This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Recovery Energy Sets Operations Course For 2013

  • Core Horizontal Drilling Program in Wattenberg
  • Company Closes on Deep Rights Acreage Sale
  • New Headquarters Location

DENVER, Dec. 27, 2012 (GLOBE NEWSWIRE) -- Recovery Energy, Inc. (Nasdaq:RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, provides an operations update and announces it has closed on its previously announced agreement with a private company granting a four-year lease for the deep rights on approximately 6,300 net acres of undeveloped leasehold acreage in the DJ Basin. Gross proceeds to Recovery Energy were approximately $1.5 million. The company continues to own oil and gas leasehold rights to approximately 140,000 gross acres, approximately 125,000 net acres, in the DJ Basin. Newly appointed Chairman of the Board and CEO W. Phillip Marcum said, "We will continue to pursue various transactions with industry, while preserving what we consider to be our most strategic assets. Our 2013 drilling program will center on low risk, conventional offsets to our existing production and unconventional horizontal drilling on two low-risk prospect areas in the Wattenberg field, where we have identified up to 18 initial gross well locations at the Lang and Sawyer Prospects in Weld County, Colorado, both of which target the Niobrara and Codell formations." Marcum added that "on the exploration front, we intend to run an additional 20 square miles of 3D seismic at our Stateline Prospect area in Laramie County, Wyoming and Banner and Kimball Counties in Nebraska. We also plan to acquire more 3D seismic in our Pine Bluff's Prospect area in Laramie County, Wyoming, which is geologically analogous and just east of the Silo Field. We will be reviewing and interpreting the potential for the Niobrara, Codell, Greenhorn, 'J' sandstone and Permo-Penn horizons. We also will be continuing to evaluate other prospect areas including the "Southeast Hartville Uplift" Prospect in Goshen County, Wyoming, where our leasehold is located in an unconventional, shale-rich fairway of the Pennsylvanian DesMoines Series play. This area holds multi-pay potential in the Permian sandstones, dolomites, and shales of the Admire, Council Grove (Wykert Sandstone), and Chase (Cassa Sandstone, Amazon Dolomite) Groups, as well as unconventional Niobrara, Codell and Greenhorn targets."   The company also announces that it is moving its headquarters as of January 3, 2013. The new corporate address will be 1900 Grant Street, Suite 720, Denver, CO 80203. The phone number remains unchanged: (303) 951-7920. About Recovery Energy, Inc. Recovery Energy, Inc. (RECV) is a Denver-based independent oil and gas exploration and production company that operates in the Denver-Julesburg (DJ) Basin where it holds approximately 140,000 gross acres, approximately 125,000 net acres. Recovery Energy's focus is to grow reserves and production through a combination of acquisitions and conventional and unconventional drilling activity, targeting the various oil-bearing formations that produce in the DJ Basin. Further information is available at www.recoveryenergyco.com.

The Recovery Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12588 This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission (the "SEC"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things the Company's: (1) proposed exploration and drilling operations, (2) expected production and revenue, and (3) estimates regarding the reserve potential of its properties.  These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to finance its continued exploration and drilling operations, (2) positive confirmation of the reserves, production and operating expenses associated with the Company's properties; and (3) the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in the Company's reports and registration statements filed with the SEC.

MDC GROUP   Investor Relations:  David Castaneda        262-377-2445 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs