Wayzata, Minnesota – Prairie Companies, a portfolio of oil and gas service businesses, announced today that they will be acquiring Dakota Plains Holdings, Inc.’s (NYSEMKT:DAKP) interest in Dakota Plains Services. Dakota Plains Services was formed in the summer of 2012 as a joint venture with DAKP and played a vital role in increasing Prairie Companies’ presence in the North Dakota crude oil hauling business. The transaction is expected to close on November 24, 2014.
Going forward, Dakota Plains Services crude oil hauling operations will operate solely as Prairie Field Services. Based in Watford City, North Dakota, Prairie Field Services functions as Prairie Companies premier Bakken oil field hauling and logistics company.
“This decision is part of our long-term business strategy and a direct result of our strong relationship with Dakota Plains Holdings,” stated Patrick Hughes, Chief Executive Officer of Prairie Companies. “We look forward to investigating new opportunities to partner with them in the future.”
About Prairie Companies
Based in Wayzata, Minnesota, Prairie Companies is a portfolio of growth-oriented businesses in the Williston Basin area that support the oil industry. Through its companies: Prairie Housing Services, Prairie Field Services, Flatland Water Solutions and North Dakota LNG, Prairie Companies provides a wide scope of services with best in industry operations. Prairie Companies has quickly become recognized as a solutions provider in the area, known for its unique sense of urgency and ability to get the job done.
By Emily Aasand
North Dakota-based KLJ recently completed a study commissioned by the North Dakota legislature to provide state leaders with a better understanding of the Bakken’s economic impacts on the state through 2019.
“The objective of the study was to provide the North Dakota legislature with a view into the future of oil development in the state that would assist them in developing appropriate long-term policy,” says Mike Wamboldt, the project manager at KLJ who helped to lead the study through the research and completion process. “They wanted us to address the effect of technological advances, especially in CO2-based enhanced oil recovery (EOR), the maturation of the oilfield’s development and the impact of infrastructure and environment.”
By Reuters Media
Dakota Plains Holdings Inc. said on Tuesday it would build a third, 90,000-barrel storage tank for Bakken crude oil at its Pioneer Rail Terminal in North Dakota.
The expansion, which will cost $5.5 million, will boost the terminal’s storage capacity to 270,000 barrels.