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Synergy Resources Corporation Announces Recent Production Results
January 19th, 2010DENVER–(BUSINESS WIRE)- January 19, 2010 -
Synergy Resources Corporation (OTCBB: SYRG), an oil and gas exploration and production company, today announced results of initial production tests on two recently completed wells brought on line.
The initial 24-hour production test for the SRC 32DD (Section 32, 6N, 66W, Weld County, CO) came in at 226 barrels of oil, 726,000 cu. ft. of gas and 85 barrels of water produced from the Codell formation at 7290’ – 7310’ interval.
The initial 24-hour production test for the second well, the SRC 31-5D (Section 5, 5N, 66W, Weld County, CO), came in at 152 barrels of oil, 647,000 cu. ft. of gas and 85 barrels of water produced from the Codell formation at 7405’ – 7420’ interval.
Synergy is the operator for the wells and holds a 62.5% working interest in each well.
Synergy Chairman Ed Holloway stated that, “These are the strongest initial test results that I have seen in my 30 years experience in the D-J Basin. We believe that Synergy has assembled many outstanding oil and gas properties and that the excellent initial performance of these wells confirms our optimism about our current drilling programs as well as our long-term prospects in this region.”
As of January 15, 2010 Synergy had interests in oil and gas leases covering 8,050 net acres.
About Synergy Resources Corporation
Synergy Resources Corporation is domestic oil and natural gas exploration and production company. Synergy’s core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg field in the D-J Basin ranks as the 7th largest field in the U.S. in terms of proved gas reserves and 9th in production. Synergy has corporate offices in Platteville, Colorado and on 17th Street in downtown Denver. More company news and information is available at www.SYRGinfo.com.
This press release may contain forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
Contact:
Investor Relations
Andrew Barwicki
(516) 662-9461 / andrew@barwicki.com
Synergy Resources Corporation Completes First Phase of Private Placement Offering
December 31st, 2009DENVER–(BUSINESS WIRE)- December 31, 2009 -
Synergy Resources Corporation (OTCBB: SYRG), a development stage oil and gas exploration and production company, today announced that it had completed the sale of 41.65 units in a private offering. Synergy received net proceeds of $3,700,000 from the sale of the units. Synergy will utilize a portion of the proceeds to commence its 2009/2010 winter drilling program, a planned 24 well program in the Wattenberg Field in the D-J Basin, as well as to stimulate and place in production 7 Meyer wells and 4 Wiedeman wells.
Each of the units in the offering consists of one promissory note in the principal amount of $100,000 and 37,000 warrants. The notes bear interest at 8% per year, payable quarterly, and mature on December 31, 2012. At any time after May 31, 2010 the notes can be converted into shares of the Company’s common stock, initially at a conversion price of $1.60 per share. The notes will be secured by any oil or gas wells drilled, completed or acquired with the proceeds from the offering. Each warrant entitles the holder to purchase one share of the Company’s common stock at a price of $6.00 per share.
Synergy Chairman Ed Holloway stated that, “We are pleased with the response to our private placement offering. The proceeds will provide the capital to complete the wells drilled in Synergy’s fall drilling program and to continue to take advantage of many of the compelling opportunities that exist in the D-J Basin.”
About Synergy Resources Corporation
Synergy Resources Corporation is a development stage domestic oil and natural gas exploration and production company. Synergy’s core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg field in the D-J Basin ranks as the 7th largest field in the U.S. in terms of proved gas reserves and 9th in production. Synergy has corporate offices in Platteville, Colorado and on 17th Street in downtown Denver. More company news and information is available at www.SYRGinfo.com.
This press release may contain forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
Contact:
Investor Relations
Andrew Barwicki
(516) 662-9461 / andrew@barwicki.com