Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Bakken Energy Corp. in Talks to Acquire Utah-Based Oil Asset
Print
|
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.
The company's wholly owned subsidiary Nation Oil and Gas is currently working on acquiring several key assets for the company and is in final negotiations for several joint venture agreements. The company will acquire key Oil and Gas leases and valuable land assets with Oil and Gas deposits. .
Williston Basin News
Bakken Midstream Project shelved; as future growth projects thin
Hess Midstream highlighted continued throughput growth across its Williston Basin (Bakken/Three Forks) systems, signaling higher utilization in gas gathering and processing. For producers, the only forward-looking capacity signal…
Empire Petroleum First Quarter 2023 Results
Empire Petroleum announced first quarter 2023 results. Highlights Increased year-over-year per day sales volumes by 4% to 2,206 barrels of oil equivalent per day ("Boe/d") (61% oil, 19%…
Vitesse Energy, Inc. First Quarter 2023 Results
Vitesse Energy, Inc. announced first quarter 2023 results. Highlights Completed spin-off from Jefferies Financial Group Inc. (the "Spin-Off") and closed the acquisition of Vitesse Oil, LLC on January…
Exxon Mobil First Quarter 2023 Results
Exxon Mobil Corp. announced its first quarter 2023 results. Highlights: Delivered record first quarter earnings of $11.4 billion, demonstrating structural earnings improvements through growth of advantaged assets, mix…
ExxonMobil Fourth Quarter, Full Year 2022 Results
Exxon Mobil Corp. reported its fourth quarter and full year 2022 results. Exxon announced fourth-quarter 2022 earnings of $12.8 billion, or $3.09 per share assuming dilution, resulting in…