Questions Post Question There are no questions yet for this company. Its a very hard industry to break in to. (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? Green junipers blazed on the broken rainbow clay and sandstone cliffs of the North Dakota Badlands, where 26-year-old Theodore Roosevelt came in 1884 to recuperate after the deaths of his wife and his mother on the same day. (Montana Heartland), and United Energy Corporation, a holding company. 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. In his bag are clothes for his two-week rotation. Why United Energy? and plans on getting a truck-drivers license. 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. 13. South of the river, the boundary was marked by Highway 49. Flying was Kopsengs dream job before he got the idea of building an oil company. 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. Four tests have been established as standards for identifying a corporate opportunity: the line of business test, the interest or expectancy test, the fairness test, and the ALI test. Kopseng After Jundt left Jurassic, Montana Heartland acquired the properties. 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. 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. 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. 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. Rainbow Energy Marketing Corp. a subsidiary of United Energy Corp., a Bismarck-based firm run by the oil tycoon Loren Kopseng has never owned a coal-fired power plant. I dont like North Dakota. Loren Kopseng - Chairman for Rainbow Energy Marketing 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. Now people dont think that number is as crazy as it seemed. An abandoned building off Highway 23 in the Williston Basin. WebThe second best result is Loren R Kopseng age 40s in Bismarck, ND in the Wachter's neighborhood. Great River Energy has said the potential buyer would purchase the power plant along with the attached high-voltage transmission line. They have been through this before, the people of North Dakota, first in the 60s, a decade after oil was discovered in the state. 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. The trial court awarded Jundt $300,000 for his membership units in Jurassic. 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. He is also concerned about the impact of well facilities on the community. [22]Jurassic was negotiating to acquire WBI properties before Jundt left Jurassic. Curtis D. JUNDT, Plaintiff and Appellant, v. JURASSIC RESOURCES DEVELOPMENT, NORTH AMERICA, L.L.C., a North Dakota limited Or that he denied it at all. Ryan Kopseng is an Executive Vice President at United Energy based in Bismarck, North Dakota. 3 Fletcher Cyc. 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. While they were buying houses and investing in mutual funds, he was in debt-work-out negotiations with Halliburton. Brent Sanford spearheaded a high-priority effort to find a buyer to keep the plant operating. Washington Post Whether that something is news about United Energy or one of its subsidiaries like Rainbow Energy saving Coal Creek remains to be seen. Jundt cross-appealed from the judgment; a December 5, 2000, amended order on summary judgment motions; an October 12, 2000, order on a summary judgment motion; and a December 13, 2001, amended memorandum opinion and unchanged findings of fact, conclusions of law, and order for judgment. Its the center of the culture, in a lot of ways.. [17]However, N.D.C.C. With Russell handling the financial side, Kopseng acquired distressed oil and gas wells in the Williston Basin. Resides in Bismarck, ND. Website: www.uecorporation.com 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. Stay up-to-date with how the law affects your life. Apart from a few fanatics who sometimes turned up at midnight, the landmen would begin arriving at the courthouse around 6 a.m. (5)An event of dissolution has occurred under subdivision a, d, or e of subsection 1 of section 10-32-109 but the limited liability company is not acting to wind up its affairs; (1)The claim of the creditor has been reduced to judgment and an execution on the judgment has been returned unsatisfied; or, (2)The limited liability company has admitted in writing that the claim of the creditor is due and owing and it is established that the limited liability company is unable to pay its debts in the ordinary course of business; or. 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. The transient people are more the single guys. 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. A spokesman for North Dakota Gov. Dawn M Kopseng, 75. [29] WILLIAM A. NEUMANN, Acting C.J., JAMES M. BEKKEN,* D.J., MARY MUEHLEN MARING, and DALE V. SANDSTROM, JJ, concur. 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 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 also lived in Queen Creek, AZ and Bismarck, ND. Copyright 2023, Thomson Reuters. Were gonna do a three-year stint. 