Seventy-two miles beyond Stanley, I pulled into Williston, which proudly advertises itself as the boyhood home of the N.B.A. Brandi had plans to attend beauty school. Corps. But its also geology, chemistry, business. [10]Jurassic, Missouri River, Rainbow Gas, and Rainbow Energy contend the district court abused its discretion in awarding Jundt $300,000 as an equitable remedy. Jundt cross-appealed from the judgment; a December 5, 2000, amended order on summary judgment motions; an October 12, 2000, order on a summary judgment motion; and a December 13, 2001, amended memorandum opinion and unchanged findings of fact, conclusions of law, and order for judgment. North Dakotans are among the most prudent people in North America even amid record surpluses, the electorate last year rejected a proposal to abolish property taxes and their history tells them that after the tumult of a boom, the landscape, in the words of former Gov. We see that you have javascript disabled. We put down at the Williston airport and hiked across a dirt lot full of mud-caked water trucks. Sometimes Loren goes by Doug Burgum deferred questions about Coal Creek to Great River Energy, which declined comment citing nondisclosure agreements with potential buyers. WebLOREN KOPSENG Manager, Member 919 S 7th St Suite 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. Its a very solitary existence, being up there. He makes $12,000 to $14,000 a month. (5)An event of dissolution has occurred under subdivision a, d, or e of subsection 1 of section 10-32-109 but the limited liability company is not acting to wind up its affairs; (1)The claim of the creditor has been reduced to judgment and an execution on the judgment has been returned unsatisfied; or, (2)The limited liability company has admitted in writing that the claim of the creditor is due and owing and it is established that the limited liability company is unable to pay its debts in the ordinary course of business; or. Reviews. One reason for the lack of dissent may be that there just arent that many people in North Dakota the state has a population density of less than 10 per square mile; Pennsylvania has 284, New York 411 and the people who are there appear to have weighed the benefits against the costs. Trailers at M&M Park in Watford City, N.D. Laurie Rod, 50, came out with her husband from North Branch, Minn. Were gonna try it for a couple years and see how it goes. [25]This Court has not ruled on the corporate opportunity doctrine. . They have also lived in Mandan, ND. The initial members of Jurassic were Missouri River, Rainbow Gas, and Rainbow Energy. Why do [critics] always start talking about the challenges? Hamm said in a speech he gave at Williston Basin Petroleum Conference in Bismarck in May. North Dakota has had oil booms before but never one so big, never one that rivaled the land rush precipitated more than a century ago by the transcontinental railroads, never one that so radically changed the subtext of the Dakota frontier from the Bitter Past That Was to the Better Future That May Yet Be. Reputation Score: 1.70-3.81. WebSupreme Court of North Dakota. WebFind company research, competitor information, contact details & financial data for Jurassic Resources Development North America, LLC of Bismarck, ND. For many years North Dakota has been a frontier not the classic 19th-century kind based on American avarice and the lure of opportunity in unsettled lands, but the kind that comes afterward, when a place has been stripped bare or just forgotten because it was a hard garden that no one wanted too much to begin with, and now it has reverted to the wilderness that widens around dying towns. A trial court abuses its discretion only when it acts in an unreasonable, arbitrary, or unconscionable manner, when its decision is not the product of a rational mental process leading to a reasoned decision, or when it misinterprets or misapplies the law. Rose v. United Equitable Ins. North Dakota officials and Great River have been keeping quiet about the prospective buyer but said the intent was to pursue carbon capture projects attached to the plant. Valuable research and technology reports. Jundt clearly knew and understood all the write-offs would go to the money investors. The trial court's order appointing the Ryder Scott Company as a special master to provide fair market appraisals of specified properties does not specifically require the special master to make findings of fact or conclusions of law. which nationally has been declining for decades that included tax breaks, grants and loans. Officials calculate that each well in western North Dakota requires about 2,000 truck trips in its first year of operation. An equitable resolution by the Court also takes into account Jundt's claims about over allocated expenses, attorney fees and transportation charges to the extent the Court has any limited concerns over those claims. Yet in the midst of so much empty, untrammeled land, the roaring fires and messy drill pads didnt evoke images of industrial blight like the apocalyptic black wastes of the Alberta tar-sands operations or the eaten-off mountaintops of West Virginia coal country, or for that matter, the landscape of New Jersey around the port of Newark. 