NANA Development Corporation headquartered in Anchorage, Alaska, is owned by NANA Regional Corporation—an Alaska Native Corporation formed under provisions of the Alaska Native Claims Settlement Act (ANSCA)—and functions as the latter’s business arm. In 1968, nine years after Alaska attained statehood, oil was discovered at Prudhoe Bay. The discovery put the issue of Native lands into the forefront. Three years later, in 1971 President Richard Nixon signed the Alaska Native Claims Settlement Act, which conveyed nearly 150 million acres (610,000 km2) of federal land into the hands of 12 newly created Alaska Native regional corporations. One of these corporations was NANA Regional Corporation. In 1974, NANA Development Corporation was founded to function as the business arm of NANA Regional Corporation. NANA Regional Corporation, headquartered in Kotzebue, Alaska, is an Alaska Native Corporation with a land base of approximately 36,000 square miles (roughly the size of Indiana) in Northwest Alaska centered on the Kotzebue Sound and its tributaries. The Arctic Circle travels through NANA territory. NANA Regional Corporation is the owner of NANA Development Corporation. There are approximately 13,000 shareholders of NANA Regional Corporation, most of whom are of Inupiat descent. About 7,300 residents live in this area, more than 85 percent of whom are NANA shareholders. Unlike traditional corporate shares, NANA Regional Corporation shares are not publicly traded, nor can they be bought or sold.