Recovery Energy Bounces 12% on New Financing Commitment, Lower Interest Rates

By Staff,

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Recovery Energy ( RECV ) shares bounced 12% on news its lenders have agreed to reduce interest rates to 9.2% from 12.1% and that it has received an additional financing commitment. The additional financing will the company to expand its drilling program, and will provide significantly more flexibility in meeting working capital needs, it said.

As a result, Recovery is delaying filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 until it can provide a more up to date picture.

The shares are up $0.17 at $1.62 and have touched a day high $1.71, at the lower end of a 52-week range of $1.34 - $4.95.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: RECV

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