DENVER, Oct. 30, 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 ("DJ Basin"), today announced that it is participating in a horizontal well that has been drilled immediately adjacent to its North Wattenberg prospect, located in the west half of section 34, township 7 north, range 64 west. The Richter #34M-203 has been drilled from a pad operated by PDC Energy and targets the Niobrara "B" Bench. The Richter #34-203 well is one of several wells being drilled in the east half of the section from the PDC pad that will target both the Niobrara "B" Bench and the Codell formations. Recovery does not have a working interest participation in the additional wells that will be drilled from the PDC pad.
Under applicable Colorado Oil & Gas Conservation Commission (COGCC) rules, Recovery Energy has been granted a working interest in the well due to the proximity of the Richter #34-203's wellbore path to Recovery Energy's leasehold interest in the west half of the section. The Richter 34M-203 was drilled to a total depth of 11,812 feet; total depth was reached last week and completion activities are planned to commence late in the 4th quarter of 2013.
Avi Mirman, Recovery Energy's President said, "We are very excited to participate with quality operators such as PDC conducting significant development activities in the immediate vicinity of one of our key assets." Mr. Mirman added that "we expect to have joint operations underway on our half of the section during the 1st quarter of 2014."
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 125,000 gross, 112,000 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.