LAS VEGAS, Jan. 30, 2014 /PRNewswire/ - Orofino Gold Corp. (OTC: ORFG), Bakken Oil and Gas Board of Directors are pleased to announce that they have signed Letter of Intent to acquire Nations Oil and Gas LLC. Nations Oil and Gas LLC, have partnerships in land and several Oil and Gas leases in Uinta and San Juan basins in the State of Utah.
The Company has signed this LOI with Nations Oil and Gas to pick up Oil & Gas leases on Net Revenue cash flow basis in Sanpete County, in Central Utah and San Juan Basin, and the four corners area of the United States. The San Juan structural basin is a large downwarp of sedimentary rocks of mostly Mesozoic age. As a geologic region, the San Juan Basin is noted for its large deposits of coal, uranium, and natural gas. Since the 1980s, the Fruitland Formation in the basin has been one of the major US sources of coal bed methane. In 2007, the San Juan Basin produced 1.32 trillion cubic feet of natural gas, making it the largest source of natural gas in the United States. Uranium mining in New Mexico is also performed from the San Juan Basin.
Several reports have suggested that Uintah, Duchesne and Sanpete Counties in North Eastern Counties have recoverable Oil resource in excess of 14.5 Billion barrels of Shale Oil. The company plans completing the definitive agreement next month and looks to increase the asset value of the company dramatically.
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.