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Bakken Resources makes payoff of long-term debt


Published Aug 12, 2013
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Bakken Resources, Inc.

Bakken Resources, Inc. 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."

Tags: Bakken Resources




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