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. Its hard to think of what oil hasnt done to life in the small communities of western North Dakota, good and bad. (3)The members of the limited liability company are so divided in voting power that they have failed to elect successors to governors whose terms have expired or would have expired upon the election and qualification of their successors; (4)The limited liability company assets are being misapplied or wasted; or. He was elected to the Board of Commissioners in 1994 and returned to office five times. I tried for almost a year to apply online and calling people and no one would hire me. While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. 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. Sometimes there were more than 20 briefcases filed on the courthouse steps. 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. Jundt asserted the defendants breached their fiduciary duty to Jurassic by diverting a Jurassic business opportunity to Montana Heartland, which is owned by the corporate Jurassic owners. ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile All Companies Named UET We simply want to ensure the most efficient and environmentally sound method of utilizing our precious coal and water resources for the benefit of the broadest number of people possible. And then suddenly there were oil wells. 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. 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. 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. "'I had a lot of lemonade wells,' he sighed. If you feel you have received this message in error, please contact the customer support team at 1-833-248-7801. Loren has reached 74 years of age. We arent going to do anything to jeopardize it. Stay up-to-date with how the law affects your life. coach Phil Jackson. 7. I stopped for gas at a Cenex convenience store called Bakken Central, where help was wanted for all days, all shifts. 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. Most of the Bakken oil is tight. The rocks are not porous and permeable enough for the oil to flow on its own. Reviews. Or that he denied it at all. I love it. Liquidation and partition are not appropriate equitable remedies in this case. WebLOREN KOPSENG Manager, Member 919 S 7th St Suite 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. Burgum's administration in March announced that Great River moved into exclusive negotiations with a prospective new owner for the plant. 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. 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. 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. 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. 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. Now. 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. Copyright 2023, Thomson Reuters. 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. We kind of liken it to being in the military, you know. Many thousands more will be spudded in the next two years as the boom moves from discovery to production and crews drill infill wells, complete pipelines, fortify roads, enlarge refineries and build natural-gas pumping stations and oil-loading train yards. Corps. WebUnited Energy Corp. CEO and President Loren Kopseng, left, and Gov. It was crazy. Kopseng told the Times he turned things around in the mid-1980s after he met Mandan businessman Don Russell. 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. 13. 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. Flying was Kopsengs dream job before he got the idea of building an oil company. If you hold a piece of Middle Bakken, its hard to believe it contains oil at all, or that it could function as a reservoir for oil migrating under pressure from the carbon-rich shale around it. 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. 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. Jundt clearly knew and understood all the write-offs would go to the money investors. Doug Burgum deferred questions about Coal Creek to Great River Energy, which declined comment citing nondisclosure agreements with potential buyers. ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile Learn About Our Pro Search Lived In Mandan ND. By 1997, Russell and Kopseng consolidated several energy businesses into United Energy. 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. Dawn M Kopseng, 75. 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. That the state was bullish on a buyer for Coal Creek was evident during the 2021 legislative session. Johnson, 21, commutes nine hours from Pennock, Minn., where hes from, to North Dakota to work in construction. They have also lived in Mandan, ND. The people with families, I think, I mean this is my opinion, they seem to want to stay here, you know, maybe not permanently, but awhile., Brian Coffey, 40, who works for Raven Drilling, says: I went from floor hand well, back in the day it was called a worm to now Im on the derrick, and starting to run a rig, so Ive kinda got my mind set on company man or tool pusher., Lonnies Roadhouse Cafe. Loren Kopseng Bismarck, ND. Every master plan the city has prepared is obsolete by the time its printed. They raised our rent from like $900 a month to, well she wanted $1,500 deposit and $2,500 a month. 