10. Q. Certain grades of sand or sometimes proppant made of ceramic beads are matched to certain kinds of rock, and the wells are fracked in stages, as many as 40 stages per well. 2. AVERAGE AGE. The timing might not have seemed auspicious; companies were quitting the Williston Basin, unable to sell their product for more than it cost to produce. Coal Creek In the fall of 2011in Crosby, N.D., Continental Resources, the oil company with the most acreage leased in the basin, erected a self-congratulatory granite monument celebrating its work in the so-called Bakken Formation, the Williston Basin rocks that, as Continental put it, ushered in a new era in the American oil industry. The number of rigs drilling new wells in North Dakotas part of the basin reached a record 218 last May. Ed.). WebTop Result for Ryan Kopseng in Bismarck, ND 1 The best result we found for your search is Loren R Kopseng age 40s in Bismarck, ND in the Wachter's neighborhood. Coal Creek, presumably, would provide energy United could sell to one of two electricity grids in close proximity. The company has 3 contacts on record. And then they would go back to their cars and trucks to wait with the engines running, their faces wreathed in coffee steam. 861.10 (2002 Rev. Four tests have been established as standards for identifying a corporate opportunity: the line of business test, the interest or expectancy test, the fairness test, and the ALI test. Lodge, Inc. v. Roland Township, 2002 ND 140, 21, 651 N.W.2d 625 (citations omitted). Mickie Riley, 40, second from right, with her family in their trailer in Williston. [29] WILLIAM A. NEUMANN, Acting C.J., JAMES M. BEKKEN,* D.J., MARY MUEHLEN MARING, and DALE V. SANDSTROM, JJ, concur. Please try again. It has now leveled off at around 200, as thousands of wells have been completed under deadline pressure to secure expiring mineral leases. Production from a typical Bakken well declines rapidly but on average produces modest amounts of oil for 45 years and earns a profit of $20 million. Kevin Tschetter, 34, hauls water to and from active wells for KNS Enterprises. He always worked he helped his parents run apartment buildings in Bismarck, and for six summers starting at age 12, he fed the chickens and pigs and bucked hay and branded cattle at his grandparents ranch in Slope County in the western part of the state. What challenges? We have 800 to 900 new houses coming onto the city tax rolls by the end of the summer, Koeser told me as we drove around some of the embryonic neighborhoods. 359, 667 P.2d 804, 813 (1983) (Where company president disclosed opportunity to purchase property to shareholders, company was financially incapable of making the purchase, shareholders failed to object to president's purchase of the property, [t]he only reasonable inference from such facts is an implied consent by the shareholders.). While critics believe giving tens of millions of dollars to the coal industry is throwing good money after bad to an energy sector that will inevitably die, Questions Post Question There are no questions yet for this company. [15]The defendants contend Jundt waived his right to challenge the special master's determination by failing to provide the special master any evidence he possessed that Jurassic had a higher value. They argue Jundt should not have been allowed to challenge the special master's findings at trial, because he did not file objections' to the report by November 27, 2001. However, on November 27, 2001, the first day of trial, the trial court noted the time for objecting was still running.. Laura Louise Kopseng-Klein, 85, 1015 N. Third St., Bismarck, died Nov. 20, 2001, at Medcenter One Health Care Center, Bismarck, from complications of Parkinson's disease. The wind and the cold.. Fully understanding its equitable resolution is not based on gas reserves, future prices or future costs, and fully understanding it has made no adjustments whatsoever as to the value of Jurassic based on any claims of Jundt, and fully understanding the debts owed by Jurassic to BNC National Bank and the corporate defendants, the Court finds that the equitable resolution of this case is the AWARD OF A JUDGMENT TO JUNDT AGAINST JURASSIC AND THE CORPORATE DEFENDANTS IN THE AMOUNT OF $300,000. The Middle Bakken layer, a band of grayish dolomitic sandstone and siltstone from 30 to 70 feet thick, sits between the Upper and Lower Bakken intervals, carbon-rich beds of black shale between 20 and 50 feet thick. But now, land near the airport that was $500 an acre a decade ago was selling for as much as $180,000 an acre; the airport itself was slated for relocation. The city had to be careful, he