Bakken Energy Corp. (BKEN)

[iambadbert]

The Green River Refinery-info

It was built back in the early 1990s.

On 07-Aug-2006 Coyote Oil completed the sale of its mini oil refinery prototype and the land and assets to Ecodomaine Refining, Inc for $500K.

Ecodomaine claimed they could crank up the facility in months. A Utah gov official commented to a local rag, permits might still take years, to get it into production.

Ecodomaine hired in an appraiser, telling them of their plans to expand the refinery to include a wax separator, and other equipment. On the basis of these future additions, anticipated capacity, and demand, it was appraised for $16.5M in 2006. Note, that's the figure used in the ORFG PR.

In 2008 Ecodomaine was still talking their refinery up with the locals. Presumably while still awaiting on permits.

On 29-Jul-2010 the property was auctioned. Note the opening bid expected was $135K.

http://www.sunad.com/index.php?tier=1&article_id=18887>Auction notice

There's no indication Ecodomaine ever made the refinery additions that justified the appraised value of $16.5M dependent on those additions. What is known is they paid $500K, and 4 yrs later the initial auction price was set for $135K. Another indicator nothing happened.

In 2012 Bridgestone Refining proposed building a $200M+ facility on the property. Where their interest was the land or site. Eventually they filed permits to build on the other side of Green Valley.

How an entity named Green Valley Refining LLC came to own the property is unclear. Possibly fun and games with microcap shells involved.

The story seems to be you start with a mini oil refinery prototype in the 1990s. Coyote goes bankrupt, and in comes Ecodomaine with the idea it can "sponge up" (their words) wax oil produced in the U basin. They have plans to greatly expand the facility, but never gets around to it. The result is the small mini oil refinery one started with:

http://www.riversimulator.org/Resources/farcountry/OilGas/GreenRiverRefinery/ExisitingGreenRiverRefineryPhotos.pdf

Note page 3. Not exactly huge is it? All of the values, and production figures in the PR are based on an appraisal which assumed massive expansion by EcoDomaine, and never happened.

Thanks for the DD goes to Bearspread.