DENVER–(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