Sign North Dakota Banking Confidentiality Agreement Computer

Industry sign banking north dakota confidentiality agreement computer

site uh councilwoman harlan is on the phone call um she i know she's on the phone call about no she's uh can view the documents or the presentation so we're glad that you sent the presentation out and um just a little background before we get open um we were approached for this presentation there was an intro made by a former tribal leader i think we discussed that and um so um uh but we wanted to do this presentation with just uh i hope i'm saying this right in indigena capital did you know indigenous okay sorry deny he said it okay so anyway uh that's that's how we got here today and and out of that initial meeting we said this needs to go into the business development committee and so that's where it is today so with that being said the time is 309 and i'll call the meeting to order and we'll this meeting is being recorded okay and we will um let me pull this up um we're gonna open with a prayer uh marcia are you available to pray yes yes i'm available okay would you say our prayer for us please yes i will your heavenly father we thank you for all that you've given us and allowed us to gather we ask you to give us good mind and good spirit as we proceed with the business of the osage minerals estate we ask you to watch over all of our people who are in mourning right now those who are suffering with illness those who are are taking care of of others and their family and their relatives who are ill we ask you to especially uh continue to watch over paul and help him to heal from his recent surgeries and we ask for special blessing for margot on her birthday tomorrow so we just ask you to give us a good mind today as we proceed and and uh we thank you for all that you've given us in jesus name we pray amen thank you yeah thank you marcia okay so um did roll call councilwoman harlan council member rebar present council member waller councilwoman foreman okay and then myself present we do have a quorum so we're able to conduct the business of the committee this is the only thing we have on the agenda i know it's a friday and uh pawhuska is in a big playoff game and our whole town's just in a frenzy but we're trying to stay completely uh this will be we're going after uh hopefully we'll get our first state championship we're going to make it through this game then we'll go for that gold ball so a lot of excitement here a lot of osage boys who are playing and so we're excited um so we're going to just go ahead and turn it over to you because i know john you give a lot of background of your work with uh southern youth and uh your work in indian country uh but i think due to time can we get to i mean it's already been established you've worked with tribal uh with different tribes and helped them set up their sovereign growth funds getting them started into developing their minerals oil gas and many other things so um just for a time where you know we just we want to leave time for questions and go over the presentation that you and peyton have presented to us because a lot of stuff we've already advised the our council i'm sorry go ahead john thank you margot and want to thank the delegate for the prayer uh and that was the politest hurry up i've ever received in my life so thank you for that uh we don't mind we understand busy um so as margo said for the last 35 years i started as an advisor to nations that term i used loosely because i was learning more than i was teaching when i started this in my late 20s my background has always been financial and so in essence i was helping nations identify opportunities and then providing the capital and partnership with those nations to build up opportunities as margo said my first relationship with the southern youth tribe very proud have been part of what we built out there but that was based on great leadership um and then we provided some creativity and access to capital uh to to help them accomplish their missions today indigenous capital is a pure play capital provider that only provides capital in partnership with nations in commercial opportunities we won't spend any time i'll just set up the the meeting we're going to talk about today and the opportunity is we are active in both the u.s and in canada and by being active in canada we were approached by amidst what we refer to as a midstream company you might refer to as a pipeline company tc energy and they approached this from the standpoint that they wanted to incorporate as they would refer to it from canada indigenous ownership into this pipeline the reason that they would have reached out and they have reached out to indigena is the fact that they know we partner with nations and that we also provide capital their question to us was would we be interested in taking a half billion to a billion dollar position in their 8 billion line 2 billion that's on the canadian side 6 billion is on the u.s side we said we'd be interested our first position was a we we said we would take a half billion of the transaction and in our transaction we would view it towards incorporating uh three indigenous nations uh into the opportunity however we had an ask our ask for the trade was we'll take a half million a half billion dollar position we'll provide all the capital three indigenous nations but we wanted we want some guaranteed returns uh the guaranteed returns come in a 13 internal rate return peyton will clean this up for me