Recovery Energy Inc. (Nasdaq: RECV) provided an operations update in light of the flooding in Northern Colorado, the company announced on Sept. 20.
The company has completed an assessment of its operations in the area and reports that none of the producing properties that are operated by the company were affected. Most of the company's production is north of the areas that experienced major flooding, and only one of its properties, operated by a third party operator, has any substantial downtime. The company does not expect any significant interruptions of its revenues or unexpected material expenses as a result of the flooding.
On Sept. 19, the company reported the hiring of Avi Mirman as its president. As an inducement to enter into employment with the company, the company has agreed to issue Mirman 100,000 shares of the company's common stock. The grant is subject to the same terms and conditions as the company's 2012 equity incentive plan.
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.