Currently, oil companies lease drilling rights and pay a royalty to the MHA Nation.
Under the auspices of the tribal-owned Missouri River Resources, at least four wells will be drilled near Mandaree. Missouri River Resources President David Williams said 30 wells are planned, and the first four are set to begin drilling in February 2015. “Right now we’re building the team to do the project,” Williams said. Brigham Resources, LLC, a privately held oil and gas company headquartered in Austin, Texas has been contracted to oversee the drilling operation. Baker Hughes will provide well servicing.
Williams said the MHA Nation is providing the expertise including a petroleum geologist, drilling consultant and attorneys. Williams said the initial investment for the tribal-owned wells is coming partially from a loan from the oil revenue the MHA nation has already received. It’s estimated the wells will cost about $10-million each and the tribal government has loaded $8-million per well.I don't yet see Missouri River Resources listed as an operator in North Dakota at the NDIC site.
My hunch is that the Missouri River Resources will use a strategy similar to that used by the sovereign Arab countries in the Mideast.
Brigham Resources, LLC is a privately held oil and gas company headquartered in Austin, Texas. Founded by Bud Brigham and former management team members from Brigham Exploration Company following the company’s sale to Statoil, Brigham Resources is focused on using advanced technologies to identify and develop unconventional liquids rich resource plays.Management team:
- Bud Brigham: chairman
- Gene Shepherd: CEO