Viking Energy Group Inc (VKIN)

[Potse]

SBAT returns to "no-brainer shell" status.....

The 10-K filed yesterday contained some excellent news. SBAT has abandoned the Chinese incubator business plan that it had started in December and has now returned to being a shell.

All of the stock/warrant transactions that were associated with the implementation of that new business plan have been undone. Shares outstanding have returned to 995,655. It also appears that Viking Investments will continue the previous arrangement it had with SBAT to assume all financial responsibility for SBAT's expenses until there is a change in majority ownership of the shell.

The only area of potential concern that I have involves Philip Wan's resignation letter. His letter doesn't contain the "no disagreements and no current/future demand for compensation" paragraph that the other Director's resignation letter contains. As long as Wan's departure from the company is amicable and no significant problem exists/develops between the two, SBAT has returned to being one of the most attractive shells out there.