momentarily but and certain guarantees should be provided by the parent company in case this project if it is constructed and it does go into service and it doesn't meet our minimum return thresholds that the parent company would guarantee our minimum thresholds our minimum thresholds are 13 internal return so let's just jump into that opportunity uh very quickly um let's let's roll forward peyton um is i've walked you through that we had to ask you already have this information so i won't bore you with too many details i do want to talk about why tc has done this and it really comes from their indigenous engagement in canada in canada like yourself the nations have reservations they refer to them as reserves however under their treaty they also have the right to hunt fish trap and conduct all cultural ceremonies on the king's land 365 days a year and so when the treaties were entered into in the late 1800s the agreement was made that if if the king does anything that would interfere with their rights on the king's land to hunt fish trapped 365 days a year they have to consult so what that means 150 years later is anytime any major project infrastructure project is built those development companies have to engage with those nations which usually turns into some form of economic participation so when tc energy looked at building this line from canada into the u.s they recently made the decision said well we have five participating nations in canada why wouldn't we have participating nations in the us now um later in the presentation i'll tell you that they did that both because that's what they do in canada but also they have an agenda and we can talk about that agenda and we can talk about the risk of this project in the economic if we fast forward we'll just we'll talk about the economics of this this project uh as we're sponsoring is set up where indigenous capital would put up the 500 million dollars um and and take sole risk uh for the 500 million dollars we would just have the right that each participant would amortize that return to us um on a simple payout mechanism no cost of capital a simple payout because we get a fourth of the project so it'd be three nations and an indigenous would end up with a fourth of the project and however each nation again would agree that there's their their interest is subordinated uh to the returns uh to pay that no doubt now let's let's jump forward and talk about what the economics look like in peyton if you just walk the group through uh the construction years versus the operating years and and how that would work that even during payout there's a very healthy distribution absolutely good afternoon everyone um want to take a look at this this 10-year kind of life cycle financial layout here at the bottom because i think that really lays out kind of what the economics look like for all the participants in this particular project so in the first three years from 2021 to 2023 this is going to be the construction years these are the years where tc is is estimating that hey it'll take us about three years for us to get this particular project up and running during that time indigenous will source the capital be it debt or equity capital and invest that money in order to retain that ownership stake on behalf of of the nations and and and the indigenous ownership vehicle at the end of 2023 as you'll see down here at the end of 2023 starting in q4 of 2023 that pipeline will come in service and it will start to generate revenues those revenues will be allocated to the economic vehicle okay sorry about that we'll be allocated to the economic vehicle but as john said we'll utilize some of the proceeds to pay off the debt burden and then you've got this uh this this net cash flow available to the vehicle so when we look at the proceed distribution across all three nations indigena we're looking at about 10 million dollars per year as soon as this thing comes on and starts ripping and rolling uh for a full year so over a 10-year outlook each nation would receive about 73 million worth of monies at at no capital risk to those nations because again indigena is going to source that capital we're going to invest that capital we're going to bear that construction risk in the first three years and all that we're asking for from the nations is their support of the project and their inclusion in this particular uh indigenous ownership vehicle colony and peyton if i may if you go back i want to make sure that we understand we wouldn't be asking tc would be asking uh for support um of the of the project and that's when i mentioned earlier the first risk to this project is will it be constructed so uh because uh certainly with a new administration coming in uh that may be pro-energy not pro-energy and then there's certain stakeholders that have pushed back against this line all the right way is already acquired certain permits are in place but there's certain other permits that can only be issued by the incoming president for the finalization of this project and there again with the world moving to towards esg measuring environmental and social impacts the company has said look let's take our canadian business model use that in the u.s let's include in indigenous ownership so that we can say that this project we can demonstrate that it has a a benefit other than to just our stockholders and for that reason they've provided this ownership stake and then again we negotiated that we would have a minimum return so the returns we're