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.