Bakken Resources (fka BKKN)

[LouisDesyjr]

BKKN registration revoke? They must have really made someone mad

I am surprised that they actually got their registration revoked. I know three other companies, no assets, no operations, no reports and even at least one with no corporate charter that are still trading.

BDGR - At least five years no reports and main stockholder went to jail for tax evasion

OOAG - Majority shareholder in jail, corporate charter expired no reports

MAHI - Did an orderly shutdow, paid a liquidating dividend, corporate charter expired; but shares still trade even though now about a decade or so.

Louis J. Desy Jr.

[Renee]

BKKN registration revoked:

https://www.sec.gov/litigation/admin/2019/34-87285.pdf

[roger wilco]

$BKKN 1st time I have ever seen this.

ORDER GRANTING EXTENSION OF TIME On August 27, 2019, the Commission issued an order instituting administrative proceedings (“OIP”) against Bakken Resources, Inc., IrelandInc., and WorldsMall, Inc. (collectively, “Respondents”), pursuant to Section 12(j) of the Securities Exchange Act of 1934.1 The OIP directed Respondents to file an answer to the allegations contained therein within ten days of service of the OIP.2 Bakken Resources, Inc.,acknowledges that it received the OIPandrequestsa two-week extension of time to file its answer,from September 10, 2019 to September 24, 2019, in light of missing books and records that need to be examined,the recent engagement of its attorneys, and present discussions evaluating alternatives to remaining a reporting issuer.

https://www.sec.gov/litigation/opinions/2019/34-86958.pdf

[Renee]

BKKN: ORDER GRANTING EXTENSION OF TIME

https://www.sec.gov/litigation/opinions/2019/34-86958.pdf

[roger wilco]

BKKN did not respond to an inquiry by the SEC. That's what took them down. You can be delinquent but you better respond to the SEC inquiries on why you are delinquent. In the past the SEC was more relaxed about this but apparently in there effort to clean up the market in general they are getting more aggressive in there enforcement.

Of course the answer to all of this for BKKN or all of these other delisted companies would have been to file a Form 15 and no longer be a reporting company.

[LouisDesyjr]

SEC delinquent filers

I am not so sure of that.

There are other companies that have not filed in years and the shares are still trading.

As an example, these companies all appear to be totally gone, no assets and not even a corporate charter in some, but the shares still trade

BDGR - Black Dragon Resources, kept
OMDA - OMDA Oil and Gas
MAHI - Moarch Avalon Publishing

Note that MAHI did properly file a form 15 to stop filing and paid a liquidating dividend; the other two were some kind of pump and dump routine where one of the CEO eventually ended up in jail on other things.

It is strange how some companies can trade for years, even though the company is long gone and/or liquidated; but other companies once they fall behind get a trading halt.

Of course, with BKKN, there always seemed to be something strange going on and I seriously question of the oil rights and/or cash they claim they had was ever there.

At one point the company claimed it needed time to bring their repporting up to date, but the only thing they had one of the books at that point was mostly cash in a bank account, but it still took months to file the reports, none of which made any senses.

Any then there was the whole series of lawsuits and the Chapter 11 filing that got withdrawn for the company.

Louis J. Desy Jr.

[roger wilco]

yep, not looking good. SEC really getting serious about delinquent filers.

[LouisDesyjr]

SEC Suspension

Well that does not look good.

It looks like the first step in the road to something worse than 'no bid', not able to be traded at all.

Louis J. Desy Jr.

[Renee]

BKKN SEC Suspension for severely delinquent Financials:

https://www.sec.gov/litigation/suspensions/2019/34-86778.pdf

Order:

https://www.sec.gov/litigation/suspensions/2019/34-86778-o.pdf

Admin. Proceeding:

https://www.sec.gov/litigation/admin/2019/34-86777.pdf

[roger wilco]

8K filing Item 8.01 Other Events

On July 28, 2019, Bakken Resources, Inc. (the “Company”) agreed to stipulate that the shareholder derivative lawsuit captioned Graiwer v. Holms et al., CV14-00544 filed in the Second Judicial District Court of Nevada in the county of Washoe be dismissed with prejudice. Such stipulation will resolve the derivative action that was filed in March 2014 by Manuel Graiwer and T.J. Jesky.

