President, CEO and chairman Val M. Holms took a voluntary paid leave of absence, beginning March 24, Bakken Resources Inc. (OTC: BKKN) said March 30.

According to the company’s 8-K filed March 24 with the Securities and Exchange Commission (SEC), Holms’ leave will last through an internal investigation, by outside investigators, on matters that were raised in the resignation letter of the prior audit committee chairman. That letter was filed with the SEC on March 17.

No replacement has been appointed for Holms, Bakken Resources added. The board of directors will determine all matters that would require his capacity.

"At this time, I plan to take a short leave of absence to allow my health to continue to improve and also to cooperate with the current company investigation. I am pleased that the company continues to make progress in this difficult environment for oil and gas companies, and I look forward to bringing new projects to the company," Holms said.

Helena, Mont.-based Bakken Resources Inc. develops and acquires mineral leases in Montana and North Dakota.