Showing posts with label Colorado Springs Moratorium. Show all posts
Showing posts with label Colorado Springs Moratorium. Show all posts

Friday, January 6, 2012

Oil and Gas Committee may need to regulate tempers

Thursday, December 1, 2011

Colorado Springs imposes drilling moratorium - Voted 8-0

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.

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