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Recovery Energy Announces Closing of $12.3-Million Chugwater-DJ Basin Acquisition
Company Plans to Initiate Niobrara Shale Horizontal Drilling Program by Early Second Quarter 2011
Recovery Energy has filed for four horizontal well drilling permits on its Chugwater acreage, and is scheduled to commence its horizontal drilling program targeting the Niobrara oil shale formation there by early second quarter of 2011.
This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission (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 the 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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