Prospect Energy ducks $1.7M in fines under deal endorsed by state regulators and that’s OK with Larimer County residents who have complained about leaks and emissions for years.
By Mark Jaffe, The Colorado Sun
Facing millions of dollars in fines, dozens of violations, legions of complaints from homeowners as well as local governments, oil and gas operator Prospect Energy on Wednesday had its right to do business in Colorado canceled.
The Energy and Carbon Management Commission endorsed a settlement agreement between the commission staff and the Highlands Ranch-based company. Prospect Energy also has an agreement with Larimer County and Fort Collins to clean up sites.
As part of the agreement, $1.7 million in ECMC fines will be waived, with what funds the company has going toward securing and cleaning up its sites. Prospect Energy was fined for illegal flaring, spills and failing to do well-integrity tests.
Prospect Energy’s 59 wells will end up in the ECMC Orphan Well program and will eventually be plugged and abandoned by the state.
Under the agreement, Prospect Energy’s owner, Ward Giltner, must obtain commission approval before owning or operating any future oil and gas properties in Colorado. Giltner did not reply to email and telephone requests for comments.
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