The resolution directs the Legislative Management of North Dakota to explore the feasibility and desirability of creating a state-owned association dedicated to the development and production of oil and gas. It highlights the state's historical success with state-owned enterprises, such as the Bank of North Dakota and the North Dakota Mill and Elevator Association, and emphasizes the importance of oil and gas production to the state's economy. The proposed study would assess various aspects of oil and gas operations, including exploration, extraction, transportation, and refining, to determine if a similar model could enhance economic benefits for the state and its residents.

Furthermore, the resolution mandates that the Legislative Management report its findings and recommendations, along with any necessary legislation, to the Seventieth Legislative Assembly. This initiative aims to provide lawmakers with the information needed to evaluate the potential establishment of a state-owned oil and gas association and its implications for North Dakota's economic landscape.