2032

14

0.444

58.00

25.740

0.257

12.209

-

13.273

359.297

2033

14

0.409

58.00

23.717

0.237

12.209

-

11.270

361.389

2034

14

0.378

58.00

21.899

0.219

12.209

-

9.471

362.988

Sub-Total

16.293

54.35

885.538

8.856

234.006

-

642.676

362.988

Remaining

1.841

58.00

106.799

1.068

79.672

-

26.059

366.444

Total

18.134

54.72

992.337

9.924

313.678

-

668.735

366.444

~~The following table summarizes PDP projected revenues, expenses and discounted cash flows for the JOHNSTON lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Johnston Lease

Proved, Developed, Producing Reserves - (PDP)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

29

0.490

39.68

19.442

0.194

10.967

-

8.280

8.214

2016

29

5.085

44.55

226.551

2.266

65.804

-

158.481

156.939

2017

29

6.721

48.43

325.486

3.255

65.804

-

256.427

375.704

2018

29

5.390

51.03

275.072

2.751

65.804

-

206.517

535.871

2019

29

4.200

52.87

222.029

2.220

65.804

-

154.005

644.453

2020

29

3.506

54.08

189.615

1.896

65.804

-

121.915

722.596

2021

29

3.043

56.25

171.176

1.712

65.804

-

103.660

782.998

2022

29

2.709

58.00

157.101

1.571

65.804

-

89.726

830.528

2023

29

2.453

58.00

142.283

1.423

65.804

-

75.056

866.673

2024

29

2.250

58.00

130.487

1.305

65.804

-

63.378

894.419

2025

29

2.085

58.00

120.933

1.209

65.804

-

53.920

915.879

2026

29

1.946

58.00

112.891

1.129

65.804

-

45.958

932.506

2027

29

1.830

58.00

106.115

1.061

65.804

-

39.250

945.416

2028

29

1.728

58.00

100.217

1.002

65.804

-

33.411

955.407

2029

29

1.640

58.00

95.148

0.951

65.804

-

28.392

963.125

2030

29

1.562

58.00

90.615

0.906

65.804

-

23.905

969.032

2031

29

1.493

58.00

86.618

0.866

65.804

-

19.947

973.513

2032

29

1.431

58.00

83.011

0.830

65.804

-

16.376

976.858

2033

29

1.376

58.00

79.794

0.798

65.804

-

13.192

979.307

2034

29

1.324

58.00

76.820

0.768

65.804

-

10.248

981.037

Sub-Total

52.263

53.79

2,811.403

28.113

1,261.245

-

1,522.044

981.037

Remaining

4.768

58.00

276.523

2.765

257.225

-

16.533

983.392

Total

57.031

54.14

3,087.926

30.878

1,518.470

-

1,538.577

983.392

~~The following table summarizes PDP projected revenues, expenses and discounted cash flows for the WILSON, EAST lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Wilson, East Lease

Proved, Developed, Producing Reserves - (PDP)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net
Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

43

0.115

39.68

4.553

0.046

2.903

-

1.605

1.592

2016

43

1.075

44.55

47.893

0.479

17.415

-

30.000

29.745

2017

43

1.530

48.43

74.083

0.741

17.415

-

55.928

77.458

2018

43

1.455

51.03

74.241

0.742

17.415

-

56.084

120.955

2019

43

1.347

52.87

71.224

0.712

17.415

-

53.097

158.391

2020

43

1.247

54.08

67.435

0.674

17.415

-

49.346

190.020

2021

43

1.155

56.25

64.943

0.650

17.415

-

46.879

217.336

2022

43

1.069

58.00

61.996

0.620

17.415

-

43.961

240.623

2023

43

0.990

58.00

57.394

0.574

17.415

-

39.405

259.599

2024

43

0.916

58.00

53.131

0.531

17.415

-

35.185

275.003

2025

43

0.848

58.00

49.190

0.492

17.415

-

31.283

287.453

2026

43

0.785

58.00

45.545

0.455

17.415

-

27.674

297.466

2027

43

0.727

58.00

42.160

0.422

17.415

-

24.324

305.466

2028

43

0.673

58.00

39.028

0.390

17.415

-

21.223

311.812

2029

43

0.623

58.00

36.140

0.361

17.415

-

18.363

316.804

2030

43

0.577

58.00

33.452

0.335

14.175

-

18.942

321.485

2031

43

0.534

58.00

30.972

0.310

14.175

-

16.487

325.188

2032

43

0.494

58.00

28.675

0.287

14.175

-

14.213

328.091

2033

43

0.458

58.00

26.544

0.266

14.175

-

12.103

330.338

2034

43

0.424

58.00

24.578

0.246

14.175

-

10.157

332.053

Sub-Total

17.040

54.76

933.177

9.332

317.588

-

606.257

332.053

Remaining

2.089

58.00

121.182

1.212

92.457

-

27.514

335.712

Total

19.130

55.12

1,054.359

10.544

410.044

-

633.771

335.712

~~The following table summarizes PDP projected revenues, expenses and discounted cash flows for the WILSON, WEST lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Wilson, West Lease

Proved, Developed, Producing Reserves - (PDP)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net
Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

