This week, Ultra Resources confirmed that the company had purchased 18,000 acres of the Banning Lewis Ranch for $20 million. With the sale now complete, the U.S. Bankruptcy Court and the City of Colorado Springs will need to determine whether the city land-use agreements related to the city’s 1988 annexation of the ranch should remain intact.

Confirming the purchase of the ranch, an Ultra spokeswoman said that the company expects to drill for oil and natural gas on the ranch. And it appears that the Banning Lewis deal may be just one part of Ultra’s plans for drilling in the area, as the company paid $1.67 million in July and August to Denver-based Pine Ridge Oil & Gas for leases on nearly 100,000 acres of land in eastern El Paso County and an exploratory well east of Fountain.

According to Colorado Springs Mayor Steve Bach, the sale of most of Banning Lewis Ranch to Ultra means “there is a real possibility that the Banning Lewis Ranch will not be built into residential and commercial neighborhoods as previously expected.”

In a statement, Colorado Springs City Attorney Chris Melcher said that the city will continue negotiations with Ultra “to reach a satisfactory resolution of the annexation issues, but if that effort is not successful the city intends to seek enforcement of all rights and responsibilities under the agreement in the Colorado bankruptcy court of Colorado state court.”

Click HERE to read more.

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SEPTEMBER 6 UPDATE:

Camp Cooley Ranch sold at auction for $28.5 million to Circle X Land and Cattle Company August 4. Twenty-two qualified bidders, along with their families, attorneys, lenders, and consultants, attended the auction, which was held at the Robertson County ranch. The $28.5 million sale price included surface and mineral/royalty interests. All equipment and personal property was offered through a separate transaction.

According to Bernard Uechtritz of Great Estates Ranches, Camp Cooley ranks as one of the most beautiful ranches in the nation, thanks to its topography, abundant waters, and multi-million-dollars of improvements. “In the cattle industry, Camp Cooley is a major brand name,” he said. Uechtritz coordinated the extensive marketing campaign leading up to the auction; the auction itself was overseen by Hall and Hall Auctions.

Read more details HERE.

JULY 25 UPDATE:

In the midst of a statewide drought that is crippling Texas farms and ranches, Camp Cooley Ranch continues to thrive.

“Camp Cooley is an oasis,” says Bernard Uechtritz during a telephone conversation from the headquarters of the Central Texas ranch. “Every other ranch I’ve seen over the last few weeks has browned up, but not Camp Cooley. It continues to irrigate, to fertilize, and to bale hay. Take a look at that aerial video at Camp Cooley.com. We shot that two weeks ago, and everything was still green. Still is. Name another ranch in Texas that is baling hay in late July.” According to Uechtritz, Camp Cooley Ranch has a year round carrying capacity of 4,000 head, and as recently as two weeks ago was running 4,700 head.

As the August 4 auction deadline approaches, Uechtritz reports that multiple stalking horse bids have been received for specific assets as well as for the entire ranch. “The action has been terrific. We’ve easily had 20-plus parties tour the ranch and given it a serious look,” Uechtritz says.

Leading the list has been a large number of cattle companies that recognize Camp Cooley’s turnkey potential. “Readers of The Land Report would immediately recognize the names of many of these famous ranch operators. These guys know what a once-in-a-lifetime opportunity Camp Cooley presents,” Uechtritz says. Other parties who have toured the ranch have eyed the mineral rights, the water rights, royalty revenues, the hunting preserve, and the possibility of developing a wetlands mitigation bank.

“Watching the interest build around Camp Cooley has been extremely exciting for Hall and Hall,” Scott Shuman says, head of Hall and Hall’s Auction Division. “When you get a property with the history and the potential of Camp Cooley and combine it with such close proximity to major metropolitan areas such as Houston, Dallas, Austin, and San Antonio, it’s bound to generate a ton of interest. And we’re definitely seeing that. I expect the pace to pick up even more as the auction date approaches.”

Buyer’s registration forms and bidder’s packets for the invitational auction are being released on Friday, July 22. Bidders must pre-qualify and be invited to attend the August 4th auction, which is presently scheduled to take place at Camp Cooley Ranch. Through the protected buyer process that was approved by the court, there is also the possibility of a private treaty sale prior to the August 4 auction.

