Fallon County
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Cedar Creek Anticline Field in Montana
Reminder all participants must have completed sports physicals to practice. HS Football - Friday, Aug. 14 - 8 a.m. HS Volleyball - Friday, Aug. 14 - 6 a.m. - Baker High School gym MS Football - Monday, Aug. 17 - 3 p.m. - Longfellow MS Volleyball - Monday, Aug. 17 - 3:30 p.m. - Longfellow
Area businesses get millions in help from local banks Staff Report
Denbury Resources agrees to restructuring plan An oil producing company with ties to Fallon County and western North Dakota reportedly has agreed to a restructuring plan with creditors to help eliminate more than $2 billion in debt. In addition to eliminating its $2.1 billion in bond debt, Denbury Resources filed for Chapter 11 bankruptcy as part of a pre-packaged plan designed to lessen the financial burden on the company. While eliminating legacy debt, the company lenders will provide up to approximately $615 million in debtor financing. The funding would reportedly allow normal operations but with court supervision. The company had $2.2 billion in debt after the first fiscal quarter. It is not the first oil company to file for bankruptcy after the recent collapse of the oil prices earlier this year. According to a press release sent out July 29, the company entered into a Restructuring Support Agreement with funded debt holders holding 100 percent of revolving credit facility loans, approximately 67.2 percent of second lien notes and approximately 70.8 percent of convertible notes for a “pre-packaged” plan that will eliminate the company’s $2.1 billion of bond debt. “Denbury expects to continue normal operations throughout the Court-supervised process. Pursuant to their commitment letter, the company’s existing lenders will provide a debtor-in-possession (“DIP”) revolving loan that
will “roll” into an exit facility with up to $615 million in availability. Following court approval, the company expects this financing, together with cash flow from operations, to support the business during the Court-supervised process,” the release explained. Greencore pipeline According to company web page, the 20inch Greencore Pipeline in Wyoming was the first CO2 pipeline we constructed in the Rocky Mountain region. “We plan to use the pipeline as our trunk line in the Rocky Mountain region, eventually connecting our various Rocky Mountain region CO2 sources to the Cedar Creek Anticline in eastern Montana and western North Dakota. The 232-mile pipeline begins at the ConocoPhillips-operated Lost Cabin gas plant in Wyoming and terminates at Bell Creek Field in Montana. We completed construction of the pipeline in 2012 and received our first CO2 deliveries from the ConocoPhillips-operated Lost Cabin gas plant during 2013. During 2014, we completed construction of an interconnect between our Greencore Pipeline and an existing third-party CO2 pipeline in Wyoming, which enables us to transport CO2 from LaBarge Field to our Bell Creek Field. “In mid-2018, we sanctioned the CO2 enhanced oil recovery development project at Cedar Creek Anticline, which requires a 105mile extension of the Greencore CO2 pipeline to CCA from Bell Creek Field, the company explained.
More than 50 businesses in Fallon County have received assistance from the federal government’s Paycheck Protection Program (PPP). The Bank of Baker has made loans throughout the region, totaling about $6 million, according to the bank vice-president, Janice Moser. “We did all different types of businesses. We did retail, oilfield, ag businesses, bars, restaurants, hunting guides, just to name a few of the types of businesses that we did. We did everything from sole proprietor to corporations, DBAs (Doing Business As) and LLCs (Limited Liability Corporation)… those type of businesses. “In Fallon County alone, we did a little over $5 million in 54 loans and in a tri-state area we did approximately 65 loans for more than $6 million,” she said. According to Moser, the PPP has been a successful program locally. “The impact it had on businesses is different for each business. If you had a business that closed during that period, it just kept your employees paid. If you had a business that was open, maybe at a minimum, …. it helped pay your workers,” she said. “So the impact varied quite a bit on the business that was using the money. But it (the PPP) had a positive impact on the business community. “In some cases it helped the business. In some cases it just helped the employees,” she
explained. The program has helped many of the businesses survive the economic impact of the pandemic since it was created in April, she said. According to one report by the Small Business Administration, Montana businesses had more than 23,000 in loans and nearly $2 billion in total aid. Businesses in Baker were the biggest recipients of the program with approximately 54 getting on a list of loans under $150,000. Plevna had five. Small loans In Fallon County, the Bank of Baker was the lender for most of the loans under $150,000, according to an SBA report. The bank handled more than 30 loans totaling more than $1.12 million in Baker alone under that $150,000 level. The Dakota Community Bank and Trust made one loan for a total of $124,300. The bank made a second loan in Baker for $9,300 to bring its investment total to approximately $133,600. Grasslands Federal Credit Union made seven loans, for slightly more than $185,000. Baker businesses also got loans from Dakota Western Bank, First Interstate Bank, Stockman Bank of Montana, Kirkwood Bank and Trust, Dacotah Bank, Readycap Lending and Summit National Bank. Plevna loans In Plevna, under the $150,000 level, the five PPP loans came to a total of $137,487. The two largest loans in the Plevna communi-
