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The company was organized under Mack P. Colt in the late 1920's. It was later passed on to his son Mack C. Colt who operated under variations of the Colt name until 1974. At that point the company was consolidated under the name Mack C. Colt, Inc. Mr. Colt was a pioneer in water-flooding shallow oil sands throughout eastern Kansas and for the next forty years he expanded the company's secondary oil recovery operations. In November 1986 Nicholas "Nick" K. Powell acquired the company from Mr. Colt, operating it under its former name until the adoption of Colt Energy, Inc. in 1989.

In 1998 Colt Energy entered the coal bed methane (CBM) business with the purchase of a 23-mile gas gathering system and producing gas leases in southeast Kansas. Since that time Colt has been involved in the acquisition of over 130,000 acres of leases for CBM drilling and development, the drilling of 200 wells, and the installation of over 100 miles of gas pipeline.
Company History