Learn more HERE.

JULY 15 POST:

A Texas icon goes on the block this August as Camp Cooley Ranch is to be auctioned off by Hall and Hall Auctions. At 10,600± acres, Camp Cooley is one of the largest properties in close proximity to Houston, Dallas, Austin, and San Antonio. A sophisticated multi‐level turnkey cattle and commercial hay operation, Camp Cooley generated more than $700,000 in grazing revenues, more than $1.5 million from commercial hay operations, and more than $1.4 million in gas royalties in 2010. In addition, there are considerable untapped revenue streams associated with existing gas and water rights. Located in the heart of the Lone Star State near Franklin, Camp Cooley will be auctioned by Hall and Hall as a single tract on August 4, 2011.

Download a comprehensive presentation with complete details via PDF HERE, or take a tour online at Camp Cooley.com.

LOCATION

Camp Cooley Ranch is located in Robertson County in the heart of Central Texas and is bounded by the Navasota River to the east. Approximate drive times are as follows: Bryan-College Station, 30 minutes; Austin, 90 minutes; Houston, two+ hours; Dallas, two+ hours; San Antonio, three hours.

HISTORY

The ranch takes its name from the Civil War

Houston entrepreneur Bert Wheeler assembled Camp Cooley from dozens of neighboring tracts. As Camp Cooley’s renown grew, Wheeler hosted such Texas luminaries as John Connally and Lyndon Johnson.

Under current owner Klaus Birkel, Camp Cooley Genetics has become one of the country’s best known seedstock cattle operation, running up to 4,500 cow/calf pairs and as many as 2,000 bulls.

ASSETS

Ranch headquarters is a 8,590-square-foot lakeside main residence. Improvements include a 15-suite executive office complex, meeting rooms, and security and communication systems to monitor the ranch.

The entire ranch is served by a computer-monitored water well system, including all residences, barns, workshops, a multi‐use sale pavilion, and the breeding and cattle workstations. There are approximately 84 miles of roads in place on Camp Cooley.

Camp Cooley boasts rolling terrain that boasts numerous lakes, abundant woodlands, as well as wetlands that are ideal for development as a mitigation bank. The ranch’s 1,000‐acre exotic game preserve is among the oldest in the state and could be increased in size.

OPPORTUNITY

Qualified bids need to be submitted by Wednesday, July 27 at 5 p.m. (CST). For more information on this auction, contact Bernard Uechtritz at (214) 608-8567 or Scott Shuman at (800) 829-8747.

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Anyone familiar with the history of the American West knows the legend and lore that surrounds the historic XIT Ranch, whose 3 million acres encompassed the bulk of the western edge of the Texas Panhandle. The Canadian River Ranch covers some 111 square miles of the old XIT, including substantial frontage on both sides of its namesake, the Canadian River. The ranch’s varied topography rises from wide river bottoms to iconic mesas, but throughout its history it has been operated as a commercial cattle outfit.

Located 65 miles northwest of Amarillo, the ranch can also be accessed via a paved 4,500-foot land strip situated close to the headquarters. The ranch’s 7,000-square-foot, 6-bedroom, 6½-bathroom lodge is just one of many well maintained improvements, which include a ranch manager’s house, pilot’s quarters, barns, pens, and housing for the hands.

These 71,059 acres combine to form one of the largest contiguous land holdings inthe Texas Panhandle. The ranch is watered by 26 miles of the Canadian River. Not surprisingly, the Canadian River Ranch boasts exceptional hunting. Two state record mule deer have been recently harvested, and elk, bear, and mountain lion have also been sighted.

$33.753 million ($475 per acre)
(806) 763-5331
www.chassmiddleton.com

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There’s a lot of ground to cover in the July edition of The Land Report newsletter: auctions, equities, timberland, and several political developments affecting landowners, ranging from the passage of key legislation by the Texas Legislature to the appointment of Dan Ashe to head the federal agency that many landowners know on a firsthand basis, the U.S. Fish and Wildlife Service.

From a research standpoint, a new frontrunner has emerged atop The Land Report Top Ten, which features the country’s leading investment quality land listings. Count on The Magazine of the American Landowner to follow the $100 million listing of Wyoming’s Walton Ranch by Ranch Marketing Associates in the months ahead.

