EXHIBIT 10.5
                              EXTENSION AGREEMENT
                              -------------------

WHEREAS FRICO and Eldorado Springs Artesian Water Company (the "Parties") have
previously entered into an agreement with respect to, inter alia, the
acquisition and use of one unit of the Windy Gap Project water from the Northern
Colorado Water Conservancy District now owned by the Superior Metropolitan
District; and

WHEREAS paragraph 2 of said agreement provides as follows:

     This agreement is contingent upon FRICO being able to conclude its
     negotiations with the Superior District, as provided in paragraph 1, above,
     within ninety days from the date of this agreement unless the parties to
     this agreement shall mutually agree otherwise.  To the extent that any term
     or condition of the FRICO/Superior Agreement affects the interests of
     Eldorado under this agreement, this agreement is conditional upon
     Eldorado's discretionary approval of the FRICO/Superior agreement.

WHEREAS the parties as of this date are awaiting confirmation of the transfer of
one unit of Windy Gap Project water from the Superior District; and

WHEREAS the parties desire to confirm that the aforementioned Agreement remains
in full force and effect; and

WHEREAS, it is in the mutual interest of the Parties to extend the period of
time in which the confirmation of the transfer of one unit of Windy Gap Project
Water is to be afforded by Superior Metropolitan District.

NOW THEREFORE it is agreed as follows:

1.   Said agreement remains in full force and effect as of this date;

2.   Paragraph 2 of the Agreement is extended for an additional ninety (90) days
     from the date of this Extension Agreement.

Dated this 19th day of May, 1999.

The Farmers Reservoir and Irrigation Company

By:  /s/ Pete Roskop
   -----------------------------------
     Its President

Attest:  /s/ Mary E. Hanssen
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         Secretary

Eldorado Springs Artesian Water Co.

By:  /s/ Douglas A. Larson
   -----------------------------------
     Its President

Attest:  /s/ Kevin Sipple
       -------------------------------
         Secretary