Posted On: 08/07/2013 3:06:40 PM
Post# of 6705
Re: Roger Wilco #241
BKKN Huge news out!
Bakken Resources, Inc. Announces Payoff of Long-Term Debt
HELENA, Mont., Aug. 7, 2013 /PRNewswire/ -- Bakken Resources, Inc. (OTCQX: BKKN) ("BRI"), announces that the company has made its final payment on a long term note payable for the purchase of approximately 800 +/- net mineral acres in McKenzie County, North Dakota. The original purchase price of the acreage was $1.6 million. Following an upfront payment of $351,000, the beginning balance on the note was $1,249,000 at the inception date of November 12, 2010. This note was originally amortized with quarterly payments through February 2019.
"Bakken Resources is pleased to report the company is currently debt free," said Val M. Holms, CEO. "In addition to our ongoing efforts to develop business operations separate from our mineral holdings in North Dakota, the Company strives to be financially responsible for our shareholders. Paying this note in full almost six years early reduces the amount of interest the Company is scheduled to pay and allows us to strengthen our overall balance sheet going forward."
ABOUT BAKKEN RESOURCES, INC.
BAKKEN RESOURCES, INC. is an oil and gas exploration/exploitation and development company with activities currently focused on the acquisition of mineral leases in North Dakota and Montana and the development of potential EOR technologies.
Bakken Resources, Inc. Announces Payoff of Long-Term Debt
HELENA, Mont., Aug. 7, 2013 /PRNewswire/ -- Bakken Resources, Inc. (OTCQX: BKKN) ("BRI"), announces that the company has made its final payment on a long term note payable for the purchase of approximately 800 +/- net mineral acres in McKenzie County, North Dakota. The original purchase price of the acreage was $1.6 million. Following an upfront payment of $351,000, the beginning balance on the note was $1,249,000 at the inception date of November 12, 2010. This note was originally amortized with quarterly payments through February 2019.
"Bakken Resources is pleased to report the company is currently debt free," said Val M. Holms, CEO. "In addition to our ongoing efforts to develop business operations separate from our mineral holdings in North Dakota, the Company strives to be financially responsible for our shareholders. Paying this note in full almost six years early reduces the amount of interest the Company is scheduled to pay and allows us to strengthen our overall balance sheet going forward."
ABOUT BAKKEN RESOURCES, INC.
BAKKEN RESOURCES, INC. is an oil and gas exploration/exploitation and development company with activities currently focused on the acquisition of mineral leases in North Dakota and Montana and the development of potential EOR technologies.
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