BAKKEN RESOURCES, INC. 3rd Quarter (June - September 2011) Quarterly Update
HELENA, Mont., Oct. 14, 2011 /PRNewswire/ -- As part of its initial quarterly communication, management of BAKKEN RESOURCES, INC. (OTCBB:BKKN) (BRI or the "Company") is pleased to share the following synopsis of significant corporate activity that occurred during the recently ended third quarter of 2011.
BRI continues to experience successful activity in North Dakota's Williston Basin (commonly known as the Bakken region). The Company holds an acreage position in approximately 3,000 net acres in McKenzie County, North Dakota. As of September 30, 2011, public records disclosed by the North Dakota Industrial Commission (NDIC) show that the Company currently has ten wells in various states of operation on property which the Company has a mineral interest. Four wells are currently listed in "Producing" status, two of which are in the Bakken zone and the other two in the Madison zone. In addition, four more wells are listed in "Confidential" status. (A well that is listed in "Confidential" status is a well that was drilled and is likely producing, but the well operator (e.g. Continental Resources, Oasis Petroleum or Brigham Exploration) has not as yet released production information.)
For the quarter ended September 30, 2011, the Company has received royalty checks from certain wells, in production, in the aggregate amount of $76,751.
A full listing of BRI's Williston Basin wells can be found on the Company website, www.bakkenresourcesinc.com. Such listing also contains the NDIC number for each listed well, allowing the user to obtain additional well information from the NDIC site (www.dmr.nd.gov/oilgas – note that some information requires a paid subscription).
BRI continues to add mineral acreage to its asset base. A recent press release announced the acquisition of mineral rights on approximately 1,100 acres around the Duck Lake region in Montana, an area generally referred to as the Alberta Bakken.
The Company continues to seek opportunities that are complementary to its core business. Management expects that its efforts to help ensure the creation of an orderly trading market continues into the current quarter. In addition to providing quarterly updates, management intends to always inform BRI's shareholders and the investment community of corporate developments as they occur.
ABOUT BAKKEN RESOURCES, INC.
BAKKEN RESOURCES, INC. is an oil and gas exploration/exploitation and development company with activities currently focused on mineral leases in North Dakota and Montana. This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including among others, statements and projections regarding BRI's future financial position, operations, performance, business strategy, returns, budgets, reserves, levels of production and costs and statements regarding the plans and objectives of BRI's management for future operations, are forward-looking statements. BRI typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "goal," "may," "will" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning BRI's future operating results and returns are forward-looking statements. Forward-looking statements are not guarantees of performance. BRI makes no representation of the accuracy of any information presented or derived from any third party sites or information.
For further information:
Joel F. Brownstein
SOURCE Bakken Resources, Inc.