These are horrible numbers of a governor running for reelection.
Yes they are awful numbers, but I'm not surprised. There are a still lot of right-wing conservatives in Colorado, and Hickenlooper's positions on Occupy and fracking haven't won him any kudos on the radical left.
In the end I expect it will come down to which party has more of their faithful willing to hold their nose and vote for their guy, lest the other team's boogy-man get into office. If the Republicans are dumb enough to nominate Tancredo, the winners will probably be the Dems.