talking about are minimum but they're guaranteed so when you look at the financial strength of tc they are the highest investment graded rated pipeline or midstream company in north america so we feel comfortable risking our 500 million if you will for construction against those guarantees we also know that the government of canada has underwritten the construction cost on the canadian side because they need to move their crew and i will tell you as we start to green our portfolios whether in the us or canada this crude is needed in the gulf coast uh to keep operating costs down because as supply crude goes down the cost of refining goes up which is not good for producers so um but the bottom line of the project it sounds pretty simple but it's very meaningful to tc both as a company and trying to demonstrate that this project has a larger impact than to just their stockholders and so we've been asked to bring three nations in um and um when we looked at this project we looked at it kind of as the southern end the north the middle and the north so for instance uh partners that we work with on the north uh would be the blackfeet nation for instance um maybe rocky boy we've had some history with uh with with rocky boy um and uh then in between maybe it's assembly suit maybe it's you know fort peck maybe it's santee um but on the southern end uh as we reached out and we we took a look and and asked for referrals uh it was obvious that osage is already an energy nation this would be a creative to your process and certainly there's other discussions that could be had about opportunities for your members associated with this pipeline or opportunities for your own crew associated with this pipeline so we thought it was a creative to reach out but the simple mechanics of this transaction are the fact that we were to enter into an agreement together where you would come in as one of these participants and along with three other participants and then our financial obligation to the partnership to meet the half billion dollar trade and it would be structured as outlined here with you see three nations in indigenous capital we put up the 500 million then we have the indigenous ownership vehicle we recover um a percentage of our capital each year and then we set those distributions today they're estimated to be between 8 to 10 million before recovery the 500 million per partner per year and then after that that would jump up because this line is is designated as a 40-year line so those payments will go up so the after payout payments would jump closer to 15 million 14 15 million a year for each participant so that's the basic mechanics of this project and but the risk like for instance when you look at 2021 through 2023 it's it's a dry spell i think there's some inducements that uh we could ask tc for together for entering into this in 2021 but not receiving benefit until 2023 uh there's some things that we could we could ask them uh we could negotiate there with them for but otherwise uh over a 20-year period if we go to the next slide you can see this is quite meaningful participation in regards to peyton just walked through those 20-year economics absolutely 20-year economics you've seen the 10-year economics on the last page on a 20-year economics it's about 170 million dollars per each participant um and and that that obviously pays off the entirety of the uh of the the allocated debt to to retain that position um and and then further for the remainder of the life uh that particular interest would be debt service free okay um can at any time can we ask some questions are you comfortable with that okay i think um if you go back to the initial yeah that'll be good um for those of you all that um are on the call or my colleagues um one of the things we we asked right off the bat is how come you didn't get multiple tribes the more tribes probably the better buy-in and then really that was the answer was pretty simple is that in that our our payout of what'd you say 79 and year um uh four would be yes or or or your annual annual return margot yeah nine million a year would go down the more tribes you ate right so that that answered that question the other is uh while it's being constructed and i'll be honest with you we uh we're going into 2021 our term ends in 2022 so we would be ultimately making decisions that we may or may not be sitting in these seats so our what i would be looking at is if we had maybe a good faith that we have done that we can discuss that if you know we take it when we take it to the full council to discuss because me being a businesswoman and we know that you're going to be utilizing our name our reputation as being long-term oil and gas tribe known nationwide for over 100 years 150 plus years that means something and you know if we're going to put our name to it then you know to me you always get some upfront money and money during the cost and then usually at the end but i understand that this will term out at what year 10 is what you're saying no ma'am this this are the length of the whole it's a link the entire pipeline so that would be difficult it would be 20 years okay so it's 40-year pipeline we just ran economically oh okay gotcha so those are some of the things that you know i just want um yes ma'am the colleagues know that we did ask that hey if you're gonna if your our name will be associated at the get-go we know that transcanada is uh the keystone pipeline is pretty controversial but you know what we're pretty used to