The first areas of the Bakken to be hydraulically fractured were on the Montana side of the Williston Basin in the Elm Coulee Field, where oil was discovered in 2000. About 95 percent of the Bakken wont yield its oil unless millions of gallons of pressurized water full of sand and various chemicals are pumped down the well to crack open hairline channels. Loren Kopseng. Under paragraphs 1.11 and 2.09 of the Jurassic Operating Agreement, the members and the board of governors may take actions by the affirmative vote of a majority of the members or governors unless otherwise required by law or specified in the Articles of Organization of the Company or a member control agreement. Thus, the corporate defendants had the power to control Jurassic's business decisions. The same article said United Energy in 2012 earned a net profit of $44.8 million on revenues of $5.7 billion. 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. And then we were off, banking over the low-slung rooftops that ring the states Capitol, an 18-story stone-and-concrete landmark built in 1934. 15. The only thing you got within 60 miles is either go to a bar at night or go to the casino, and Im not much for drinking and dont like to gamble, so you kind of go stir crazy., Greg Hoeft, 31, hotshot for Petroleum Services. You wont find a better ambassador of what the oil industry calls the play in western North Dakota than Loren Kopseng. WebLoren was born on 06.25.47. The company has 3 contacts on record. 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. That gets old, that does get old. Brandi and Zachary broke up last week. The plaintiff's claims against the defendant Loren R. Kopseng are DISMISSED WITH PREJUDICE. This is the boom that wont leave the land trashed, wont destroy communities, wont afflict the state with the so-called Dutch Disease in which natural-resource development and the sugar rush of fast cash paradoxically make other parts of the economy less competitive and more difficult to sustain. By 1997, Russell and Kopseng consolidated several energy businesses into United Energy. Lodge, Inc. v. Roland Township, 2002 ND 140, 21, 651 N.W.2d 625 (citations omitted). They had names like Bakken Heights and Harvest Hills. [26]As the reporter's note to American Law Institute, Principles of Corporate Governance: Analysis and Recommendations 5.05 (1994) states, in part: 1. [23]We recently reiterated the test for resolving a motion for summary judgment: Summary judgment is a procedural device for promptly and expeditiously disposing of an action without a trial if either party is entitled to judgment as a matter of law and if no dispute exists as to either the material facts or the inferences to be drawn from undisputed facts, or if resolving factual disputes will not alter the result. Loren has reached 74 years of age. ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile All Companies Named UET [11]The parties stipulated to the appointment of a special master. Reviews. ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile Learn About Our Pro Search Why United Energy? 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. Dawn M Kopseng, 75. The store was selling showers: a half-hour of hot water for 10 bucks; $15 for a couple. Sander Kopsengis linked to this address. Learn more about FindLaws newsletters, including our terms of use and privacy policy. 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. [8]The trial court found, among other things: 3. 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. Suddenly the state that never had anything is in the middle of an oil boom that is larger than anybody could have predicted. 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. 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. By 2010 it had climbed to fourth. WebLOREN KOPSENG Manager, Member 919 S 7th St Suite 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. . We arent going to do anything to jeopardize it. [2]In 1984, Loren Kopseng and Donald Russell formed Missouri River. Anyone can read what you share. The Court will use the report and appraisals, after considering any objections of the parties, to find the fair market values of any relevant properties to which the parties have not previously agreed to a method of valuation, distribution or liquidation. Home sales dipped 20% in Fargo-Moorhead. But oil development, and fracking in particular, raises little of the hue and cry it does in Eastern states sitting above the natural gas in the Marcellus shale. I think the only oil-field one Ive done is this guy who got a bunch of worms on his arm. Keep an eye out for radio towers, Kopseng said over the headset. Best of all, in a state where until recently young people often had to leave to find work, his two sons Ryan, an oilman, and Sander, a lawyer joined the company and built successful careers down the hall. If United Energy's purchase of Coal Creek Station is finalized and announced in a couple of weeks, North Dakota leaders will undoubtedly point to the state as a pioneer that is working toward a way to keep its coal industry relevant in the face of pressure from progressive politicians and climate-change activists. Executive Vice President at United Energy . Real-time trigger alerts. 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. They have also lived in Queen Creek, AZ and Bismarck, ND. Every 1 percent increase in the rate of recovery means another billion barrels.. 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 with Russell handling the financial end, Kopseng began accumulating distressed oil and gas wells. Water trucks in the parking lot wore petticoats of mud. Business Buzz: Bed Bath and Beyond liquidation sales begin, ND's unemployment rate continues to fall, and more, State FFA band and chorus are the hidden gem of Minnesota State FFA convention, As West Fargo teacher nears end of prestigious fellowship, school district wont rehire her, 'Capital investment to flow' with corporate farm law change, North Dakota Gov. 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. . The moneys very good out here, if you find someone to pay for your housing. Every time we went out to a bar or anything like that, we were getting offered jobs for the oil, Kingsley says. The order also provided: The Special Master shall submit its draft report and preliminary appraisals to the parties for comment by November 9, 2001. 