By GlobeNewswire, September 20, 2013, 04:35:00 PM EDT
DENVER, Sept. 20, 2013 (GLOBE NEWSWIRE) -- Recovery Energy, Inc. (Nasdaq:RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, is providing an operations update in light of the flooding in Northern Colorado. The Company has completed an assessment of its operations in the area and reports that none of the producing properties that are operated by the Company were affected. Most of the Company's production is north of the areas that experienced major flooding, and only one of its properties, operated by a third party operator, has any substantial downtime. The Company does not expect any significant interruptions of its revenues or unexpected material expenses as a result of the flooding.
On September 19, 2013, the Company reported the hiring of Avi Mirman as its President. As an inducement to enter into employment with the Company, the Company has agreed to issue Mr. Mirman 100,000 shares of the Company's common stock. The grant is subject to the same terms and conditions as the Company's 2012 Equity Incentive Plan.
About Recovery Energy, Inc.
Recovery Energy, Inc. ("Recovery Energy") is a Denver-based independent oil and gas exploration and production company that operates in the Denver-Julesburg (DJ) Basin where it holds approximately 130,000 gross, 115,000 net acres. Recovery Energy's focus is to grow reserves and production through a combination of acquisitions and conventional and unconventional drilling activity, targeting the various oil-bearing formations that produce in the DJ Basin.
This press release may include or incorporate by reference "forward-looking statements" as defined by the SEC, including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things the Company's: (1) proposed exploration and drilling operations, (2) expected production and revenue, and (3) estimates regarding the reserve potential of its properties. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to finance its continued exploration and drilling operations, (2) positive confirmation of the reserves, production and operating expenses associated with the Company's properties; and (3) the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in the Company's reports and registration statements filed with the SEC.
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Source: Recovery Energy, Inc.