53

0.372

39.68

14.754

0.147

13.118

-

1.488

1.477

2016

53

4.056

44.55

180.716

1.807

78.709

-

100.199

95.507

2017

53

6.812

48.43

329.884

3.299

78.709

-

247.876

306.976

2018

53

6.494

51.03

331.399

3.314

78.709

-

249.376

500.384

2019

53

5.787

52.87

305.981

3.060

78.709

-

224.212

658.467

2020

53

5.155

54.08

278.776

2.788

78.709

-

197.279

784.916

2021

53

4.592

56.25

258.311

2.583

78.709

-

177.019

888.064

2022

53

4.091

58.00

237.253

2.372

78.709

-

156.172

970.792

2023

53

3.644

58.00

211.349

2.114

78.709

-

130.526

1033.649

2024

53

3.246

58.00

188.252

1.883

78.709

-

107.660

1080.781

2025

53

2.892

58.00

167.707

1.677

78.709

-

87.321

1115.533

2026

53

2.576

58.00

149.396

1.494

78.709

-

69.193

1140.568

2027

53

2.294

58.00

133.062

1.331

78.709

-

53.022

1158.008

2028

53

2.044

58.00

118.547

1.185

78.709

-

38.652

1169.566

2029

53

1.821

58.00

105.595

1.056

78.709

-

25.829

1176.587

2030

53

1.622

58.00

94.078

0.941

62.373

-

30.764

1184.189

2031

53

1.444

58.00

83.774

0.838

62.373

-

20.563

1188.809

2032

53

1.287

58.00

74.650

0.746

62.373

-

11.530

1191.164

2033

53

1.146

58.00

66.483

0.665

62.373

-

3.445

1191.803

2034

53

-

-

-

-

-

-

-

1191.803

Sub-Total

61.375

54.26

3,329.968

33.299

1,364.542

-

1,932.127

1191.803

Remaining

-

-

-

-

-

-

-

1191.803

Total

61.375

54.26

3,329.968

33.299

1,364.542

-

1,932.127

1191.803

The Proved Undeveloped (PUD) reserves were determined by analogy to existing wells on the evaluated leases, or to similar production in the area. Waterflood reserves are included. Undeveloped reserves are those expected to be recovered: (1) from new wells on undrilled acreage, (2) from deepening existing wells to a different reservoir, or (3) where a relatively large expenditure is required to (a) recomplete an existing well or (b) install production or transportation facilities for primary or improved recovery projects. The gross PUD reserves (November 1, 2015) of the subject leases are:

Gross PUD Reserves

Working Interest PUD Reserves

Viking PUD Reserves

Lease Name

Cumulative Production to Date

Remaining Reserve

Ultimate Production

Net Revenue Interest % (Working Interest)

NRI Remaining Reserve

Viking % of Working Interest

Viking Reserve Balances

HAHN

-

25,000

25,000

86.500 %

21,625

32.299 %

6,985

JOHNSTON

-

30,000

30,000

83.000 %

24,900

84.041 %

20,926

WILSON, EAST

-

30,000

30,000

83.000 %

24,900

15.000 %

3,735

WILSON, WEST

-

47,000

47,000

83.000 %

39,010

55.003 %

21,457

-

132,000

132,000

110,435

53,103

~~The following table summarizes PUD projected revenues, expenses and discounted cash flows for the HAHN lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Hahn Lease

Proved Undeveloped Reserves - (PUD)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net
Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

5

-

39.68

-

-

0.000

22.609

(22.609 )

(22.573 )
2016

5

0.509

44.55

22.663

0.227

4.360

22.609

(4.533 )

(27.278 )
2017

5

0.511

48.43

24.746

0.247

4.360

-

20.139

(10.159 )
2018

5

0.479

51.03

24.427

0.244

4.360

-

19.822

5.214

2019

5

0.445

52.87

23.514

0.235

4.360

-

18.919

18.553

2020

5

0.413

54.08

22.341

0.224

4.360

-

17.757

29.935

2021

5

0.384

56.25

21.584

0.216

4.360

-

17.008

39.845

2022

5

0.357

58.00

20.682

0.207

4.360

-

16.115

48.381

2023

5

0.331

58.00

19.183

0.192

4.360

-

14.631

55.427

2024

5

0.307

58.00

17.834

0.178

4.360

-

13.296

61.248

2025

5

0.286

58.00

16.560

0.166

4.360

-

12.034

66.037

2026

5

0.265

58.00

15.399

0.154

4.360

-

10.884

69.975

2027

5

0.246

58.00

14.294

0.143

4.360

-

9.790

73.196

2028

5

0.229

58.00

13.282

0.133

4.360

-

8.789

75.824

2029

5

0.213

58.00

12.327

0.123

4.360

-

7.843

77.956

2030

5

0.197

58.00

11.446

0.114

4.360

-

6.971

79.678

2031

5

0.183

58.00

10.641

0.106

4.360

-

6.174

81.065

2032

5

0.171

58.00

9.891

0.099

4.360

-

5.432

82.175

2033

5

0.158

58.00

9.179

0.092

4.360

-

4.727

83.052

2034

5

0.147

58.00

8.524

0.085

4.360

-

4.078

83.741

Sub-Total

5.830

54.63

318.516

3.185

82.847

45.218

187.266

83.741

Remaining

0.872

58.00

50.580

0.506

79.672

-

(29.597 )

85.546

Total

6.702

55.07

369.096

3.691

162.519

45.218

157.669

85.546

~~The following table summarizes PUD projected revenues, expenses and discounted cash flows for the JOHNSTON lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Johnston Lease

Proved, Undeveloped Reserves - (PUD)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

5

-

39.68

-

-

-

-

-

-

2016

5

0.459

44.55

20.442

0.204

9.455

117.657

(106.873 )

(103.037 )
2017

5

1.931

48.43

93.531

0.935

11.346

-

81.250

(33.721 )
2018

5

1.954

51.03

99.710

0.997

11.346

-

87.368

34.039

2019

5

1.811

52.87

95.752

0.957

11.346

-

83.449

92.876

2020

5

1.676

54.08

90.626

0.906

11.346

-

78.375

143.112

2021

5

1.550

56.25

87.172

0.872

11.346

-

74.954

186.787

2022

5

1.433

58.00

83.108

0.831

11.346

-

70.931

224.361

2023

5

1.326

58.00

76.918

0.769

11.346

-

64.803

255.568

2024

5

1.226

58.00

71.117

0.711

11.346

-

59.061

281.424

2025

5

1.135

58.00

65.804

0.658

11.346

-

53.801

302.836

2026

5

1.049

58.00

60.832

0.608

11.346

-

48.878

320.521

2027

5

0.971

58.00

56.299

0.563

11.346

-

44.390

335.121

2028

5

0.898

58.00

52.058

0.520

11.346

-

40.193

347.139

2029

5

0.830

58.00

48.159

0.482

11.346

-

36.332

357.015

2030

5

0.769

58.00

44.601

0.446

11.346

-

32.809

365.123

2031

5

0.710

58.00

41.188

0.412

11.346

-

29.431

371.734

2032

5

0.658

58.00

38.166

0.382

11.346

-

26.439

377.134

2033

5

0.541

58.00

31.391

0.314

10.060

-

21.017

381.057

2034

5

-

-

-

-

-

-

-

-

Sub-Total

20.926

55.28

1,156.875

11.567

201.043

117.657

826.608

381.057

Remaining

-

-

-

-

-

-

-

381.057

Total

20.926

55.28

1,156.875

11.567

201.043

117.657

826.608

381.057

~~The following table summarizes PUD projected revenues, expenses and discounted cash flows for the WILSON, EAST lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Wilson, East Lease