being um we understand that we are an oil and gas tribe and so do the other nations so i i don't have a problem fighting that battle uh but you know you know but for us to have this unrestricted money that could come in over 20 years would change the face of osages doing business of the things that we're looking at long term on developing our mineral state for generations to come so i just wanted to say that and if you all have any other questions councilwoman harlan or uh rivard do you have any questions uh this is susan this is council uh woman i'm gonna have some okay go ahead i uh have i got the floor pardon me yes yes ma'am you do i i can't see the they've got the control so i'm not able to see it because i was out but um i have several questions so if you'll bear with me i'll ask them okay um first of all um is this is this uh pipeline how long is this pipeline how many miles are we constructing this pipeline uh originates in hardesty uh alberta yeah and then it it will make its its way the existing line from hardesty all the way down into the gulf of mexico uh this new line is a twinning um and it runs from just south of hardesty let's say about edmonton uh canada uh just down to the border of kansas i i assume they'll ultimately extend it into cushing okay so okay and it's a 20 inch pipeline you say uh this would be 20 or 24. i'll have to check to be specific what is the what is the yeah what is the daily barrel capacity of this pipeline 830 000 barrels per day okay is that already do you already have commitments from producers for 830 000 barrels a day yes ma'am uh and again so there's not only commitments by the producers that are take or pay on their part we would have a parent guarantee from tc so for instance if they constructed this pipeline and their producers failed to ship while they would have independent actions against that collateral we have bypassed that collateral straight to the mothership and they have assets throughout north america they're a very healthy company are we talking about transcanada yes ma'am tc okay yeah yeah i'm very familiar with transcanada okay so you're talking 1200 miles most of that is across the united states what ferc regulations have you uh you know are they already approved through the federal industry energy uh regulatory commission yes ma'am i can get you a list of the remaining permits um the you know the most important um you know permit is is is the you know the executive permit that that only the president can issue but i can get you an actual list of of that status today right um okay thank you well you know it's not necessary until we discuss as a counselor if we're interested in this project but and and if we are you know i'll certainly reach out to you for probably that information and more um so you're saying that this pipeline construction has not started yet but it can be built in in three years if there's no controversies no uh mass protests and that sort of thing you can just without go ahead yes yes ma'am the the actual physical construction is probably limited to two years uh they've they padded that construction uh for you know process times um as as set out by the various permits i'm sure uh based on my own experience of pipelining the risk to this pipeline the risk of this venture is that they'll receive final approval so basically um you know when we talk to them that's why we stock guarantees is we're gonna invest money if it doesn't get constructed we we want we want coverage of our principal the 500 million um that we would put up but that is definitely the risk to this as the world is changing as you know um there there's a lot more talk about uh greening portfolios and depending less on fossil fuel there's those that are opposed to these type projects but we would all know for the most part that pipelines are safer than trucks and i mean trains and trains are surface safer than trucks and so um and this crude if we don't bring it in we can tell you from the decline we're just going to have to import it from some other market to feel these uh feel the gulf coast refineries okay um i think that's all i those are all the questions i have for now thank you we will we'll definitely have a lot of research and i don't you know we'll have to look into this uh in detail it's it's a pretty good smell and we look at it and we look forward to helping any way we can uh the our first meeting they talked about that due diligence and and that engagement where we both want to make sure that uh all of your questions are answered this is just like the first step with with the council um uh paul do you have any questions i still gonna yeah thank you uh margo uh is this the same pipeline that was being considered a dozen years ago back in 08 or 009 yesterday that obama was against yes sir and then i think trump when he came in reversed it and he was in favor yes sir and now we're going back it looks like uh back to a democratic administration yes sir uh what's your gut feel about that as far as what you think you know it's it's probably above my pay grade but we certainly stay on top of the research uh the research is is because we're we're very close to the canadian government certainly have our our contacts in the us government but you know uh in regards to the relationship between canada and the u.s even though trudeau is of the democratic administration in canada they call it the liberal party he has already reached out to biden and talked about in their relationship that this project is