said, because during the last boom, Williston got stuck with $28 million in debt after putting in streets and sewers for housing developers who bailed when oil prices collapsed. Any payment or transfer accepted by the Company from a Member which is not a capital contribution complying with Section 3.01 shall be deemed a loan and shall neither be treated as a contribution to the capital of the Company for any purpose hereunder, nor entitle such Member (as such) to any increase in such Member's Percentage Interest. But were still trying to feel things out. In 1997 he and Russell consolidated various energy-related businesses into the privately held United Energy Corporation. Mike McFeely is a columnist for The Forum of Fargo-Moorhead. He's been with The Forum full time since 1990, minus a six-year hiatus when he hosted a local radio talk-show. 10-32-119(2) been established. The westward march of American industry was written in the quarters of plowed earth and section line roads, in the power-transmission towers and smoke-signal steam puffs drifting from a Tesoro refinery; it was visible even on the far horizon, at the edge of a fretted but still bracing emptiness, in the shape of giant windmills and the silhouette of a coal gasification plant. There was undisguised horror in Kopsengs voice when he realized I had been obliged to open an airsickness bag in the back seat. Pickup trucks were waiting in long lines for drive-through dinners at Hardees. Even a well-publicized investigation by the news Web site ProPublica that reported that there were more than 1,000 accidental releases of oil, drilling wastewater and other fluids in North Dakota in 2011 passed without much fuss. Whether Great River was closing the plant because it was losing tens of millions of dollars a year and its customers were demanding green energy, as it said, Potential new owner in talks to save North Dakota's largest coal-fired plant, Marked for closure, North Dakotas biggest coal-fired power plant looks for a new tech lifeline, McFeely: Report blasts expensive ND project meant to save coal plant, Workers, communities fear closing North Dakota's largest coal plant will destroy their way of life, North Dakota's largest coal-fired power plant will shut down in 2022 unless new buyer can be found, Lawmakers passed several bills meant to buoy the coal industry, A 2013 New York Times article on North Dakota's oil boom included a mini-profile of Kopseng, state leaders are championing the idea North Dakota could become a world leader in carbon-capture technology. I get to live every 5-year-old-kids dream. [13]The record does not show the parties agreed to be bound by the special master's findings of the fair market value. The order reflecting the parties' stipulation says only that the trial court will use the report and appraisals to find the fair market values of any relevant properties. It does not say the court or the parties will adopt or be bound by the special master's report or findings. Principal. WebCompany Contacts LOREN KOPSENG Officer 919 S 7th St Unit 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. I hate the wind. U.E.C. until finally you get out at some windswept intersection and gratefully fall on the fellowship of a dog-faced bar with a jukebox of songs about people on their way to somewhere else. Spending all the money? Hamm, who is known as the Baron of the Bakken by virtue of having more than a million acres leased for drilling, led Mitt Romneys energy committee, which proposed giving states control of oil leases on federal lands. Originally from South Dakota, he was meeting with other KNS employees at the Scenic 23 Club in New Town. The two ranches he acquired are now part of Theodore Roosevelt National Park. Nearly 40 years ago, when the boom of the moment was lignite coal, not oil, Link gave a speech at an annual meeting of the North Dakota Rural Electric Association. An abandoned building off Highway 23 in the Williston Basin. Rainbow Energy Marketing Corp. a subsidiary of United Energy Corp., a Bismarck-based firm run by the oil tycoon Loren Kopseng has never owned a coal-fired power plant. What may be even more remarkable than the growth of the past two years is the extent to which the oil comes from one group of rocks. They have been through this before, the people of North Dakota, first in the 60s, a decade after oil was discovered in the state. Theres a lot of other people out there that are still living in trailers and stuff. 