Bakken Energy Corp Begins Negotiation to Buy Oil Refinery in Southern Utah Uinta Basin
LAS VEGAS, April 24, 2014 /PRNewswire/ - Bakken Energy Corp formerly Orofino Gold Corp. (OTC: ORFG) is pleased to announce that the company has reached a memorandum of understanding between its board of directors to acquire an Oil Refinery in Southern Utah. The company expects to give details of the acquisition agreement by middle of next week. The company also expects to have the name change and symbol change completed by the end of next week.
The company is currently completing its evaluation of the refinery and is in the process of getting an updated appraisal of the property. The Oil Refinery was valued at over $16,500,000 in 2006 and the company believes it is worth much more as the value of Oil has increased dramatically from the $60.00 per barrel range in 2006 to around $100.00 per barrel in 2014.
The company's wholly owned subsidiary Nation Oil and Gas is currently working on acquiring several key assets for the company and is in final negotiations for several joint venture agreements. The company will acquire key Oil and Gas leases and valuable land assets with Oil and Gas deposits. .
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 Orofino Gold Corp.