Anadarko Petroleum says it's ready to spend $100 million to develop wells in northern Colorado's Wattenberg Field if the state speeds up the time to approve permits.

Industry executives say it's taking the state about 85 days to process permits and that 45 days would be more reasonable. They say quicker processing helps them use equipment more effectively and respond to market changes.

Colorado Oil and Gas Conservation Commission Director Dave Neslin says much of the current problem is due to a backlog of permits filed to beat new state regulations. He says the average wait has dropped to about 50 days.

The state doesn't count the 10 days it has to verify an application is complete at the beginning of the process or the 10 days for challenges to be filed at the end.

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Information from: The Denver Post, http://www.denverpost.com