DENVER -- Rep. Bob Beauprez announced Thursday afternoon that he will not be a candidate for the Republican nomination for U.S. Senate.

Gov. Bill Owens had urged the freshman congressman to run after Republican Sen. Ben Nighthorse Campbell announced last week that he would not see re-election.

"This is not the right time for me, my family or most importantly my constituents in the 7th District," he told reporters during a conference call from Washington. "I'll be a candidate for re-election in the 7th Congressional District."

Owens praised Beauprez, following the announcement.

“Bob Beauprez is an outstanding Congressman and he would have been a great Senator. The people of Colorado will continue to benefit from his service in the House," Owens said.

Beauprez won by just 121 votes against Democrat Mike Feeley two years ago, the nation's last congressional race to be decided.

Democrats hope to make up lost ground in Colorado as they try to retake control of the Senate, where Republicans hold a 51-48 majority with one Democrat-leaning independent.

Colorado is considered one of the Democrats' best hopes for taking a Senate seat from the GOP. GOP Gov. Bill Owens said he had no interest in running for Senate earlier this week and encouraged Beauprez to run.