Oil money helps tribe to be 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 reported 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 said in his annual report that a fund that will pay dividends to enrolled tribal members has grown to $100 million. He said another $18 million has been invested in a tribal mortgage company that will help tribal members buy homes.

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

Tags: news, energy, tribal