For more up to the minute reports on listings, sales, and countless other stories pertaining to land and landowners, be sure to follow The Magazine of the American Landowner on Facebook and Twitter.

P.S. Our award-winning quarterly magazine is available in a print version via subscription.

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Set at the western base of Camels Hump State Park, Teal Farm is a world unto itself.  Its 500 acres includes a sustainably-managed northern hardwood watershed with streams, pond, wetlands, extensive trail network, waterfalls, and mountain pastures.  The forest provides much of the property’s bio-fuel, as well as ideal wildlife habitat.  The fenced pastures support a mixed herd of grass-fed Devon and Angus cattle that is rotationally grazed, which adds to the healthy stewardship of the land.  The property has a 100-year master plan, which includes a 10-acre permaculture orchard, believed to be the largest in North America, featuring fruits, nuts, fuel-wood, berries and fertilizing groundcovers that grow in sculpted microclimates around the buildings.

The property is an integrated, ecologically-designed farmstead that was created as a prototype for perpetual food, building and energy systems that are responsive to climate change, fluctuating energy supplies and a shifting global economy.  The flagship project of not-for-profit foundation LivingFuture, Teal Farm is located in the Green Mountain State of Vermont and is being offered for sale to support LivingFuture’s next project.

Founder and Executive Director Melissa Hoffman describes LivingFuture’s work as “living systems design.” It is an approach that strives to mimic natural processes and evolutionary dynamics in the re-design of physical and cultural infrastructures so that they become perpetually life-enhancing and foster creative, adaptive communities at local and global scales.  Melissa believes that our actual survival is at risk, and as such it falls on us to begin the project now, to invent the structures, both physical and cultural, internal and external, which will allow our species, and the system of life as whole, to thrive beyond the enormous challenges we are only beginning to encounter.  To that end, her foundation undertook the Teal Farm project, whose mission is “to create an ecologically intelligent food, energy and building system that perpetually enhances the environment and serves the evolution of its occupants”.

The farm complex includes an 8,000-square-foot, green-designed, farmhouse that dates back to 1865. Other improvements include an iconic 12,000-square-foot Douglas Fir-framed energy barn that houses the property’s state-of-the-art renewable energy and heating system, a converted post-and-beam barn apartment studio, a caretaker’s residence, and a utility barn/garage.  The farmhouse and energy barn set a whole new standard for green design and construction by running on renewable energy systems that marry cutting-edge technology with exquisite design and craftsmanship.

Teal Farm is a place of inspiration, a creative retreat, and a living laboratory intended to support innovation around issues of global importance.  Tucked away in a charming New England town, Teal Farm is only one hour by plane from Boston and New York City. The property is not protected from future development, leaving conservation tax advantages available for the next steward to explore.

$15,495,000
(802) 434-7798
www.EarthAsset.com

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Minnesota Power has notified the North Dakota Public Service Commission of its intent to begin the second phase of the Bison Wind Farm project in central North Dakota. The additional capacity will increase total power generation to 185 MW. The Bison 2 wind project  will use 35 3-megawatt turbines manufactured by Siemens AG. Further expansion of the Great Plains wind farm is planned to meet Minnesota’s mandate for 25 percent of its electricity from renewable resources by 2025.

“The timing is fortunate for expanding our renewable energy production,” said Alan Hodnik, president and CEO of Minnesota Power’s parent company, ALLETE. “Development of Bison 2 will leverage substantial investments we’ve already made in North Dakota and take advantage of the federal production tax credit and a very competitive wind turbine market.”

“Bison 2 will be very economical for our customers,” Hodnik added. “This project is an example of our larger strategy of meeting the demands of a changing energy landscape, reducing our overall reliance on fossil fuels, and making effective use of existing transmission capacity.”

Electricity generated by the Bison Wind Farm travels to Minnesota via transmission lines used for coal-generated power from the Milton Young station near Center, North Dakota.

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2011 has shot out of the gate in a hurry. In the last 60 days, we’ve tracked in excess of $100 million in high-profile closings. (Remember 2009? As I recall the figure about this time two years ago was closer to $100,000.)  Easements, auctions, sales – the year is off to a rousing start and some of the more notable transactions, including the sale of the N Bar Ranch, are featured in our January Land Report newsletter.

