Recovery Energy Announces One-for-Four Reverse Common Stock Split For Purpose Of Qualifying For NASDAQ Or NYSE Amex Listing Requirements
Please replace the release dated Oct. 10, 2011 with the following corrected version as specified.
The corrected release reads:
RECOVERY ENERGY ANNOUNCES ONE-FOR-FOUR REVERSE COMMON STOCK SPLIT FOR PURPOSE OF QUALIFYING FOR NASDAQ OR NYSE AMEX LISTING REQUIREMENTS
Recovery Energy, Inc. (OTCBB: RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, announces that its board and shareholders have approved a reverse stock split at an exchange ratio of 1-for-4. The number of authorized shares of common stock will not change. The stock will trade with a "D" next to the symbol, "RECVD" for 30 calendar days to signify the reverse stock split has occurred. The Company expects that the reverse stock split will be effective within the next several days and not on October 12, 2011 as previously noted; the Company will announce the effective date upon regulatory approval from FINRA. The Company expects that the reverse stock split will help it meet the listing requirements for its common shares on NASDAQ or another national exchange such as the NYSE Amex.When the reverse stock split becomes effective, every four shares of issued and outstanding common stock will automatically be combined into one share of issued and outstanding common stock without any change in the par value per share. Stockholders will not receive fractional post-reverse stock split shares in connection with the reverse stock split; fractional shares will be rounded up. About Recovery Energy, Inc. Recovery Energy, Inc. (OTCBB: RECV) is a Denver-based independent oil and gas exploration and production company focused on the Denver-Julesburg (DJ) Basin where it holds 155,000 gross, 137,000 net acres. Recovery Energy’s mission statement is to grow reserves and production through a combination of acquisitions and conventional and unconventional drilling activity, targeting the various hydrocarbon bearing formations that produce in the Denver-Julesburg Basin.
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