Synergy Resources reports strong initial production rates from horizontal well

Synergy Resources (SYRG) provided initial production rates for the Wake E24-77HN horizontal well in which the company has a 25% working interest. The well was drilled into the "B" bench of the Niobrara formation. Oil production commenced on March 2, and for the initial 30 days, the well produced 11,240 barrels of oil, an average production rate of 375 barrels per day. Gas sales commenced on March 17, and for the initial 30 days of gas sales, the well produced 31,972 mcf of gas, an average production rate of 1,066 mcf per day. The Wake well is operated by Noble Energy (NBL) and was the first horizontal well for Synergy. The company has agreed to participate in five additional horizontal wells to be drilled by various operators. Drilling activities are expected to commence during the next 30 days.