Welcome!

News Feed Item

Synergy Resources Provides Production and Operations Update, Scheduled to Present at Enercom's The Oil & Gas Conference(R)

PLATTEVILLE, CO--(Marketwired - August 15, 2014) - Synergy Resources Corporation (NYSE MKT: SYRG), a U.S. oil and gas exploration and production company focused in the Denver-Julesburg Basin, provides an update of its production and operations in the Wattenberg Field. Production rates for Synergy's recent horizontal wells follow*:

                                                                            
----------------------------------------------------------------------------
                                               Average Daily                
                       Average #                  (BOED)                    
            Number of   of fracs    Days of     Production    % Oil Cost Per
Name of Pad   wells     per well  Production  per well 8/8ths  Cut  Well $MM
----------------------------------------------------------------------------
Renfroe         5          18         270           219        66%    $3.6  
----------------------------------------------------------------------------
Leffler         6          20         180           145        65%    $3.7  
----------------------------------------------------------------------------
Phelps          5          26         90            430        69%    $4.0  
----------------------------------------------------------------------------
Union           6          20         30            566        74%    $3.9  
----------------------------------------------------------------------------
                                                                            

*For further production history details please refer to the corporate presentation at www.syrginfo.com

Also, the five wells on the Renfroe pad have paid back approximately 90% of all costs during the first eleven months of production.

Beginning with the Union pad, Synergy began drilling well bores 220 feet apart which is a more densely spaced drilling pattern and allows for up to 24 wells per 640 acres. This tighter spacing provides Synergy with a potential inventory of over 1,000 wells on its 27,386 net acres in the Wattenberg.

Horizontal drilling operations and completions are progressing according to plan. The four Kelly Farms wells are now in early production. The six Eberle wells, which include two mid reach 7,000 foot extended lateral wells with 45-47 frac stages each, are in the final completion stage and are flowing back or in initial production.

Synergy's Wattenberg Field development continues with Rig #131 drilling the third well on the Kiehn pad where the company plans on a total of eight wells comprised of 4 Codell and 4 Niobrara C bench wells. Rig #134 is drilling the third well on the Weld 152 pad where the company plans on drilling six wells comprised of 3 Codell, 2 Niobrara B bench and 1 Niobrara C bench well. The third rig in Synergy's operated program, Rig #138, is scheduled to move to the Wiedeman pad later this month and begin drilling eight wells in September. The Wiedeman pad will consist of 4 Codell and 4 Niobrara wells. Four of the Wiedeman wells are planned to be 9,000 foot extended reach lateral wells and the other four will be standard length lateral wells of 4,000 feet.

Depending on contribution from its non-operated horizontal wells and the performance of the Kelly Farms and Eberle wells, Synergy believes production for its fiscal fourth quarter ending August 31, 2014 will range between 5,800-6,200 BOED. With this new flush production coming on line from the Kelly Farms and Eberle pads, Synergy believes it will exit its fiscal year end at a production rate of between 8,000-9,500 BOED.

In the Northeast Wattenberg Extension Area (Extension Area) Synergy has reviewed the lab results from the core data taken from the vertical Buffalo Run test well and is currently preparing to permit 12 wells in the Extension Area. Once these permits are approved, Synergy plans on drilling a horizontal well targeting the Greenhorn formation. Depending on the results of the initial horizontal well, the company will move forward with multi-well pad drilling on its 25,765 net acres in this area.

Craig Rasmuson, Chief Operating Officer, of Synergy commented, "We are making tremendous strides in the development of our assets in the Wattenberg Field. In spite of continued challenges from mid-stream processing constraints, we are achieving record growth for the company in production and cash flow. The 30 day results from our most recent wells on the Union pad are the best we have achieved so far. We are doing so while maintaining a keen eye on controlling costs and developing our leases in a responsible manner. We are very pleased with the production rates from our horizontal pads and the high percentage of oil in the production mix, which is generating an attractive realized price per BOE for the company. We look forward to realizing further efficiencies on our mid and extended reach lateral wells in fiscal 2015. We continue to expand our foot print through organic leasing efforts and asset purchases. We are further accelerating our development with the addition of a third horizontal rig, Rig #138 which is moving to the Wiedeman pad, and by adding new permits. In addition to the aforementioned wells and pads, Synergy has 66 permits approved and another 120 permits in process for horizontal wells in the Wattenberg Field. In the Extension Area we are very excited about the prospects in the Greenhorn formation on our leasehold and the recent results from industry competitors in the Niobrara and Codell formations in the area. We look forward to keeping the market and our shareholders apprised of our progress."

Synergy is presenting at Enercom's The Oil & Gas Conference 19 ® 2014 at the Westin Hotel in Denver on Monday, August 18th at 11:20am. Interested parties may view the slide presentation and a link to the live audio webcast by going to Synergy's website at http://www.syrginfo.com and clicking on the webcast link under the Investor Relations section of the website.

The live webcast will also be available on The Oil & Gas Conference 19 ® website at http://www.theoilandgasconference.com.

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.

Important Cautions Regarding Forward Looking Statements

This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "believes", "expects", "anticipates", "intends", "plans", "estimates", "should", "likely" or similar expressions, indicates a forward-looking statement. These statements are subject to risk and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. 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. The identification in this press release of factors that may affect the company's future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company's actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the success of the company's exploration and development efforts; the price of oil and gas; worldwide economic situation; change in interest rates or inflation; willingness and ability of third parties to honor their contractual commitments; the company's ability to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company's capital costs, which may be affected by delays or cost overruns; costs of production; environmental and other regulations, as the same presently exist or may later be amended; the company's ability to identify, finance and integrate any future acquisitions; and the volatility of the company's stock price.

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
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software sec...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...