Val M. Holms, president, CEO, and chairman of Bakken Resources Inc. (OTCQX: BKKN), began a voluntary paid leave of absence on March 24.
Holms commented, "At this time, I plan to take a short leave of absence to allow my health to continue to improve and also to cooperate with the current company investigation. I am pleased that the company continues to make progress in this difficult environment for oil and gas companies, and I look forward to bringing new projects to the company."
Holms is expected to remain on paid leave throughout an internal investigation by independent outside investigators. The investigation was started by the company’s former audit committee chairman, Edward Nichols. In his resignation letter to the company, Nichols claimed that Holms breached his duties to the company by causing Bakken Resources to overpay for certain oil and gas leases and subsequently received kickbacks from those certain lease sellers.
At this time, no replacement for Holms has been appointed.