Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LILIS ENERGY, INC. | f8k073109_recovery.htm |
| EX-10.1 - PURCHASE AND SALE AGREEMENT FOR PURCHASE OF 100% INTEREST IN RUSH WILLADEL FIELD. - LILIS ENERGY, INC. | f8k073109ex10i_recovery.htm |
| EX-10.2 - PURCHASE AND SALE AND OPTION AGREEMENT FOR SALE OF 50% INTEREST IN RUSH WILLADEL FIELD - LILIS ENERGY, INC. | f8k073109ex10ii_recovery.htm |
Exhibit
99.1
Recovery
Energy (RECV) Acquires Three Wells, Continues to Capitalize on Energy Sector’s
Recovery
Recovery
Energy is currently acquiring 50%-ownership of three producing wells on a
160-acre lease in Washington County, Colorado’s Rush Willadel Field. The three
wells have a gross production of approximately 38 bbls per day with estimates of
the proven producing reserves in excess of 75,000 barrels of high-quality crude
oil. In addition to the existing wells, Recovery has identified two
additional potential drilling locations, which could materially increase
production.
Recovery
Energy is currently processing the state-required paperwork to become an
approved operator. Until the approvals are received, a contracted operator will
be put in place for the new acquisitions.
Production
from the three wells is from the D&J sands of the Dakota Group at the
relatively shallow depth of approximately 4,000 ft.
The
assets are being acquired for 250,000 shares of restricted common
stock. Recovery also executed a 60-day call option for the remaining
50% of the working interest, which would require the company to purchase the
interest for $825,000 in cash.
“This
initial transaction is important,” said Recovery Energy’s CEO, Jeffrey Beunier,
“because it provides a starting point for Recovery Energy as we seek to build
the company into a premier independent domestic oil producer.”
About
Recovery Energy
Recovery
Energy is a development stage independent energy company. We principally intend
to engage in the development and production of oil & gas in North
America.
Specifically,
Recovery Energy specializes in the use of modern secondary and tertiary recovery
techniques on older, historically productive fields. Recovery was formed to take
advantage of the current economic and structural challenges surrounding the
energy industry and will focus on the mature and established Rocky Mountain,
Mid-Continent, and Gulf Coast basins.
Contact
Investor
Relations: EQUITIES Global Communications, Inc. Robert Willison
Investor
Relations: 678-644-3383 rwillison@equitiesmagazine.com
Forward-Looking
Statements and Risk Factors
Certain statements on this web site are
"forwardlooking 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 forwardlooking statements. Other factors, which
could materially affect such forwardlooking statements, can be found in our
filings with the Securities and Exchange Commission at www.sec.gov, including risk factors relating to
our history of operating losses, that our auditors have expressed substantial
doubt regarding our ability to continue as a going concern, the fact that we may
dilute existing shareholders through additional stock issuances, and our
reliance on our intellectual property. Investors, potential investors and other
readers are urged to consider these factors carefully in evaluating the
forwardlooking statements and are cautioned not to place undue reliance on such
forwardlooking statements.