Oil money helps ND tribe become debt-free

NEW TOWN, N.D. (AP) — Oil and gas development on the Fort Berthold Reservation in northwestern North Dakota is boosting the coffers of the Three Affiliated Tribes.

The Minot Daily News reports (http://bit.ly/Xc1rIT ) that the Mandan, Hidatsa and Arikara Nation was $110 million in the red just two years ago, but will become debt-free this year.

Tribal Chairman Tex Hall says in his annual report that a fund that will pay dividends to enrolled tribal members has grown to $100 million. He says another $18 million has been invested in a tribal mortgage company that will help tribal members buy homes.

Hall says the tribe will work during this year's state Legislature to get a bigger share of oil and gas taxes.

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Information from: Minot Daily News, http://www.minotdailynews.com

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