Thanks to rising prices, inflationary fears, and a strong pipeline, expect this pace to continue into the spring. For more up to the minute reports, follow The Magazine of the American Landowner on Facebook and on Twitter.

P.S. Our award-winning quarterly magazine is available in a print version by subscription.

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Update: In a report to Congress on September 24, the Department of the Interior confirmed that the controversial Royalty in Kind Program will be phased out this Thursday, September 30. The Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEM) announced that the agency is successfully completing the orderly close-out of the Royalty in Kind Program, which accepted oil and gas in lieu of cash as royalty payments on federal energy resources. Interior Secretary Ken Salazar (shown here with BOEM Director Michael Bromwich) stated that all existing contracts would be allowed to expire and no further Royalty in Kind sales would take place.

Download the complete report to Congress HERE.

Originally posted September 12, 2008: The fine folks who gave America the Teapot Dome Scandal are pleased to bring their fellow citizens a sizzling new take on government outreach, including sex, drugs, and lucrative consulting contracts. The lurid scandal, which centers on Interior’s Royalty in Kind program, was co-produced by Chevron, Shell, Gary Williams Energy, and Hess Corporation. Hundreds of articles covering this topic are available via Google News, but consider this post at SLATE, which has hyperlinks to the internal investigations by Interior’s Office of Inspector General.

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America’s largest landowner is full speed ahead on his renewable energy venture. Turner Renewable Energy and Southern Co. acquired a 30 megawatt (AC) photovoltaic solar power project that is being developed by First Solar (FSLR) adjacent to Ted Turner’s Vermejo Park Ranch in northern New Mexico. Financial terms of the transaction were not disclosed.

The Cimarron I Solar Project will supply power to approximately 9,000 homes, or 18,000 residents, and displace over 45,000 tons of CO₂ per year. Electricity generated by the plant will serve a 25-year power purchase agreement with the Tri-State Generation and Transmission Association, a not-for-profit wholesale power supplier to 44 electric cooperatives serving 1.4 million customers across New Mexico, Colorado, Nebraska, and Wyoming. First Solar will also provide operation and maintenance services under a 25-year contract.

Construction of Cimarron I will began this month. Commercial operation is expected to commence by year end 2010. The solar project will employ approximately 500,000 photovoltaic modules manufactured by First Solar using its advanced thin film technology and will create more than 200 jobs during peak construction.

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The second session of the 111th Congress is already under way, and landowners have a lot at stake. With that in mind, The Land Report turns to Scott Jones to get the inside scoop on Washington’s next steps. Since 2003, Jones has been the CEO of the Forest Landowners Association (FLA), whose members own and operate some 40 million acres of forestland in 48 states. Founded in 1941, FLA offers education, information, and national grassroots advocacy with the goal of sustaining forestlands from one generation to the next.

With so many bold initiatives taken on by the Obama administration, what are the chances of a climate bill passing this year? Would it benefit forest landowners?

American voters believe that a climate/cap-and-trade bill may cost jobs; as a result, I would not be surprised to see the climate portion of the energy bill removed. If crafted properly, an energy bill could benefit private forest landowners by creating new markets for wood. However, the definition of “woody biomass” still needs to be fixed for landowners to truly benefit from the stripped down version of the bill.

The federal estate tax dropped to zero this year. Do you expect it to return to 55 percent with a $1 million exemption as scheduled in 2011?

There do not appear to be enough votes to bring the death tax back to life in 2010. Sen. Scott Brown’s (R-MA) recent election created a political barrier to retroactive death tax reinstatement. Unless legislative action is taken, the tax is scheduled to permanently return at a rate as high as 55 percent in 2011. But this is an election year, so anything is possible. Polls indicate 65 to 70 percent of Americans want the tax repealed.

Name one other issue landowners should follow closely.

The Clean Water Restoration Act is definitely legislation every landowner should keep an eye on. It seeks to expand the jurisdiction of the Clean Water Act by redefining “navigable waters” as “waters of the United States.” The consequences of this bill are enormous, and it has already created a firestorm in the Senate. Strong opposition convinced Rep. James Oberstar (D-MN) to delay introducing the bill on the House side. Oberstar now intends to move the bill through the House by the end of 2010.

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