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Recovery Energy Inc., an independent oil and gas exploration and production company active in the Denver-Julesburg Basin, said it has completed the acquisition of oil and gas leases on 8,060 net acres in Laramie County, Wyo. from Wapiti Oil & Gas LLC.
The $12.3-million purchase price was paid in a combination of cash and stock. The acquisition increases Recovery Energy’s Chugwater acreage to approximately 14,400 contiguous gross acres.
Recovery Energy has filed for four horizontal well drilling permits on its Chugwater acreage, and is scheduled to commence its horizontal drilling program targeting the Niobrara oil shale formation there by early second quarter of 2011.