Proved, Undeveloped Reserves - (PUD)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

5

-

39.68

-

-

-

25.200

(25.200 )

(25.160 )
2016

5

0.102

44.55

4.551

0.045

1.856

25.200

(22.551 )

(46.903 )
2017

5

0.354

48.43

17.151

0.171

2.025

-

14.955

(34.144 )
2018

5

0.347

51.03

17.697

0.177

2.025

-

15.495

(22.127 )
2019

5

0.321

52.87

16.979

0.170

2.025

-

14.784

(11.703 )
2020

5

0.297

54.08

16.062

0.161

2.025

-

13.876

(2.809 )
2021

5

0.275

56.25

15.458

0.155

2.025

-

13.278

4.928

2022

5

0.254

58.00

14.747

0.147

2.025

-

12.574

11.589

2023

5

0.235

58.00

13.633

0.136

2.025

-

11.472

17.114

2024

5

0.218

58.00

12.615

0.126

2.025

-

10.464

21.695

2025

5

0.201

58.00

11.667

0.117

2.025

-

9.525

25.485

2026

5

0.186

58.00

10.788

0.108

2.025

-

8.655

28.617

2027

5

0.172

58.00

9.988

0.100

2.025

-

7.863

31.203

2028

5

0.159

58.00

9.239

0.092

2.025

-

7.122

33.333

2029

5

0.147

58.00

8.535

0.085

2.025

-

6.424

35.079

2030

5

0.136

58.00

7.908

0.079

2.025

-

5.804

36.513

2031

5

0.126

58.00

7.308

0.073

2.025

-

5.210

37.684

2032

5

0.117

58.00

6.760

0.068

2.025

-

4.667

38.637

2033

5

0.087

58.00

5.063

0.051

1.627

-

3.386

39.271

2034

5

-

58.00

-

-

0.000

-

-

-

Sub-Total

3.735

55.20

206.148

2.062

35.883

50.400

117.804

39.271

Remaining

-

-

-

-

-

-

-

39.271

Total

3.735

55.20

206.148

2.062

35.883

50.400

117.804

39.271

~~The following table summarizes PUD projected revenues, expenses and discounted cash flows for the WILSON, WEST lease as of November 1, 2015:~~

Projected Revenues and Discounted Cash Flows - Wilson, West Lease

Proved, Undeveloped Reserves - (PUD)

Year

Number of Wells

Volume (mbbl)

Price ($/bbl)

Revenue (m$)

Sev + Adv Taxes (m$)

Net Operating Expenses (m$)

Capital Outlay (m$)

Annual Cash Flow (m$)

Cumulative Discounted Cash Flow at 10% (m$)

2015

14

-

39.68

-

-

0.000

-

-

-

2016

14

0.661

44.55

29.429

0.294

17.326

213.412

(201.603 )

(199.054 )
2017

14

2.218

48.43

107.431

1.074

20.791

-

85.566

(126.056 )
2018

14

2.183

51.03

111.402

1.114

20.791

-

89.497

(56.645 )
2019

14

1.957

52.87

103.467

1.035

20.791

-

81.641

0.917

2020

14

1.752

54.08

94.770

0.948

20.791

-

73.031

47.727

2021

14

1.569

56.25

88.239

0.882

20.791

-

66.565

86.514

2022

14

1.404

58.00

81.413

0.814

20.791

-

59.808

118.196

2023

14

1.257

58.00

72.927

0.729

20.791

-

51.407

142.952

2024

14

1.125

58.00

65.239

0.652

20.791

-

43.796

162.125

2025

14

1.007

58.00

58.412

0.584

20.791

-

37.037

176.865

2026

14

0.901

58.00

52.287

0.523

20.791

-

30.973

188.071

2027

14

0.807

58.00

46.800

0.468

20.791

-

25.541

196.472

2028

14

0.723

58.00

41.919

0.419

20.791

-

20.709

202.664

2029

14

0.647

58.00

37.516

0.375

20.791

-

16.350

207.108

2030

14

0.579

58.00

33.561

0.336

14.851

-

18.374

211.649

2031

14

0.518

58.00

30.051

0.300

14.851

-

14.900

214.996

2032

14

0.464

58.00

26.893

0.269

14.851

-

11.773

217.401

2033

14

0.415

58.00

24.086

0.241

14.851

-

8.994

219.071

2034

14

0.372

58.00

21.566

0.216

14.851

-

6.499

220.168

Sub-Total

20.558

54.84

1,127.408

11.273

361.865

213.412

540.857

220.168

Remaining

0.898

58.00

52.064

0.520

44.55

-

6.991

221.196

Total

21.456

54.97

1,179.471

11.794

406.417

213.412

547.848

221.198

You should read the following discussion and analysis in conjunction with the financial statements and notes thereto appearing elsewhere in this ~~annual report~~Quarterly Report on Form 10-Q. 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 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: our ability to raise capital and the terms thereof; ability to gain an adequate player base to generate the expected revenue; competition with established gaming websites; adverse changes in government regulations or polices; and other factors referenced in this Form 10-Q.

The use in this Form 10-Q 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.

Commencing with the first quarter of 2016, the Company has determined that its singular business plan is to engage in the acquisition, exploration, development and production of oil and natural gas properties. Consistent with its refocused efforts, onCanada. On February 23, 2016, the Company closed on the acquisition of working interests in four leases with access to the 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 incorporated an additional wholly owned subsidiary, Mid-Con Petroleum, LLC (“Mid-Con”), in the State of Kansas to hold its current acquisitions 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 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 financial condition and results of operation of the Company for the three and ~~nine~~six months ended ~~September~~June 30, ~~2016~~2017 and ~~2015,~~2016, should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Form 10-K for the year ended December 31, ~~2015.~~2016, filed with the SEC on April 17, 2017.

