Recovery Energy Reports Second Quarter Financial Results And Provides Operations Update
DENVER, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Recovery Energy, Inc. (Nasdaq:RECV), an independent oil exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, reported its financial results for the quarter ended June 30, 2012, and provided an operations update.
"During the second quarter, we began drilling in both conventional and unconventional formations. In the latter portion of the second quarter and early in the third quarter we drilled three conventional wells; one was plugged and abandoned as a dry hole and two were placed into production from conventional 'J' and Wykert sands," said Roger A. Parker, Chairman and CEO of Recovery Energy. "During the second quarter, we also participated in the drilling of three unconventional horizontal wells targeting the Niobrara formation in the Wattenberg area. The three horizontal wells were placed into production in July and early results are positive. The Company's current production rate stands at approximately 375 Boep/d, which represents a 75% increase from the Company's first quarter 2012 production rate. Our conventional drilling program will continue with plans to spud four more wells targeting the 'J' and Wykert sands. We also expect to participate in the drilling of additional unconventional wells as various operators propose them."
Mr. Parker continued: "We are pleased to announce that the Board of Directors has appointed A. Bradley Gabbard, our Chief Financial Officer, to the Board. With his 35 years' broad experience in the energy sector, Brad's contributions since joining the Company in July 2011 have been significant. He is a welcomed addition to the Board."Second Quarter Financial Results For the quarter ended June 30, 2012, the Company reported revenues from oil and gas operations of $1.58 million compared to $2.11 million in 2011, a 25% decrease. Net loss for the three months ended June 30, 2012 was $2.813 million compared to a net loss of $4.763 million in 2011. EBITDAX for the second quarter of 2012 was $.10 million compared to $.53 million in the second quarter of 2011.
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