Recovery Energy, Inc. (OTCBB:RECV.ob - News), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, today announces it has executed a purchase and sale agreement with Wapiti Oil & Gas, LLC to acquire oil and gas leases on 8,060 net acres in the Chugwater area of Laramie County, Wyoming for $12.3 million, payable in a combination of cash and stock. The acquisition will increase Recovery Energy's Chugwater acreage to approximately 14,400 contiguous gross acres, 12,200 net after accounting for a 2,200-net acre effect to its recently announced joint-venture drilling partnership.
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