Fuel on title
Natural gas within the owned mineral estate. Perkins County sits inside South Dakota's mapped oil and gas program with state well data and field boundaries on record. Gas becomes both the fuel and a second revenue line.
CONFIDENTIAL · INVESTOR BRIEF · 2026
AMERICAN
RESERVE
1,000 contiguous acres. Gas and minerals held with the surface.
Bison, South Dakota. Powered land for the age of AI
1,000acres, fee
500–1,000MW capacity path
Ownedgas + mineral estate
230 kVcorridor in county
SCROLL · OR PRESS ↓
02 / THE ASK
We own the scarcest input in AI: land with its own fuel underneath it.
Every AI data campus in America is stuck behind the same two lines: a utility interconnection queue measured in years, and a land market where a single entitled acre now trades above $6 million in Northern Virginia.
American Reserve is a single ownership, 1,000-acre position in Perkins County, South Dakota, with the mineral estate, including natural gas, held together with the surface. One counterparty. No parcel assembly. Fuel on title.
We are seeking capital partners and anchor tenants to develop it into a behind-the-meter AI data campus.
WHAT WE'RE SEEKING
- Development capital for site control, entitlement, and power
- A power partner for onsite generation and interconnect
- An anchor tenant at 50–300 MW of critical load
Structure open: land JV, power JV, ground lease, or build-to-suit.
03 / WHY NOW
The grid became the bottleneck. Gas on site became the answer.
Behind-the-meter generation went from workaround to default infrastructure model between 2025 and 2026. Sites that hold their own fuel skip the queue.
04 / THE ASSET
1,000 acres in Bison, Perkins County.
Bison is the seat of Perkins County: population 308, elevation 2,776 feet, on the high northwest plains between the Grand River forks. The county runs 2,891 square miles with about 2,900 people in it, and 79% of the land is agricultural.
That emptiness is the product. No neighbors to litigate a 500 MW load. No competing industrial demand on the feeder. No coastal risk, no seismic zone, and a climate cold and dry enough to run free cooling most of the year.
South Dakota levies no corporate income tax and no personal income tax.
05 / SITE CAPABILITIES
What the site already has.
Transmission in county
The 230 kV Miles City–New Underwood corridor crosses Perkins County, with a Grand Electric Cooperative substation roughly 10 miles west of Bison. Basin Electric has a board-approved large-load program built for data center customers.
Free cooling climate
Cold, dry, high-plains air at 2,776 feet. Air-cooled and closed-loop liquid designs run economizer hours for most of the year, which cuts both cooling capex and the water question at the same time.
Scale without assembly
1,000 contiguous acres under one owner. A gigawatt campus needs 800–1,000 acres. Comparable projects are stitching together 150–200 acre parcels and negotiating with a dozen sellers and a city council.
06 / OPEN ITEMS, STATED PLAINLY
The four things a serious buyer will push on.
We would rather you read these here than find them in diligence.
07 / DEVELOPMENT SCENARIOS
Three ways this gets built.
08 / WHAT IT COSTS
2026 build benchmarks.
50 MW$400M – $600M standard, $750M – $1B+ AI-optimized
~$960/sq ft2026 average, up from $630 in 2025
+5–15%Construction cost inflation expected across 2026
09 / WHAT IT LEASES FOR
Rent is priced per kilowatt of reserved load, not per square foot.
Rural, latency-tolerant training sites price below primary-market turnkey and above raw ground. Comparable 2026 off-grid gas deals in Alberta, Wyoming, and Colorado cleared $140–$160/kW/month.
10 / ILLUSTRATIVE REVENUE
Annual base rent by structure and contracted load.
Illustrative arithmetic on public benchmark rates. Not a projection, appraisal, or offer.
11 / GAS & MINERALS
The fuel and the land are the same asset.
A behind-the-meter campus turns the operator into a power producer, which turns gas supply into the single largest operating risk. On most sites that risk is a contract with a third party at a delivery point someone else controls. Here it is a lease with the landowner.
That is the whole argument for this parcel: fuel, surface, and interconnect path under one signature.
12 / 12-MONTH ROADMAP
From fee land to shovel-ready.
13 / HOW TO PARTICIPATE
Three doors in.
14 / CONTACT
Come walk the thousand acres.
PRINCIPAL
Steven Sebring
ENTITY
American Reserve
SITE
Bison, Perkins County, SD
INQUIRIES
[ email · to be added ]
Sources & benchmark references
Draft deck. Logo and brand are placeholders pending the final identity. All costs and lease rates are third-party 2026 market benchmarks applied to this site, not appraisals, and not an offer to sell securities.