Viking Energy Group Inc (VKIN)

[Potse]

Incubator/Investor...very interesting/puzzling development.....

NEW YORK and SHANGHAI, Sept. 2, 2011 /PRNewswire-Asia/ -- SinoCubate, Inc. (OTCBB:SBAT.ob - News) ("SinoCubate" or the "Company"), today announced that the Company has ceased to be a shell company and commenced operations as an incubator of and investor in privately held companies, mainly in P.R. China.

Apparently the global investment exchange business model that SBAT disclosed in the 8/26 8-K filing is no longer in effect, since the 9/2 press release makes no mention of it. SBAT's address and phone number has been changed in the 9/2 8-K filing to the same one used by Viking Investments Group. That in combination with the issuance of the press release makes it reasonably "safe" to assume that management has made a definitive decision on the direction they wish to go.

It looks like SBAT will return back to that incubator/investor business model that it had briefly implemented in December 2009 and early 2010. Based on the limited information available at the moment, this particular/current version of the incubator/investor model will probably be more "aggressive" than that 2009/2010 version.

What I find rather intriguing/puzzling about this latest 8-K filing (9/2/2011) is some language in the share exchange agreement between SBAT and Viking Investments Group (EXHIBIT 10.1). Viking Investments Group is described as being a wholly-owned subsidiary of SinoCubate (SBAT)......

Issue to Viking Twelve Million Five Hundred Sixty Nine Thousand Four Hundred Twenty (12,569,420) newly issued restricted shares of its common stock, par value $0.001 in consideration for Four Hundred Sixty Six Thousand Eight Hundred Thirteen (466,813) common stock of China Wood, Inc., (“China Wood”) to be transferred to SINOCUBATE’s wholly owned subsidiary, Viking Investments Group LLC, incorporated under the laws of Nevada.

http://knobias.10kwizard.com/filing.php?param=&ipage=7802686&DSEQ=2&SEQ=&SQDESC=SECTION_EXHIBIT&exp=

Now, that is an extremely interesting statement because it raises the possibility (and I stress the word "possibility") that the financial/investment firm (Viking Investments Group) is now actually owned by SBAT.

I can think of primarily three explanations for that statement/language....

1) It is completely/partially inaccurate, and just some type of clerical/legal error that occurred when the share exchange agreement was being produced.

2) SBAT formed a wholly-owned Nevada subsidiary called "Viking Investments Group, LLC" to act as some type of intermediary/middleman for the transfer of the shares. However, the Nevada database currently has no records of a company with that name being associated with SinoCubate or Tom Simeo. Also, it is interesting to note that if you go back to that 2009 share exchange agreement you will notice that Viking was described as being a Nevada corporation at that time as well.

3) Viking Investments Group is now a wholly-owned subsidiary of SBAT, and the details/information surrounding it have not been disclosed yet.

Presumably, there will be an 8-K filed soon regarding this latest change in business direction. Perhaps there will also be some clarification regarding the exact nature of the relationship between SBAT and Viking at some point soon as well.