very important because as you know canada has a very small population for the second largest country in the world only 37 million people and so if they can't monetize their resources that would be a huge impact uh to their way of life and so trudeau has reached out to biden i i couldn't tell you um you know what the result will be but of course that's that is why uh the second reason why they're trying to broaden the stakeholders the line so that uh if you look at biden's new uh uh tribal or indigenous uh our native american platform it's quite robust and he talks about the economics and so uh in the investment world paul has has basically said look the you know the environment and social impacts should be should be looked at equally so if there's a project we're concerned about environmental but it's underpinning a huge social benefit it should continue and so again the fact that they can tie this project and part of its revenue base to uh indigenous nations both in canada and the us in addition to other communities um they see that is is is a major milestone of of trying to achieve approval okay okay and is this 1200 or in 10 miles is it the dotted line or the yes sir it's a dotted line yes sir it'll end at cushing it looks like or not yes sir it'll come on down the cushion yes okay and it'll be carrying strictly uh heavy uh tar sand not exclusively but majority of it that's contracted is is heavy which is you know paul our refineries are dependent on in is that heavy crude for their portfolio of processing and and so one way or the other the us has to bring in more heavies uh based on you know what our current mix of production is okay uh i know that uh there are numerous tribes indian tribes uh in the states i see numerous i know there are some you see him on television yes that opposed to the keystone pipeline the original i think keystone and maybe the the one they called dakota yes or dakota access yes sir yeah that's right uh which which tribes are those and why are they opposed uh i know that they talk about going through their burial lands and in this sort of thing your pipeline doesn't go through our reservation no sir or even if we go back one slide you'll see that it it doesn't go through any reservations that doesn't mean that it doesn't go through sensitive areas i think every river crossing like you know would be considered uh a a uh like an assiniboi sue up at the top fort peck uh it would cross the missouri and and and that would be of concern for the ascended voice sue i think the real issue stemmed from standing rock um which was not uh you know a kxl line um and you know that the way that line was handled i think everybody would say from corporate america was handled wrong um and and therefore it created a natural opposition group whether that be uh and you know from native american groups or indian tribes or others um and i would also say that there's those within kxl that would say that they've certainly uh have learned from that process and really tried to change how they go about it if you my understanding is that uh ascendant boy sue uh has concerns uh in south dakota i mean uh yeah south dakota some of the uh are in north dakota uh some of the new sioux nations there have been out loud about their concerns about the pipeline but at the same time they've been engaging kxl into jobs and other opportunities associated with the line um but there is a an action by cineboisu fort pack and belknap that i know of and i believe that it has to do specifically with missouri river crossing uh is is the biggest issue there and i think most of the issues have to do with concern over river crossings and and uh certainly paul we we all want to vet that but um it's similar to most river crossings to where they're they're boring under and as you know they're sleeving those casings in addition to casing they're sleeving it so that's the most protected part of the lines for sure right similarly like going under an interstate highway yes sir yes yeah i've had to do that with a pipeline down in texas a major undertaking for sure well okay so this tc i guess councilwoman foreman is because of her background being in the gas marketing business for decades uh i won't say how many decades she'll know the answer to this but i don't and i'll just ask you does tc energy do they have any facilities like refineries or gas processing plants are they just strictly transportation well like they would certainly have um some uh terminals they would have some you know upgraders and and and and facilities of that nature um they might have minority ownership in refining i don't know of any offhand though but that's a question i can quickly the reason i ask this uh because basically you're coming to us because we're an indian entity uh that has energy that you could rely on and be able to tie us and we're energy tribe and to use our name in uh for some for political reasons in others basically we're kind of selling our name like being put on a board of directors of a bank or something just to use our good will that we've got uh and we're going to be compensated very generously for that uh i was was wondering you had mentioned refinery or maybe not refinery but you mentioned something that kind of uh at the very beginning of this uh meeting today that made me think well if we could tie it somehow into our oil and gas development on our reservation it would give us a little bit more substance i think and one thing i thought maybe it could be done would be uh