Recovery Energy, Inc. has finalized agreements that result in a net increase in its working interest participation in its South Wattenberg Prospect, has completed negotiations of a surface use agreement, and commenced activities to permit the drilling of up to 7 horizontal wells to test the Niobrara and Codell formations. The agreements will increase RECV's working interest in the 320-acre spacing unit to 63%. The Company expects to commence drilling of the Prospect during the 1st quarter of 2014 and may invest as much as $19 million in order to complete the initial development of the Prospect.
"We are extremely excited to kick off our Wattenberg program with the planning of the initial wells of what we expect will be a 14-18 well program in our two primary Wattenberg prospects. We believe that our unconventional drilling program coupled with an ongoing successful conventional drilling program will allow us to deliver on and hopefully exceed our growth plans for 2014," said Avi Mirman, President of Recovery Energy.