Recovery Energy Provides Operations Status Update
DENVER, Sept. 20, 2013 (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, is providing an
operations update in light of the flooding in Northern Colorado. The Company
has completed an assessment of its operations in the area and reports that
none of the producing properties that are operated by the Company were
affected.Most of the Company's production is north of the areas that
experienced major flooding, and only one of its properties, operated by a
third party operator, has any substantial downtime.The Company does not
expect any significant interruptions of its revenues or unexpected material
expenses as a result of the flooding.
On September 19, 2013, the Company reported the hiring of Avi Mirman as its
President.As an inducement to enter into employment with the Company, the
Company has agreed to issue Mr. Mirman 100,000 shares of the Company's common
stock. The grant is subject to the same terms and conditions as the Company's
2012 Equity Incentive Plan.
About Recovery Energy, Inc.
Recovery Energy, Inc. ("Recovery Energy") is a Denver-based independent oil
and gas exploration and production company that operates in the
Denver-Julesburg (DJ) Basin where it holds approximately 130,000 gross,
115,000 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 or incorporate by reference "forward-looking
statements" as defined by 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.
CONTACT: MDC GROUP
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