The Blood Tribe of Alberta will receive $50 million for oil and gas development on its reserve.
Murphy Oil paid the tribe $38,076,800 and Bowood Energy Ltd paid the tribe $12,128,000.
The deal is said to be the largest single payment ever for a First Nation.
“This deal was too good to let it pass by,” Chief Charles Weasel Head said in a press release, The Lethbridge Herald reported. “It’s a one-time opportunity and it will give the Blood Tribe members some long-term benefits.”
The last big payment to the tribe was for $22 million in 1980.
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$50 million oil deal inked with Blood Reserve
(The Lethbridge Herald 9/8)
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