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.
