Welcome!

News Feed Item

Synergy Resources Provides Operations Update, 30 Day IP Rates and 3rd Quarter Conference Call Details

PLATTEVILLE, CO--(Marketwired - June 24, 2014) - Synergy Resources Corporation (NYSE MKT: SYRG) (Synergy) has provided an operational update of its fiscal 2014 drilling program. In early May, Synergy brought on production five of six wells planned on the Phelps pad. The five wells averaged 26 frac stages and are comprised of two Niobrara C wells, one Niobrara B well and two Codell wells. Three of the wells were completed using sliding sleeves and two of the wells were completed using the plug and perf method. Each of the five wells averaged 544 BOEs per day over the first thirty days of production and consisted of 76% oil. The best performing well on the pad, a Codell completed with 28 frac stages, averaged 668 BOEs over the 30 day period. Production from the sixth well on the pad, which targeted the Codell formation, was delayed when the intermediate casing would not hold pressure. The defective casing has been replaced and the well will be scheduled for a plug and perf completion in the near future. The completed well cost for the six Phelps wells, including the cost of the casing replacement, will be approximately $4 million per well.

Ensign Rig #134 moved from the Phelps pad to the Eberle pad where it is currently drilling the sixth and final well on the pad. The Eberle pad consists of three Codell wells and three Niobrara wells. Four of the wells are standard length laterals between 4,000 and 4,500 feet and will have approximately 25 frac stages. The other wells, one Codell and one Niobrara C bench well, are 7,000 foot lateral wells which will have between 40-45 frac stages. Synergy anticipates the Eberle wells will be in early production sometime in August or early September.

On Synergy's Union pad the six wells are in early production. Due to the geology in this area five of the Union wells were completed as a combination in the Codell and Niobrara formations. The sixth well is a Niobrara B/C well. The Union wells averaged 21 frac stages. The Union wells are shorter in lateral length due to lease and permitting limitations. Four of the wells were completed using sliding sleeve and two of the wells were completed using plug and perf.

On the Kelly Farms pad Ensign Rig #131 is currently drilling the third of four planned wells. The wells consist of three Codells and one Niobrara and are planned for 26 frac stages each. All of the wells will be completed using sliding sleeves. Synergy plans to bring the Kelly Farms on to production by mid-August.

On Synergy's Renfroe pad the wells have been on production for nine months. The production has consisted of over 65% oil during that time. Revenues from the pad are on pace to pay back all of the well costs in less than thirteen months.

Six months of production data on Synergy's Leffler pad will be available in late July. 

Ensign Rig #134 is scheduled to move to the Weld 152 pad to begin drilling six wells in July. Synergy has a 61% working interest in the wells. Ensign Rig #131 is scheduled to also move in July to the Kiehn lease where Synergy has 13 wells permitted with a 100% working interest. Synergy is currently in discussion with Ensign regarding adding a third rig in August to drill eight wells on the Wiedeman pad. The Wiedeman pad is permitted for four extended reach lateral wells of over 9,000 feet, with two of those wells targeting the Codell and the other two targeting the Niobrara. The other four wells will be standard length laterals, also split among Codell and Niobrara.

Synergy is waiting on lab test results from the core data on the Buffalo Run well before determining a course of action for further drilling in the Wattenberg Extension Area.

Lastly, Synergy drilled a vertical well on its Hawkstone lease which will be completed in the Codell in early July and will hold the 160 acre lease by production.

While drilling and completion activities have been going according to plan, production has continued to be impacted by weather and midstream issues. Specifically, due to the recent spring flooding, Synergy had to shut in 19 vertical wells for 10 days. Twelve wells remain shut in while the sites undergo repairs from the flooding. Also, DCP Midstream had to shut down its Eaton and Greeley plants for maintenance, which impacted the production from some of Synergy's horizontal wells.

On a non-operated basis, Synergy is participating with several of the largest operators in the Wattenberg Field on approximately 4 net horizontal wells to Synergy's interest. These wells are in various stages of drilling and completion which should be in production during our fiscal first quarter of 2015 which begins September 1st, 2014.

Craig Rasmuson, Synergy's Chief Operating Officer commented, "Our two rig horizontal drilling program is progressing as anticipated since we added the second ADR rig in April. We have drilled the Eberle, Union and Kelly Farms pads, spacing the well bores 220 feet apart to allow for up to 24 wells per 640 acre section compared to 330 feet apart on our prior pads which allowed for up to 16 wells per section. We will monitor the production results of this down spacing to determine the optimum method for development of our Wattenberg assets going forward. Also, we are intrigued by the early results on the Phelps pad where we have begun to compare the difference between sliding sleeve and plug and perf completions and the difference between using slick water compared to hybrid gel fracs. We will continue to compare data and analyze the results over the next several months as we move into our fiscal 2015 drilling program."

Synergy will hold a conference call at 12 Noon ET (10AM MT) on July 9th, 2014 to discuss results for its fiscal third quarter ended May 31st, 2014. The company plans to issue its earnings press release prior to the call.

Synergy Resources co-CEO Ed Holloway, co-CEO William Scaff, Jr., CFO Monty Jennings and Chief Operating Officer Craig Rasmuson will host the presentation, followed by a question and answer period.

Date: Wednesday, July 9th, 2014
Time: 12 noon Eastern time (10 a.m. Mountain time)
Domestic Dial-In #: 877-407-9122
International Dial-In #: 201-493-6747 

The conference call will be webcast simultaneously which you can access via this link: http://syrginfo.equisolvewebcast.com/q3-2014 and via the investor section of the company's web site at www.syrginfo.com.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, contact Jon Kruljac with Synergy Resources at 970-737-1073.

A replay of the call will be available after 3:00 p.m. Eastern time on the same day and until July 23rd, 2014.

Domestic Toll-free Replay #: 877-660-6853
International Replay #: 201-612-7415
Replay ID#411931

About Synergy Resources Corporation
Synergy Resources Corporation is a 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 one of the most productive fields in the U.S. The company's corporate offices are located in Platteville, Colorado. More company news and information about Synergy Resources is available at www.syrginfo.com.

Download PDF

Company Contact: 
Rhonda Sandquist 
Synergy Resources Corporation 
Tel (970) 737-1073 
Email: rsandquist@syrginfo.com 

Investor Relations Contact:
Jon Kruljac
Synergy Resources Corporation
Tel (303) 840-8166
Email: jkruljac@syrginfo.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).