Recovery Energy, Inc. Provides Update on Success at Silo East Prospect
DENVER, Oct. 7, 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 Basin, today announced the successful
results of its remediation and workover of the Anderson 32-2 well on its Silo
East Prospect located in Laramie County, Wyoming. The Company is pleased to
report that the Anderson 32-2 is currently producing 50-60 BOPD, up
substantially from the approximate production level of 3 BOPD prior to
initiation of the remediation procedures.
In June 2013, Recovery Energy Inc. acquired a 50% interest in the 1,200 acre
area that comprises the Silo East Prospect, including a 50% interest in the
Anderson 32-2 well. A re-entry program was designed for the Anderson well with
a view toward enhancing the productivity of the Muddy "J" formation by
perforating additional areas of the formation and stimulating the formation
with a hydraulic fracture treatment. The Company believes that the successful
conclusion of these procedures establishes a "proof of concept" completion
program for the prospect and sets up several potential offsets to the Anderson
well. The Company anticipates that at least two additional offsets will be
drilled by the end of the first quarter of 2014, with up to a total of twelve
locations required to fully develop the field.
"We are very pleased with the success of the remediation procedures, and
anxious to proceed with the development of additional wells in the field,"
said A. Bradley Gabbard, Chief Operating Officer of Recovery Energy.
"Referring to our Letter to Shareholders of August 29, 2013, the Anderson 32-2
is the first well utilizing the proceeds of the debenture recently funded by
some of our own executives and other affiliates of earlier investors in our
convertible debentures," said Avi Mirman, President of Recovery Energy.
"Slowly but surely, we hope to continue building confidence and look forward
to accelerating our drilling program, with emphasis on our Wattenberg Field
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.
Forward Looking Statements
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.
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