Under the proposed terms of the stipulation, the case will be dismissed with prejudice, and with all parties bearing their own costs and fees. No other conditions are being proposed.

A hearing to approve the stipulation is scheduled for August 21, 2019 at 2 p.m. in the Second Judicial District Court, Washoe County, at 75 Court Street, Reno, Nevada 89501. Current company shareholders who have no objection to the proposed dismissal need not take further action. Any current company shareholders who wish to be heard concerning the dismissal may, but is not required to, enter an appearance in this suit, and be represented by counsel and present evidence or argument.

The NOTICE OF DISMISSAL OF SHAREHOLDER DERIVATIVE ACTION AS TO DEFENDANT VAL HOLMS, AND HEARING PURSUANT TO FPCP 23.1 includes instructions for the submission of objection and evidence of such. This document can be found on the company website, https://www.bakkenresourcesinc.com.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Bakken Resources, Inc.

By:

/s/ Allan Holms

Chief Executive Officer
August 13, 2019

https://www.otcmarkets.com/filing/html?id=13593952&guid=9oyIUKlGj3FZ8th

Notice of dismissal:
https://www.bakkenresourcesinc.com/wp-content/uploads/2019/08/Notice-of-Dismissal.pdf

[LouisDesyjr]

Is the company even real? Why behind on the filings?

Is this company even real? Why is the company so far behind on its filings, plus what was this whole trip through the bankruptcy court about?

As near as I can figure, the people who did the filing didn't have the authority to do so in the end, so it got withdrawn.

How can a company that is nothing but a bunch of oil rights, cash in the bank and collects royalties be months behind in its filings? It is not like the guy in charge, Holmes?, would have to do any work, he would just pick up the phone, hire a law firm and a CPA firm, have them prepare the filings and show up to sign the filings.

I wonder if one of the people involved is up to their old tricks of where there is really nothing here, or nothing left, and refuses to file anything so no one can see that.

For the record, I seem to remember one of the principals, back in the 1980s or 1990s, of the company was involved in an incident years ago where they had some oil right and contracted for the drilling and in the contract asserted that they had the funds for pay. (Somewhere there is an earlier postings there is a link with filings in the case). After a while the company doing the drilling demanded payment and/or proof of funds but the person never came across and eventually stopped work. What that looked like to a lot of people is the guy through there was oil on his pil rights and faked that he could pay for it, and thought 'when' they struck oil they would be able to pay for the drilling out of the sucessfull drilling. Of course, they didn't strike oil in time and the drilling company wanted its money.

Now, there was a big sale of oil rights for cash, allegedly, but for some reason there is always all kinds of strange problems; long delays making filings, some kind of absurd buying of a small oil right for like $70K, a lawsuit as to ownership of a lot of shares and the company, the bankruptcy filing that got withdrawn.

Louis J. Desy Jr.

[roger wilco]

Allan G Holms, President it's time to start getting up to date with your filings.

[roger wilco]

I found this BK filing on the web

Case 18-17254-btb Doc 1 Entered 12/07/18 15:27:52
http://bankrupt.com/misc/nvb18-17254.pdf

[LouisDesyjr]

BKKN Chapter 11 filing

I had a chance to look more at the case.

I downloaded the documents from pacer and through RECAP, the important ones are available to anyone. The link is here:

Recap listing for BKKN bankruptcy case

The important document is number 110, which is the statement of financial affairs.

The company filed December 2018, and just within a few days, had the Chapter 11 dismissed.

It looked like there are all kinds of lawsuits going on with the company listing 8 in the filing, plus all of the litigation around the Chapter 11 filing.

The company has $5.3 million in assets and about $1 million in liabilities.
The assets has about $1 million in cash, $1.9 million in oil and property rights and the rest in prepayments.
The company went into the filing owning a few hundred thousand in legal fees.

Revenue for the last three years was as follows:
2016 $800K
2017 $1.7 million
2018 $1.9 million

Apparently, whatever was going on, the company and everyone else came to some kind of agreement and the company filed to withdraw the bankruptcy.

The problem is that almost all of the cash is now needed to pay bills, meaning the company will have to start selling off assets to keep going.

There is also the problem in that the company seems to have been unable or unwilling to file its reports for a number of months, even though it only mostly owns oil rights and has little to no operations.

