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Recovery Energy Closes Deal with Private Company; Acquires Rights on 6,300-Acre Undeveloped Leasehold Acreage

Posted
12/27/2012 8:17:00 AM
By: MT Newswires
Referenced Stocks:RECV

Recovery Energy, Inc. ( RECV ) has closed on its previously announced agreement with a private company granting a 4-year lease for the deep rights on approximately 6,300 net acres of undeveloped leasehold acreage in the DJ Basin.

Gross proceeds were approximately $1.5 million.

RECV continues to own oil and gas leasehold rights to approximately 140,000 gross acres, approximately 125,000 net acres, in the DJ Basin.

Shares of RECV are steady in pre-market trading at $2.05, within a 52-week range of $1.40 - $4.95.