DENVER, Oct. 27, 2009 (GLOBE NEWSWIRE) -- Formerly known as Universal Holdings, Recovery Energy (OTCBB:RECV) has changed its name to reflect the company's focus on oil and gas production. Additionally, Recovery Energy is relocating its headquarters to Denver, Colorado where its new executive team is located.
"We changed the name of the company to Recovery Energy, Inc. to emphasize the company's new focus: acquiring and developing oil and gas properties in the United States," said Recovery Energy's CEO, Jeffrey Beunier. The company intends to concentrate on existing proven assets and utilize in-field drilling, recompletion, and secondary recovery activities to drive shareholder growth and value.
The oil and gas industry was significantly impacted by the unprecedented drop in commodity prices during late 2008 and into early 2009. Recovery Energy intends to capitalize on the recovery in the energy sector by utilizing the deep connections and talent of their executive team.
About Recovery Energy
Recovery Energy is an independent energy company engaging in the development, production and marketing of oil and gas in North America. Recovery Energy will seek opportunities where it can deploy its drilling/service rig fleet to assist in the participation and maximization of various opportunities focusing on drill-to-earn partnerships. Recovery Energy will focus on applying technology and services to increase the incremental recovery factor of certain mature oil basins within the United States. The company is based in Denver, Colorado.