Bakken Resources, Inc. ("BRI") is a growth-oriented, newly organized early stage independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties which is for the near term focusing its activities exclusively in the Williston Basin.
BRI owns certain mineral rights
underlying approximately 6,000 gross acres located
approximately 12 miles south of the town of Williston, ND.
The subject property has been leased to Oasis Petroleum, Inc. based in Houston, Texas. On March 12,2010, Oasis filed for an initial public offering to raise up to $460.0 million dollars and secured a listing on the New York Stock Exchange under the symbol (OAS: NYSE). Oasis and Continental Resources, Inc. jointly filed for and received a permit to drill two wells on the subject property controlled by BRI. Continental Resources, Inc. (CLR: NYSE) recently raised $200.0 million through the offer of 7.375 Senior Notes. In addition to the two drilling permits issued. Oasis and Continental applied for and received permits and spacing allocations from the North Dakota Oil and Gas Board for 11 total wells which BRI will own partial or full mineral interest under.
We believe that we will able to create value via strategic acreage acquisitions and convert that value or a portion thereof into production by utilizing and investing with experienced industry partners specializing in the specific areas of interest.