Louis J. Desy Jr.

[LouisDesyjr]

What happened?

I have not been around in a while, but I am surprised that BKKN filed chapter 11; especially since they had almost no expenses and just a pile of cash in the bank.

Of course, there was that whole strange set of deals going on and I did wonder if the cash really was in the bank.

Anyone pull the chapter 11 filing?

Louis J. Desy Jr.

[Dragnet]

Crickets

[roger wilco]

Have my fingers crossed this will one day get it's filings all caught up and up to snuff.

[roger wilco]

Up 19% on Friday with bullish investor sentiment that the investigations are finally reaching an end point and the company can resume normalized operations.

[roger wilco]

Bakken Resources, In (BKKN)
0.073 +$.0117 (+19.09%)
Volume: 900

[roger wilco]

Oil is booming $BKKN's bottom line should reflect the good times in the oil industry.

[roger wilco]

$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/sec-filings/12741905/content/html

[roger wilco]

NT-10K Notification That Annual Report Will Be Submitted Late

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 12b-25

$BKKN has 15 days to file the 10-K

[LouisDesyjr]

Something seems wrong with the reporting

Something seems 'not right' with the reporting.

The company reports that have over $3 million in cash, but they make a deal to turn control of the company over to another company for only a million in credit, plus with oil and gas prices near decade lows within the last few years, they only spend a few hundred thousand on new rights or land?

I question if the company really has the cash on hand that they claim in the reports, since why would the company make a deal for the credit line, while they only are spending about 10% of what they report on what appears to be a mostly nothing new oil/gas rights.

They needed more credit to buy something they could have paid for a small percentage of reported out of cash on hand?

Plus with oil/gas prices down, they appear to be doing mostly nothing. What, are they waiting for oil/gas prices to spike so they can pay top dollar for additional oil/gas rights?

Louis J. Desy Jr.

[roger wilco]

Bakken Resources, In (BKKN)
0.0895 +.0205 (+29.71%)
Volume: 39,369

[roger wilco]

Texas Well Activity
Home/Texas Well Activity

The information provided in this table is categorized by well name, location, operator, field, state lease number, well status, and basin/formation information. The table is updated as the Company receives new information from the Texas Railroad Commission for the lease.

http://www.bakkenresourcesinc.com/texas-well-activity/

[roger wilco]

Should see a climb in share price over the coming months. New assets producing revenues and lawsuits against the Holmes family members and estate should reach their conclusions soon. Share price IMO still way undervalued.

[roger wilco]

Oil Prices Just Hit A Three-Year High

https://investorsnewsmagazine.blogspot.com/2018/01/oil-prices-just-hit-three-year-high.html

[Quintessence]

BKKN caught me eye today. Watching it closely. Looks like it has potential.

[Dragnet]

Nice jump today! Let’s see if the trend continues?

Everything is moving in the right direction with filings and plans laid out for future growth.

[goingUPagain]

bkkn traded much higher earlier , still showing losses over 1 million... in past 5 yrs-many other stocks have done much better, glad i sold out long time ago and due to that made 25k on a much better mover...

[roger wilco]

Bakken Resources, Inc. Announces Closing of Credit Line

HELENA, Mont., Jan. 8, 2018 /PRNewswire/

Bakken Resources, Inc. (OTC: BKKN) recently entered into $1 million credit line with Eagle Private Equity ("Eagle") effective as of December 29, 2017. This Eagle Facility is substantially similar to the facility entered into by the Company on May 6, 2016 which terminated in January 2017. In connection with the new credit line, Eagle's existing shares of preferred stock were also redeemed.

The credit facility is primarily for asset acquisition. The Company's long-term plan is to grow the Company through mineral asset acquisition and build a diversified portfolio of royalty and overriding royalty mineral assets. The Company's long-term goals are to expand revenue and cash flow while diversifying its portfolio of producing assets.

"The Company's long-term strategy is predicated upon asset acquisition. Since our asset acquisition plans exceed our current resources, access to capital is critical to fulfill our mission to create shareholder value. We are also pleased to announce the elimination of the stock overhang caused by the improper attempted takeover last July 2017. We believe redemption of our preferred stock will also have a beneficial effect on long-term shareholder value," says Dan Anderson, Bakken's chief financial officer.

