Court Records. This is the boom being managed by local people certain they know how to look after their interests and safeguard the land they live on. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: KOPSENG, LOREN R BISMARCK, ND 58503: UNITED . A. Burgum's administration in March announced that Great River moved into exclusive negotiations with a prospective new owner for the plant. [25]This Court has not ruled on the corporate opportunity doctrine. 5. This practice raises the atmospheric levels of carbon dioxide, the gas primarily responsible for global warming. 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. He began studying for his pilots license as a freshman in college. 10-32-119(2) been established. Young people were leaving and not coming back, and farmers were moving to town and retiring. Sander Kopsengis linked to this address. 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. Dynamic search and list-building capabilities. WebView Loren Kopseng results including current phone number, address, relatives, background check report, and property record with Whitepages. Jundt clearly knew and understood all the write-offs would go to the money investors. 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. 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. The only problem you got is if you move in with somebody that you dont like very much. Jundt has failed to carry his burden of proof as what he has offered is far too speculative. With Russell handling the financial side, Kopseng acquired distressed oil and gas wells in the Williston Basin. It is equitable for a JUDGMENT to be AWARDED in favor of the PLAINTIFF against the remaining defendants canceling the plaintiff's membership interest units in Jurassic Resources Development North America, L.L.C., a North Dakota Limited Liability Company, and requiring the remaining defendants to pay the sum of $300,000 to the plaintiff. Whether he could use them or not, I don't know. Its a very hard industry to break in to. The Court intends through this equitable resolution that no party will be awarded costs and/or attorney fees. Loren currently resides at 2750 Wilderness Cove Rd, Bismarck, ND. 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. 1. Comprehensive company profiles. There was undisguised horror in Kopsengs voice when he realized I had been obliged to open an airsickness bag in the back seat. 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. Ed.). I get to live every 5-year-old-kids dream. 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. What constitutes the usurpation of a corporate opportunity is the subject of considerable litigation [H]owever, a single definitive test has not yet emerged. Joseph W. Bishop, Jr., The Law of Corporate Officers and Directors 3.05 (2002). Jundt is not an owner of Montana Heartland. 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. Seventy-two miles beyond Stanley, I pulled into Williston, which proudly advertises itself as the boyhood home of the N.B.A. 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. WebLoren Kopseng, (701) 226-1617, Bismarck Public Records Instantly. 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. 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. WebLOREN KOPSENG Manager, Member 919 S 7th St Suite 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. They have also lived in Mandan, ND. Theres no way to be right. Summary. Loren Kopseng. A 2013 New York Times article on North Dakota's oil boom included a mini-profile of Kopseng 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. That would cause considerable tax problems for all of the partners here. The trial court found the parties no longer have a business relationship that will allow them to work together and concluded [l]iquidation and partition are not appropriate equitable remedies in this case. The court concluded cancellation of Jundt's membership interest units in exchange for payment of $300,000 by the corporate defendants was the appropriate equitable remedy. "'I had a lot of lemonade wells,' he sighed. Traffic used to be so scarce that drivers would wave as they passed an oncoming car; now there are record numbers of accidents. Originally from South Dakota, he was meeting with other KNS employees at the Scenic 23 Club in New Town. 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. Lawmakers passed several bills meant to buoy the coal industry Meanwhile you can send your letters to PO BOX 837, BISMARCK, ND, 58502-0837. 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. A.C. Petters Co., Inc. v. St. 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. Two dozen horn-handed men were bent over their lunches in an airport-motel restaurant; the only women in the place were the waitresses. See All Contacts. 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. But its also geology, chemistry, business. He brokered oil-field equipment; he bought and sold leases; he jumped into the natural-gas market just as it was being deregulated. [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. Link, will be quiet again., Link, who died in 2010, was a popular, plain-spoken Democrat who was born in the tiny town of Alexander in the heart of the Williston Basin a town that once opposed a bypass fearing it would dry up and die if Highway 85 were routed around it, and now is on the verge of choking to death on boom-truck traffic. 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. WebAddress: 919 S 7TH St Ste 405 Bismarck, ND, 58504-5835 United States See other locations Phone: ? which nationally has been declining for decades that included tax breaks, grants and loans. All of which may explain the shock of coming around a bend and suddenly finding a derrick illuminated at night, or a gas flare framed by stars, or dozens of neatly ranked trailers in a man camp, or a vast yard of drill pipe, or a herd of water trucks, or tracts of almost-finished single-family homes with Tyvek paper flapping in the wind of what just yesterday was a wheat field. 