maybe tc would as part of the deal put in a refinery on our reservation where we process our own and from our nearby uh producers you know we're surrounded by five counties that produce oil and gas through the ten thousand barrels a day we have of our own uh that's uh you know gas processing plants for our natural gas if there was some you know maybe some way to tie in our oil and gas reserves are processing something somehow to kind of help give it some meat so incentivize it is what you're saying yeah i i would agree with that certainly we believe in leverage and for all the nations we worked on you know at southern ut we took their mineral state to not only ownership of their own upstream where they were the producer as well we ended up owning the midstream we ended up owning the processing plants all of those uh and certainly have done that for other nations what i want to answer two questions though in any agreement that we would do we would not be using your name as indigenous we would be sitting on the same side of the table with you we would enter into a very help you enter into a very formal agreement with tc on how they could uh have you at the table you would be opining for yourself i would never want you to give anybody the ability other than to say here's a case study this is how it benefits that nation but you you might be asked to speak we would never want them to speak for you so i want to answer that question then the second thing is ancillary opportunity i think there's a lot of ancillary opportunity i've certainly been part of projects where we ended up with now this is a federal line sub to certain tariffs but we've gotten favored nations transportation on those lines where we knew we had the cheapest cost if we wanted to move crude on those lines what i would tell you is tc is a very good if you will economic big brother from the standpoint they like energy opportunities and so i believe that a lot of that could be explored in in conjunction with this line but also independent of this line because once you have an engagement and they know you have a capital partner already not that you need us in all capacities but then we could look for those opportunities together so i i don't i think you would find them very willing to have those conversations as a company they're already asking us for instance you might not be interested but they have committed that this line will be run by green power so basically they've asked us do we want to be in charge you know do we want a portion of the solar or the or the wind we know you have some sites that are that you would never want to see renewable on but my point is that they're already asking us to look at those ancillary opportunities and you would want to tag on to those as well so the answer is you know yes i think there's ways to align the interest so i want to answer those two questions but very good questions right now looking at buying all the gas gathering systems throughout our whole reservation uh there's about certainly uh paul on that one that's that's an easy with or without them we would certainly look at that with you okay let's see uh i'm just trying to think of other ways that we could have a relationship yes with pc uh through your entity i guess uh that would be as substance and energy related to our particular resources that we have uh just keep that in mind yes sir okay uh john i'm going to try to reel this back in so we can um you know one of the other things that we looked at even though um paul that that this doesn't this isn't not on our uh reservation but it's in our former former tribal lands way before um [Music] you know where we bought our reservation currently this was part of our lands from missouri kansas oklahoma and a little bit into arkansas so we are part of they would have to have you know consulted with us as well as they start uh construction so there's also that permitting process that uh what is it that 109 106 historic 106 presidents park surveys so those arch surveys so that really ties ties them in to us and when you were talking about why some of the other tribes well it all came down to when under no dapple it came down to the water uh what would happen to the water sources down stream that the tribes depend on it for their farming their just their everyday use and they didn't want to be at the contamination so i know that um like john had said because we've been following i've been tracking this for a while um but i do know that uh the president of canada has been in conversation of how they can do it but to show the initiatives of green technologies as well we know that um you know we we haven't even had the opportunity to discuss hydrogen and other things that where we look at our the osage oil and gas and minerals as uh development and doing that pivot to how we look at it as to green energy as well as keep doing things as we have been so um i didn't have uh john go into in-depth about what their company does but they do finance oil and gas and you know energy projects all kinds and maybe that's another follow-up but wh t we're trying to do in uh this eight minutes we got left is uh answer some of these questions we did uh we had our attorney with um i know you weren't able to be on the phone call but a chairman and myself um and wilson was on the phone call and we told him we've got to stick this right into the business development committee they did initially go over and talk to chief chief said that's out of my lane i've got to send