As of ~~September~~June 30, ~~2016~~2017, and December 31, ~~2015,~~2016, the Company had ~~$88,625~~$9 and ~~$30,585~~18,605 in cash holdings, respectively.

Three months ended ~~September~~June 30, ~~2016,~~2017, compared to the three months ended ~~September~~June 30, ~~2015~~2016

The Company had gross revenues of ~~$105,426~~$160,430 for the three months ended ~~September~~June 30, ~~2016,~~2017, as compared to $85,864 for the three months ended June 30, 2017, representing its share of revenue from its 50% ~~undivided~~working interest in the Joffre Property as well as the new revenues from the investment in the oil properties in Kansas, as compared to $32,425 for the three months ended September 30, 2015, which only represented revenue from the Joffre Property. This revenue from the Joffre Property comes from the first two oil wells in the project which began producing during April of 2015, and the revenue ~~from~~being generated through the ~~Kansas property comes from four leases.~~oil and gas acquisitions in the central United States.

The Company’s operating expenses increased by ~~$229,982~~$703,433 to ~~$451,093~~$1,168,677 for the three-month period ended ~~September~~June 30, ~~2016,~~2017, from ~~$221,111~~$465,244 in the corresponding period in ~~2015.~~2016. The increase ~~was~~is mainly ~~due~~attributable to ~~stock based~~increased lease operating costs commensurate with increased production, an increase in general and administrative expenses, and a significant increase in stock-based compensation ~~of $172,219 as well as depreciation, depletion and amortization costs associated with ownership of oil and gas properties,~~during the three-month period ended June 30, 2017, as compared to the ~~three months~~three-month period ended ~~September~~June 30, ~~2015.~~2016.

The ~~Company’s interest expense increased by $404,306 to $542,107~~Company had other income (expense) of $(314,466) for the three months ended ~~September~~June 30, ~~2016,~~2017, as compared to ~~$137,801~~($1,193,259) for the three months ended ~~September~~June 30, ~~2015.~~2016. This ~~large~~ increase in other income is a result of a reduced interest ~~cost is reflective~~expense of $433,551 for the ~~increase in debt associated with~~three months ended June 30, 2017, as compared to $992,200 for the ~~Company’s growth strategy relative to oil and gas property acquisitions. This expense item is expected to go down as~~three months ended June 30, 2016, offset by a derivative gain of $119,085 for the ~~Company anticipates replacing debt with unfavorable terms. The Company also had a gain on derivatives of $2,765,013~~three months ended June 30, 2017, as compared to a derivative loss of ~~$36,424~~$276,059 for the three months ended ~~September~~June 30, ~~2015.~~2016.

The Company incurred a net ~~comprehensive income~~loss of ~~$1,873,845~~$1,322,713 during the three-month period ended ~~September~~June 30, ~~2016,~~2017, compared with a net ~~comprehensive~~ loss of ~~$367,331~~$1,572,639 for the three-month period ended ~~September~~June 30, ~~2015.~~2016. The ~~increase in Net comprehensive income was mainly due to the items referred to in the analysis of operating expenses and other income.~~

~~Nine months ended September 30, 2016, compared to the nine months ended September 30, 2015~~

The Company had gross revenues of $232,013 for the nine months ended September 30, 2016, representing its share of revenue from its 50% undivided interest in the Joffre Property as well as the new revenues from the investment in the oil properties in Kansas, as compared to $64,448 for the nine months ended September 30, 2015, which only represented revenue from the Joffre project.

The Company’s operating expenses increased by $716,312 to $1,290,116 for the nine month period ended September 30, 2016, from $573,804 in the corresponding period in 2015. The increase was mainly due to stock based compensation of $578,363 for the nine months ended September 30, 2016 as compared to 108,000 for the prior year. Additionally is the increase in both lease operating costs and depletion expense as production from the wells increases.

The Company’s interest expense increased by $1,770,313 to $1,966,015 for the nine months ended September 30, 2016, as compared to $195,702 for the nine months ended September 30, 2015. This large increase in interest cost is reflective of the increase in debt associated with the Company’s growth strategy relative to oil and gas property acquisitions, which also created a large amortization of debt discount. This expense item is expected to go down as the Company anticipates replacing debt with unfavorable terms. The Company also had a gain on the settlement of debt associated with professional services in the amount of $75,000 during the nine months ended September 30, 2016, and a gain on derivatives of $833,418 as compared to a derivative gain of $77,682 for the nine months ended September 30, 2015.

The Company incurred a net comprehensive loss of $1,967,037 during the nine month period ended September 30, 2016, compared with a net comprehensive loss of $1,047,211 for the nine month period ended September 30, 2015. The increasedecrease in net loss was mainly due to the items referred to in the analysis of operating expenses and other ~~income.~~income (expense).

The Company had gross revenues of $367,293 for the six months ended June 30, 2017, as compared to $126,586 for the six months ended June 30, 2017, representing its share of revenue from its 50% working interest in the Joffre Property and the revenue being generated through the oil and gas acquisitions in the central United States.

The Company’s operating expenses increased by $1,189,607 to $2,007,059 for the six-month period ended June 30, 2017, from $817,452 in the corresponding period in 2016. The increase is mainly attributable to increased lease operating costs commensurate with increased production, an increase in general and administrative expenses, and a significant increase in stock-based compensation during the six-month period ended June 30, 2017, as compared to the six-month period ended June 30, 2016.

The Company had other income (expense) of $(242,348) for the six months ended June 30, 2017, as compared to ($3,280,502) for the six months ended June 30, 2016. This increase in other income is a result of a reduced interest expense of $690,261 for the six months ended June 30, 2017, as compared to $1,423,907 for the six months ended June 30, 2016, offset by a derivative gain of $455,098 for the six months ended June 30, 2017, as compared to a derivative loss of $1,931,595 for the six months ended June 30, 2016.

The Company incurred a net loss of $1,882,114 during the six-month period ended June 30, 2017, compared with a net loss of $3,971,368 for the six-month period ended June 30, 2016. The decrease in net loss was mainly due to the items referred to in the analysis of operating expenses and other income (expense).