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. 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. He was elected to the Board of Commissioners in 1994 and returned to office five times. Officials calculate that each well in western North Dakota requires about 2,000 truck trips in its first year of operation. Loren Kopseng Bismarck, ND. By February 1999, there wasnt a single rig drilling new wells in the state, and oil development looked to be yet another cautionary tale in the familiar boom-and-bust history of the region no better than previous resource bonanzas at stemming the exodus of young people, or at halting the decline of prairie towns, or at doing much of anything to ameliorate the image of a place where the Legislature brooded over the icy connotations of the word North and twice entertained the idea of simply calling the state Dakota., Alex Brewer, 23, is a floor hand at Raven Drilling. [22]Jurassic was negotiating to acquire WBI properties before Jundt left Jurassic. As a subscriber, you have 10 gift articles to give each month. 10. Kopseng told the Times he turned things around in the mid-1980s after he met Mandan businessman Don Russell. The sandstone of the Middle Bakken retained the shape of the drill bore better than the Bakken shale. None of the grounds specified in N.D.C.C. 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. Apostles of Bakken gold insist that whats different this time is that this time is different, the history of frontier avarice notwithstanding. The land is as good and, in some cases, better than before.. 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? They were visiting Dans father in Williston on their way to Big Sky, Mont., where Matt works at a ski resort. We skimmed along the Montana border, then banked east over the confluence of the Yellowstone and Missouri Rivers. 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. 861.10 (2002 Rev. 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. I dont like North Dakota. Questions Post Question There are no questions yet for this company. The town bought a 20-room apartment complex so that new city workers could have a place to live and was obliged to offer prospective police officers a housing allowance of $350 a month. Loren has reached 74 years of age. . 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. 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. The trial court concluded, among other things: 12. Coal Creek The trial court awarded Jundt $300,000 for his membership units in Jurassic. Ive had two different jobs. While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. He's been with The Forum full time since 1990, minus a six-year hiatus when he hosted a local radio talk-show. There was no showing of a corporate opportunity Jurassic had the financial ability to pursue. Loren Kopseng, Ryan Kopseng. But with Russell handling the financial end, Kopseng began accumulating distressed oil and gas wells. 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. 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. Relatives & Associates. Some of the most tangible effects of the boom have been tattooed into the roads. "I'm supposed to say no comment," Kopseng said Wednesday, June 2, when reached by The Forum and asked directly whether he and the company of which he is president and CEO were negotiating to buy the coal-burning power plant located near Underwood, N.D. After a pause he said, "There should be something in a couple of weeks.". A party opposing summary judgment must present evidence raising an issue of material fact. It was crazy. 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. Questions Post Question There are no questions yet for this company. coach Phil Jackson. Mickie Riley, 40, second from right, with her family in their trailer in Williston. The Members acknowledge that the Company will be treated as a partnership for tax purposes. Devon Fox (foreground) and Taven Fox (background) near New Town, N.D., at Fort Berthold Indian Reservation. A spokesman for North Dakota Gov. 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. 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. 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 Thats the line of death, Kopseng said. Previously city included Mandan ND. After he married and started a family, it was his wifes friends who looked at him sideways. The rigs, they dont shut down for anything out here. Dawn is related to Sander Kopseng and Loren Roy Kopseng as well as 3 additional people. If you drill to the east of that, youre dead.. We kind of liken it to being in the military, you know. 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. Contact & Personal Details. 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. 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. 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. . WebRelated To Sander Kopseng, Stephanie Kopseng, Loren Kopseng, Dawn 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. [8]The trial court found, among other things: 3. [2]In 1984, Loren Kopseng and Donald Russell formed Missouri River. [1]Jurassic Resources Development, North America, L.L.C., a North Dakota limited liability company (Jurassic); Missouri River Royalty Corporation (Missouri River); Rainbow Gas Company (Rainbow Gas); and Rainbow Energy Marketing Corporation (Rainbow Energy) appealed a judgment requiring them to cancel Curtis D. Jundt's membership interest units in Jurassic and pay him $300,000. 