Grasslands Federal Credit Union helps local non-profits Staff Report
Grasslands Federal Credit Union has donated more than $25,000 to help local non-profits with funds generated from processing fees tied to the federal Paycheck Protection Program. The credit union is an authorized Small Business Administration lender and collects origination fees for administering the PPP loans. More than $25,000 from those fees is going back to local non-profits, according to a company spokeswoman. The credit union has branches in Circle and Baker, and serves McCone, Garfield, Dawson, Richland, Wibaux, Roosevelt, Valley, Phillips, Petroleum, Rosebud, Custer, Fallon and Prairie county residents. According to the company, 54 Montana business have been helped under the PPP, starting in March. The program was designed to help provide financial relief for businesses economically impacted by the COVID-19 virus.
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The credit union received origination fees for administering the PPP loans and the loan recipients helped to choose which local non-profit the financial donation would go to. According to the company spokeswoman, $750 from each loan transaction was sent to the non-profit they had chosen. Some chose to split the donation between several non-profits, while others donated the lump sum to one organization. “Non-profits have been hit hard during COVID-19 due to the cancelation of fundraisers and annual events that typically fund their mission’s efforts,” said Emily Guldborg, manager and CEO of Grasslands FCU. “With the credit union philosophy of ‘people helping people’ in mind, we wanted to do our part to bridge the gap and give back to the communities that have long supported us. We hope to inspire other members of the community to continue reaching out to help one another during this critical time.” The credit union also announced in the future it would distribute about $10,000 in additional funds through the PPP.
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On August 3, 2020 the Board of Trustees adopted policy allowing parents/students to request remote/offsite instruction during the Declared State of Emergency issued by Governor Bullock. Parents/students must submit form 1908F (forms are available at the District office) to the District office by 3 p.m. on Friday, Aug. 14. The Board will have their regularly scheduled board meeting on Tuesday, Aug. 11 to finalize our reopening plans. We understand that decisions made by the Board of Trustees next Tuesday may influence your decision to either continue with in-person/onsite instruction and/or opt-out and choose remote/offsite instruction. Parents/students who choose remote learning will have an initial two (2) week trial period for which they can decide to return to in-person/onsite learning. However, if the District is not notified during the initial two (2) week trial and/or immediately following the trial period that the student will be returning to in-person instruction, then the student will remain in remote/offsite learning until the District is notified of a change at the mid-quarter (4.5 weeks). Students who have opted for remote/offsite learning may only return to in-person/onsite instruction at either a mid-quarter or start of a new quarter.
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Welcome to the Fallon County Fair! August 12-16, 2020
Steak & Lobster • Chicken Fried Steak Dinner Chicken Fried Steak Sandwich
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ty were made by the Bank of Baker for a total of $106,800. The Stockman Bank of Montana made two loans in Plevna, with the largest of the $18,027 total being one for $12,700. First Interstate Bank made one loan for $12,650. PPP support The program was designed to provide financial assistance to businesses impacted by the Coronavirus pandemic and started in April. It was part of the CARES Coronavirus Aid, Relief and Economic Securities – Act which has distributed more than $500 billion throughout the country. It was intended to help small businesses cope with the economic impact of the global pandemic at the local level when businesses were being shuttered for health reasons. Montana program In addition, there is a state program that might be able to help local businesses, but they have to apply for it, according to Moser. The Montana Board of Investments has what is called a deferment program. “If there is a reduction of your gross income of 20 percent or more from January to July of 2019 versus January to July of 2020, there is a program they can apply for. The Montana Board of Investments would make their interest payments up to a full year, if they qualify.” Businesses interested in the loan deferment program can call their banks for information about the qualifications and terms, she added.
Baker Remote/Offsite Instruction
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