On June 10, 2006, approximately 0825 mountain daylight time, a Malott Mustang II, N299TL, piloted by a commercial pilot, was substantially damaged when it collided with terrain during takeoff from Meadow Lake Airport (00V), Peyton, Colorado. Visual meteorological conditions prevailed at the time of the accident. The personal cross-country flight was being conducted under the provisions of Title 14 Code of Federal Regulations Part 91. A visual flight rules (VFR) flight plan had been filed but had not been activated. The pilot and passenger on board the airplane were not injured. The flight was originating at the time of the accident, and was en route to Jeffco Airport (BJC), Broomfield, Colorado. According to a telephone interview with the pilot and the accident report he submitted, the airplane lifted off the runway and encountered a wind gust that dropped the left wing approximately 45 degrees. The airplane struck the ground despite corrective action by the pilot.