Young people were leaving and not coming back, and farmers were moving to town and retiring. The rain lifted outside Stanley at the junction of Route 2 and Highway 8 stretches of which had the worst road ratings in the state. 2. They had names like Bakken Heights and Harvest Hills. 6. None of the Bakken rocks are visible on the surface at their deepest they lie more than two miles underground but outcrops of the brand can be seen everywhere in restaurants like Bakken Buffet, Bakken Residence Suites and a plague of Rockin the Bakken bumper stickers. Down below, dust clouds were boiling around a convoy of trucks hauling frack water and equipment on a county road. (By Mr. Kuntz continuing) The other owners wouldn't be entitled to take those write-offs after he had earned his interest just because Mr. Jundt couldn't use them; would they? Some well sites were tucked in the lee of ravines or perched on bluffs or strung out along the line of a county road, one per mile, like square coasters on a bar. It transports by rail 82,000 barrels of oil a day to refineries. I said I was just going to coast into retirement, and then all hell broke loose, says Walt Peterson, the Williston district engineer for the highway department. 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. [26]As the reporter's note to American Law Institute, Principles of Corporate Governance: Analysis and Recommendations 5.05 (1994) states, in part: 1. 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. 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. Meanwhile you can send your letters to PO BOX 837, BISMARCK, ND, 58502-0837. 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. AVERAGE AGE. McFeely: North Dakota company appears poised to buy WebLoren Kopseng, the pilot of the Piper Cheyenne, brought the plane down at a little after 9 p.m. on the airport's secondary runway. 861.10 (2002 Rev. Contact & Personal Details. And then around seven years ago driven by technological refinements that have made North Dakota a premier laboratory for coaxing oil from stingy rocks the states Bakken boom began in Mountrail County. 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. Long before the full frenzy of the boom, you could see its harbingers at the Mountrail County courthouse in Stanley, N.D. Geologists had pored over core samples and log signatures and had made their educated guesses, and now it was the hour of the landmen, the men and women whose job was to dig through courthouse books for the often-tangled history of mineral title and surface rights. Valuable research and technology reports. Kopseng Probably the loudest of these is John Heiser, a fourth-generation North Dakotan rancher and part-time park ranger who lives near Grassy Butte, and who has been railing against the pace of the boom from the start. . You wont find a better ambassador of what the oil industry calls the play in western North Dakota than Loren Kopseng. 15. It was locally owned, and the man sold the building for an enormous amount of money to somebody from out of state. WebLoren Kopseng, (701) 226-1617, Bismarck Public Records Instantly. In 2012 the company earned a net profit of $44.8 million on revenues of $5.7 billion. By 1997, Russell and Kopseng consolidated several energy businesses into United Energy. In his bag are clothes for his two-week rotation. Whether or not a given opportunity meets the requisite relationship is largely a question of fact to be determined from the objective facts and surrounding circumstances existing at the time the opportunity arises. Word on the street in Bismarck recently, the open secret even, was that Kopseng was the name connected to buying Coal Creek, the massive power plant slated at 22. Missouri River, Rainbow Gas, and Rainbow Energy invested money in Jurassic, and were issued a total of 10,000 membership units. The company has 3 contacts on record. Its new life, new families moving in. Theres no way to be right. Williston has hired nine cops in the last two years, trying to keep up with the crime rate, which was booming along with everything else. That gets old, that does get old. Brandi and Zachary broke up last week. Its that easy., Christina Knapp, 22, is a tattoo artist from Phoenix, Ariz. A couple of the guys I work with do a lot of the rig tattoos. [6]Jurassic's member control agreement, executed on January 26, 1998, provides in part: 3.08Additional Capital Contributions. It feels as hard as a flagstone terrace. [19]The trial court found: All tax write-offs were by agreement of the parties to go to the money investors in the business venture they mutually agreed to pursue. The court explained in its memorandum opinion: Jundt as the owner of 4,925 units of Jurassic since March 9, 2000, (Exhibit 436), claims he should have received (and presumably should continue receiving) about one-third of the tax benefits claimed by the three corporate defendants Jundt refused to provide CPA Nitschke with his tax returns as he refused to provide them to the defendants Without Jundt's personal tax information the impact of this tax benefit cannot be accurately calculated nor can its impact on Jundt's taxes be determined. 