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). 1. 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. The cases offer a variety of justifications for a corporation's rejection of an opportunity, including the corporation's financial inability to take the opportunity. (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? [28]The judgment is reversed to the extent it ordered cancellation of Jundt's membership interest units in Jurassic, ordered payment of $300,000 to Jundt, and denied Jundt's claim to tax write-offs. 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. Such implied disclosure and consent to Montana Heartland's acquisition is a permissible inference. [21]We conclude the trial court's finding the parties agreed the money investors were to get all the tax write-offs is clearly erroneous, and the trial court erred in ruling Jundt was not entitled to claim any of the tax write-offs. It was locally owned, and the man sold the building for an enormous amount of money to somebody from out of state. He makes $12,000 to $14,000 a month. 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 its memorandum opinion, the trial court said it REJECTS the use of the value set by the Ryder Scott appraisal in an equitable resolution of this case. In its findings of fact, however, the trial court recognized Jurassic's debts exceed the appraisal value determined by the Special Master as of November 27, 2001. The trial court also found: The plaintiff's efforts in developing the assets of the company have contributed value to the company notwithstanding the debts the company has acquired in the process. The trial court explained in its memorandum opinion: Notwithstanding the debts owed by Jurassic, the Court finds there to be a significant value to the defendants to retain the ownership of Jurassic free and clear of any interest of Jundt, if for no other reason than they can control the future of Jurassic and the way in which the debts are paid and the assets exploited. Memorial services will be held at 2 p.m. Saturday, Oct. 21, at Trinity Questions Post Question There are no questions yet for this company. Loren is related to Sander Kopseng and Stephanie Nicole Peterson as well as 3 additional people. 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.. Night satellite photographs that were once pitch-black now show a massive gas flare luminance in the northwest corner of the state. It has fitted highways with passing lanes and rumble strips. Theres no way to be right. See Lussier v. Mau-Van Dev., Inc., 4 Haw.App. 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. If an oil company wants to put a well site on your land to search for minerals, its hard to deny them. And he says that the kind of development the boom era has brought is taking away the natural beauty of the land.. Monthly oil production, which peaked in 1984 at 4.6 million barrels, fell to half and then went sideways for nearly a quarter-century. Loren Kopseng is a resident of ND. Kopseng first came down with oil fever in the late 1970s, when fortunes were being made domestically in the wake of the OPEC oil embargo. Previously city included Mandan ND. He pulled on a green Fighting Sioux sweatshirt and climbed into the cockpit of his Aviat Husky, a maroon-and-yellow single-engine plane with two seats, one behind the other. I get to live every 5-year-old-kids dream. WebTop Result for Dawn Kopseng. Its been called North Dakotas Gettysburg Address., We do not want to halt progress, the governor said. [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. and plans on getting a truck-drivers license. The corporate defendants own two-thirds of the membership interest units. 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. At a motions hearing, one of the defendants' attorneys told the court: We don't want [Jurassic] to be liquidated. A.C. Petters Co., Inc. v. St. Estimates have been continuously revised upward since a 1974 figure of 10 billion barrels. I stopped for gas at a Cenex convenience store called Bakken Central, where help was wanted for all days, all shifts. 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. A 2013 New York Times article on North Dakota's oil boom included a mini-profile of Kopseng The cases offer varying bases for determining whether the corporate opportunity doctrine will be deemed applicable to a given factual situation. 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. Meanwhile you can send your letters to PO BOX 837, BISMARCK, ND, 58502-0837. Court Records. 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 Corps. Jurassic Resources may make dividend payments to pay back the capital contribution amounts plus interest at their discretion anytime Jurassic Resources has the ability to pay dividends. Liquidation and partition are not appropriate equitable remedies in this case. Valuable research and technology reports. Questions Post Question There are no questions yet for this company. Under any of the theories, Jundt has failed to meet his burden. But you just got so much influx from Texas, Louisiana, Pennsylvania, California, and people are just rude and inconsiderate. If you drill to the east of that, youre dead.. In an action by a member when it is established that: (1)The governors or the persons having the authority otherwise vested in the board of governors are deadlocked in the management of the affairs of the limited liability company and the members are unable to break the deadlock; (2)The governors or those in control of the limited liability company have acted fraudulently, illegally, or in a manner unfairly prejudicial toward one or more members . We were a graying community. 3 Fletcher Cyc. A dog inside a truck outside Hampton Inn and Suites, Williston, N.D. Customers waiting for Walmart to open. 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. All rights reserved. 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. 10-32-119. He's been with The Forum full time since 1990, minus a six-year hiatus when he hosted a local radio talk-show. They have also lived in Mandan, ND. 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. [9]The corporate defendants appealed, contending the trial court abused its discretion in awarding Jundt $300,000 as an equitable remedy. 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. 