Blood Tribe announces partnership for oil and gas development
Tuesday, April 5, 2011
Filed Under:
Business
|
Canada
The
Blood Tribe of Alberta has formed an energy company to take advantage of oil and gas development on the reserve.
Kainai Energy, the new company, will work with
Native American Resource Partners, to take advantage of two development agreements the tribe signed.
NARP is bringing $100 million to the table, along with its expertise in the energy industry.
"The creation of Kainai Energy is a natural step for our Tribe," Chief Charlie Weasel Head said in a
press release. "Just as our sister Tribes in the States have used their natural resource estates to create financial independence, we must become an active participant in the development of our resources in order to provide long-term financial stability to our Tribe and greater social and economic benefits to our Membership."
Oil and gas development on the reserve led to a $50 million royalty payment to the tribe last year.
Get the Story:
Partner brings $100 million to Blood Tribe oil play
(The Calgary Herald 4/5)
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