Bakken Resources, Inc. completed a transaction whereby it purchased a 17 percent working interest participation in an oil well located in Archer County, Texas, referred to as the "3A" well. The 3A well is currently operated by Holms Energy Development Corp. (HEDC), an entity controlled by the Registrant's CEO, Val Holms.
HEDC is selling BRI 17 percent, or approximately 1/3, of HEDC's current working interest in the 3A well, for an aggregate purchase price of $68,000. The purchase price is payable in two installments: one-half upon the completion of the transaction and one-half in 90 days thereafter.
HEDC will continue to be the operator. The 3A well has been substantially completed with multiple hydrocarbon shows and is in proximity a recently completed and producing Ellenburger well that is also operated by HEDC.