10. Johnson, 21, commutes nine hours from Pennock, Minn., where hes from, to North Dakota to work in construction. If you drill to the east of that, youre dead.. 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. 9. Accordingly, the trial court was without authority to grant equitable relief under N.D.C.C. Loren Kopseng - Bismarck, ND - Reputation & Contact Details Ryan V Kopseng, 46. Across the highway, workers were pouring concrete for a new Fuel Force gas station and rolling out sod on a fresh tract of homes. The defendants here asserted Jurassic lacked the financial ability to take advantage of the opportunity. Its been called North Dakotas Gettysburg Address., We do not want to halt progress, the governor said. 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. . 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. There is evidence supporting the court's finding that Jurassic's debts exceeded the appraised value of its assets. . Kopseng told the Times he turned things around in the mid-1980s after he met Mandan businessman Don Russell. Flying was Kopsengs dream job before he got the idea of building an oil company. Karen V. Kopseng, 61, Bismarck, passed away Oct. 19, 2006, at Medcenter One, Bismarck. It reverses decades of anxiety about out-migration and rural decline and death. 1. 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. Russell, who died in 2011, also wanted to get into oil and gas. 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. It has minted millionaires, paid off mortgages, created businesses; it has raised rents, stressed roads, vexed planners and overwhelmed schools; it has polluted streams, spoiled fields and boosted crime. We, therefore, conclude the trial court abused its discretion in ordering the corporate defendants to pay Jundt $300,000 in exchange for his membership interest units as an equitable remedy. Loren has reached 74 years of age. Bismarck They were visiting Dans father in Williston on their way to Big Sky, Mont., where Matt works at a ski resort. [22]Jurassic was negotiating to acquire WBI properties before Jundt left Jurassic. (The sand, or proppant, props the channels open.) 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. Every master plan the city has prepared is obsolete by the time its printed. The plaintiff and the defendants no longer have a business relationship that will allow them to work together. Mickie Riley, 40, second from right, with her family in their trailer in Williston. People arent interested in stepping back.. 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. Copyright 2023, Thomson Reuters. In a supervised voluntary winding up and termination pursuant to section 10-32-118; b. I hate the wind. [5]Russell, Kopseng, Tschider, and Jundt executed an after-payout statement of membership interest on January 26, 1998, providing, in part: Time of Repayment. I get paid to get dirty and filthy as I want all day., Left to right: Aaron Janiak, Andrew Johnson and Justin Schoessow. I think the only oil-field one Ive done is this guy who got a bunch of worms on his arm. 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. What challenges? We may head closer to Bismarck, you know. 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. Every 1 percent increase in the rate of recovery means another billion barrels.. 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. 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. Kopseng Loren Kopseng in Bismarck, ND - Address & Phone 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. It was crazy. 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. The wind and the cold.. 7. That the state was bullish on a buyer for Coal Creek was evident during the 2021 legislative session. We see that you have javascript disabled. I dont need to gamble because the oil and gas business is gambling. WebTop Result for Dawn Kopseng. Well after well, 6,000 or more. Under any test, a corporate opportunity exists when a proposed activity is reasonably incident to the corporation's present or prospective business and is one in which the corporation has the capacity to engage. AVERAGE AGE. 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. 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. 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. Later, they and others formed a number of other companies, including Rainbow Gas, Three experts weigh in on what that means. . But you just got so much influx from Texas, Louisiana, Pennsylvania, California, and people are just rude and inconsiderate. On Friday and Saturday nights, it gets so crowded that they open up a lower floor. Karen 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. Jundt did not invest money in Jurassic and did not, initially, receive any membership units in it. 10-32-119(2) been established. People are getting forced out of their places because they cant afford the rent, and we are one of them., A housing development in Williston, N.D. Ive met so many nice people that have moved here that want to make Williston their home, Melissa Lucy says. Ryan Kopseng is an Executive Vice President at United Energy based in Bismarck, North Dakota. The store was selling showers: a half-hour of hot water for 10 bucks; $15 for a couple. Co., 2002 ND 148, 5, 651 N.W.2d 683. 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. 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. WebLOREN KOPSENG Agent 919 South 7th Street Suite 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. Sometimes Loren goes by The sandstone of the Middle Bakken retained the shape of the drill bore better than the Bakken shale. 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. My husband and I both grew up as military kids, so were just doing whats gotta be done to help us move forward.. 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. Petroleum geologists have known the cookie was full of light, sulfur-free oil since 1953, but they didnt know exactly how much or how to extract it economically. Monthly oil production, which peaked in 1984 at 4.6 million barrels, fell to half and then went sideways for nearly a quarter-century. Whether Great River was closing the plant because it was losing tens of millions of dollars a year and its customers were demanding green energy, as it said Ryan Kopseng - Executive Vice President - United Energy - ZoomInfo