Legal Fight Brewing Between City and Banning Lewis Ranch Bidder

Gazette, The; Colorado Springs, Colo. › July 26, 2011

Linked as:

Summary

A legal battle is shaping up between the city of Colorado Springs and the Houston company that wants to drill for oil and gas on the Banning Lewis Ranch.

Ultra Resources, a subsidiary of Ultra Petroleum, was one of two winning bidders at a June auction of the 21,500-acre ranch, whose owners sought Chapter 11 bankruptcy protection last year. Ultra's $26.25 million bid needs a bankruptcy judge's approval and the company then must finalize its purchase, steps that might not be completed until Sept. 30.

See the full content of this document

Extract

Legal Fight Brewing Between City and Banning Lewis Ranch Bidder

Upon being named winning bidder for 18,000 acres of the ranch, Ultra declared its intent to drill for oil and gas on the property - in sharp contrast to the homes, shopping ...

See the full content of this document