2010-01-12-2009-12-04

To acquire 7 Denver-Julesburg wells, gaining 150BO/d.

Recovery Energy Inc., Denver, (OTCBB: RECV) plans to acquire working interests in seven wells located in the Denver-Julesburg Basin from an unnamed seller. The purchase price, which was not disclosed, will be paid through a combination of cash and stock. The assets include 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 other development projects Recovery has termed "significant." The acquisitions will add 140- to 150 barrels of oil per day to Recovery's net production and allow the newly formed company to strengthen its position in the DJ Basin, known for its low-cost wells, infrastructure and low-risk oil and gas prospects. This transaction was expected to close by the end of December. Recovery changed its name from Universal Holdings in October to reflect its new focus on existing proven assets by using in-field drilling, recompletion and secondary recovery activities.