~~The Company has adopted various~~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 ~~that govern the application of accounting principles generally accepted in the United States of America~~and how they are applied in the preparation of ~~the Company’s~~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 ~~requires it~~are subject to ~~make~~alternative treatments under GAAP. We also describe the most significant estimates and assumptions we make in applying these policies. See “Note 3 - 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 to calculate quarterly, by cost center, a “ceiling,” or limitation on the amount of properties that ~~affect~~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, ~~reported~~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”) 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 estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. We determined our ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligation’s inception, with an offsetting increase to proved properties. Periodic accretion of discount of the estimated liability is recorded as accretion expense in the ~~financial~~accompanying consolidated statements of operations and ~~accompanying notes.~~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 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.

Although these estimates are based on management’s knowledge of current events and actions the Company may undertake in the future, the final results may ultimately differ from actual results. Certain accounting policies involve significant judgments and assumptions, which have a material impact on the Company’s financial condition and results. Management believes its critical accounting policies reflect its most significant estimates and assumptions used in the presentation of the Company’s financial statements. The ~~Company’s critical accounting policies include debt management and accounting for stock-based compensation. The~~ Company does not have off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities.”

As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information under this item.

The Company does not currently maintain controls and procedures that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified by the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of management, including the Company’s Chief Executive Officer, the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of ~~September~~June 30, ~~2016,~~2017, have been evaluated, and, based upon this evaluation, the Company’s Chief Executive Officer has concluded that these controls and procedures are not effective in providing reasonable assurance of compliance.

Management and directors will continue to monitor and evaluate the effectiveness of the ~~Company's~~Company’s internal controls and procedures and the ~~Company's~~Company’s 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. There were no changes in ~~internal control~~Internal Control over ~~financial reporting~~Financial Reporting during the quarter ended ~~September~~June 30, ~~2016.~~2017.

~~The disclosure~~From time to time, the Company may be involved in ~~Items 4.01 and 4.02~~litigation relating to claims arising out of operations in the ~~Company’s Current Report~~normal course of business. As of June 30, 2017, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on ~~Form 8-K/A filed on November 18, 2016, is incorporated by reference herein regarding~~ the ~~resignation~~results of ~~the Company’s former independent registered public accounting firm.~~operations.

As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information under this item.

On ~~August 3, 2015,~~April 1, 2017, the Company issued ~~421,571 restricted~~77,777 common 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~~to a ~~total of $201,101 of amounts owed to directors.~~third-party creditor as compensation for an extended maturity date on debt.

On ~~November~~April 18, ~~2015,~~2017, the Company issued ~~1,000,000 restricted~~250,000 common shares ~~of its common stock in conjunction with~~to a third-party consultant pursuant to 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 January 12, 2016, the Company issued 300,926 common shares for convertible debt in the amount of $10,111.~~

~~On March 16, 2016,~~3, 2017, the Company issued 1,000,000 common shares to third-party consultants for ~~services, valued at $40,000.~~

~~As of February 1, 2016, the Company authorized the issuance of 9,650,000 common shares as part of the consideration for the acquisition of the Oil and Gas investment made at that time.~~services.

On ~~March 21, 2016,~~May 3, 2017, the Company ~~executed two one-year consulting agreements requiring the issuance of 2,000,000~~issued 59,625 common shares to a third-party consultant for ~~each contract. Both of these contracts were terminated, the shares were returned to the Company, and were cancelled in August 2016.~~

On ~~March 21, 2016,~~May 4, 2017, the Company ~~executed~~issued 340,292 common shares to a ~~one-year advisory services agreement requiring~~third-party consultant for services.

On May 4, 2017, the ~~issuance of~~Company issued 21,750 common shares to a third-party consultant for services.

On May 12, 2017, the Company issued 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. The Company has determined to account for all 1,000,000 common shares valued at $0.16 per share upon execution of the agreement as prepaid equity-based compensation to be amortized over the term of the contract. As of September 30, 2016, 284,090 shares remain unissued, and are accounted for as issuable.

~~As of April 29, 2016, the Company, pursuant~~ to a ~~securities purchase agreement, sold 1,250,000 shares of its common stock at $0.15 per share.~~company controlled by a former officer for services.

On ~~September 28, 2016,~~June 15, 2017, the Company issued ~~2,400,000~~395,000 common shares at the current market value of $288,000 as a portion of the purchase price of additional oil and gas properties acquired on October 4, 2016. This amount is included as a deposit in other assets as of September 30, 2016.

During September 2016, the Company negotiated the payment of certain convertible notes, and committed to the issuance of 375,000 common shares at the current market value of $52,500 as additional interest. These shares have not been issued as of the date of this report, and are accounted for as issuable at September 30, 2016.

~~As of September 30, 2016, the Company, pursuant~~ to a ~~securities purchase agreement, sold $1,337,500 shares~~third-party consultant upon the execution of ~~its common stock at $0.15 per share.~~a six-month consulting agreement.

The ~~securities identified in this Item~~share issuances described above were ~~originally or will be~~ issued pursuant to exemptions from registration requirements relying on Section 4(a)(2) of the Securities Act of 1933 ~~and upon~~and/or Rule 506 of Regulation D ~~of the Securities Act of 1933~~promulgated thereunder as there was no general solicitation, and the transactions did not involve a public offering.

