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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.

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