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. Estimates have been continuously revised upward since a 1974 figure of 10 billion barrels. Co., 2002 ND 148, 5, 651 N.W.2d 683. He began studying for his pilots license as a freshman in college. And then again in the late 70s, when the boom was driven by rising oil prices. The stipulation was formalized in an order drafted by Jundt's counsel, which appointed the Ryder Scott Company as a Special Master pursuant to Rule 53, N.D.R.Civ.P., for the purpose of providing fair market value appraisals of specified assets owned or controlled by Jurassic, Pine Gas Gathering Company, and Montana-Heartland Company. WebLoren Kopseng, (701) 226-1617, Bismarck Public Records Instantly. Phone number, address, and email on Spokeo, the leading people search directory for contact information and public records. 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. [11]The parties stipulated to the appointment of a special master. Jeremy (Tex) Loughran, 17, moved from Del Rio, Tex., and enrolled in high school in Williston. While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. But under ultraviolet light, you can see telltale oil shows, and it has a faint smell of diesel fuel. . 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. 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. and plans on getting a truck-drivers license. 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. . . [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.. Russell, who died in 2011, also wanted to get into oil and gas. (The sand, or proppant, props the channels open.) He left a comfortable life in Newport Beach, Calif., to get into the oil business and hopes to buy land one day. Q. 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 Within 90 days after the end of each fiscal year, the President will cause to be delivered to each person who was a Member at any time during such fiscal year a Form K-1 and such other information, if any, with respect to the Company as may be necessary for the preparation of such Member's federal or state income tax (or information) returns, including a statement showing each Member's share of income, gain, or loss and credits for such fiscal year for federal or state income tax purposes. Under any of the theories, Jundt has failed to meet his burden. 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. They have been through this before, the people of North Dakota, first in the 60s, a decade after oil was discovered in the state. A construction water tank at a new home development west of Williston. It feels as hard as a flagstone terrace. 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. 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. Brandi had plans to attend beauty school. Many potions have been concocted to suppress the stuff. Get the latest business insights from Dun & Bradstreet. [17]However, N.D.C.C. Last February he wrote in The Bismarck Tribune that the states politicians were not hearing what everyday people out here are saying that is, stop the oil madness wreaking havoc with the land, wildlife and Western heritage weve long cherished. Not long before, the Crosby Journal editor Cecile Krimm called the region an economic disaster area, citing swamped sewage systems, crumbling roads, dizzy rents and labor shortages as reasons that officials ought to be trying to brake a runaway train. 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. Its a very hard industry to break in to. 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. In 1997 he and Russell consolidated various energy-related businesses into the privately held United Energy Corporation. The chances are good. 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 company has 1 contact on record. 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. The twice-a-month town-commissioner meetings that used to take 45 minutes can now run from 6 p.m. to midnight. Jundt and Kopseng formed Jurassic. Please enable javascript and refresh the page to continue reading local news. After he married and started a family, it was his wifes friends who looked at him sideways. The trial court awarded Jundt $300,000 for his membership units in Jurassic. The first horizontal well in the Bakken was spudded by Meridian Oil in 1987, long before the current boom. 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. We skimmed along the Montana border, then banked east over the confluence of the Yellowstone and Missouri Rivers. 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. Rodeo winds were bucking the Husky all over the sky, but nothing could dampen his enthusiasm for the sights of the basin nothing save my stomach. WebSupreme Court of North Dakota. According to United's website, it "purchases, transports, stores and sells over 1 million barrels of crude oil per day.". [8]The trial court found, among other things: 3. Lawmakers passed several bills meant to buoy the coal industry 10-32-119(1) have been established. Loren is related to Sander Kopseng and Stephanie Nicole Peterson as well as 3 additional people. The debts of the company exceed the appraisal value determined by the Special Master as of November 27, 2001. Two dozen horn-handed men were bent over their lunches in an airport-motel restaurant; the only women in the place were the waitresses. [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. Thats the line of death, Kopseng said. They had names like Bakken Heights and Harvest Hills. 