A defunct company that once hoped to drill more than 100 oil wells south of Palisade and east of Whitewater was fined nearly $853,000 by the Colorado Oil and Gas Conservation Commission Wednesday in connection with rule violations at local well sites.

The agency likely will never see that money, after Fram Operating went through Chapter 7 bankruptcy proceedings that involved liquidating its assets. The commission’s action Wednesday says that if the fine isn’t paid in 35 days and the company doesn’t come into compliance, the COGCC director shall foreclose Fram’s financial assurance in connection with the sites in violation, to help cover what well-plugging, site reclamation and other work might be required.