Vermejo Park Ranch is a 590,823-acre (239,098 ha) ranch owned by Ted Turner in northeastern New Mexico and southern Colorado. The ranch stretches from the Great Plains to the summit of the Sangre de Cristo Mountains and is used primarily for conservation, hunting, fishing, and other recreation. Vermejo Park Ranch.  Elevations of Vermejo Park ranch range from 5,850 feet on the Canadian River near Maxwell, New Mexico to Big Costilla Peak which rises to 12,931 feet (3,941 m) on the western boundary of the ranch and the border between New Mexico and Colorado. Most of the ranch consists of the Park Plateau, part of the Raton Basin, a much dissected tableland with elevations from 6,500 feet (2,000 m) to about 9,000 feet (2,700 m) The westernmost extension of the ranch is in the Sangre de Cristo Mountains with elevations from 9,000 feet (2,700 m) to above timberline. An eight-mile long, north-south ridge with four summits above 12,750 feet (3,890 m) including Big Costilla Peak form the western boundary of the ranch.

Most of the ranch is drained by the Canadian River and its tributary, Vermejo Creek. The Canadian is part of the Mississippi Riverdrainage basin. A small portion in the western part of the ranch, the East Fork of Costilla Creek, drains into the Rio Grande. Costilla Reservoir is on the East Fork of Costilla Creek. About 20 lakes, natural and artificial, are scattered around the higher elevations.