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.