About Bakken Resources Inc.:

Bakken Resources, Inc. is an oil and gas company with activities currently focused on acquiring mineral leases and non-operating oil mineral interests throughout the United States.

[roger wilco]

Bakken Resources Acquires Producing Mineral Assets

HELENA, Mont., Dec. 20, 2017 /PRNewswire/

Bakken Resources, Inc. (OTC: BKKN) recently completed a purchasing program that acquired certain royalty interests in the Eagle Ford basin in Texas and in the Haynesville basin in Louisiana. Bakken Resources, Inc. was the successful purchaser in a total of nine oil and natural gas mineral rights sales facilitated by EnergyNet, a leading mineral rights auction house based in Amarillo, Texas. The aggregate purchase price was $320,410.

The Eagle Ford mineral rights include seven one-eighth royalty interests in the Eagle Ford Blakeway Unit A (Dimmit County, Texas) operated by Chesapeake Operating, LLC. The 480-acre parcel currently has five producing wells averaging 1,903 barrels of oil per day and 3,702 thousand cubic-feet per day of natural gas. Current well spacing rules enable three additional wells.

The Eagle Ford basin is currently the largest tight oil play in the United States producing more than 2.3 million barrels per day. It spans approximately 11,165 square miles in southern Texas. The Eagle Ford play offers excellent opportunities because of its typically high well quality and because it produces oil, wet gas, and dry gas.

Bakken Resources, Inc. also acquired two 50% wellbore interests in a natural gas well operating in the Haynesville Shale basin near DeSoto Parish, Louisiana. The newly completed natural gas well is operated by Chesapeake Operating, LLC. The well averages 19,955 thousand cubic-feet per day of dry natural gas. This wellbore interest contains a royalty interest of 0.051305% (producing minerals) in the wellbore of the Hunter 20&17-12-12 1H ALT horizontal well located in DeSoto Parish, Louisiana operated by Chesapeake Operating, LLC of Oklahoma City, Oklahoma.

The Haynesville is the third largest shale natural gas play in the United States, estimated at 500 trillion cubic-feet of gas (EIA). The Haynesville basin offers advantages over many other gas basins because of its proximity to natural gas transportation pipelines and the short distance to ports and liquefied natural gas facilities where natural gas can be exported or further distributed. Export opportunities should sustain development within the Haynesville basin for years to come.

"These acquisitions are part of our commitment to expand and diversify our asset portfolio to lower overall risk. While our total expenditure was under $400,000, we believe that current and future production has a strong opportunity to create long-term value for our shareholders. Basins such as the Eagle Ford and Haynesville are strategic priorities," says Dan Anderson, Bakken's chief financial officer.

ABOUT BAKKEN RESOURCES, INC.

BAKKEN RESOURCES, INC. is an oil and gas company with activities currently focused on acquiring mineral leases and non-operating oil mineral interests throughout the United States.

[roger wilco]

Haynesville Shale

https://www.fool.com/investing/2016/09/01/the-5-companies-dominating-the-haynesville-shale-p.aspx

The Haynesville might not be the hot shale play it once was. Slumping gas prices took the wind out of its sails, while oil discoveries in the Eagle Ford and more economical gas discoveries in the Marcellus and Utica put it on the back burner. However, it is the third-largest shale gas producer in the country, making it one of the top shale plays. Furthermore, improving drilling returns and rising natural gas demand from liquefied natural gas (LNG) export facilities have the potential to revive this dormant drilling region.

The Haynesville shale 101

The Haynesville shale encompasses over 9,000 square miles of eastern Texas and western Louisiana

The play was initially discovered by Chesapeake Energy (NYSE:CHK) in 2008, leading its rivals to descend upon the area to lease land. That said, while the Haynesville was the draw, there are several producing formations in the region, including the Bossier and Terryville. However, while natural gas saturates these rock formations, drilling activity died down due to the oil market downturn.

In the future, activity could revive thanks to the Haynesville's proximity to several LNG export terminals that are under construction along the Gulf Coast. Cheniere Energy, for example, is just starting to ramp up its Sabine Pass facility in Lousiana. In July, Cheniere Energy commissioned the second export train at that facility, and it has several additional trains under development at Sabine Pass and its Corpus Christi location in Texas. Meanwhile, several other LNG export facilities are currently under development. Once complete, these facilities could drive incremental natural gas demand from the Haynesville.

