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Recovery Energy Reports First Quarter Financial Results And Provides Operations Update

Stocks in this article: RECV

Recovery Energy, Inc. (OTCBB: RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, reported its financial results for the quarter ended March 31, 2011 and provided an operations update.

“At the outset of 2011 we began what we expect to be continuous drilling activities both in the vertical J sand and horizontal Niobrara. In the first quarter we drilled two Company-operated J sand wells, one non-operated J sand well and, in March, we began drilling our first horizontal Niobrara well,” said Roger A. Parker, Chairman and CEO of Recovery Energy. “We expect to begin completion operations on our first horizontal Niobrara well within the next week, and to have well results by the end of the quarter. Additionally, we are currently drilling our second horizontal Niobrara well. We have continued our geologic, geophysical and geochemical review which has identified numerous drilling locations in multiple horizons throughout the company’s 134,000 net acres. We are currently in the process of filing more than 25 additional well permits for the drilling of both vertical J sand and horizontal Niobrara wells.”

First Quarter Operations Highlights

In February, Recovery Energy closed on the acquisition of oil and gas leases from various private individuals for $1.9 million, paid in a combination of cash and stock, on approximately 1,700 leasehold acres in the Grover Field and surrounding area in Weld County, Colorado, and approximately 6,600 net acres in Goshen County, Wyoming.

In March, the Company acquired oil and gas leases on 8,060 net acres primarily located northwest of the Silo field in Laramie County, Wyoming from Wapiti Oil & Gas, LLC. The $12.3-million purchase price was paid in a combination of cash and stock. The acquisition increased Recovery Energy’s Chugwater acreage to approximately 14,400 contiguous gross acres, 12,200 net after accounting for a 2,200-net acre effect to its joint-venture drilling partnership.

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