Exploration & Production | Deals - Joint Ventures | Capital Markets | Private Equity Activity
Nations O&G Forms Uinta-Focused JV with Indigo Resources
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Bakken Energy Corp., formerly Orofino Gold Corp., has reported that its wholly owned subsidiary Nations Oil and Gas has signed a letter of Intent with Indigo Resources, Ltd to set up Joint Venture to access assets in Oil and Gas related properties in the Uinta Basin.
The purpose of the Joint Venture between both parties is to access Oil and Gas feed stock for Indigo and also to acquire land for "rail terminals'' to deliver product. The plan is to do build outs, get them permitted for leases, contracts, available resource and intellectual property. Currently Indigo through the joint venture intends to purchase up to 150,000 barrels of oil per week through Nations Oil and Gas relationships in the Uinta Basin.
Michael Naumu, President of Nations Oil and Gas stated, "We could not be more pleased with our relationship that has started with indigo to set up our joint venute with them. They have the assets and we have the relationships to do a tremendous amount of business together. We plan to close this joint venture as soon as we can complete our contracts for feed stock."