In 1928, a group of Minot laboring citizen (mostly railroad men) began to investigate the possibilities of organizing a cooperative oil company. They had been trying to operate a cooperative store and when it became a stock company instead of a cooperative and failed, the original promoters began to look at the very high margins in Petroleum Products. They found that gasoline cost 4 cents per gallon plus 7 cents freight and that it was selling for from 25 cents to 27 cents per gallon. This group invited several farmers to join them and in 1928 they incorporated under the name of the Minot Cooperative Oil Company. On June 28, 1928 the incorporators met, adopted By-Laws, and elected a Board of Directors. Each prospective member was sold 2 shares of stock at $25.00 each. In July, 1928 the North Dakota Farmers Union put their stamp of approval on the new cooperative. The first stockholders meeting was held November 10, 1928 with 92 members present.