It has now leveled off at around 200, as thousands of wells have been completed under deadline pressure to secure expiring mineral leases. Related To Stephanie Kopseng. An abandoned building off Highway 23 in the Williston Basin. Theres so many companies that are providing housing. 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. And then they would go back to their cars and trucks to wait with the engines running, their faces wreathed in coffee steam. 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. Gloria Fronk Sun Lakes, AZ. Web/ NORTH DAKOTA / BISMARCK / Pine Gas Gathering L L C; Pine Gas Gathering L L C. Get a D&B Hoovers Free Trial. Reviews. 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 two ranches he acquired are now part of Theodore Roosevelt National Park. Bismarck Sometimes there were more than 20 briefcases filed on the courthouse steps. 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. 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. 8. 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. They have also lived in Mandan, ND. And one wore a green hard hat I guess when youre new you get called a worm on the rig.. I hate the wind. 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. The email address cannot be subscribed. WebAddress: 919 S 7TH St Ste 405 Bismarck, ND, 58504-5835 United States See other locations Phone: ? [24]In granting the defendants' motion for summary judgment with regard to the Montana Heartland issue, the trial court said: The defendants' Motion for Summary Judgment Re: Montana Heartland is GRANTED to the extent the Court finds the WBI leases acquired by Montana Heartland were not a business opportunity that belonged to Jurassic, and thus the value of Jurassic does not include the value of the now developed WBI leases owned by Montana Heartland. With Russell handling the financial side, Kopseng acquired distressed oil and gas wells in the Williston Basin. None of the grounds specified in N.D.C.C. [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. It also authorized the managing governors to issue Jundt a member certificate for 4,925 membership units (32.833 percent of 15,000 total membership units), as well as 75 units to two other individuals, after the payout of the capital contributions and interest to Missouri River Royalty Corp., Rainbow Gas Company, and Rainbow Energy Marketing Corp.. 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. Its the center of the culture, in a lot of ways.. Phone number, address, and email on Spokeo, the leading people search directory for contact information and public records. Kopseng Youd like to have more time to think things through, but everybody is in such a rush.. We have 800 to 900 new houses coming onto the city tax rolls by the end of the summer, Koeser told me as we drove around some of the embryonic neighborhoods. I get paid to get dirty and filthy as I want all day., Left to right: Aaron Janiak, Andrew Johnson and Justin Schoessow. Suddenly the state that never had anything is in the middle of an oil boom that is larger than anybody could have predicted. [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. WebSupreme Court of North Dakota. Many were production wells weathered pump jacks pulling up oil (or natural gas and natural-gas liquids) from holes drilled over the years. Principal. According to United's website, it "purchases, transports, stores and sells over 1 million barrels of crude oil per day.". Loren is related to Sander Kopseng and Loren Roy Kopseng as well as 3 additional people. 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. 10-32-119(1) have been established. Q. . In the fall of 2011in Crosby, N.D., Continental Resources, the oil company with the most acreage leased in the basin, erected a self-congratulatory granite monument celebrating its work in the so-called Bakken Formation, the Williston Basin rocks that, as Continental put it, ushered in a new era in the American oil industry. The number of rigs drilling new wells in North Dakotas part of the basin reached a record 218 last May. 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. Early treatments there were called Hail Mary fracks because geologists and engineers would just drill a well, pump in frack fluid and pray for a robust result. . [16]Jundt and the defendants told the trial court they wanted to sever their business relationship. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The defendants contend the trial court abused its discretion in awarding Jundt $300,000. Liquidation and partition are not appropriate equitable remedies in this case. This is our time, Clay S. Jenkinson told me one morning over coffee at a Bismarck Starbucks, where he often goes to write. There is evidence supporting the court's finding that Jurassic's debts exceeded the appraised value of its assets. All rights reserved. At FindLaw.com, we pride ourselves on being the number one source of free legal information and resources on the web. 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. He works for eight days, then takes six off. 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. The corporate defendants own two-thirds of the membership interest units. KOPSENG LOREN - Kirkwood Office Towe, Bismarck, ND - Yelp Traffic used to be so scarce that drivers would wave as they passed an oncoming car; now there are record numbers of accidents. [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..

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