Bakken Energy Corp formerly Orofino Gold Corp. 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.