Recovery Energy Reports Second Quarter Financial Results
During the quarter ended June 30, 2010, average daily net production was 659 BOPD net and net oil sales were $4,157,757 with the average oil price received $70.13 per barrel.
For the six months period ended June 30, 2010, Total Revenue was $5,685,200. The company reported a net loss attributable to common stockholders of ($6,017,492) or ($0.32) per share. The net loss attributable to common stockholders for the six months period ended June 30, 2010 include non-cash expenses of approximately $6.5 million comprised of $2.0 million of amortization expense related to deferred financings cost, and $4.5 million of non-cash compensation expense as well as other corporate start-up expenses. A comparison against the company’s operations for the comparable 2009 period were not meaningful as its current operations commenced in 2010.
Cash flow from operations: During the three and six months periods ended June 30, 2010, net cash provided by operating activities was $1,913,423 and $1,718,092, respectively.
Recovery Energy, Inc. is a Denver, Colorado based oil & gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin.
|Three months ended June 30,||Six months ended||March 6, 2009 (inception) through|
|2010||2009||June 30, 2010||June 30, 2009|
|Realized gain on hedges||272,829||-||272,829||-|
|Price risk management activities||762,575||-||629,206||-|
|Costs and expenses|
|General and administrative (includes non-cash expense of $2.5 million and $4.5 million for the three and six month periods ending June 30, 2010)||3,068,698||200||5,412,019||200|
|Depreciation, depletion and amortization||2,209,496||-||2,441,413||-|
|Total costs and expenses||5,987,729||200||8,720,331||200|
|Loss from operations||(792,880||)||(200||)||(3,035,131||)||(200||)|
|Unrealized gain on Lock-up||8,858||-||24,067||-|
|Interest expense (includes non-cash deferred financing cost amortization expense of $1.5 million and $2.0 million for the three and six month periods ending June 30, 2010)||(2,412,757||)||-||(3,006,428||)||-|
|Net loss per common share|
|Basic and diluted||$||(0.13||)||$||(0.32||)|
|Weighted average shares outstanding:|
|Basic and diluted||25,451,688||18,619,320|
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