Recovery Energy Inc. (
) is down 14.5% after announcing the sale of a portion of its DJ
Basin, as well as new executive management appointments.
RECV today said its definitive purchase and sale agreement with
a private company to grant a four-year lease for the deep rights on
approximately 6,300 net acres of undeveloped leasehold acreage in
the DJ Basin. Gross proceeds to RECV will be approximately $1.5
million. The company continues to own oil and gas leasehold rights
to approximately 140,000 gross acres, 125,000 net acres, in the DJ
Separately, the company named W. Phillip Marcum to the positions
of chairman of the board and CEO, and A. Bradley Gabbard to the
position of president. Gabbard will also continue in his current
role as the company's CFO.
RECV is trading at $2.65, in the low end of the stock's 52-week
range of $1.64 -$7.00.
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