15. By 2010 it had climbed to fourth. . WebRelated To Sander Kopseng, Stephanie Kopseng, Loren Kopseng, Dawn Kopseng. The twice-a-month town-commissioner meetings that used to take 45 minutes can now run from 6 p.m. to midnight. People arent interested in stepping back.. Almost half of the kids that are there are from out of state. He has since dropped out and is busing tables at Grandma Sharons Family Restaurant. Whether or not an officer has misappropriated a corporate opportunity does not depend on any single factor. The parties may file comments with the Court and Special Master by November 16, 2001 pursuant to Rule 53(f)(5). People Search It was with a touch of truant glee that Kopseng skipped out of his office to fly me around the oil fields on a windy morning last spring. After drilling companies finish securing leased acreage, it will take 20 years to develop the 35,000 to 40,000 production wells needed to fully exploit the thermally mature part of the Bakken shale, an area about the size of West Virginia. [6]Jurassic's member control agreement, executed on January 26, 1998, provides in part: 3.08Additional Capital Contributions. Significant amounts of Bakken oil were produced from conventional vertical wells beginning in 1961, but for many years the formation was considered problematic: you had to be lucky or skillful enough to find an area of the shale that was naturally fractured. Hoeft has been in Williston for four years and currently lives in his Chevrolet Suburban rents for a two-bedroom run $2,400 a month, and he is still paying off his mortgage back in Wisconsin, where hes from. In his bag are clothes for his two-week rotation. Related To Stephanie Kopseng. Viewed in the global market, the states oil output isnt huge Saudi Arabia produces about 10 million barrels a day but North Dakotas oil boom now accounts for 11 percent of U.S. oil production, and it is the main reason the state government currently has a $3.8 billion surplus. A court may grant any equitable relief it considers just and reasonable in the circumstances or may dissolve, wind up, and terminate a limited liability company: a. Id. The transient people are more the single guys. Karen V. Kopseng, 61, Bismarck, passed away Oct. 19, 2006, at Medcenter One, Bismarck. Under any test, a corporate opportunity exists when a proposed activity is reasonably incident to the corporation's present or prospective business and is one in which the corporation has the capacity to engage. While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. Jeremy (Tex) Loughran, 17, moved from Del Rio, Tex., and enrolled in high school in Williston. , or because the company was bowing to political pressure in Democrat-run Minnesota, as North Dakota fossil fuel advocates said, it would be a crushing economic blow to McLean County. [24]In granting the defendants' motion for summary judgment with regard to the Montana Heartland issue, the trial court said: The defendants' Motion for Summary Judgment Re: Montana Heartland is GRANTED to the extent the Court finds the WBI leases acquired by Montana Heartland were not a business opportunity that belonged to Jurassic, and thus the value of Jurassic does not include the value of the now developed WBI leases owned by Montana Heartland. WebAddress: 919 S 7TH St Ste 405 Bismarck, ND, 58504-5835 United States See other locations Phone: Website: www.missouririverroyalty.com Employees (all sites): Actual But as the volume of oil in the Bakken shale is still a moving target, and recovery techniques are increasingly sophisticated, some estimates put the life of the Bakken play, and the attendant upheaval it is causing in North Dakota, at upward of a hundred years. After the plane was replenished with $147 worth of aviation gas, we headed east toward Bismarck. We got new trailers that we live in. Also known as: Loren Roy Kopseng, Loran R Kopseng, Loren Konseng. Right now our best guess is there are 169 billion barrels of oil in the Bakken, and thats undoubtedly wrong, says Ed Murphy, state geologist at the North Dakota Geological Survey. They had names like Bakken Heights and Harvest Hills. No member shall have any obligation to make additional capital contributions to the Company or to fund, advance, or loan monies which may be necessary to pay deficits, if any, incurred by the Company during the term hereof. The store was selling showers: a half-hour of hot water for 10 bucks; $15 for a couple. WebTop Result for Dawn Kopseng. All rights reserved. Theres so many companies that are providing housing. , while the attached Falkirk Mine, operated by North American Coal, supports several hundred more jobs. He was entitled to receive them if he was-if he was entitled to the ownership interest, he was entitled to the tax write-offs. The moneys very good out here, if you find someone to pay for your housing. Sander Kopsengis linked to this address. Nor have any grounds for ordering a sale of membership interests under N.D.C.C. We crossed the Missouri River, the plane beating on above a sea of grass. [14]The defendants contend the trial court did not apply the clearly erroneous standard required by N.D.R.Civ.P. Meridian engineers went down more than 10,000 feet and then burrowed sideways into a bed of Upper Bakken shale that was only eight feet thick. In 1984, at a particularly low ebb, he met Don Russell, a merchant from Mandan, whod done well in the not-obviously-related businesses of peddling tires and packing meat. The Special Master shall file its final report and appraisals with the Court on November 26, 2001 and serve copies on the parties The parties shall advise the Court on November 27, 2001 if they intend to file objections to the Report pursuant to Rule 53(f)(2). Flying was Kopsengs dream job before he got the idea of building an oil company. