Bakken Energy Corp. (BKEN)

[DragonBear]

once the Ticker/Name/Divi are processed

we'll see a HUGE swell in investor confidence.

Why? How does a ticker change affect the balance sheet?

Company is absolutely still moving forward with this acquisition

Meanwhile the stockholder has no idea as to the refinery being bought, its history, and the purchase price.

Secondly, the reason why we haven't had valuations yet (I didn't understand a lot of the science he described behind this... so to summarize) comes down to the supply of petroleum engineers and complexity... With the American oil movement these petroleum engineers are in REALLY high demand and hard to pin down.

He actually implied that? Geesh. Well, it does give him an indeterminate time line to play with.

Beyond that, you have to actually drill into the ground to see what is down there

Never would've guessed that. He really said that? Guess they are going to skip the step of 3D seismic studies first? Are there any?

if I recall Michael called this exploration drilling... and for land as big as ours, that's a lot of VERY deep holes.

It's "a lot" of deep holes if the ones drilled turn up dry, and you have to keep drilling. What does he mean by deep- 800 ft, 4000 ft, 6000 ft? And where is the funding going to come from to drill these "lot of deep holes"? The cost for an actual well beyond drilling for core samples ranges from $400K to $800K median, and $1.5M for a high to drill a conventional Uinta well. For future reference cost of production $26-$53 bbl. The "waxy" oil sells at a 15% discount to WTI.

He said complete valuations take an average of 3 to 5 months

That's a little fast for blind drilling.

So when is management going to tell the stockholders there is no such thing as shale oil in the Uinta basin of Utah? Although that might have value in itself - worth another name and ticker change a year from now. There's a conventional play of "waxy" oil. So called because below a temp of 100F it solidifies in the pipes - has to kept heated during transport. There is also "oil shale" or kerogen, which is then refined into petro products. It involves a fracking technology more complicated, and expensive than the Bakken "shale oil" in the Dakotas and Montana. First Uinta "oil share" well planned in 2015, one in 2017, 2019, and 4 more in the 2020s. The mid-large caps already in the Uinta basin are in no hurry.

What do ORFG stockholders really know about the lease the company now holds? Published current 3D seismic data? None apparent. Date exploratory drilling will start? No date. Capital funding allocated for exploration? None stated. Oil services contractor to be hired? None stated. Implied is a conventional play of "waxy" oil, but not stated.

The usual microcap "Bakken oil" scam follows this pattern of PRs: First they announce the 1st exploratory well. Along with historical production from near by properties. Next PR they announce oil migrated through the structure at some given time in the past geological history. Drill some more- dry hole. Then they start another and so forth. If the stockholder is real lucky, they might find oil, with a dubious flow rate. There's a reason why the likes of Exxon, Anadarko, and Conoco already in the Uinta basin didn't bother to bid for Nations Oil and its lease. Leaving a gold mining company with no oil experience to buy it issuing more stock.