Owners, not stakeholders: Joe Dion's vision for First Nations and Canadian oil

As Joe Dion scans the landscape of the Frog Lake First Nation, he sees the future. 

The land is dotted with oil wells owned by the Cree band — and the key word here is owned.

Dion is the CEO of Frog Lake Energy Resources Corporation — an oil and gas exploration and production company wholly owned by the members of the Frog Lake Band. 

Dion says the company has no debt, cash in the bank and it's still paying dividends to the community — and he sees that philosophy of sustainable wealth as a model for other indigenous groups across the country. 

Unperturbed by the economic downturn, the 67-year-old says there are lessons to be learned from it, highlighting two in particular: an oversupply of oil and limited market access.  

"We're building this huge amount of oil surplus in Canada, with no markets! How stupid!" 

That "poor planning," according to Dion, has forced governments and industry to turn to First Nations for support and access to build pipelines. 

"We'll do it, but on our terms. The days of beads and whatever, are over.- Joe Dion, CEO Frog Lake Energy Resources Corporation

And while the rest of the country frets about the future of the industry, 67-year-old Dion sees aboriginal groups perfectly situated to negotiate. 

"We'll do it, but on our terms. The days of beads and whatever are over," says Dion. 

His vision is one where First Nations are not just stakeholders, but owners alongside industry and governments. 

"As long as Energy East survives, revenues go to the nation. As long as Kinder Morgan survives, we want revenue streams. That's the model we want to have across the country."

Click the button above to hear The 180's visit to Frog Lake.