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IGDC Holding Company Signs Contract to Develop First Nations Natural Gas Field; Historic Contract for First Nations Canadian Natural Gas Development Project Business Wire - April 22, 2005 14:50
SAN FRANCISCO, Apr 22, 2005 (BUSINESS WIRE) -- Indigenous Global Development Corporation, the first majority owned and publicly traded Native American company in the U.S. (OTCBB:IGDC), today announced that its affiliate, First Indigenous Depository Company (FIDC), signed a contract the with the Sweetgrass First Nation of Saskatchewan Canada to begin development of the Tribe's natural gas fields on the Nation's lands. This is a historic contract since it is the first time a Canadian First Nation owned the majority share of a natural gas development project on First Nations' lands. Under the contract, FIDC will provide the financing, technical assessment of the natural gas potential and begin drilling the first well for the Sweetgrass First Nation later this year. Under the current working agreement between FIDC and IGDC, IGDC receives 90% of the net profit.
The Sweetgrass First Nation encompasses 49,000 acres of Reserve Land and over 4,100 acres of Treaty Land Entitlement lands. There is a potential for natural gas revenue from up to 18 First Nations, with each First Nation having the potential for $500 million to $3 billion. Natural Gas from this field development will be sold into the United States and other markets by FIDC.
"The Sweetgrass First Nation contract marks the beginning of a new era for the First Nations of Canada," said Deni Leonard, Chairman and CEO, First Indigenous Depository Company. "It is the first time a Tribe is the majority owner of its natural resource development projects. This represents a new beginning for First Nations' energy programs and the First Nations of Canada."
About Indigenous Global Development Corporation
Indigenous Global Development Corporation (IGDC) is the first majority owned publicly traded Native American corporation. IGDC's goal is to provide strategy, financial and investment tools to deliver economic development, empowerment and financial self-sufficiency for Native Americans across the U.S. and for indigenous people worldwide. Investment financing, tribal energy creation and pharmaceutical development for Native American communities are its primary tools to create positive change in Indian Country. First Indigenous Depository Company is its affiliate. You can find more information about Indigenous Global and First Indigenous Depository Company at www.igdc1.com and at www.fidc1.com.
Copyright (C) Indigenous Global Development Corporation, 2005
SOURCE: Indigenous Global Development Corporation Indigenous Global Dev. Corporation John Mejia, 415-283-4757 johnm@igdc1.com
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