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Southern Utah – Bakken Energy Corp has reached a memorandum of understanding between its board of directors to acquire an oil refinery in Southern Utah. The company expects to give details of the acquisition agreement by middle of this week. The company also expects to have the name change and symbol change completed by the end of next week.
The company is currently completing its evaluation of the refinery and is in the process of getting an updated appraisal of the property. The oil refinery was valued at over $16.5 million in 2006 and the company believes it is worth much more.
The company's wholly owned subsidiary, Nation Oil and Gas, is currently working on acquiring several key assets for the company and is in final negotiations for several joint venture agreements. The company plans to acquire oil and gas leases and land assets with oil and gas deposits.