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. Copyright 2023, Thomson Reuters. Id rather stay in a small town., Kevin Tschetter, 34, hauls water to and from active wells for KNS Enterprises. Get the latest business insights from Dun & Bradstreet. The cases offer varying bases for determining whether the corporate opportunity doctrine will be deemed applicable to a given factual situation. Landowners have land rights but dont always have rights to whats underneath it, the minerals. 4. 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. Liquidation and partition are not appropriate equitable remedies in this case. He works for eight days, then takes six off. Now people dont think that number is as crazy as it seemed. Related To Stephanie Kopseng. Such implied disclosure and consent to Montana Heartland's acquisition is a permissible inference. Every master plan the city has prepared is obsolete by the time its printed. 861.10 (2002 Rev. 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. Ryan Kopseng is an Executive Vice President at United Energy based in Bismarck, North Dakota. 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. 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. He makes $12,000 to $14,000 a month. 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 But they had to have the tool there, you know?. By 2010 it had climbed to fourth. Jundt made no showing Jurassic had the financial ability to take the opportunity without additional investment of money or credit by the owners. Keep an eye out for radio towers, Kopseng said over the headset. 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. Under any of the theories, Jundt has failed to meet his burden. Just the other day, Saturday night, I went to bed at 10 oclock, got up at 10:45, had to drive in a snowstorm four hours to Scobey, Mont., pick up a tool and drive it all the way down to Watford City. All rights reserved. . 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. Jenkinson, a humanities professor, is a North Dakota author and columnist best known for his impersonation of Thomas Jefferson on public radio. The plaintiff and the defendants no longer have a business relationship that will allow them to work together. , 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. . "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. 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. 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. It buys and sells energy, in other words. Also known as Dawn M Fronk, Dawn Kotseng. (Aggravated assaults in the oil patch doubled in four years.). ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile Learn About Our Pro Search [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. AVERAGE AGE. 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. I love construction and new buildings. . 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. Section 10-32-86(1), N.D.C.C., requires a governor of a limited liability company to discharge his or her duties in good faith. This whole area was a field two years ago, he said. 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. . Whether or not an officer has misappropriated a corporate opportunity does not depend on any single factor. The twice-a-month town-commissioner meetings that used to take 45 minutes can now run from 6 p.m. to midnight. 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. 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. We affirm in part, reverse in part, and remand for further proceedings. Sometimes Loren goes by But you just got so much influx from Texas, Louisiana, Pennsylvania, California, and people are just rude and inconsiderate. As long as prices stay above $60 a barrel or so, oil will be a mainstay of the North Dakota economy for a generation or more. After he married and started a family, it was his wifes friends who looked at him sideways. 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. Reviews. Originally from South Dakota, he was meeting with other KNS employees at the Scenic 23 Club in New Town. Pickup trucks were waiting in long lines for drive-through dinners at Hardees. That the state was bullish on a buyer for Coal Creek was evident during the 2021 legislative session. They had names like Bakken Heights and Harvest Hills. The Registered Agent on file for this company is Loren R Kopseng and is located at 919 S 7th St Ste 405, Bismarck, ND 58504-5835. and plans on getting a truck-drivers license. Corps. Reputation Score: 1.70-3.81. 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. Kevin Tschetter, 34, hauls water to and from active wells for KNS Enterprises. This is the Big One that North Dakota has been waiting for for more than a century. . 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. Arthur A. By this fall every one of these lots will have a house. In his bag are clothes for his two-week rotation. But its just happening too fast. 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. Phone number, address, and email on Spokeo, the leading people search directory for contact information and public records. People asked me why I dont gamble, Kopseng said, digging into his lunch. We do not plan to be selfish and say, North Dakota will not share its energy resources. . WebLoren was born on 06.25.47. 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. The corporate defendants own two-thirds of the membership interest units. He struggled for five years, learning expensive lessons. 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. He struggled for five years, learning expensive lessons," the Times reported. 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. realism tattoo after 10 years, eeoc schedule appointment, clothes size by height and weight uk,
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