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. Theres so many companies that are providing housing. We circled around the southern end of the basin above Dickinson, then flew west and north above the willows in the ravines and coulees of the Little Missouri River. What challenges? When he graduated (sidetracked for a year and a half by a stint in the Army that included seven months in Vietnam), one of his first jobs was flying a small plane for a highway contractor. WebThe Registered Agent on file for this company is Kurt Batenhorst and is located at 20405 State Highway 249, Suite 850, Houston, TX 77070. WebUnited Energy Corp. CEO and President Loren Kopseng, left, and Gov. The downtown area was struggling for 25 years. Generally the formation was too thin to provide a worthwhile pay zone for a vertical well. Even though youre with your man, youre holding his hand or whatever, theyll still stare. Zachary (center): Shes a beautiful girl, so Ive always got that, like all the guys constantly hitting on her. The company has 3 contacts on record. coach Phil Jackson. Young people were leaving and not coming back, and farmers were moving to town and retiring. [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. After the plane was replenished with $147 worth of aviation gas, we headed east toward Bismarck. A.C. Petters Co., Inc. v. St. 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 4. Karen V. Kopseng, 61, Bismarck, passed away Oct. 19, 2006, at Medcenter One, Bismarck. Whether or not an officer has misappropriated a corporate opportunity does not depend on any single factor. Were smack-dab in the middle of an Indian reservation. The company's principal address is 919 S 7th Street Suite 405, Bismarck, ND 58504-5835. Loren Kopseng is a resident of ND. Ryan Kopseng 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. 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. WebThe Registered Agent on file for this company is Loren Kopseng and is located at 919 South 7th Street Suite 405, Bismarck, ND 58504. Brandi had plans to attend beauty school. Such implied disclosure and consent to Montana Heartland's acquisition is a permissible inference. They have also lived in Mandan, ND. 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 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. It was locally owned, and the man sold the building for an enormous amount of money to somebody from out of state. 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. While coal backers have touted carbon capture and storage as a path to continued viability, it has never worked on a large commercial scale. . BISMARCK It's not like Loren Kopseng vehemently denied the company he runs, United Energy, is buying Coal Creek Station. Jundt clearly knew and understood all the write-offs would go to the money investors. [12]The defendants contend the parties stipulated they would be bound by the special master's findings of the fair market value of Jurassic as of the date of trial. The special master found the Fair Market Value of the reserves and future production and income attributable to certain leasehold interests and the Pine Gas Gathering System of Jurassic et al as of November 27, 2001, was $2,286,000. The locals here are great people. The two ranches he acquired are now part of Theodore Roosevelt National Park. The store was selling showers: a half-hour of hot water for 10 bucks; $15 for a couple. I had a lot of lemonade wells, he sighed. Loren Kopseng. It has now leveled off at around 200, as thousands of wells have been completed under deadline pressure to secure expiring mineral leases. We skimmed along the Montana border, then banked east over the confluence of the Yellowstone and Missouri Rivers. Select this result to view Loren R Kopseng's phone number, address, and more. It was crazy. And when we are through with that and the landscape is quiet again, when the draglines, the blasting rigs, the power shovels and the huge gondolas cease to rip and roar. JUNDT v. Loren R. Kopseng, Defendant. (2003) | FindLaw 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. Lived In Mandan ND. Every time we went out to a bar or anything like that, we were getting offered jobs for the oil, Kingsley says. A construction water tank at a new home development west of Williston. Includes Address(4) Phone(2) Email(1) See Results. The rain lifted outside Stanley at the junction of Route 2 and Highway 8 stretches of which had the worst road ratings in the state. People asked me why I dont gamble, Kopseng said, digging into his lunch. This is our time, Clay S. Jenkinson told me one morning over coffee at a Bismarck Starbucks, where he often goes to write. 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. It has confounded kids running lemonade stands: 50 cents a cup but your customer has only hundreds in his payday wallet. Some of the most tangible effects of the boom have been tattooed into the roads. None of the grounds specified in N.D.C.C. 7. . Anyone can read what you share. We tried to diversify our economy and create more permanent jobs. Loren Kopseng - Bismarck, ND - Reputation & Contact Details . Please try again. 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. https://www.nytimes.com/2013/02/03/magazine/north-dakota-went-boom.html. But I wouldnt mind going and working somewhere that does pay for stuff like that.. 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. Oil has financed multimillion-dollar recreation centers and new hospital wings. Seventy-two miles beyond Stanley, I pulled into Williston, which proudly advertises itself as the boyhood home of the N.B.A. . 