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.'". In 1997 he and Russell consolidated various energy-related businesses into the privately held United Energy Corporation. Select this result to view Dawn M Kopseng's phone number, address, and more. Generally the formation was too thin to provide a worthwhile pay zone for a vertical well. Financial inability justifies a corporation in rejecting an opportunity. Perm. Dynamic search and list-building capabilities. One rainy May morning, I headed out to see the oil patch by car, driving north from Bismarck 110 miles to Minot, then west on Route 2. Across the highway, workers were pouring concrete for a new Fuel Force gas station and rolling out sod on a fresh tract of homes. Theres so many companies that are providing housing. Id rather stay in a small town., Kevin Tschetter, 34, hauls water to and from active wells for KNS Enterprises. Additionally, both Kopseng and Russell testified that the money investors were to take the tax write-offs as without being able to claim the tax benefits money investors would not invest in such ventures. Loren Kopseng Bismarck, ND. 13. 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. 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. 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. 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). I get paid to get dirty and filthy as I want all day., Left to right: Aaron Janiak, Andrew Johnson and Justin Schoessow. The memo Kopseng prepared dated February 10, 1997, (Exhibit 402), to begin this whole process specifically provided in the third full paragraph: The financial aspects of the corporation are that the silent partners are to put up the money and derive all writeoff's during the firm's conception and initial payout period so there will be a before and after payout scenario. 2. WebKopseng Loren in Bismarck, reviews by real people. It was crazy. The plaintiff and the defendants no longer have a business relationship that will allow them to work together. Perm. WebTop 2 Results for Loren 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. The rigs, they dont shut down for anything out here. [29] WILLIAM A. NEUMANN, Acting C.J., JAMES M. BEKKEN,* D.J., MARY MUEHLEN MARING, and DALE V. SANDSTROM, JJ, concur. 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. The defendants acknowledged the plaintiff was entitled to his 4,925 membership interest units in Jurassic Resources Development North America, L.L.C., a North Dakota Limited Liability Company, effective March 9, 2000. Doug Burgum visit on Monday at the event to celebrate the closing of the sale of Coal Creek Station to BISMARCK It's not like Loren Kopseng vehemently denied the company he runs, United Energy, is buying Coal Creek Station. Whether that something is news about United Energy or one of its subsidiaries like Rainbow Energy saving Coal Creek remains to be seen. The company has 1 contact on record. . WebNORTH DAKOTA DOMESTIC LIMITED-LIABILITY COMPANY - BUSINESS: WRITE REVIEW: Address: 919 S 7th St Ste 405 Bismarck, ND 58504-5835: Registered Agent: Loren R Kopseng: Filing Date: February 27, 2019: File Number: 0002711762: View People Named Loren Kopseng in North Dakota: Contact Us About The Company Profile For Contact & Personal Details. Later, they and others formed a number of other companies, including Rainbow Gas, Rainbow Energy, Montana Heartland, L.L.C. Just how much oil is in the Bakken is still unknown. As a subscriber, you have 10 gift articles to give each month. The trial court awarded Jundt $300,000 for his membership units in Jurassic. 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. I hate the wind. Or that he denied it at all. He banked the Husky over a pennant of flare gas fire, and from the size of the flame estimated the well was producing 1,500 barrels of oil per day. 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. That's why Lt. Gov. Summary. Corps. Theres a kind of exhaustion thats in the air everywhere, says Soth, the photographer. He is working to earn a G.E.D. Lawmakers passed several bills meant to buoy the coal industry If you feel you have received this message in error, please contact the customer support team at 1-833-248-7801. 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. At that moment, 209 rigs were drilling fresh holes. 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. After Jundt left Jurassic, Montana Heartland acquired the properties. Karen V. Kopseng, 61, Bismarck, passed away Oct. 19, 2006, at Medcenter One, Bismarck. 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. 6. Young people were leaving and not coming back, and farmers were moving to town and retiring. Web/ NORTH DAKOTA / BISMARCK / Pine Gas Gathering L L C; Pine Gas Gathering L L C. Get a D&B Hoovers Free Trial. I tried for almost a year to apply online and calling people and no one would hire me. The email address cannot be subscribed. We may head closer to Bismarck, you know. The transient people are more the single guys. According to United's website, it "purchases, transports, stores and sells over 1 million barrels of crude oil per day.". Jundt did not invest money in Jurassic and did not, initially, receive any membership units in it. Its like guessing how many jelly beans are in a jar., The current recovery rates for Bakken reserves typically range from 1 to 6 percent, but recovery rates are a function of both technology and market prices. 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. At FindLaw.com, we pride ourselves on being the number one source of free legal information and resources on the web. But they had to have the tool there, you know?. 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. The biggest danger on many dirt and gravel roads is blinding plumes of dust. 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, Its a very solitary existence, being up there. Please enable javascript and refresh the page to continue reading local news. 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 coach Phil Jackson. . Traffic used to be so scarce that drivers would wave as they passed an oncoming car; now there are record numbers of accidents. By this fall every one of these lots will have a house. But I wouldnt mind going and working somewhere that does pay for stuff like that.. [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..
Mike Missanelli Salary,
How Many Floors Is The Empire State Building,
Maximus Real Estate Partners Lawsuit,
Morgan Harris Anne Of Green Gables,
Articles L