Bakken Energy subsidiary signs LOI to acquire Green River refinery

Bakken Energy Corp.

Bakken Energy Corp., formerly Orofino Gold Corp. (OTC: ORFG), reports that its wholly owned subsidiary, Nations Oil and Gas, has signed a letter Intent with Green River Refinery LLC  to acquire its Green River oil refinery in southern Utah. The company has 30 days from the signing of this LOI to complete the acquisition of the refinery.

Nations Oil and Gas has developed a plan to restart the refinery and to process local crude oils and other available feed stocks. The refinery was completed to produce a wide range of products including light naphtha consisting of a mix of butanes, pentanes and hexanes; a heavy naphtha; a diesel product; vacuum gasoil; and vacuum resid.

The Green River oil refinery was valued at over $16.5 million in 2006, and the company believes its true value is closer to $70 million when it is up and running. Once the acquisition is completed, Nations plans on doing a current evaluation of the refinery and revenue projection. 

 

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...