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. [17]However, N.D.C.C. Great River Energy has said the potential buyer would purchase the power plant along with the attached high-voltage transmission line. 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. And then again in the late 70s, when the boom was driven by rising oil prices. [5]Russell, Kopseng, Tschider, and Jundt executed an after-payout statement of membership interest on January 26, 1998, providing, in part: Time of Repayment. (The sand, or proppant, props the channels open.) WebLoren was born on 06.25.47. Johnson, 21, commutes nine hours from Pennock, Minn., where hes from, to North Dakota to work in construction. Loren Kopseng - Chairman for Rainbow Energy Marketing After he married and started a family, it was his wifes friends who looked at him sideways. A decade ago you could have spread a picnic blanket on a lot of back roads in western North Dakota and safely taken a nap. 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. But its also geology, chemistry, business. Section 10-32-119(4), N.D.C.C., provides all members in a closely held limited liability company owe one another a duty to act in an honest, fair, and reasonable manner in the operation of the limited liability company. [T]he fiduciary obligation of undivided loyalty imposed upon directors and officers precludes them from appropriating a business opportunity which belongs to the corporation. Joseph W. Bishop, Jr., The Law of Corporate Officers and Directors 3.05 (2002). Reputation Score: 1.70-3.81. Also known as Dawn M Fronk, Dawn Kotseng. . Please try again. The twice-a-month town-commissioner meetings that used to take 45 minutes can now run from 6 p.m. to midnight. But they had to have the tool there, you know?. While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. After Jundt left Jurassic, Montana Heartland acquired the properties. Later, they and others formed a number of other companies, including Rainbow Gas, Rainbow Energy, Montana Heartland, L.L.C. On Friday and Saturday nights, it gets so crowded that they open up a lower floor. Yelp is a fun and easy way to find, recommend and talk about whats great and not so great in Bismarck and beyond. The locals here are great people. Whether he could use them or not, I don't know. The parties may file comments with the Court and Special Master by November 16, 2001 pursuant to Rule 53(f)(5). Theres so many companies that are providing housing. That's why Lt. Gov. UET SHIPPING, LLC, LIMITED LIABILITY CORPORATION . 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. But hes honest enough to concede (with an anguished moan) that his private-enterprise principles arent hypocrisy-free, given that his own bacon has been saved many times by the state-owned Bank of North Dakota, which became prominent when North Dakota was a bastion of radical agrarian populism in the 1930s. Ed.). There was no showing of a corporate opportunity Jurassic had the financial ability to pursue. The initial members of Jurassic were Missouri River, Rainbow Gas, and Rainbow Energy. 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. What challenges? Word on the street in Bismarck recently, the open secret even, was that Kopseng was the name connected to buying Coal Creek, the massive power plant slated for closure in 2022 by its current owner, Great River Energy of Minnesota. The Bakken today contains some of the longest horizontal wells in the world, laterals that extend as far as three miles from the drill pad to otherwise unreachable oil under Lake Sakakawea or beneath the Williston airport. , He seemed stunned by the pace of change; or maybe just exhausted. It was almost possible to imagine the land as it appeared to Lewis and Clark when the Corps of Discovery came up the Missouri in 1804 but only if you looked past the toy-size trucks crawling west on Interstate 94 with drill pipe and water tanks; and the locomotives lumbering east with hundred-unit trains of black oil-tanker cars in tow. We kind of liken it to being in the military, you know. Mike McFeely is a columnist for The Forum of Fargo-Moorhead. They were visiting Dans father in Williston on their way to Big Sky, Mont., where Matt works at a ski resort. Financial inability justifies a corporation in rejecting an opportunity. And perhaps, given the states history of hardship, they dont feel entitled to qualms about social and environmental costs; maybe ambivalence about fat years seems self-indulgent, a failure to appreciate how lean life on the frontier once was and could well be again. I get to live every 5-year-old-kids dream. 