you all over to the minerals council that's that's exactly what they do and so we want to look at how we can um how you know because once people see that we'll be able to this isn't money that is going to be derived from our mineral state how do we do how do we profit share with our [Music] shareholders that's a different conversation that we need to have at the council table but just to move this to full council to do one thing is the one thing is that we want to take it out of this committee as a move forward to do sign a non-disclosure agreement and um a full due diligence at the cost of john juris and his company and he is agreeable to doing that and we will um and he will take on that financial responsibility to pay our attorney to do and that's common in tribal enterprise world as you start doing that and john is very familiar with with what we'll be looking at and so uh but then i would really like to encourage john you and your you and payton to come back and do an overview of the services that you provide i really enjoyed that part but i knew that if we got into that and then tried to do this we would run out of time so if we don't have any more questions and i know that you all have been sent this but here's our only issue is that um there's a time frame associated with getting the three tribes to sign on because once they get one tribe signed on me then it's gonna be i mean they're doing this presentation to um three affiliated blackfeet um all the tribes that are gonna you know that that do border will have some say in this not say but that they're going to be selecting but oklahoma for when they come here we are a good fit for this and i mean i see it as uh potentially a good fit but we've we've got to do our due diligence before we say yay or nay and i know that i think what is it like 60 to 75 days we you all have to have i mean or shorter really um yes ma'am um margo if i could just say to sum up from our end first of all i want to thank everybody for their time um and we we hope everybody is safe given this unprecedented environment um we we believe osage is a great fit uh and we're also a little selfish at how we look at things we try to establish relationships where we think we can do more than one thing and when we looked at osage participating here we thought if we brought something of value that there would be other opportunities for us to partner we can talk about how we partnered some other time what we what we're asking for at this point um when you take this under consideration is that this is a project that you would like to proceed forward with first by you know first yes we'd like to proceed then second let's undertake all the due diligence let's answer all the questions before you issue your final decision but uh it's a project that fits you and that that's the first indication and then when you give us that indication we will lock up one of those positions until we we finish or don't finish uh for you and so once an nda is signed and we go into due diligence then we're going to set one of these three positions aside for you okay well with that being said i'm gonna ask um um you gentlemen to um can you put them in a waiting room or we'll get yeah we may put we're gonna put you in a waiting room because our committee needs to discuss okay never been put in one but looking forward to it timeout okay they're in the waiting room so on the phone um we have um you know all we're looking for is just to move it to the next step is i would like to put this on on our minerals council and executive session that we move forward with just two things an nda and a due diligence we're not committing to anything we're just saying that we can bring and discuss it in executive session uh any questions or we would like to have them in executive session to answer further questions i think that would be wholly responsible and paul i think that's exactly why we wanted you on that call because you brought up the next steps of hey how do we incentivize this i thought those were great points and i know we all have been working hard to get to a point where money is always an issue with anything that we want to do whether it's the gas gathering it's um uh updating our how we do business here but everything takes money everything does and even if we were talking about a tara and a cheeto well there's some um unencumbered money that we would have for a long term that you know that could be there i'm not even thinking how to spend it because we know it has to be um the thing has to be built first but to know that there would be some money to in order to really you know write the new chapter or a new book on the osage mineral state um this may be something that's worth looking at and if it isn't and we don't want making emotions i'm just discussing if y'all haven't are you ready to make a motion so i was just wondering i mean i thought you were starting to make a motion okay well great well that's what i'm looking for i'm looking for a motion to take it to our council meeting next week to put this in executive session for discussion of a due diligence and uh non-disclosure agreement or how much we need to put on there maybe just the discussion of uh indigen and indigena indigena well i'm i won't be making the motion i'm not a bit interested in this project it doesn't fit with us did you see the first part of the president agree with i absolutely agree with susan on this i i would be of no vote on this i don't think it fits with us um i don't think