page 1
page 2
page 3
page 4
page 5
page 6
page 7
page 8
page 9
page 10
page 11
page 12
page 13
page 14
page 15
page 16
page 17
page 18
page 19
page 20
page 21
page 22
page 23
page 24
page 25
page 26
page 27
page 28
page 29
page 30
page 31
page 32
page 33
page 34
page 35
page 36
page 37
page 38
page 39
page 40
page 41
page 42
page 43
page 44
page 45
page 46
page 47
page 48
page 49
page 50
page 51
page 52
page 53
page 54
page 55
page 56
page 57
page 58
page 59
page 60
page 61
page 62
page 63
page 64
page 65
page 66
page 67
page 68
page 69
page 70
page 71
page 72
page 73
page 74
page 75
page 76
page 77
page 78
page 79
page 80
page 81
page 82
page 83
page 84

Businessexcellence May 07 56 to a ‘fold and thrust belt’ (a belt of deformed sedimentary rock in which the layers are folded and duplicated by thrust faults) in proximity to the Rocky Mountains; secondary targets include the Cardium, Viking and Mannville zones. With its land acquisition and drilling & recovery program foundation now established, the future indeed looks promising for Vero Energy. The company plans to continue its upward momentum, begun in 2005, to increase production. The groundwork has been laid to maintain a large supply of projects, with a drilling inventory in excess of two years, exploitation projects including waterfl oods and infi ll drilling, and exploration projects with a potential for high reward. Its focused properties yield a profi table cost structure in controllable categories, and its liquids rich natural gas and light oil result in high netbacks for investors. Doug Bartole, president & CEO of Vero recently told investors, “We had our most active quarter to date and our staff executed the program exceptionally well. The direct result is exceeding our production forecast and increasing our 2007 exit production guidance. We have continued our trend of signifi cant quarter over quarter growth since inception. Based on our outstanding last two quarters we are excited about our future. With the completion of our recent equity fi nancing we are in a position to potentially increase our capital budget with internally generated projects, farm-in (joint venture) opportunities on other operators’ lands, and generally opportunities that we believe will increase our long term project inventories.”

May 07 Businessexcellence Golden Grain Energy 57 Golden Grain Energy is about to double its production of ethanol after extending its facilities. Walter Wendland, president & CEO, tells Linda Seid Frembes about the growth of this unusual cooperative With global warming dominating news headlines, the attention given to alternative fuels has once again shone a spotlight on ethanol. Ethanol is a clear, colorless alcohol fuel made from the sugars found in grains, which can be mixed with traditional gasoline to fuel vehicles. But it’s not a new fuel source. It was used as early as the 1850s as a lighting fuel. In 1908, Henry Ford designed his Model T to run on a mixture of gasoline and alcohol, calling it the fuel of the future. We do not know how far Ford could see into the future, but here we are 100 years later, looking at ethanol again. Golden Grain Energy (GGE) of Mason City, Iowa is a privately-held company dedicated to adding value to northern Iowa’s corn production by turning locally-grown corn into clean-burning ethanol. Founded in 2002, the company is headed by Walter Wendland, president & CEO. “I was asked to attend a meeting with the Chickasaw County Board of Supervisors. The county was funding a feasibility study and a steering committee to explore ethanol production,” he explained. “The committees explored different types of corporate structures and technologies, sizes of plant and different processes. The fact-fi nding phase took several months. We looked at 30 different locations in eight counties. On March 18, 2002, the LLC was formed and the directors and offi cers were chosen. Between 2002 and 2004, several committees were formed to review fi nancing, insurance, and other business requirements.” From September 2002 to May 2003, the company proceeded with the federal registration process. “The SEC had developed new post-Enron rules so it took longer than we expected,” said Wendland. “In June of that year, we started raising money; through September we raised $23 million. The construction phase lasted from October 2003 to December 2004.” The company currently produces more than 60 million gallons of ethanol annually. Shifts run in two 12-hour rotations, with teams running seven days on and seven days off. Last year, the plant ran 360 days with some minor shutdowns a few days each spring and fall for maintenance and state inspections. GGE is a unique entity in that it is owned by more than 750 members, the majority of whom are northeast Iowa farmers and businessmen. “The minimum investment was $10,000. We Copronwer