PLATTEVILLE, CO--(Marketwired - September 09, 2013) - Synergy Resources Corporation (NYSE MKT: SYRG) (Synergy), a U.S. oil and gas exploration and production company with operations focused in the D-J Basin, announces that it has completed five horizontal wells on its Renfroe pad in the Wattenberg Field. Craig Rasmuson, VP of Operations for Synergy, commented, "Four of the five wells on the Renfroe pad are in the early stages of flow back and are hooked up to production facilities. The fifth well is in final stages of completion. The five horizontal wells on the Renfroe pad are comprised of 3 Niobrara B bench and 2 Codell wells. We plan on releasing initial production rates on the wells at the end of September."
Rasmuson also added, "We are continuing our horizontal drilling program with the addition of six wells on the Leffler pad. We have drilled two wells into the B bench of the Niobrara formation on the Leffler pad and anticipate twenty stages of completion on each well. We are currently drilling the third well on the pad, also a Niobrara B well, and anticipate that the conclusion of the drilling phase on the Leffler pad will occur within the next sixty days. We plan on having these wells completed and producing by December 31, 2013. The plan on the Leffler pad calls for 5 Niobrara B bench wells and 1 Codell well. We have expanded the number of horizontal well permits and now have 34 permits approved and another 41 permits in process."
Synergy has grown its footprint in the Greater Wattenberg Area and now has nearly 20,000 net acres in the region. Ed Holloway, President and CEO of Synergy, stated, "We are executing on our fiscal 2014 capital expenditure budget of $157 million, which is focused on leasing, acquiring assets and horizontal development in the Wattenberg field."
About Synergy Resources Corporation
Synergy is a Colorado-based independent exploration and production company focused primarily on the development of its assets in the Wattenberg Field in the Denver-Julesburg Basin ("D-J Basin") in Weld County, Colorado. In addition to the Company's Wattenberg Field acreage position, it has also assembled a large leasehold position directly to the northeast of the Wattenberg Field (the "Northern Extension Area"), which Synergy believes to be prospective for the Niobrara and Greenhorn formations.
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations and industry conditions, are forward-looking statements. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions, nationally and/or in the communities in which Synergy conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, the ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, as well as other economic, competitive, governmental, regulatory and technical factors affecting the Company's operations.
These forward-looking statements are based on current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Synergy's control.