2011-03-02-2011-02-28-2011-03-07

Bought leases in WY D-J Basin covering 8,060 net acres in the Chugwater area of Laramie County.

Recovery Energy Inc., Denver, (OTCBB: RECV) has completed the acquisition of oil and gas leases in the Denver-Julesburg Basin in Wyoming from privately held, Houston-based Wapiti Oil & Gas LLC for $12.3 million in cash and stock.

The leases are on 8,060 net acres in the Chugwater area of Laramie County, northwest of Silo Field. The acquisition increases 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.

Recovery Energy has filed for four horizontal well drilling permits, and is scheduled to commence its horizontal-drilling program targeting the Niobrara oil shale formation on its Chugwater acreage by second-quarter 2011.

Recovery Energy also recently closed the acquisition of certain oil and gas leases from various private individuals for $1.9 million in cash and stock. The assets consist of approximately 1,700 acres in Grover Field and the surrounding area in Weld County, Colorado, and approximately 6,600 net acres in Goshen County, Wyoming.

The combined acquisitions bring Recovery Energy's DJ Basin holdings to 148,000 gross acres (134,000 net acres).