"Nations Oil and Gas LLC" huh?
It's better than that. Setting aside, for the moment the announcement contained nothing in the terms of cost of acquisition there is a bait and switch being pulled. Also as you point out it's sort of difficult to find the stated name as a company.
The original announcement was a gold company was going to get into the Bakken oil business involving Shale Oil. This recent announcement ties to Shale Oil not in the Bakkens, but in Utah. Only problem is there is no Shale Oil in Utah. However, there is Oil Shale.
The difference being, Shale oil is the extracted light oil from Bakken oil containing shale. Oil Shale is Shale containing Kerogen. Where Kerogen is the precursor to oil, not yet subjected to the appropriate heat and pressure to convert it to oil. Typically oil shale must be subjected to temperatures of 500 degrees C or higher to extract some of the Kerogen in the form of oil. And oil will be heavy not light. This is a very expensive process. And big oil companies have yet to figure out a method of extraction to make it pay off.
So you start with the bait - Bakken oil. Where the oil lease would be in N-S Dakota, or Montana, with the cost of the initial well $4M-$8M. Then comes the switch to Utah oil shale which is cost prohibitive to produce. Where ORFG wouldn't have the money to pay for a Bakken oil well. Thus we get the bait and switch into oblivion.
Amusing will be the follow up PRs, pretending there's production of oil, or even the potential to produce. Yes the SEC should suspend this farce.
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