~~Table of Contents~~

Between July 3, 2017, and August 8, 2017, the Company borrowed $1,475,000 from private lenders pursuant to a 10% Secured Convertible Promissory Note (the “Note”), arranged through a licensed broker/dealer, with the primary terms of the loan being as follows (the “PIC Private Placement”): (i) Term – 12 months; (ii) Rate – 10% per annum; (iii) Security – security interest against and pledge of all of the membership interests/units of Viking’s subsidiary, Mid-Con Petroleum, LLC, pursuant to a Security and Pledge Agreement (the “Security Agreement”); (iv) Conversion – the lenders have a right to convert up to 50% of the Note into common stock of Viking at a price of $0.25 per share, subject to certain ownership restrictions; (v) Warrants – the lenders were given an option to purchase, within the next 5 years, 1,475,000 shares of common stock of Viking at an exercise price of $0.30 per share pursuant to a Common Stock Purchase Warrant (the “Warrant”); and (vi) Stock – the lenders are to be issued a total of 590,000 shares of common stock of Viking. The PIC Private Placement permitted the Company to raise up to $7,500,000 on the aforementioned terms. Following August 8, 2017, the PIC Private Placement was terminated, and the Company commenced a new private placement, through another licensed broker/dealer (the “FAS Private Placement”) on the following terms: (i) Investment Type – debt evidenced by a secured promissory note; (ii) Term – 12 months with the Company having a right to extend the term for a further 12 months at an increased interest rate (i.e. 12.5%) and in exchange for issuing additional common stock to an investor (i.e. 200,000 shares for every $100,000 invested); (iii) Initial Interest Rate – 10% per annum; (iv) Security – security interest against and pledge of all of the membership interests/units of a new, wholly-owned subsidiary to be incorporated by the Company; and (v) Stock – each investor is entitled to receive 150,000 shares of common stock of the Company for every $100,000 invested. The Company is permitted to raise up to $6,500,000 (up to $8,000,000 with an over-allotment option) under the FAS Private Placement, the proceeds of which will be used to repay existing loans, purchase an interest in new oil and gas leases, drill new oil wells on existing or acquired oil and gas leases, and for general working capital purposes. There is no guarantee the Company will raise $6,500,000 or any other amount under the FAS Private Placement. On August 15, 2017, the Company borrowed $150,000 from a private lender pursuant to the FAS Private Placement, and that private placement remains open as of the date hereof.

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)
10.3		Purchase, Sale and Capital Contribution Agreement (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2017)
10.4		Purchase, Sale and Capital Contribution Agreement (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2017)
10.5		Purchase, Sale and Capital Contribution Agreement (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2017)
10.6		Purchase, Sale and Capital Contribution Agreement (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2017)
10.7		Acknowledgment and Agreement (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2017)
31.1*
31.1*		Certification of Principal Executive Officer and Principal Financial and Accounting 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*
31.2*		Certification of Principal Executive Officer and 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~~and Accounting 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)~~

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

~~_________~~

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.~~


~~Date: November 21, 2016~~	~~By:~~	~~/s/ Tom Simeo~~
		~~Tom Simeo~~
		Principal Financial and Accounting Officer

Part I – Financial Information

Item 1	Financial Statements	43
	Consolidated Balance Sheets as of ~~September~~June 30, ~~2016~~2017 (unaudited) and December 31, ~~2015 (unaudited)~~2016	43
	Consolidated Statements of Operations and Comprehensive Loss for the three and ~~nine~~six months ended ~~September~~June 30, 2017 and 2016 (unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and ~~2015~~2016 (unaudited)	5
	Consolidated Statements of ~~Cash Flows for the nine months ended September 30, 2016 and 2015~~Changes in Stockholders’ Deficit (unaudited)	6
	~~Consolidated Statements of Stockholders’ Deficit (unaudited)~~	7
	Notes to ~~the Unaudited~~ Consolidated Financial Statements (unaudited)	87
Item 2	Management’s Discussion and Analysis or Plan of ~~Financial Condition and Results of Operations~~Operation	3722
Item 3	Quantitative and Qualitative Disclosures about Market Risk	4026
Item 4	Controls and Procedures	4026

Part II – Other Information

Item 1	Legal Proceedings	4127
Item 2	Unregistered Sales Ofof Equity Securities And Use Of Proceeds	4127
Item 3	Defaults Upon Senior Securities	4228
Item 4	Mine Safety Disclosures	4228
Item 5	Other Information	4228
Item 6	Exhibits	4328

	June 30, 2017		December 31, 2016

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

In January 2017, a six-month consulting agreement for services related to marketing and promotion of the Company on various platforms associated with the petroleum industry and the financial markets for a total amount of $660,000.		32,818		-

In February 2017, a one-year consulting agreement for services related to investor relations, market exposure and content development for a total amount of $44,160.		28,674		-

In April 2017, a one-year consulting agreement comprised of four quarterly incremental installments for services related to analysis of potential oil and gas acquisitions, for an initial quarterly amount of $40,250.		7,961		-

In June 2017, a six-month consulting agreement for services related to investor relations and social media for a total amount of $65,136.		59,797		-

	$	129,250	$	35,068

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value

Warrants Outstanding – December 31, 2016		5,720,834		0.19	4.0 years			-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited/expired/cancelled		-				-		-
Warrants Outstanding – June 30, 2017		5,720,834	$	0.19	4.0 years		$	-
Outstanding Exercisable – December 31, 2016		5,720,834	$	0.19	4.0 years		$	-
Outstanding Exercisable – June 30, 2017		5,720,834	$	0.19	4.0 years		$	-

	Six months ended June 30, 2017		Year ended December 31, 2016

Asset retirement obligation – beginning	$	833,017	$	416,246
Oil and gas purchases		-		393,808
Accretion expense		18,641		22,963

Asset retirement obligation - ending	$	851,658	$	833,017

	June 30, 2017			December 31, 2016

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”), 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. During the quarter ended March 31, 2017, the Company issued an additional $917,833 of 10% Secured promissory notes with terms expiring in June, August and September of 2017, 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 various maturity dates. The balance shown is net of unamortized discount of $ $168,120 and $208,064 at June 30, 2017 and December 31, 2016 respectively.		1,379,713			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			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 balance shown is net of unamortized discount of $20,758 and $17,311 at June 30, 2017 and December 31, 2016 respectively.		1,707,689			1,745,833
		3,290,402			2,881,945
Less current portion		(1,794,076	)		(1,302,476	)
	$	1,496,326		$	1,579,469

	Nine Months Ended
	September 30,
	2016			2015
	$			$
Cash flows from operating activities:
Net loss		(2,115,700	)		(1,030,569	)
Adjustments to reconcile net loss to net cash used in operating activities:
Chang in the fair value of derivative liability		(833,418	)		(77,682	)
Derivative expense		-			403,193
Stock based compensation		578,363			108,000
Stock based interest payment		52,500
Depreciation, depletion and amortization		110,863			10,155
Accretion – Asset retirement obligation		15,514			4,985
Amortization of debt discount		1,626,062			119,211
Gain on settlement of debt		(75,000	)		-
Changes in operating assets and liabilities:
Increase(decrease) in accounts payable		(14,282	)		82,904
Increase in accrued expenses and other liabilities		151,862			29,826
Decrease (increase) in other receivables		-			(76,719	)
Decrease (increase) in accounts receivables		(11,948	)		-
Net cash used in operating activities		(515,184	)		(426,696	)