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 This practice raises the atmospheric levels of carbon dioxide, the gas primarily responsible for global warming. BISMARCK It's not like Loren Kopseng vehemently denied the company he runs, United Energy, is buying Coal Creek Station. Select this result to view Loren R Kopseng's phone number, address, and more. compared it to the headquarters of an insurance company, well-publicized investigation by the news Web site ProPublica. [7]Jundt sued to enforce his right to 4,925 membership units of Jurassic, and alleged Kopseng and the corporate defendants breached their obligation of good faith to Jundt and violated their fiduciary duties to Jurassic by, among other things, diverting a business opportunity belonging to Jurassic by acquiring property from WBI for Montana Heartland, which is owned by Jurassic's corporate members, rather than Jurassic. 8. WebView FREE Public Profile & Reputation for Dawn Kopseng in Mandan, ND - See Court Records | Photos | Address, Email & Phone Numbers | Personal Review | $175 - $199,999 Income & Net Worth. Previously, Ryan We conclude the trial court did not err in granting summary judgment dismissing Jundt's claim the defendants diverted a Jurassic business opportunity to Montana Heartland. WebLoren Kopseng, Bismarck, ND 1960 Piper PA-18-150, N3574Z Outstanding Piper PA-24 Comanche Dennis Carew, Appleton, WI 1963 Piper PA-24-250, N250LJ Outstanding Piper PA-28 Cherokee John Ditchie, Glen Ellyn, IL 1966 Piper PA-28-140, N7122R Outstanding Limited Production Marilyn & Richard Olwin, Jemez Springs, NM 1969 Navion H, N2533T Its been called North Dakotas Gettysburg Address., We do not want to halt progress, the governor said. 4. 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. Yelp is a fun and easy way to find, recommend and talk about whats great and not so great in Bismarck and beyond. The Court intends through its equitable resolution to end all controversy among the parties so they can all get on with their own endeavors free and clear of any concern about anything anyone is doing with Jurassic. Dawn is related to Sander Kopseng and Loren Roy Kopseng as well as 3 additional people. 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. Questions Post Question There are no questions yet for this company. The two ranches he acquired are now part of Theodore Roosevelt National Park. WebAt the Bismarck State College Foundation, we are fortunate to have the support of many individuals and organizations across our community, state, and beyond, to provide financial support to students so that they can pursue their education and reach their career goals. On Friday and Saturday nights, it gets so crowded that they open up a lower floor. [9]The corporate defendants appealed, contending the trial court abused its discretion in awarding Jundt $300,000 as an equitable remedy. This is our time, Clay S. Jenkinson told me one morning over coffee at a Bismarck Starbucks, where he often goes to write. Corps. [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. 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. . [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. With Russell handling the financial side, Kopseng acquired distressed oil and gas wells in the Williston Basin. Contact us. [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. With the best technology, we can recover 4 to 8 out of every 100 barrels of oil in the Bakken, says Ron Ness, president of the North Dakota Petroleum Council. Resides in Bismarck, ND. Brandi Wagner, 24, from Spokane, Wash., with her ex-boyfriend, Zachary Bolton, 27, a computer technician for American Casing and Equipment. 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. Missouri River, Rainbow Gas, and Rainbow Energy invested money in Jurassic, and were issued a total of 10,000 membership units. 10-32-119. Loren Kopseng is a resident of ND. The wind and the cold.. The edge of the thermally mature part of the oil field. 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 defendants contend the trial court abused its discretion in awarding Jundt $300,000. Cloud Enters., Inc., 301 Minn. 261, 222 N.W.2d 83, 86 (1974). Includes Address(4) Phone(2) Email(1) See Results. Members may make loans to the Company from time to time, as authorized by the Board. Jurassic began a program of gas exploration and production. It was locally owned, and the man sold the building for an enormous amount of money to somebody from out of state. 15. at 862.10. It reverses decades of anxiety about out-migration and rural decline and death. 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. [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. Comprehensive company profiles. . As to this claim Jundt has the burden of proof. Its the center of the culture, in a lot of ways.. 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.