2 Apr 2012late filing notice▼ Bad
BAKKEN RESOURCES INC notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Apr 2012director interest notice● Neutral
BAKKEN RESOURCES INC Chief Financial Officer David Deffinbaugh received a stock option grant for 250,000 shares.
14 Feb 2012director interest notice● Neutral
W. Edward Nichols became a BAKKEN RESOURCES INC director and company insider (initial ownership filing).
9 Jan 2012director interest notice● Neutral
Bill M Baber became a BAKKEN RESOURCES INC director and company insider (initial ownership filing).
19 Dec 2011listing compliance notice▼ Bad
BAKKEN RESOURCES INC withdrew a registration statement, abandoning the offering it covered.
22 Nov 2011securities registration● Neutral
BAKKEN RESOURCES INC filed notice of an exempt private placement.
18 Nov 2011quarterly activities report▼ Bad
BAKKEN RESOURCES INC reported a quarterly net loss of $266 thousand for the period ended 2011-09-30.
14 Nov 2011late filing notice▼ Bad
BAKKEN RESOURCES INC notified the SEC that its quarterly report would be filed late.
27 Sept 2011material agreement● NeutralMajor
On Sept 21, 2011 the company paid $250,000 at closing to buy oil and gas mineral rights from John L. Reely and Lincoln Green, Inc. in Glacier County, Montana. The press release says about 1,100 acres near Duck Lake in what it calls the 'Alberta Bakken', adding to its North Dakota holdings; production potential is management's belief, not shown.
1 Sept 2011agm notice● Neutral
BAKKEN RESOURCES INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
15 Aug 2011quarterly activities report▼ Bad
BAKKEN RESOURCES INC reported a quarterly net loss of $165 thousand for the period ended 2011-06-30.
29 July 2011agm notice● Neutral
BAKKEN RESOURCES INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
28 June 2011material agreement● Neutral
On June 24, 2011 the company closed a further $30,000 of convertible notes, and the filing says the $300,000 offering is now fully subscribed. Terms are unchanged from the May 25 filing; the notes still convert only if a $2,000,000+ equity round happens by Dec 31, 2011, otherwise they become due.
20 June 2011material agreement● Neutral
On June 14, 2011 the company closed another $40,000 of the same 6% convertible notes and warrants, on the terms in the May 25 filing. This brings the total sold to $270,000 of the up-to-$300,000 offering (the filing refers to $230,000 earlier).
9 June 2011director interest notice● Neutral
David Deffinbaugh became a BAKKEN RESOURCES INC CFO, TREASURER and company insider (initial ownership filing).
25 May 2011material agreement● NeutralMajor
On May 20, 2011 the company closed $230,000 of 6% convertible notes (with warrants), part of an offering of up to $300,000. The notes convert at a 25% discount if the company raises at least $2,000,000 in equity by Dec 31, 2011; otherwise they fall due with accrued interest. This is new debt that could dilute shareholders if converted.
16 May 2011quarterly activities report▼ Bad
BAKKEN RESOURCES INC reported a quarterly net loss of $224 thousand for the period ended 2011-03-31.
31 Mar 2011late filing notice▼ Bad
BAKKEN RESOURCES INC notified the SEC that its annual report would be filed late.
24 Mar 2011capital raising announcement● Neutral
On March 18, 2011 the company closed a private placement of 2,780,000 shares at $0.25 for gross proceeds of $695,000, with warrants for 1,390,000 shares at $0.50 for three years. A $65,500 finder's fee went to Peter Swan Investment-Consulting, LTD, and the rest will fund operations. Southwest Consulting Services Ltd. put in $250,000, the largest single amount.
9 Feb 2011capital raising announcement● Neutral
On February 4, 2011 Bakken Resources (name now changed) sold 200,000 shares at $0.25 ($50,000) with 100,000 three-year warrants at $0.50 to three investors, including director David E. Boleneus ($10,000). The money funds company operations. The filing is signed by Val M. Holms as President and CEO.
What it means for a shareholder
200,000 new shares at $0.250 to raise about $50,000. That's 0.374% dilution: every existing holder's slice gets 0.374% smaller. If you held $1,000 of shares (4,000 at the issue price), your slice goes from 0.0075% to 0.00747% of the company. To keep it you'd need 15 more shares - about $4 at the issue price.
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7 Feb 2011director interest notice● Neutral
BAKKEN RESOURCES INC director David E. Boleneus bought 60,000 shares on the open market.
18 Jan 2011director interest notice● Neutral
Steven D. Armstrong became a BAKKEN RESOURCES INC director and company insider (initial ownership filing).
13 Jan 2011director interest notice● Neutral
Landeis Herman became a BAKKEN RESOURCES INC director and company insider (initial ownership filing).
30 Dec 2010securities registration● Neutral
BAKKEN RESOURCES INC amended an already-effective registration statement.
13 Dec 2010director interest notice● Neutral
David E. Boleneus became a BAKKEN RESOURCES INC director and company insider (initial ownership filing).
13 Dec 2010director interest notice● Neutral
Karen Midtlyng became a BAKKEN RESOURCES INC SECRETARY and company insider (initial ownership filing).
13 Dec 2010securities registration● Neutral
BAKKEN RESOURCES INC filed notice of an exempt private placement.
13 Dec 2010director interest notice● Neutral
Frank Blair became a BAKKEN RESOURCES INC director and company insider (initial ownership filing).
13 Dec 2010director interest notice● Neutral
Val M. Holms became a BAKKEN RESOURCES INC PRESIDENT, CEO and company insider (initial ownership filing).
2 Dec 2010business combination● NeutralMajor
On November 26, 2010 the company exercised the Holms option: it paid $100,000, issued 40,000,000 restricted shares and granted a 5% overriding royalty for ten years on the Holms Property (about 6,000 gross acres, McKenzie County, North Dakota). Holms' members now hold a controlling interest, so existing shareholders are diluted. It also issued 6,180,000 shares at $0.25 for gross proceeds of $1,545,000. The company's address moved to Helena, Montana. The filing's table of contents also lists director/officer changes and a change in shell company status, but that part of the text is truncated here.