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Recovery Energy Sales Portion of its DJ Basin Acreage

Source: www.gulfoilandgas.com 11/15/2012, Location: North America

Recovery Energy, Inc., an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, announced that it has entered into a definitive purchase and sale agreement with a private company to grant a four-year lease for the deep rights on approximately 6,300 net acres of undeveloped leasehold acreage in the DJ Basin.

The agreement defines "deep rights" as all formations below the base of the Cretaceous "J" sand, above which Recovery Energy retains all rights. Gross proceeds to Recovery Energy will be approximately $1.5 million. The company continues to own oil and gas leasehold rights to approximately 140,000 gross acres, 125,000 net acres, in the DJ Basin.

"We are pleased to announce further progress towards our strategic goal of funding crude oil exploration and development through conventional and horizontal drilling in multiple horizons in the basin," said A. Bradley Gabbard, President and CFO of Recovery Energy. "This agreement is part of our continuing effort to pursue various transactions with industry, to create additional capital for the company while preserving what we consider to be our most strategic assets." The agreement is subject to customary closing terms, and is expected to close within 30 days.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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