North Dakota’s Bakken Oil Field is the most significant oil discovery in America in the past 40 years. Bakken oil production is now at 600,000 barrels per day, a jump of 3,000 to 600,000 in just six years. This means that oil workers are flooding the state to find work, and there’s no place to call home.
The modern day “gold rush”Oil companies are scrambling to find suitable housing while North Dakota farmers complain about the influx. While the Bakken boom could have great implications for the Midwest, it will also mean that the new workforce needs to find housing for their families.
“Right now, the majority of workers are crammed into small man-camps that are crowded, poorly insulated, expensive and temporary,”Stephen H. Watkins is the CEO of Entrex, a capital market.
However, there are better alternatives.
“With some help from us at Entrex and the capital raised from our Top-Line Income Generation Rights Certificates, the new Bakken Housing Group can provide safer, cleaner housing for oil workers,” says Clint Loman, Managing Member of Bakken Shale Housing LLC.
Bakken plans to build a number of well-maintained, family-friendly housing units throughout the region. Workers can now rent a three-bedroom unit for either a monthly or yearly rental, instead of spending a night on a mattress.
Local experts predict that the Bakken will have at least a 30-year period of drilling success, which could lead to promising returns for the long-term realty market. Officials have already stated that North Dakota is second in domestic oil production to Texas.
Investors and oil companies are eager to reap the rewards of this rapid growth. There is also the larger goal to make the U.S. less dependent on foreign oil.
Bakken Shale Housing opted to finance their expansion by using a security structure called TIGRcub. Watkins says Entrex can be used as an alternative to Wall Street capital markets, which have difficulty supporting certain companies.
Visit Entrex to see what Entrex can offer investors and entrepreneurs. www.entrex.net.
