General Meeting provides update to membership 

The Southern Ute Growth Fund held their annual General Meeting, Thursday, Sept. 14 at the Sky Ute Casino Resort. The purpose of the meeting was to update and inform the tribal membership on the overall performance and revenue for the year and outlook for the Growth Fund going into FY24. The agenda opened with the presentation of colors by the Southern Ute Veterans Association, Flag and Victory songs by the Southern Ute Singers, Invocation by Southern Ute Vietnam Veteran, Howard Richards Sr. and a welcome address from Chairman Melvin J. Baker and Tribal Council.  

Southern Ute Growth Fund Executive Director, Shane Seibel gave the Growth Fund overview to the membership, reiterating Chairman Baker’s opening remarks — that the Growth Fund is a business entity, which to be successful must move at the speed of business — beyond the Tribal Government. “We are here to lead and to guide,” Seibel said. “Our vison is pretty simple, we want to be the best business in Indian Country.”  

“In 1982, the Jicarilla Apache Nation went all the way to the Supreme Court and won; [from that point forward], oil & gas operators on the reservation had to pay royalties [to tribes] …that started the Growth Fund,” Siebel said, giving a brief history of the Southern Ute Growth Fund. When the financial settlement was made to the Tribe, leadership at that time made the choice to invest the capital rather than dispersing the funds directly to the membership, with a long-term vision of growing long-term wealth for the Tribe and its membership in a business model that has proven sustainable to this day.  

“We’ve got to be disciplined in a challenging world environment,” Seibel said. “This is the best year in the history of the Growth Fund. The last three years are three of the four best years of the Growth Fund.” 

“We take the time and effort to attract top talent,” Seibel said. “[When it comes to] employees, we want the best. It’s important that we prioritize talent.” 

The Southern Ute Growth Fund cultivates diversification in its business portfolio — this is exemplified in its business practices and operations. In the energy sector is Red Cedar Gathering, Aka Energy and Red Willow Production, on the other end of the spectrum is Growth Fund Private Equity and Growth Fund Properties. Shane Seibel serves as the Growth Fund’s Executive Director, Kourtney Hadrick as the Operating Director and Darrell Owen as the Finance Director.  

Real Estate is a very important part of our diversification,” Siebel said. “Businesses always need to be growing…to be innovative.  

Regarding increased operating costs in some sectors, Siebel said, “We’re growing, and that’s a good thing — my job is to maximize tribal member equity.”  

In a further move towards diversification of revenue the Growth Fund invested, as a minority owner, in the Panda High Plains Hemp Gin industrial hemp processing facility in January of this year. The majority owner, Panda Biotech, is finalizing set up of the production facility in Wichita, Texas which will produce mechanically cottonized hemp fiber for use in textiles and hurd. Hurd is used for animal feed, bedding, construction material and insulation.  

In a broader effort to limit the Tribe’s dependence on fossil fuels, while also holding to the Ute values as stewards of the land and its natural resources — the Growth Fund has a Tribal Energy Transition Strategy in place. The three-point strategy includes: Carbon Intensity, target the lowest carbon intensity oil and gas production; Carbon Capture, embrace carbon capture (put carbon back into the ground); Technology, embrace new technology and infrastructure development to support carbon neutral energy development.  

The Tribe has invested in its Red Sage Carbon Capture Facility as part of the Aka Energy rebranding and energy transition. “The CO2 Capture project will allow us to capture [carbon] and send it down a pipeline to Texas to be stored underground — the process is compress, dehydrate, transport and store,” Red Cedar Gathering President and COO, Coy Bryant said.  

“We have a 20-30 plus year transition as we work toward carbon neutrality,” Growth Fund Operating Director, Kourtney Hadrick said. “There is no energy source without impacts, we’ll always have some tradeoffs.” 

Growth Fund Private Equities President and COO, Jonathan Abshagen spoke to the investment side of the Tribe’s portfolio. “A private equity fund buys privately owned companies, improves them, and sells them for a profit — such as GF Private Equity Group. These are long term partnerships,” Abshagen said. “[Our goal is] diversification to manage risk over the long term. By vetting opportunities through due diligence — our portfolio has increased by four times since 2013.” 

Highlights for 2023 went beyond the energy sector and investment opportunities, the Growth Fund’s Human Resources Department also had a lot to celebrate. Vice President of Human Resources, Maria Baker spoke to the excellent track record that the Growth Fund has bringing in and retaining Southern Ute tribal member employees across the organization. Highlighting the Tribal Member Executive Mentorship Program, the Professional Development Program and tribal member advancement within the Growth Fund.