Recovery Energy to Sell Part of DJ Basin, Appoints Key Management Positions - Shares Plunge 15%

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Recovery Energy Inc. ( RECV ) 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 Basin.

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.



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

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This article appears in: Investing , Commodities

Referenced Stocks: RECV

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