Denver Business Journal
By: Cathy Proctor
Date: Thursday, December 1, 2011
Colorado Springs’ city council on Wednesday voted 8-0 to impose an “emergency ordinance” creating a six-month moratorium on applications for oil and gas operations within city limits, a move that could delay Houston’s Ultra Petroleum Corp. to drill on its land in the city.
Several citizens spoke in favor of the moratorium and a representative of the Colorado Oil & Gas Association, an industry trade group, spoke against it before the vote, a city spokesman said.
Ultra (NYSE: UPL) in October spent $20 million to buy 18,000 undeveloped acres of the Banning-Lewis Ranch, a parcel long slated for residential and commercial development on the east side of the city — and inside city limits, for oil and gas exploration.
The previous landowners filed bankruptcy in October 2010; the sale was designed to raise money to pay off creditors.