DENVER – September 23, 2019 – Crestone Peak Resources, a leading Colorado-based oil and gas producer, was awarded a dismissal from the Boulder County District Court of the last remaining claim in a lawsuit filed against it by Boulder County in September 2018. The Court had previously dismissed the rest of Boulder’s claims, ruling that two of them were “frivolous and groundless,” and further stated that there is evidence to believe those claims were made “in bad faith,” and awarded Crestone its attorneys’ fees and costs in an amount to be determined at a hearing in January 2020.
In its 2018 suit, Boulder County contended Crestone violated terms of four existing leases in the county. The dismissal of the last claim, the prior dismissal of the other claims, and the earlier finding that 20 claims were filed prematurely means the court has fully rejected this argument. Crestone plans to develop minerals associated with these valid leases through its proposed Comprehensive Drilling Plan (CDP) for development of three well pads in Eastern Boulder County along Colo. State Highway 52.
“Boulder County filed suit against us just days before a Colorado Oil and Gas Conservation Commission hearing where our CDP was to receive a final decision at the state level, a hearing that has been continually postponed as a result,” said Jason Oates, Crestone’s Director of External Affairs. “We’re pleased the court has ended these delay tactics by dismissing the last of the remaining claims by Boulder County, and finding that Boulder’s claims were groundless and frivolous. We remain focused on the path forward toward approval of the CDP.”
An independent study found Crestone’s development plan could bring $398 million in tax benefits to the community, including nearly $100 million in receipts to Boulder County, more than $240 million to local schools, more than $6 million to water districts and another $50 million to Mountain View Fire District. The Crestone plan also commits the company to cap more than 100 existing wells using the latest technology to minimize the risk aging wells may pose to health, safety and the environment.
About Crestone Peak Resources
Crestone Peak Resources is an oil and gas producer in the Wattenberg Field within the Denver-Julesburg Basin (DJ Basin), with 51,000 net acres. Formed in 2016 with the completed purchase of Encana’s DJ Basin assets by the Canadian Pension Plan Investment Board and The Broe Group, Crestone’s team of 185 Colorado energy professionals offers experience deeply rooted in DJ Basin operations with a focus on operating in the most efficient, safe and environmentally responsible way possible. Crestone has offices in Denver and Firestone. For more information go to: https://www.crestonepeakresources.com/.