Dakota Plains Holdings, Inc. Announces Trucking Joint Venture, Executes Agreement With Strobel Staro
Dakota Plains Holdings, Inc. Announces Trucking Joint Venture, Executes Agreement With Strobel Starostka Transfer and Appoints Board Member
WAYZATA, Minn.--(BUSINESS WIRE)-- Dakota Plains Holdings, Inc. (Dakota Plains) (OTCBB:DAKP) today announces the transportation of crude oil by truck through Dakota Plains Services, LLC (Dakota Plains Services). Dakota Plains Services is a joint venture with JPND II, LLC, an affiliate of Prairie Field Services, LLC.
"Our trucking joint venture further strengthens our position to transport the record setting numbers of crude oil pumped out of the Williston Basin," said Dakota Plains Chairman and CEO, Gabe Claypool. "We are excited by the opportunity to capture revenue from and manage an additional stage of the transportation of crude oil from the wellhead to the refinery."
Additionally, Dakota Plains executed an agreement with Strobel Starostka Transfer to manage operations of its oil transloading facility in New Town, N.D. Strobel is a recognized leader in designing, constructing and operating rail terminals for the energy industry. "The execution of the Strobel Starostka Transfer relationship will make a significant impact on Dakota Plains' efficiencies," said Claypool.
The facility, served by the Canadian Pacific, is in the heart of the Bakken fields of the Williston Basin. Described as "the belly of the Bakken beast" by Trains Magazine, oil production from North Dakota has doubled in the last 18 months. According to the North Dakota Pipeline Authority, as of July 2012 the crude by rail industry is now handling close to 47% of the total takeaway, up from 17% in July 2011. In further news, Dakota Plains has appointed board member, Gary L. Alvord, to its board of directors. Alvord brings with him an impressive transportation background as founder, President and CEO of World Wide Logistics and as an executive of Ruan Transportation. "Alvord is highly respected in the trucking and logistics industry and brings a great history of success," said Claypool. "We welcome him to our board."
About Dakota Plains Holdings, Inc.
Dakota Plains Holdings, Inc. (Dakota Plains) is a publicly traded company, principally focused on developing and owning transloading facilities, marketing and transporting crude oil and related products within the Williston Basin oil fields. Dakota Plains New Town, N.D. transload facility is centrally located in Mountrail County, N.D., which continues to experience the most drilling activity in the Williston Basin. Through its wholly owned subsidiaries, Dakota Plains currently participates in three joint ventures that markets, transloads and transports crude oil. Each joint venture is organized in the form of a limited liability company of which indirectly holds a 50 percent membership interest. www.dakotaplains.com.
Roepke Public Relations
Karen Mahoney, 612-677-1717 (Media Relations)
Katherine Roepke (Media Relations)
Dakota Plains Holdings, Inc.
Tim Brady, 952-473-9950 (Investor Relations)
KEYWORDS: United States North America Minnesota North Dakota
The article Dakota Plains Holdings, Inc. Announces Trucking Joint Venture, Executes Agreement With Strobel Starostka Transfer and Appoints Board Member originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.