Bakken Resources, Inc. Announces Payoff of Long-Term Debt
HELENA, Mont., Aug. 7, 2013 /PRNewswire/ -- Bakken Resources, Inc. (OTCQX: BKKN) ("BRI"), announces that the company has made its final payment on a long term note payable for the purchase of approximately 800 +/- net mineral acres in McKenzie County, North Dakota. The original purchase price of the acreage was $1.6 million. Following an upfront payment of $351,000, the beginning balance on the note was $1,249,000 at the inception date of November 12, 2010. This note was originally amortized with quarterly payments through February 2019.
"Bakken Resources is pleased to report the company is currently debt free," said Val M. Holms, CEO. "In addition to our ongoing efforts to develop business operations separate from our mineral holdings in North Dakota, the Company strives to be financially responsible for our shareholders. Paying this note in full almost six years early reduces the amount of interest the Company is scheduled to pay and allows us to strengthen our overall balance sheet going forward."
ABOUT BAKKEN RESOURCES, INC.
BAKKEN RESOURCES, INC. is an oil and gas exploration/exploitation and development company with activities currently focused on the acquisition of mineral leases in North Dakota and Montana and the development of potential EOR technologies.
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 please contact:
Jim Kyle, Shareholder Liaison: (727) 265-7007
SOURCE Bakken Resources, Inc.