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. Through the efforts of the plaintiff and through the capital and loans provided by the corporate defendants, and through the efforts of the defendant Loren R. Kopseng, Jurassic Resources Development North America, L.L.C., a North Dakota Limited Liability Company, has acquired assets and value that are not entirely equitably offset by its debts. hasnt drilled a well of its own since 1998, but today it holds a nonoperating interest in close to 2,000 oil and gas wells. Its the center of the culture, in a lot of ways.. [8]The trial court found, among other things: 3. It has ginned up an unreleased reality show called Boomtown Girls, which follows the lives of five bold and brave sisters in the formerly drowsy farm center of Williston, N.D. Williston, whose population has tripled in the past 10 years, lies in the middle of the 150,000-square-mile Williston Basin, a depression in the crust of the earth that geologists now believe contains one of the largest oil fields in the world. 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. But were still trying to feel things out. WebDawn Kopseng in Mandan, North Dakota. Originally from South Dakota, he was meeting with other KNS employees at the Scenic 23 Club in New Town. [22]Jurassic was negotiating to acquire WBI properties before Jundt left Jurassic. WebDawn M Kopseng, 75 Resides in Bismarck, ND Lived In Mandan ND Related To Sander Kopseng, Loren Kopseng, Ryan Kopseng, Leah Kopseng Includes Address (3) Phone (1) See Results Dawn M Gittel, 51 Resides in Bismarck, ND Lived In Mandan ND, Gilbert AZ Related To Jayden Gittel Also known as Dawn M Schumacher, Dawn Gittle, Dawn M 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. Karen V. Kopseng, 61, Bismarck, passed away Oct. 19, 2006, at Medcenter One, Bismarck. Principal. Originally from South Dakota, he was meeting with other KNS employees at the Scenic 23 Club in New Town. Koeser, a 63-year-old former math teacher whose grandfather came to North Dakota to farm in 1901, started a communications company that sold field radios during the oil boom of the early 80s. He was elected to the Board of Commissioners in 1994 and returned to office five times. It has now leveled off at around 200, as thousands of wells have been completed under deadline pressure to secure expiring mineral leases. . TermsPrivacyDisclaimerCookiesDo Not Sell My Information, Begin typing to search, use arrow keys to navigate, use enter to select, Stay up-to-date with FindLaw's newsletter for legal professionals. Loren currently resides at 2750 Wilderness Cove Rd, Bismarck, ND. WebTop Result for Dawn Kopseng. Why United Energy? Dynamic search and list-building capabilities. Also known as: Loren Roy Kopseng, Loran R Kopseng, Loren Konseng. 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. 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 8. Wells being hydraulically fractured were ringed by 20 or more water tanks spread out on square mounds of brick-red scoria a clay sintered by underground coal fires and used for drill pads and roads in North Dakota. As to this claim Jundt has the burden of proof. The defendant Loren R. Kopseng has not deliberately acted to oppress the plaintiff in his management or member interest units in the company. Whether or not an officer has misappropriated a corporate opportunity does not depend on any single factor. More than a third of the gas that comes out of the oil wells in the basin was being flared off, but that percentage is declining as pipelines and facilities to process it come online. We crossed the Missouri River, the plane beating on above a sea of grass. That the state was bullish on a buyer for Coal Creek was evident during the 2021 legislative session. state leaders are championing the idea North Dakota could become a world leader in carbon-capture technology Loren Kopseng. The dust busters in Williams County discovered that spraying a soy-based oil works well, but it isnt practical because it makes the roads taste so good that cows come out of the fields and try to eat them. At a motions hearing, one of the defendants' attorneys told the court: We don't want [Jurassic] to be liquidated. Each and all were contemporary manifestations of an economic imperative that dates back to the triumph of the treaty breakers who usurped the Native Americans and commodified the land, and to the waves that came in their wake, the great white hunters who cleaned out the buffalo, the agents of the bone boom that followed who sent trainloads of buffalo skeletons back East to be used to refine sugar, the iron-horse magnates, the immigrant farmers and pioneer ranchers ruined by the dirty 30s, and later the first oil and lignite coal barons and the government dam builders who tamed the Missouri. at 862.10. 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. , saying "you won't find a better ambassador of what the oil industry calls 'the play' in western North Dakota than Loren Kopseng. 