Synergy Resources Closes on Asset Purchase in Wattenberg Field
PLATTEVILLE, CO -- (Marketwired) -- 11/13/13 -- On November 12,
2013 Synergy Resources Corporation (NYSE MKT: SYRG) (Synergy), a U.S.
oil and gas exploration and production company with operations
focused in the D-J Basin finalized the purchase of assets in the
Wattenberg Field from a privately held oil and gas company that
include 21 producing oil and gas wells and leases covering 800 net
Synergy paid $20.5 million comprised of approximately $17.8 million
cash and $2.7 million in Synergy's common stock. The assets have been
purchased with an effective date of July 1, 2013.
The 21 producing vertical wells collectively produce approximately
300 BOE per day net to Synergy.
William Scaff, Executive Vice President, of Synergy commented,
"Closing on the purchase of these assets demonstrates our continued
commitment to expanding our asset base in the Wattenberg Field. These
assets fit well into our portfolio and enhance our horizontal
development plan going forward."
About Synergy Resources Corporation
Synergy is a Colorado-based independent exploration and production
company focused primarily on the development of its assets in the
Wattenberg Field in the Denver-Julesburg Basin ("D-J Basin") in Weld
County, Colorado. In addition to the Company's Wattenberg Field
acreage position, it has also assembled a large leasehold position
directly to the northeast of the Wattenberg Field (the "Northern
Extension Area"), which Synergy believes to be prospective for the
Niobrara and Greenhorn formations.
This press release contains forward-looking statements regarding
future events and our future results that are subject to the safe
harbors created under the Securities Act of 1933 (the "Securities
Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
All statements other than statements of historical facts included in
this press release regarding our financial position, business
strategy, plans and objectives of management for future operations
and industry conditions, are forward-looking statements. When used in
this press release, forward-looking statements are generally
accompanied by terms or phrases such as "estimate," "project,"
"predict," "believe," "expect," "anticipate," "target," "plan,"
"intend," "seek," "goal," "will," "should," "may" or other words and
similar expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about, actual or
potential future sales, market size, collaborations, and trends or
operating results also constitute forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties,
and important factors (many of which are beyond the Company's
control) that could cause actual results to differ materially from
those set forth in the forward-looking statements, including the
following: general economic or industry conditions, nationally and/or
in the communities in which Synergy conducts business, changes in the
interest rate environment, legislation or regulatory requirements,
conditions of the securities markets, the ability to raise capital,
changes in accounting principles, policies or guidelines, financial
or political instability, acts of war or terrorism, as well as other
economic, competitive, governmental, regulatory and technical factors
affecting the Company's operations.
These forward-looking statements are based on current expectations
and assumptions about future events. While management considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory
and other risks, contingencies and uncertainties, most of which are
difficult to predict and many of which are beyond Synergy's control.
Investor Relations Contact:
Synergy Resources Corporation
Tel (303) 840-8166
Synergy Resources Corporation
Tel (970) 737-1073
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