that i think the deal sounds way too good you know do you know when when something sounds too good there's so many liabilities to it so i i'm i'm going to join susan on this i'm not going to make a motion on it either and my vote would be a no i have a question as to whether or not this is the right venue i don't know that the you know we are the old sage mineral council representative of the shareholders who are beneficiaries of our mineral estate what they're proposing really doesn't have anything to do with our mineral estate uh i don't know i think they should be talking to the osage nation and not the osage mineral council i just don't think that we had the authority i don't think this is a beneficiaries uh opportunity they're not coming to i mean this is as if they're coming to our shareholders and i don't know that that's really the right venue for them to be approaching they want to try they ought to be going to the tribe not the an agency within the tribe yeah they did they did go over to the tribe first and then uh jeffrey said this is a uh this has to do with uh the mineral state and well well he's just trying to protect i mean he just said i would suggest that you it sounds great take it over there and uh we'll see where we're going and you know and all i'm doing is vetting it out we're bringing something to committee and this is the way to do it and and all we're doing we're looking forward is just to uh do a due diligence and if we found in due diligence uh heck no then then no but you guys are saying you're not interested in anything at all so then make the motion that we not move it to full committee and it dies here in committee i just need some action well i don't know why if there's no action it dies in committee right if you don't if somebody doesn't make a motion to move it out of committee it dies in committee without action all right that's fine with me okay all right well then the question now margot should be is there anybody who's willing to make a motion including yourself or i don't know if a second chair is sitting there but uh if nobody makes it it dies well i mean i'm smart enough to know i can count to three it's not gonna have the votes so i'm not i'm not going to be making a motion when i you've already said no susan said no paul said no and so it would it would be ridiculous to to even ask that motion because all we're just saying is we're just going to take the next step and do a due diligence that's how you wash something out or you could you could just punt it back to the chief i mean i don't have the authority to put it back to him they want to reengage the chief my issue is if the moment we start letting him handle energy or oil and gas issues and the potential to tie in to their to um um this their line could be a negotiable part because we we don't have to get stuck they've already got dedicated shippers on their line it's uh that's why we don't know that's why we want to do a due diligence he just answered it he said he's already got producers that have dedicated 800 and some odd million barrels a day there's no room in that pipeline for us well that wasn't the question you asked i asked them if they had already if they had producers that had dedicated the full 800 some odd million barrels a day and he said it was on a taker pay basis back by the that by the canadian government uh yeah because they're trying to move that tar sand gat uh crudel but uh anyway this the thing has died in this committee uh and i appreciate these folks coming to visit with us yeah thank him but i'm i'm with uh councilwoman foreman in harlan that uh this isn't something that i i think i want to pursue yeah and and you know really it doesn't help that the guy that's part of this you know has a record you know a criminal record so no we um we uh just so you know um part of them coming to hear we uh called and said we can't have any part of the former chairman involved in any of this and all he was was a door opener and that and that's why he went on the phone call today okay smart enough to know this my first rodeo yeah well it's moved anyway because none of us are interested so all right well let's um i don't have any new business don't know no business i make a motion to adjourn i second have a great weekend thank you all those in favor say aye aye aye all right bye-bye hey can you bring this device back in hello john and paige ma'am hi um we just got off um uh some discussion and um and at this point they uh because it really isn't in our jurisdiction area um they were uh not comfortable with getting to doing this at this time so i did want you to know i thank you for your time um you know i'm again i'm one vote out of eight and um i know chairman was hoping that we would get it out of committee as well he stopped in and um but um [Music] you know we've just got and i thought that we would have had paul and so it just came out that we're they're just not um they don't want to put the tribe's name or the mineral the minerals council with it have you do you have the opportunity to go back to chief and ask him because i know that he turned around and sent you to here yes ma'am what would you recommend margo um i would recommend going back to chief and see if you know um but i you know i um i just i mean that's what would be my recommendation i'd be more glad to give you a call offline yes ma'am okay that would be great all right thank you gentlemen thank you for the time well thank god my battery was out about ready to go down