It’s not just Colorado. Used to live in rural northern California and digging a $25k well (typical price I was quoted) came with no guarantee that water would be found.
I’m east of the Mississippi and my well is 200 feet deep. But this aquifer is fully allocated; all the new construction has to go to a different aquifer with a typical well depth of 700 feet. Once that is fully allocated, I think there is another one at around 1100 feet.
The price at that depth is dominated by the per foot cost. But inside the per-foot cost is the licensing, regulatory, casing compliance, and permitting compliance.
It's about $50/ft just to drill. After that is electric, the pump, the pressure tanks, burying pipe to enough houses to make each share cheap enough, and the legal cost of setting up a well share.
If you just wanted a well for your own property and merely put a spigot powered by a generator right next to it, you might be able to get away with $35k to start with. If you are looking to do a well share so that it becomes more economically feasible to split costs, I think it would be minimum $50k.