$BKKN 8-K Acquisition of royalty wells at the Niob
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Posted On: 05/09/2018 8:54:49 PM
$BKKN 8-K Acquisition of royalty wells at the Niobrara-DJ Basin
Item 2.01 Completion of Acquisition or Disposition of Assets
On May 4, 2018, Bakken Resources, Inc. (the “Company”) acquired an overriding royalty interest in what is currently twenty-five oil and natural gas wells in the Denver Julesburg basin also known as the Niobrara-DJ Basin (the “Acquisition”). The Niobrara-DJ Basin is a crude oil and liquid gas play that is located in Northeast Colorado and Southeast Wyoming. The Acquisition was completed with an effective date of January 1, 2018 and the purchase price was $1 million. An estimated $220,000 in currently held in escrow to reflect royalties accrued since the effective date of January 1, 2018.
These acquisitions were facilitated by EnergyNet.com (EnergyNet), a mineral rights auction house based in Amarillo, Texas. The Company may continue to complete acquisitions through the EnergyNet platform, and will continue to separately announce such acquisitions that are significant as contemplated by this Item 2.01.
EnergyNet hosts a well-known industry online auction house for the buying and selling of mineral rights. EnergyNet’s listed auctions relate primarily to assets located in the continental United States. Sellers post properties on the EnergyNet online portal and potential buyers are invited to bid on such properties. Sellers also generally include additional information regarding the assets to assist in the diligence of such assets. Potential buyers are also permitted to contact the Sellers directly for questions prior to the close of the auction. Sellers may set certain minimum, or reserve prices, that bidders must reach in order to successfully purchase the properties in question. Sellers make certain representations relating to the properties that are posted for auction, but Buyers generally assume title risk on the properties and are encouraged to conduct diligence.
https://backend.otcmarkets.com/otcapi/company...ntent/html
Item 2.01 Completion of Acquisition or Disposition of Assets
On May 4, 2018, Bakken Resources, Inc. (the “Company”) acquired an overriding royalty interest in what is currently twenty-five oil and natural gas wells in the Denver Julesburg basin also known as the Niobrara-DJ Basin (the “Acquisition”). The Niobrara-DJ Basin is a crude oil and liquid gas play that is located in Northeast Colorado and Southeast Wyoming. The Acquisition was completed with an effective date of January 1, 2018 and the purchase price was $1 million. An estimated $220,000 in currently held in escrow to reflect royalties accrued since the effective date of January 1, 2018.
These acquisitions were facilitated by EnergyNet.com (EnergyNet), a mineral rights auction house based in Amarillo, Texas. The Company may continue to complete acquisitions through the EnergyNet platform, and will continue to separately announce such acquisitions that are significant as contemplated by this Item 2.01.
EnergyNet hosts a well-known industry online auction house for the buying and selling of mineral rights. EnergyNet’s listed auctions relate primarily to assets located in the continental United States. Sellers post properties on the EnergyNet online portal and potential buyers are invited to bid on such properties. Sellers also generally include additional information regarding the assets to assist in the diligence of such assets. Potential buyers are also permitted to contact the Sellers directly for questions prior to the close of the auction. Sellers may set certain minimum, or reserve prices, that bidders must reach in order to successfully purchase the properties in question. Sellers make certain representations relating to the properties that are posted for auction, but Buyers generally assume title risk on the properties and are encouraged to conduct diligence.
https://backend.otcmarkets.com/otcapi/company...ntent/html
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