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: KOPSENG, LOREN R BISMARCK, ND 58503: UNITED In truth, it seems less an assessment of what humanity can expect when it is done devouring the earths nonrenewable resources than a prayer that reflects a faith unique to the place where Link was born, faith that all those caved-in cabins, withered towns and stillborn dreams and whatever is left when the oil is gone can be redeemed. Memorial services will be held at 2 p.m. Saturday, Oct. 21, at Trinity While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. Or that he denied it at all. Jundt contends the trial court improperly granted summary judgment dismissing his claim the Jurassic defendants breached their fiduciary duty to Jurassic by diverting a Jurassic business opportunity to Montana Heartland. Dynamic search and list-building capabilities. We had 12,500 people in the 2000 census, and we wanted to grow beyond that, he said, heading to the northern edge of town. . He went broke twice, maxed out his credit cards and even borrowed money from his mother loans that came with sharp remarks about his clothes and hair. On Friday and Saturday nights, it gets so crowded that they open up a lower floor. It reverses decades of anxiety about out-migration and rural decline and death. We hosted events for developers and growers farmers in the area grow lentils and potatoes and durum wheat but we couldnt get beyond 12,500. Members may make loans to the Company from time to time, as authorized by the Board. The members will be repaid their contributions at the time the present value of the proven reserves discounted by using the present value discounted at 30%; plus other assets of the company exceed the past capital contributions and any accrued future capital contributions plus interest calculated at the prime rate of BNC Bank of Bismarck. Were smack-dab in the middle of an Indian reservation. This practice raises the atmospheric levels of carbon dioxide, the gas primarily responsible for global warming. It was crazy. Financial inability justifies a corporation in rejecting an opportunity. DKs Lounge and Casino in Williston. when the last bulldozer has pushed the last spoil pile into place, and the last patch of barren earth has been seeded to grass or grain, let those who follow and repopulate the land be able to say, our grandparents did their job well. Its our gold rush, our Silicon Valley. 9. at 862.10. One of the more curious aspects of oil development in North Dakota is that the people making arguments against rampant growth, environmental degradation and the messy business of extracting oil are somewhat few and far between, proverbial voices in the wilderness. Kopseng 65, a deer hunter, a Bud Light drinker, a profane churchgoer with four kids and two ex-wives refers to himself as a petro-preneur. The oil company he started almost 30 years ago is headquartered in Bismarck, but the thrilling part of his billion-dollar business is based 100 miles northwest in the Williston Basin. The technique is more exact now. Comprehensive company profiles. Its new life, new families moving in. One morning, Ward Koeser, president of the Williston City Commission, offered to show me around. We were a graying community. d.In an action by the attorney general to dissolve the limited liability company in accordance with section 10-32-122 when it is established that a decree of termination is appropriate. The cases and commentators generally recognize the existence of a rule or doctrine of corporate opportunity, although there is confusion as to the manner in which it is to be applied. Previously, Ryan We affirm in part, reverse in part, and remand for further proceedings. I had a lot of lemonade wells, he sighed. 4. Resides in Bismarck, ND. The defendants contend the trial court abused its discretion in awarding Jundt $300,000. Loren Kopseng, Ryan Kopseng. coach Phil Jackson. Kopseng is a conservative Republican, and like many North Dakotans, he includes government regulation in the same category of pleasant experiences as droughts, floods, grasshoppers and prairie fires. Curtis D. JUNDT, Plaintiff and Appellant, v. JURASSIC RESOURCES DEVELOPMENT, NORTH AMERICA, L.L.C., a North Dakota limited After he married and started a family, it was his wifes friends who looked at him sideways. Later, as improved instruments gave drillers a more precise sense of where they were and what kind of rock they were in, they were able to steer drill bits between the black halves of the Oreo. The land is as good and, in some cases, better than before.. North