The Colorado boom has been welcomed by many — and opposed by many concerned about the possible environmental effects of fracking, a process that breaks apart deep rock to recover more gas.
If flood damage is minimal, the industry could quickly resume a frenzied pace of drilling in an area where companies were on track to sink $4 billion into new projects this year, McCrimmon said.
McCrimmon said she expected the consequences will be negligible on broader oil and gas markets. Despite its growth, the area's Wattenberg Field ranks far behind other active oil plays in the U.S.
Colorado produced 135,000 barrels of oil a day in 2012, the highest level in at least three decades but still only about 2 percent of total U.S. production.
Colorado's natural gas production topped 1.6 trillion cubic feet in 2011, according to the Energy Information Administration. That's about 6 percent of the nation's total.
Denver-based PDC Energy, Texas-based Anadarko and Canada-based Encana Corp. also shut down wells but planned to reopen some of them.
Encana said it resumed operations on more than 150 wells after shutting down almost 400 due to high water and poor access. That left 245 wells still out of service by mid-week, and inspections for environmental damage were continuing.
Brown reported from Billings, Mont.
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