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. When he graduated (sidetracked for a year and a half by a stint in the Army that included seven months in Vietnam), one of his first jobs was flying a small plane for a highway contractor. Kopseng Kopseng 3 Fletcher Cyc. Stay up-to-date with how the law affects your life. The cases offer varying bases for determining whether the corporate opportunity doctrine will be deemed applicable to a given factual situation. Loren is related to Sander Kopseng and Stephanie Nicole Peterson as well as 3 additional people. 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. A party opposing summary judgment must present evidence raising an issue of material fact. (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. 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. Bismarck WebFind company research, competitor information, contact details & financial data for Jurassic Resources Development North America, LLC of Bismarck, ND. It has forced McDonalds to offer bonuses and brought job seekers from all over the country truck drivers, frack hands, pipe fitters, teachers, manicurists, strippers. 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. Leigh Price, a United States Geological Survey geochemist, was initially greeted with skepticism when, about 13 years ago, he came to the conclusion that the Bakken might hold as much as 503 billion barrels of oil. Approached from the side with a horizontal shaft, the reservoir rock could be contacted for thousands of feet rather than for the hundred or so feet a vertical well would afford. WebRelated To Sander Kopseng, Stephanie Kopseng, Loren Kopseng, Dawn Kopseng. 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. Jundt, the only individual or entity claiming diversion of a Jurassic corporate opportunity, owns fewer than one-third of the membership interest units in Jurassic. 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. We skimmed along the Montana border, then banked east over the confluence of the Yellowstone and Missouri Rivers. 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. [20]Jurassic's Member Control Agreement executed on January 26, 1998, does not provide that the money investors were to get all the tax write-offs. A more typical attitude is represented by Harold Hamm, chief executive of Continental Resources. Loren Kopseng, Ryan Kopseng. Monthly oil production, which peaked in 1984 at 4.6 million barrels, fell to half and then went sideways for nearly a quarter-century. The collapse of North Dakotas last oil boom, 30 years ago, left unfinished developments and deserted homes in its wake. 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. An abuse of discretion by the trial court is never assumed; the burden is on the party seeking relief to affirmatively establish it. Gepner v. Fujicolor Processing, Inc., 2001 ND 207, 13, 637 N.W.2d 681. An abandoned building off Highway 23 in the Williston Basin. But you just got so much influx from Texas, Louisiana, Pennsylvania, California, and people are just rude and inconsiderate. WebThe second best result is Loren R Kopseng age 40s in Bismarck, ND in the Wachter's neighborhood. The law has long recognized the doctrine of corporate opportunity which prohibits one who occupies a fiduciary relationship to a corporation from acquiring, in opposition to the corporation, property in which the corporation has an interest or tangible expectancy or which is essential to its existence. 3 Fletcher Cyc. A spokesman for North Dakota Gov. As they call them out here the oil-field trash., For my kids, what Im a little bit worried about is the development of housing, gas stations, schools, stores, well facilities and those kind of things, says Kevin Gieseke, 26,father of the newborn Sawyer, shown here. . . 861.10 (2002 Rev. Gloria Fronk Sun Lakes, AZ. Now. The only problem you got is if you move in with somebody that you dont like very much. We brought in a plant to split and polish peas. Just how much oil is in the Bakken is still unknown. Liquidation and partition are not appropriate equitable remedies in this case. Dancers at a performance of Snow White in Williston, N.D. We just learned that we have to move out of our dance studio, saidMelissa Lucy, 43, a co-owner of Dance Fever Performing Arts Studio. The trial court's judgment dismissed Jundt's claims against Kopseng and ordered the corporate defendants to cancel Jundt's membership units in Jurassic and pay him $300,000. . 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. We tried to diversify our economy and create more permanent jobs. Loren Kopseng Arthur A. . Doug Burgum visit on Monday at the event to celebrate the closing of the sale of Coal Creek Station to As the Husky droned west, the land began to change, growing drier, farms giving way to ranches. Shallow gas leases were acquired and developed into production in Montana through the efforts of the plaintiff and capital and loans contributed by the corporate defendants, as well as the efforts of the defendant Loren R. Kopseng. The evidence must be viewed in the light most favorable to the party opposing the motion, and that party will be given the benefit of all favorable inferences which can reasonably be drawn from the evidence.