of the Missouri River, around the town of Parshall in Mountrail County, the wells started almost on a line that coincided roughly with the 102nd meridian. The formation, named for Henry O. Bakken, a farmer who leased his land for an early well, consists of three layers, sandwiched, in a commonly used analogy, like an Oreo cookie. Copyright 2023, Thomson Reuters. The Bismarck-based company (it has 11 affiliated offices in the U.S., Canada and Mexico) has five subsidiaries that deal largely in energy marketing. Of the 20 oil-producing geological formations in the Williston Basin including some like the Madison that have yielded large volumes of oil for decades the Bakken Formation now accounts for 91 percent of North Dakotas oil production. . The company's principal address is 919 S. 7th Street Ste 405, Bismarck, ND 58504 and its mailing address is Po Box 837, Bismarck, ND 58502-0837. We arent going to do anything to jeopardize it. That's why Lt. Gov. I think the only oil-field one Ive done is this guy who got a bunch of worms on his arm. North Dakotas last oil boom, 30 years ago, collapsed so quickly when prices crashed that workers in the small city of Dickinson left the coffee in their cups when they quit their trailers. Multiply that by hundreds of annual new wells, and its clear why county and state highway departments are engaged in an epic struggle against potholes, rutting, asphalt shoving, alligator cracking and other pavement maladies. Whether he could use them or not, I don't know. Oil has financed multimillion-dollar recreation centers and new hospital wings. Keep an eye out for radio towers, Kopseng said over the headset. The former landman who told me this Brent Brannan, now director of the North Dakota Oil and Gas Research Program said he sometimes thought he could see the whole boom in that one image, briefcases waiting for the day to start, and it killed him a little that he never took a picture. The Court intends through this equitable resolution that no party will be awarded costs and/or attorney fees. Arthur A. The downtown area was struggling for 25 years. Its all but impossible to find a place to stay in Williston, but on weekends many oil workers clear out, and I was lucky to get a motel room with a cracked plastic bathtub that had been cleverly patched with duct tape. 14. [17]However, N.D.C.C. He was elected to the Board of Commissioners in 1994 and returned to office five times. They left Montana to find work. There was no showing of a corporate opportunity Jurassic had the financial ability to pursue. Differences arose and Jundt left in 1999. 7. Under any of the theories, Jundt has failed to meet his burden. But I wouldnt mind going and working somewhere that does pay for stuff like that.. In July the World Bank reported that flared gas from the Williston Basin was the main reason the United States has jumped to 5th from 14th (behind Russia, Nigeria, Iran and Iraq) on the list of gas-flaring nations. Three experts weigh in on what that means. As to this claim Jundt has the burden of proof. It states, in part: Michael Schmitz, a certified public accountant called as a witness by the defendants, testified that loss to Mr. Jundt [would] be a passive loss, which is suspended until he can use it, and there is [n]o limitation on a carry-over. He testified on cross-examination that Jundt was entitled to tax write-offs: Q.Mr. Schmitz, if Mr. Jundt was entitled to his membership interest on February 1, 1999, wasn't he entitled to receive the portion of the tax write-off's attributable to that interest after that date? Lived In Mandan ND. A.C. Petters Co., Inc. v. St. Jundt cross-appealed, contending the trial court improperly granted summary judgment on part of his claim when it determined the defendants did not breach their fiduciary duty to Jurassic when they diverted a business opportunity (the acquisition of oil and gas properties controlled by WBI in the Pine Gas Field) belonging to Jurassic to Montana Heartland, which was owned by all of the corporate Jurassic owners. The payoff provision is inserted to guarantee the financial group their writeoff's during the planned start up period which is scheduled to be conducted as a loss. I stopped for gas at a Cenex convenience store called Bakken Central, where help was wanted for all days, all shifts. Every time we went out to a bar or anything like that, we were getting offered jobs for the oil, Kingsley says. They were visiting Dans father in Williston on their way to Big Sky, Mont., where Matt works at a ski resort. At that moment, 209 rigs were drilling fresh holes. I love construction and new buildings. Concerns about the expenditure of company funds in the fall of 1998 led to action by the Board of Governors on February 22, 1999, which in turn led to the plaintiff's departure from the company. brian mccaskey wife, ordering decimals from least to greatest calculator soup,

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