Bakken Energy Corp, Subsidiary Nations Oil and Gas Signs Letter of Intent to Acquire Green River Refinery in Utah
LAS VEGAS, May, 15 2014 /PRNewswire/ – Bakken Energy Corp formerly Orofino Gold Corp. (OTC: ORFG) is pleased to announce that its wholly owned subsidiary has signed a letter Intent with Green River Refinery LLC to acquire its Green River Oil Refinery in Southern Utah. The company has 30 days from the signing of this LOI to complete the acquisition of the Refinery.
Nations Oil and Gas has developed a plan to restart the refinery and process local crude oils and other available feed stocks. The refinery was completed to produce a wide range of products including: Light Naphtha consisting of a mix of butanes, pentanes and hexanes, a heavy Naphtha, a Diesel product, Vacuum Gas Oil and Vacuum Resid.
The Green River Oil Refinery was valued at over $16,500,000 in 2006 and the company believes its true value is closer to $70,000,000 once it is up and running. Once the acquisition is completed Nations plans on doing a current evaluation of the Refinery and Revenue projection.
The company is also awaiting approval of the 10% stock dividend to all its common shareholders as of April 15, 2014 from Finra. Once dividend is approved Island Stock Transfer Agent will have all of the information necessary from the DTC to process the dividend to its shareholders. At that time each shareholder will be able to contact the Transfer Agent to receive their dividend. The company will advise as soon as they have further information available from Finra. It expects to have it completed within the next 30 days. The company is also completing a few documents necessary for Finra to finish the name and symbol change of the company and expects it to be completed shortly.
Forward-Looking Statements: These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company’s Securities and Exchange Commission (SEC) filings under “risk factors” and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE Bakken Energy Corp