Bakken Energy Corp. (BKEN)

[DragonBear]

Please see this link for accurate DD???

There is a claim by a 3rd party engineering firm they did work for EcoDomaine totaling $2.8M. Included was mention of the refinery plus the JTII. So how much was spend on the JTII renovations? Was the JTII cost $270K, or $2.7M out of that total $2.8M? Can you find a breakout?

After refurbishing Green River Refinery in 2006, Green River Oil Refinery was valued at over $16,500,000 in 2006

There is no evidence EcoDomaine ever completed the refurbishment they originally planned after the appraisal was made. Per my prior post, the appraisal was based on the basis 21% of the future product mix would be consumer fuels. Instead the disclosure from the realtor states as fact EcoDomaine voluntarily revised their application for a permit from the State of Utah, to exclude the refurbishments which would have allowed production of consumer fuels.

What you seem not to understand is the appraisal was being told by EcoDomaine to come up with an appraised value, based on their future enhancements or refurbishments to the refinery. As in what will it be worth if we make these enhancements. The idea was for the two Texas oil men (EcoDomaine) to line up financing for those enhancements, based on that appraisal. Where they had something to pitch to private equity. For whatever reason, they retreated in their permit application.

I invite the reader to review the appraisal link provided. Ask yourself, how much of the appraised value is assuming the future product mix would be 21% consumer fuels. What percent of total profit would that represent for a refinery? We know in 2008, it all went away with the permit modification. Is the original appraisal amount based on large part to something which no longer exists valid? Well, is it?