Bakken Investor Conference | VideoJennifer Joas | 12/13/2012
"It is great to be from North Dakota," said Former Governor Ed Schafer.
North Dakota has a budget surplus, booming economy and low unemployment rate. Oil exploration contributed, but former Schafer says it takes more than that.
"Well we do not have all the oil. We have a lot of oil, and we figured out how to seek investment in North Dakota, to be able to extract and harvest those resources that have generated the best economy."
Schafer spoke at the Bakken Investor Summit in Rapid City this week as part of a tour to attract investors to the area. One businessman from Rapid City who runs a construction company is interested in investing in Dickinson.
"I kind of look at this as the next new wave like all the speakers have been saying. You know, this is the next big thing. And we are here for the long term. So I think here is just some great business money making opportunities in North Dakota," said Lyndon Bolt, Bolt Construction.
Everyone wants in on the Bakken. But Schafer says what makes South Dakota different is its location to three big oil plays.
"You have big opportunities and plays in Colorado, big opportunities in Wyoming, obviously big opportunities in North Dakota. And I think South Dakota in this corner can position itself to say we can provide a quality of life, we can provide economic factors that make sense. And we can provide you better access to a location than you have in another state."
The Bakken summit attracted 175 interested investors. Hegg already hosted four similar summits in other cities, and is planning two more early next year.
South Dakota geologists say the state may benefit from an oil play of its own. Tune in on December 14 for that story.