Recovery Energy, Inc. (NASDAQ:RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, reported its financial results for the quarter ended September 30, 2011. For the three months ended September 30, 2011 the Company reported oil and gas revenues of $1,812,000 compared to $2,653,000 for the third quarter of 2010. Net loss for the period was $3,028,000 compared to a net loss of $7,491,000 for the same period in 2010. EBITDAX for the quarter ended September 30, 2011 was $1,215,198, up sequentially from the second quarter of 2011 by 221%. The net loss for the third quarter 2011 includes stock based compensation of $917,306, non-cash charges of depreciation, depletion, amortization and accretion of $1,052,946, stock issued for services of $121,822, amortization of deferred financing costs of $1,497,648, and cash interest expense of $639,756. The net loss for the quarter also includes the effect of a non-cash loss of $13,338 related to the mark to market adjustment of a derivative liability associated with the embedded conversion feature of the Company's convertible debentures.

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