Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LILIS ENERGY, INC. | f8k120409_recovery.htm |
| EX-10.2 - PROMISSORY NOTE - LILIS ENERGY, INC. | f8k120409wx10ii_recovery.htm |
| EX-10.1 - PURCHASE AND SALE AGREEMENT FOR WILKIE FIELD PROSPECT. - LILIS ENERGY, INC. | f8k120409wx10i_recovery.htm |
Exhibit 99.1
Recovery
Energy Enters Into LOI to Acquire 7 New Wells
DENVER,
CO -- Dec. 4, 2009 -- Recovery Energy (OTCBB:RECV) has signed a Letter of Intent
to acquire multiple working interests within the mature, oil-rich
Denver-Julesburg Basin that covers area in Northeast Colorado, Southwest
Nebraska, and Northwest Kansas. This transaction, which is expected to close
over the next few weeks, includes an 87.5% working interest in five producing
wells in Nebraska, a 100% working interest in two additional wells located in
Nebraska and Colorado, and a 50% working interest in two significant development
projects. The purchase price will be a combination of cash and common
stock.
These
acquisitions will immediately add an additional 140-150 barrels of oil per day
to Recovery’s net production. Furthermore, these interests contain significant
upside potential for Recovery by deepening its footprint within the DJ Basin
known for its low cost wells, excellent infrastructure, and low risk oil and gas
prospects.
According
to CEO Jeff Beunier, “This purchase is a perfect representation of our balanced
acquisition strategy with a focus on existing producing properties that possess
incremental value opportunities through low risk development and field
enhancement. Also, these acquisitions provide the added benefit of increasing
our influence in our home region.”
About
Recovery Energy
Recovery
Energy is an independent energy company focused on the acquisition and
development of undercapitalized and neglected onshore oil and gas fields located
in the United States. Utilizing enhanced recovery techniques on
mature producing properties that present opportunity through low risk field
development, Recovery Energy is committed to enhancing shareholder value through
efficient deployment of capital as a low cost operator and acquirer throughout
the heartland of the U.S. from its headquarters in Denver, Colorado. To learn
more, please visit www.recoveryenergyco.com.
Forward-Looking Statements
and Risk Factors
Certain
statements in this release are "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements could involve a number of risks,
uncertainties and other factors that could cause actual results, performance or
achievements of Recovery Energy to be materially different from any future
results, performance or achievements expressed or implied by these
forward-looking statements. Other factors, which could materially affect such
forward-looking statements, can be found in our filings.
Contact:
Recovery
Energy
1-888-887-4449
info@recoveryenergyco.com
www.recoveryenergyco.com
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