Cash flows from investing activities:
Acquisition of oil and gas properties		(1,350,000	)		(77,158	)
Net cash used in investing activities		(1,350,000	)		(77,158	)

Cash flows from financing activities:
Advances from Directors		197,280			479,400
Repayments to Directors		(56,056	)		(15,000	)
Sale of common stock		388,125			-
Proceeds from notes payable		619,875			-
Repayments of notes payable		(98,000	)		-
Payment of issuance costs		(37,500	)		-
Proceeds from convertible notes		1,480,000			211,000
Repayment of convertible notes		(570,500	)		(164,000	)
Net cash provided by financing activities		1,923,224			511,400

Net increase (decrease) in cash		58,040			7,546
Cash, beginning of period		30,585			1,345

Cash, end of period		88,625			8,891

Supplemental Cash Flow Information:
Cash paid for:
Interest	$	125,431		$	63,741
Income taxes	$	-		$	-
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of convertible note and accrued interest into shares	$	10,111		$	-
Issuance of shares as part of oil and gas property acquisition	$	820,250		$	-
Notes payable for oil and gas property acquisition	$	1,350,000		$	-
Issuance of warrants for 4,062,500 common shares as debt discount	$	415,569		$	-
Derivative liability at inception	$	1,216,303		$	1,374,808
Extinguished derivative liability	$	645,638		$	143,403
Issuance of shares for prepaid equity-based compensation	$	800,000		$	-
Stock issued for debt	$	-		$	227,807

	September 30, 2016		December 31, 2015

In November, 2015, a one-year consulting agreement with an unrelated party for services related to the petroleum industry in the amount of $165,000.	$	21,698		145,561

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. Two of the agreements have been cancelled. The balance remaining pertains to only of the original agreements		75,397		-
	$	97,095	$	145,561


	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Warrants Outstanding – December 31, 2015		-		-.		-		-
Granted		4,062,500	$	0.20	5.0 years			-
Exercised		-		-		-		-
Forfeited/expired/cancelled		-				-		-

Warrants Outstanding – September 30, 2016		4,062,500	$	0.20	4.25 years		$	-

Outstanding Exercisable – December 31, 2015		-	$	-		-	$	-
Outstanding Exercisable – September 30, 2016		4,062,500	$	0.20	4.25 years		$	-

Cash consideration	$	1,350,000
Stock for producing interests		395,250
Stock for non-producing interests		425,000

Total purchase price	$	2,170,250

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015

Revenues	$	105,426		$	68,985		$	246,449		$	243,708

Net Loss	$	(688,024	)	$	(619,621	)	$	(2,114,117	)	$	(966,696	)

Loss per share	$	(0.016	)	$	(0.003	)	$	(0.034	)	$	(0.039	)

	Three Months Ended September 30, 2016
Results of Operations by Geographic Area	Canada		United States		Total

Revenue
Oil	$	47,656	$	49,232	$	96,888
Gas		4,844		-		4,844
Liquids		3,296		-		3,296
Sulphur		398		-		398

Total revenues		56,194		49,232		105,426
Production costs		29,172		37,285		66,457

	$	27,022	$	11,947	$	38,969

	Gross PDP Reserves						Working Interest PDP Reserves					Viking PDP Reserves
Lease Name	Cumulative Production to Date		Remaining Reserve		Ultimate Production		Net Revenue Interest % (Working Interest)			NRI Remaining Reserve		Viking % of Working Interest			Viking Reserve Balances

HAHN		5,092		64,908		70,000		86.500	%		56,145		32.299	%		18,134
JOHNSTON		40,738		81,762		122,500		83.000	%		67,862		84.041	%		57,032
WILSON, EAST		16,346		153,654		170,000		83.000	%		127,533		15.000	%		19,130
WILSON, WEST		7,962		134,438		142,400		83.000	%		111,584		55.003	%		61,375

		70,138		434,762		504,900					363,124					155,671

Projected Revenues and Discounted Cash Flows - Hahn Lease
Proved, Developed, Producing Reserves - (PDP)

Year	Number of Wells		Volume (mbbl)		Price ($/bbl)		Revenue (m$)		Sev + Adv Taxes (m$)		Net Operating Expenses (m$)		Capital Outlay (m$)		Annual Cash Flow (m$)		Cumulative Discounted Cash Flow at 10% (m$)

2015		14		0.184		39.68		7.318		0.073		2.035		-		5.210		5.168
2016		14		1.450		44.55		64.579		0.646		12.209		-		51.724		53.708
2017		14		1.475		48.43		71.439		0.714		12.209		-		58.515		103.629
2018		14		1.367		51.03		69.753		0.698		12.209		-		56.846		147.717
2019		14		1.261		52.87		66.684		0.667		12.209		-		53.808		185.655
2020		14		1.164		54.08		62.952		0.630		12.209		-		50.114		217.776
2021		14		1.074		56.25		60.409		0.604		12.209		-		47.596		245.510
2022		14		0.991		58.00		57.474		0.575		12.209		-		44.691		269.183
2023		14		0.915		58.00		53.053		0.531		12.209		-		40.313		288.597
2024		14		0.844		58.00		48.932		0.489		12.209		-		36.233		304.459
2025		14		0.779		58.00		45.166		0.452		12.209		-		32.506		317.396
2026		14		0.719		58.00		41.682		0.417		12.209		-		29.056		327.909
2027		14		0.663		58.00		38.460		0.385		12.209		-		25.866		336.417
2028		14		0.611		58.00		35.462		0.355		12.209		-		22.899		343.264
2029		14		0.565		58.00		32.746		0.328		12.209		-		20.209		348.758
2030		14		0.521		58.00		30.198		0.302		12.209		-		17.687		353.129
2031		14		0.481		58.00		27.875		0.279		12.209		-		15.388		356.586
2032		14		0.444		58.00		25.740		0.257		12.209		-		13.273		359.297
2033		14		0.409		58.00		23.717		0.237		12.209		-		11.270		361.389
2034		14		0.378		58.00		21.899		0.219		12.209		-		9.471		362.988
Sub-Total				16.293		54.35		885.538		8.856		234.006		-		642.676		362.988
Remaining				1.841		58.00		106.799		1.068		79.672		-		26.059		366.444
Total				18.134		54.72		992.337		9.924		313.678		-		668.735		366.444