That bodes well for the play's dominant producers and acreage holders, which are poised to cash in on that future. In fact, according to projections, between 35,000 to 50,000 future wells could be drilled in the play.

[roger wilco]

A real nice grab for BKKN!

Eagle Ford Shale

The Eagle Ford shale formation in South Texas runs from the US-Mexico border north of Laredo in a narrow band extending northeast for several hundred miles to just north of Houston. It is located directly below the Austin Chalk.

http://www.ogj.com/unconventional-resources/eagle-ford-shale.html

[Dragnet]

This one is getting ready to run!

Item 2.01 Completion of Acquisition or Disposition of Assets

Bakken Resources, Inc. recently completed a purchasing program that acquired certain royalty interests in the Eagle Ford basin in Texas and in the Haynesville basin in Louisiana. There were nine acquisitions in total that were completed between December 5 and December 14, 2017, with an aggregate purchase price of $320,410. These acquisitions were facilitated by EnergyNet.com (EnergyNet), a mineral rights auction house based in Amarillo, Texas.

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

Exhibit 99.1 contains the primary standard form documents entered into between buyers and sellers of properties listed on EnergyNet.

[roger wilco]

Transcript of investor Conference Call:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12411223

[roger wilco]

Shale Revolution Continues

The shale oil revolution that began in 2007 has reshaped every facet of the oil and gas markets. The small independent producers that launched and drove the revolution grew over time , merged with one another, traded assets, cut costs, revamped their portfolios, and revolutionized financial engineering for oil and gas production. Technologies have proliferated, transforming the old business model of “Big Oil.” Despite being temporarily sidetracked by the market recession, the dust has yet to settle on the Shale Revolution.

Although contributing only 5 percent of the world’s oil supply, the shale oil revolution has rocked OPEC and the “majors” the core. Surging supply triggered one of the steepest and longest price declines in recent memory. The resulting market turmoil forced many producers out of business.

The market turmoil has also transformed the mergers and acquisitions (M & A) market. M & A activity among shale producers began in earnest in 2012 .Although deal activity slowed during the recession, M & A deals have jumped considerably since the recovery began. This increased deal reflects the renewed economics and confidence in the domestic shale market.

The market rebound has also effected significant divestures among shale producers. Shale producers began shifting their portfolios in the midst of the recession, a “light to quality”, as one insider quipped. Many shale producers began divesting from the Bakken and other producing basins in favor of the Permian Basin beginning in 2016. This portfolio reallocation continues today and this activity has driven Permian Basin asset prices into the stratosphere while depressing asset prices elsewhere.

What happens next? Economics and history would suggest that the Permian becomes overvalued, driving capital back into other producing basins. Perhaps the larger questions are: can technology continue to drive improvements in well productivity and shale growth? If not, will Big Oil drive more acquisitions to create economies of scale for shale assets? Will international concerns, including OPEC members, step into the U.S. market to acquire shale assets?

Time will tell. One thing that appears certain is that the shale revolution will continue and may create opportunities for Bakken Resources Inc.

November 29th, 2017|Market News
http://www.bakkenresourcesinc.com/2017/11/29/shale-revolution-continues/

[roger wilco]

Investor Conference Call was yesterday. Hopefully the replay will be up on the website soon.

http://www.bakkenresourcesinc.com/

[Dragnet]

Can someone bash this i want in! Lol

[roger wilco]

BKKN news on PRNewswire this morning

HELENA, Mont., Nov. 20, 2017 /PRNewswire/ -- Bakken Resources, Inc. (OTCQX: BKKN) will be holding a conference call for current and prospective shareholders on Monday, November 27 at 10 am Mountain Standard Time. The call will be hosted by Dan Anderson, Chief Financial Officer, and Karen Midtlyng, Corporate Secretary.

The Company recently completed filing all outstanding reports with the SEC. The Company will summarize recent results on the call and briefly discuss intended operational plans going forward into next quarter and the following fiscal year.

Questions from current and prospective shareholders are welcome. Questions should be submitted prior to the call via email no later than 5:00 pm MT on November 22, 2017. Callers should email questions to [e-mail] or [e-mail].