861.10 (2002 Rev. I get paid to get dirty and filthy as I want all day., Left to right: Aaron Janiak, Andrew Johnson and Justin Schoessow. The debts of the company exceed the appraisal value determined by the Special Master as of November 27, 2001. 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. WebLOREN KOPSENG Manager, Member 919 S 7th St Suite 405 Bismarck, ND 58504 Reviews Write Review There are no reviews yet for this company. Many were production wells weathered pump jacks pulling up oil (or natural gas and natural-gas liquids) from holes drilled over the years. 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 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. The matter is remanded for further proceedings in accordance with this opinion. 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. The Members acknowledge that the Company will be treated as a partnership for tax purposes. 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. Later, they and others formed a number of other companies, including Rainbow Gas, Rainbow Energy, Montana Heartland, L.L.C. I get to live every 5-year-old-kids dream. The moneys very good out here, if you find someone to pay for your housing. Every master plan the city has prepared is obsolete by the time its printed. People arent interested in stepping back.. On Friday and Saturday nights, it gets so crowded that they open up a lower floor. FindLaw.com Free, trusted legal information for consumers and legal professionals, SuperLawyers.com Directory of U.S. attorneys with the exclusive Super Lawyers rating, Abogado.com The #1 Spanish-language legal website for consumers, LawInfo.com Nationwide attorney directory and legal consumer resources. Keep an eye out for radio towers, Kopseng said over the headset. It reverses decades of anxiety about out-migration and rural decline and death. 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. 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. 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. They raised our rent from like $900 a month to, well she wanted $1,500 deposit and $2,500 a month. But with Russell handling the financial end, Kopseng began accumulating distressed oil and gas wells. Each and all were contemporary manifestations of an economic imperative that dates back to the triumph of the treaty breakers who usurped the Native Americans and commodified the land, and to the waves that came in their wake, the great white hunters who cleaned out the buffalo, the agents of the bone boom that followed who sent trainloads of buffalo skeletons back East to be used to refine sugar, the iron-horse magnates, the immigrant farmers and pioneer ranchers ruined by the dirty 30s, and later the first oil and lignite coal barons and the government dam builders who tamed the Missouri. I think the only oil-field one Ive done is this guy who got a bunch of worms on his arm. Jurassic Resources Development North America, LLC 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. Jundt, the only individual or entity claiming diversion of a Jurassic corporate opportunity, owns fewer than one-third of the membership interest units in Jurassic. 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 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. The rigs, they dont shut down for anything out here. North Dakotans are as proud of their Capitol as they are of their boom-based unemployment rate (3.2 percent, lowest in the nation), and many were stung when a Minnesota state legislator last spring compared it to the headquarters of an insurance company. WebTop Result for Dawn Kopseng. 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. Real-time trigger alerts. Loren is related to Sander Kopseng and Loren Roy Kopseng as well as 3 additional people. Nor have any grounds for ordering a sale of membership interests under N.D.C.C. Under any of the theories, Jundt has failed to meet his burden. 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. Burgum's administration in March announced that Great River moved into exclusive negotiations with a prospective new owner for the plant. Loren Kopseng in Bismarck, ND - Address & Phone I love construction and new buildings. Principal. And then again in the late 70s, when the boom was driven by rising oil prices. 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. Production from a typical Bakken well declines rapidly but on average produces modest amounts of oil for 45 years and earns a profit of $20 million. . 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. 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. U.E.C. Its all but impossible to find a place to stay in Williston, but on weekends many oil workers clear out, and I was lucky to get a motel room with a cracked plastic bathtub that had been cleverly patched with duct tape. [25]This Court has not ruled on the corporate opportunity doctrine. Loren currently resides at 2750 Wilderness Cove Rd, Bismarck, 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. Summary. The corporate defendants own two-thirds of the membership interest units. Water trucks in the parking lot wore petticoats of mud. Q. 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. We were a graying community. The company has 1 contact on record. Reviews. 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.
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