Recovery Energy's Board of Directors Announces New Executive Management
DENVER, Nov. 15, 2012 (GLOBE NEWSWIRE) -- The Board of Directors of Recovery
Energy, Inc. (Nasdaq:RECV), an independent oil and gas exploration and
production company with operations and assets in the Denver-Julesburg (DJ)
Basin, announced that it has appointed Mr. W. Phillip Marcum to the position
of Chairman of the Board and Chief Executive Officer and Mr. A. Bradley
Gabbard to the position of President. Mr. Gabbard will also continue in his
current role as the Company's Chief Financial Officer.
Mr. Marcum, an energy industry executive with nearly four decades of
comprehensive senior level management experience joined the Board of Directors
in September of 2011 and became Lead Director in October 2012. Mr. Marcum
co-founded Metretek Technologies, Inc. in 1991, which later became PowerSecure
International, Inc (NASDAQ:POWR) and served as its Chairman, President and CEO
until 2007. His career includes serving as head of Energy Corporate Finance of
Denver-based Boettcher & Company/Kemper Insurance Co. and serving as a senior
officer, including Chairman, President and CEO, of Midland, Texas-based MGF
Oil Corporation. Mr. Marcum currently serves on the Boards of Key Energy
Services, Inc. (NYSE:KEG), and ADA-ES, Inc. (NASDAQ:ADES).
"I am honored to assume the reins along with my associate Brad Gabbard. We
have a great team of experienced oil and gas industry veterans in our
operations and technical staff, and we have assembled a sizeable acreage
position with exposure to the evolving DJ Basin oil play. The third quarter
saw progress toward increasing our daily oil production and further
development of the Company's growth plan," said Mr. Marcum. "We have a solid
and growing inventory of conventional locations throughout Recovery Energy's
125,000 net acre leasehold, and are seeing progress toward development of
further unconventional locations targeting the Niobrara horizon, as well as
the Greenhorn, Codell and Permo-Penn horizons."
The Board of Directors wishes to thank Mr. Parker for his service to the
Company and wishes him well in the future.
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, 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.
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 Recovery Energy logo is available at
CONTACT: MDC GROUP
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