"I think we can all agree that responsible oil and gas development in Colorado is critical to our economy, our environment, our health, and our future," Hickenlooper said.
Polis said the governor's announcement was "truly a victory for the people of Colorado and the movement to enact sensible protections and safeguards around fracking."
Backers of the other two measures sympathetic to the industry also declared victory.
"This is an exciting turn of events," said Rep. Frank McNulty, who worked on a ballot question that would have prevented municipalities that ban fracking from collecting state revenue that comes from drilling. "For months we've asked Polis to pull his initiatives in favor of a more constructive approach."
Another pro-fracking initiative would have called for financial impact documents to be included in future ballot questions seeking greater oversight on energy development.
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