PLATTEVILLE, CO --(Marketwired - September 16, 2013) - Synergy Resources Corporation (NYSE MKT: SYRG) is providing an update as to the status of its operations in light of the flooding in Northern Colorado. Craig Rasmuson, VP of Operations, reported, "Our initial assessment reveals that only a small number of our existing vertical wells will be offline for an indeterminate amount of time until the well locations are fully accessible. The vast majority of our existing production is unaffected. Furthermore, the production from the first 4 horizontal wells on our Renfroe pad continues uninterrupted and final completion of the fifth well has been temporarily delayed until recompletion equipment can access the location. Drilling operations on the Leffler pad were not affected by the flooding and we are on schedule to spud the fourth well later this week."
Ed Holloway, President and CEO, of Synergy, added, "The impact to Synergy pales in comparison to the devastation to the communities and citizens along the Front Range and in Northern Colorado and we plan on joining in the relief efforts for local communities being organized by the Colorado Oil and Gas Association. We are thankful that our employees are safe and we are grateful for their dedication to their communities and contributions to Synergy."
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 lease hold 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, and 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 such 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, 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.