Bakken Energy Corp., formerly Orofino Gold Corp. (ORFG), reached a memorandum of understanding between its board of directors to acquire an oil refinery in Southern Utah, the Las Vegas-based company announced April 24.

The company expects to give details of the acquisition agreement by middle of next 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 $16,500 in 2006 and the company thinks it is worth much more as the value of oil increased dramatically from the $60 per barrel range in 2006 to around $100 per barrel in 2014.

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 will acquire key oil and gas leases and valuable land assets with oil and gas deposits.