Synergy Resources Corporation Completes First Phase of 2011 Drilling Program
DENVER, March 15, 2011 /PRNewswire/ — Synergy Resources Corporation (OTC Bulletin Board: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin, today announced the results of drilling 6 wells on its Pratt Lease.
List of Drilled Wells Drilled Working Net Revenue Well Name Formation Interest Interest --------- --------- -------- ----------- SRC Pratt 29TD J-Sand *50% 41% SRC Pratt 29XD J-Sand *50% 41% SRC Pratt 29D J-Sand 100% 82% SRC Pratt 33-29D Codell 100% 82% SRC Pratt 34-29D Codell 100% 82% SRC Pratt 43-29D Codell 100% 82%
* Noble Energy, Inc. has 50% working interest in the SRC Pratt 29TD and the SRC Pratt 29XD
Technical analysis revealed that the Codell and Niobrara formations are present in all six wells and the J-Sand formation is present in three of the wells. The log results are as follows:
- J-Sand wells range from 13-16% porosity and average 20 feet of pay
- Codell wells range from 14-16% porosity and range from 18-22 feet of pay
- Niobrara A bench range from 11-14% porosity and range from 20-24 feet of pay
- Niobrara B bench range from 12-14% porosity and range from 20-32 feet of pay
- Niobrara C bench range from 9-11% porosity and range from 12-16 feet of pay
William Scaff, Vice President of Synergy stated, “The 6 Pratt wells are scheduled to be completed beginning April 3rd and will be placed in production within the next 45 days. Due to the positive results, we have commenced drilling an additional 8 wells on this lease. We are very encouraged and look forward to the successful completion of these wells. The Pratt lease is in the core area of operations in the Wattenberg field and Synergy is the operator of the wells.”
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 the 7th largest field in the U.S. in terms of proved gas reserves and 9th in production. Synergy continues to increase its acreage position in the Denver – Julesburg Basin with 122,833 gross acres and approximately 113,000 net acres under lease. Synergy’s corporate offices are located in Platteville, Colorado. 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.
SOURCE Synergy Resources Corporation