Recovery Energy Inc. Provides Update on Its Wattenberg South Prospect
DENVER, Oct. 14, 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 that it has
finalized agreements that result in a net increase in its working interest
participation in its South Wattenberg Prospect, has completed negotiations of
a surface use agreement, and commenced activities to permit the drilling of up
to 7 horizontal wells to test the Niobrara and Codell formations. The
agreements will increase RECV's working interest in the 320-acre spacing unit
to 63%. The Company expects to commence drilling of the Prospect during the
1st quarter of 2014 and may invest as much as $19 million in order to complete
the initial development of the Prospect.
"We are extremely excited to kick off our Wattenberg program with the planning
of the initial wells of what we expect will be a 14-18 well program in our two
primary Wattenberg prospects. We believe that our unconventional drilling
program coupled with an ongoing successful conventional drilling program will
allow us to deliver on and hopefully exceed our growth plans for 2014," said
Avi Mirman, President of Recovery Energy.
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 investments, production and revenue, and (3) the Company's growth
plans 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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