	Gross PUD Reserves						Working Interest PUD Reserves					Viking PUD Reserves
Lease Name	Cumulative Production to Date		Remaining Reserve		Ultimate Production		Net Revenue Interest % (Working Interest)			NRI Remaining Reserve		Viking % of Working Interest			Viking Reserve Balances

HAHN		-		25,000		25,000		86.500	%		21,625		32.299	%		6,985
JOHNSTON		-		30,000		30,000		83.000	%		24,900		84.041	%		20,926
WILSON, EAST		-		30,000		30,000		83.000	%		24,900		15.000	%		3,735
WILSON, WEST		-		47,000		47,000		83.000	%		39,010		55.003	%		21,457

		-		132,000		132,000					110,435					53,103

Projected Revenues and Discounted Cash Flows - Hahn Lease
Proved Undeveloped Reserves - (PUD)

Year	Number of Wells		Volume (mbbl)		Price ($/bbl)		Revenue (m$)		Sev + Adv Taxes (m$)		Net Operating Expenses (m$)		Capital Outlay (m$)		Annual Cash Flow (m$)			Cumulative Discounted Cash Flow at 10% (m$)

2015		5		-		39.68		-		-		0.000		22.609		(22.609	)		(22.573	)
2016		5		0.509		44.55		22.663		0.227		4.360		22.609		(4.533	)		(27.278	)
2017		5		0.511		48.43		24.746		0.247		4.360		-		20.139			(10.159	)
2018		5		0.479		51.03		24.427		0.244		4.360		-		19.822			5.214
2019		5		0.445		52.87		23.514		0.235		4.360		-		18.919			18.553
2020		5		0.413		54.08		22.341		0.224		4.360		-		17.757			29.935
2021		5		0.384		56.25		21.584		0.216		4.360		-		17.008			39.845
2022		5		0.357		58.00		20.682		0.207		4.360		-		16.115			48.381
2023		5		0.331		58.00		19.183		0.192		4.360		-		14.631			55.427
2024		5		0.307		58.00		17.834		0.178		4.360		-		13.296			61.248
2025		5		0.286		58.00		16.560		0.166		4.360		-		12.034			66.037
2026		5		0.265		58.00		15.399		0.154		4.360		-		10.884			69.975
2027		5		0.246		58.00		14.294		0.143		4.360		-		9.790			73.196
2028		5		0.229		58.00		13.282		0.133		4.360		-		8.789			75.824
2029		5		0.213		58.00		12.327		0.123		4.360		-		7.843			77.956
2030		5		0.197		58.00		11.446		0.114		4.360		-		6.971			79.678
2031		5		0.183		58.00		10.641		0.106		4.360		-		6.174			81.065
2032		5		0.171		58.00		9.891		0.099		4.360		-		5.432			82.175
2033		5		0.158		58.00		9.179		0.092		4.360		-		4.727			83.052
2034		5		0.147		58.00		8.524		0.085		4.360		-		4.078			83.741
Sub-Total				5.830		54.63		318.516		3.185		82.847		45.218		187.266			83.741
Remaining				0.872		58.00		50.580		0.506		79.672		-		(29.597	)		85.546
Total				6.702		55.07		369.096		3.691		162.519		45.218		157.669			85.546

Projected Revenues and Discounted Cash Flows - Johnston Lease
Proved, Undeveloped Reserves - (PUD)

Year	Number of Wells		Volume (mbbl)		Price ($/bbl)		Revenue (m$)		Sev + Adv Taxes (m$)		Net Operating Expenses (m$)		Capital Outlay (m$)		Annual Cash Flow (m$)			Cumulative Discounted Cash Flow at 10% (m$)

2015		5		-		39.68		-		-		-		-		-			-
2016		5		0.459		44.55		20.442		0.204		9.455		117.657		(106.873	)		(103.037	)
2017		5		1.931		48.43		93.531		0.935		11.346		-		81.250			(33.721	)
2018		5		1.954		51.03		99.710		0.997		11.346		-		87.368			34.039
2019		5		1.811		52.87		95.752		0.957		11.346		-		83.449			92.876
2020		5		1.676		54.08		90.626		0.906		11.346		-		78.375			143.112
2021		5		1.550		56.25		87.172		0.872		11.346		-		74.954			186.787
2022		5		1.433		58.00		83.108		0.831		11.346		-		70.931			224.361
2023		5		1.326		58.00		76.918		0.769		11.346		-		64.803			255.568
2024		5		1.226		58.00		71.117		0.711		11.346		-		59.061			281.424
2025		5		1.135		58.00		65.804		0.658		11.346		-		53.801			302.836
2026		5		1.049		58.00		60.832		0.608		11.346		-		48.878			320.521
2027		5		0.971		58.00		56.299		0.563		11.346		-		44.390			335.121
2028		5		0.898		58.00		52.058		0.520		11.346		-		40.193			347.139
2029		5		0.830		58.00		48.159		0.482		11.346		-		36.332			357.015
2030		5		0.769		58.00		44.601		0.446		11.346		-		32.809			365.123
2031		5		0.710		58.00		41.188		0.412		11.346		-		29.431			371.734
2032		5		0.658		58.00		38.166		0.382		11.346		-		26.439			377.134
2033		5		0.541		58.00		31.391		0.314		10.060		-		21.017			381.057
2034		5		-		-		-		-		-		-		-			-
Sub-Total				20.926		55.28		1,156.875		11.567		201.043		117.657		826.608			381.057
Remaining				-		-		-		-		-		-		-			381.057
Total				20.926		55.28		1,156.875		11.567		201.043		117.657		826.608			381.057

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

Date: ~~November 21, 2016~~August 18, 2017	By:	/s/ James Doris
		James Doris
		Principal Executive Officer