Bakken Resources Inc. (“BRI”, “Company”) is pleased to report record crude oil and natural gas production and a record number of producing wells in 2016.
Through September 30, 2016, the Company’s well interests have produced more than 4 million barrels of oil and more than 5 million mcf of gas, representing a 44% and 86% increase over year to date 2015, respectively. “Quality assets are strong in an upturn as well as a downturn”, says Dan Anderson, BRI’s chief financial officer. “The hidden value of our producing assets is the remaining well capacity. Replacing depleting assets and expanding reserves are key to our future. We plan to dedicate our strategic initiatives to acquisition and expansion in a “friendly” market environment”, Anderson adds.
Industry discussion generally centers on cash break-even points for exploration and production companies. However, companies like BRI have business models that are characterized by relatively low cost operations. As production grows in the current pricing environment, BRI can create long-term value for its shareholders.
As the industry recovers from its recent recession, companies like BRI are well positioned to take advantage of opportunities in the marketplace. And, BRI aims to do just that. BRI has recently completed a preliminary draft long-term strategic plan. This plan includes a detailed study of the significant producing domestic basins. The Company has identified a number of strategic initiatives designed to create long-term value while reducing overall risk.