Domestic callers should dial [phone] international callers should dial [phone] . The call access number is 563-6330. Please call in to the line 10 minutes prior to the start time of the call. A transcript of the call is expected to be available within two (2) weeks of the call.

ABOUT BAKKEN RESOURCES, INC.

BAKKEN RESOURCES, INC. is an oil and gas company with activities currently focused on acquiring mineral leases and non-operating oil mineral interests throughout the United States.

[roger wilco]

$BKKN biggest volume day since May

[roger wilco]

Almost $1 million in cash in the checking account. Now current with all the financial statements. It's go time with this undervalued gem.

[reaper247]

Hey Roger Wilco,

What a sleeper BKKN is.

$7,100,000 in assets, with a market capitalization of only $3,900,000 with the current PPS of $.07 with 56,735,000 shares outstanding.

The bulk of the O/S is restricted leaving only 11.5M shares floating and no dilution in 3 years.

Nice upside potential here.

Hope you are having a great weekend.

IMO and FWIW.

[roger wilco]

2017 Quarterly financials all up to date!

[roger wilco]

All of 2016 financials now filed with the SEC.

[roger wilco]

2016 Highlights from the 10k

1. The Company’s oil and natural gas production volumes increased 47% and 97% respectively in 2016.

2. After crude oil and natural gas prices decreased early in 2016 to roughly $21 per barrel and less than $2.00 per MBtu, respectively, both prices nearly doubled by year end. Even with these changes, however, neither crude oil nor natural gas exhibited drastic price volatility throughout 2016. See https://www.eia.gov/outlooks/steo/report/prices.cfm.

3. The significant decline in oil and natural gas prices has also driven down mineral asset prices. The Company has been engaged in substantial efforts to identify and secure long-term producing assets including securing external capital to fund acquisitions.

4. The Company had more than twenty new producing wells at year end.

5. In 2014, the Company began an investigation into certain activities of our then-CEO, Val M. Holms. The Company’s operating results continue to be undermined by the costs of the internal investigation and tangential litigation. The Company has filed a claim against the Val Holms estate to recoup these costs.

6. The Company continues to defend against various litigation and has made progress toward ultimate resolution of such litigation.

7. The Company has filed claims in 2016 seeking millions of dollars in damages from those who have caused the Company harm.

[roger wilco]

10K annual report 2016 has been published on Edgar

https://www.sec.gov/Archives/edgar/data/1450390/000120677417001898/bakken3260491-10k.htm

Satisfaction of our cash obligations for the next 12 months

The Company’s long-term strategic plan and associated financial projections show that the Company expects to fund our current operating plans internally. However, since our plan is heavily reliant upon new mineral asset acquisition, the use of outside funding or joint ventures may be imperative to fund critical asset acquisition.

Since inception, we have primarily financed cash flow requirements through debt financing and issuance of common stock for cash and services. As and if we expand operational activities, we may continue to experience net negative cash flows from operations, pending receipt of sales or development fees, and may be required to obtain additional financing to fund operations through common stock offerings and debt borrowings to the extent necessary to provide working capital.

Over the next twelve months we believe that existing capital and anticipated funds from operations will be sufficient to sustain current operations. We may seek additional capital in the future to fund growth and expansion through additional equity or debt financing or credit facilities. No assurance can be made that such financing would be available, and if available it may take either the form of debt or equity. In either case, the financing could have a negative impact on our financial condition and our stockholders.

We anticipate the next six months will continue to show net operating losses. This is due to the combination of low, but rebounding unit prices, and continuing costs attributed to frivolous litigation and investigation costs. We have information that an additional eighteen (18) wells are either in production or are in confidential status. Although we believe that income from our wells will likely reduce or eliminate operating losses in the near future, we have no control over the timing of when we will receive such royalty payments. In addition, there can give no assurance that we will be successful in addressing operational risks as previously identified under the "Risk Factors" section, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.

[roger wilco]

Now is a good time to grab a few shares and wait till 2018 comes along.

[roger wilco]

IMO 2018 is when $BKKN will get back on saddle again.

[roger wilco]

The lawsuits against BKKN will be coming to an end late this year. The litigation costs have had a negative effect on the $BKKN balance sheet.