El Paso oil & gas exec tentatively buying KC7 Ranch for $32M

FORT WORTH, TX (BY: GORDON DIXON, STAR-TELEGRAM) -- A ranch in far West Texas once owned by a prominent Fort Worth oil and gas family has been tentatively sold for $32 million.

El Paso oil and gas executive Paul Foster has reached a tentative deal to buy the KC7 Ranch, although anyone who wants to outbid him has until Jan. 25 to make a higher offer, according to court records.

The KC7 Ranch is in the Davis Mountains near Balmorhea, about two hours southwest of Midland. It was previously owned by the Darden family, who owned the once-lucrative Quicksilver Resources gas exploration company, and is now part of a bankruptcy proceeding in Fort Worth.

KC7 Ranch includes 37,000 acres of tranquil land, plus extensive mineral and water rights that could be extremely lucrative to the oil and gas exploration taking place in that part of the state.

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