Founded in 1972, Calista Corporation is the second largest of the 13 regional corporations formed under the Alaska Native Claims Settlement Act of 1971. It is a business corporation formed under state and federal laws, including the settlement act and its amendments. Under the Indian Self-Determination Act of 1974, P.L. 93.638, Calista is also designated as a minority-owned enterprise. Calista s land entitlement totals more than 6.5 million acres. The Calista land entitlement is located in two major river deltas, the Yukon and the Kuskokwim. Studies have shown that Calista lands have potential for oil and gas development. In addition, there are known occurrences of precious minerals, such as gold, silver, platinum and mercury, within the Calista region. The Calista region includes 56 villages, which incorporated into 45 individual ANCSA village corporations. The region originally enrolled more than 13,300 shareholders.