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

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.