Recovery Energy, Inc. (OTCBB: RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, today reported its financial results for the year ended December 31, 2010 and provided an operations update.
“Our first year of operations, 2010, was a year of strategic acquisitions in the Denver-Julesburg (DJ) Basin. Five separate acquisitions in 2010, along with two so far in 2011, have increased our DJ Basin holdings to 148,000 gross acres, 134,000 net acres. Through geologic and geophysical analysis and an initial “J” sand drilling program, we’ve identified numerous conventional targets that provide near-term, lower-risk drilling inventory. Additionally, our extensive long-term leasehold gives us significant exposure to the emerging Niobrara oil shale resource play, as well as being prospective for other hydrocarbon-bearing formations such as the Pierre Shale, Codell, Greenhorn and Paleozoic horizons,” said Roger Parker, Chairman and CEO of Recovery Energy. “Looking ahead, this year’s focus is on growing revenue, cash-flow and reserves through conventional and unconventional drilling programs. In the near term, we are either directly conducting or have agreed to participate in 3-D seismic shoots on much of our holdings. We have also initiated a horizontal Niobrara drilling program on our 14,400-acre block in the Chugwater area of Laramie County, Wyoming with our initial test well underway and another permitted.”
2010 Recovery Energy Operations Highlights
- In January, the Company acquired the Wilke oil field in Kimball County, Nebraska.
- In March, the Company acquired the Albin (Palm) oil field in Banner County, Nebraska and 16,000 acres of oil and gas leasehold interests in Laramie County, Wyoming and Kimball and Banner Counties, Nebraska.
- In April, the Company acquired the State Line oil field in Laramie County, Wyoming.
- In May, the Company acquired oil and gas leasehold interests in approximately 64,000 acres in Laramie and Goshen Counties, Wyoming and Banner and Kimball Counties, Nebraska.
- In November, the Company acquired oil and gas leasehold interests in approximately 33,800 net acres in Laramie and Goshen Counties, Wyoming, and Banner, Kimball and Scotts Bluff Counties, Nebraska.
2010 Financial ResultsFor the three and twelve month periods ended December 31, 2010, the Company reported revenues of $2,139,621 and $9,757,692, respectively. Revenues and expenses were significantly higher in 2010 when compared to inception on March 6, 2009, through December 31, 2009 as during 2009 the Company was a development stage company with minimal activities.
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