Recovery Energy Acquires Interest In Wattenberg Well

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Description

Acquired participating interest in a horizontal well adjacent to its North Wattenberg prospect.

Recovery Energy Inc. (Nasdaq: RECV) is participating in a horizontal well that has been drilled immediately adjacent to its North Wattenberg prospect, the company announced Oct. 30.

The well, Richter #34M-203, is located in the west half of section 34, township 7 north, range 64 west. The Richter #34M-203 has been drilled from a pad operated by PDC Energy and targets the Niobrara "B" Bench. The Richter #34-203 well is one of several wells being drilled in the east half of the section from the PDC pad that will target both the Niobrara "B" Bench and the Codell formations. Recovery does not have a working interest participation in the additional wells that will be drilled from the PDC pad.

Under applicable Colorado Oil & Gas Conservation Commission (COGCC) rules, Recovery Energy has been granted a working interest in the well due to the proximity of the Richter #34-203's wellbore path to Recovery Energy's leasehold interest in the west half of the section. The Richter 34M-203 was drilled to a total depth of 11,812 feet. Total depth was reached last week and completion activities are planned to commence late in 4Q 2013.

"We are very excited to participate with quality operators such as PDC conducting significant development activities in the immediate vicinity of one of our key assets." Mirman added that "we expect to have joint operations underway on our half of the section during the first quarter of 2014," Avi Mirman, Recovery Energy'president, said in the release.

Recovery Energy Inc. is an independent energy company engaged in the acquisition, drilling, and production of oil and natural gas properties and prospects in the U.S. The company is headquartered in Denver.