SOURCE: Synergy Resources Corporation
PLATTEVILLE, CO--(Marketwired - April 24, 2014) - Synergy Resources Corporation (NYSE MKT: SYRG), a U.S. oil and gas exploration and production company focused in the Denver-Julesburg Basin, announces that its mid-year proved reserve evaluation for the six months ending 2/28/2014 increased to 19.7mm/BOE compared to 13.8mm/BOE for the fiscal year end 8/31/2013 and the PV10 value of the proved reserves increased to $326 million from $236 million. Proved developed producing and proved developed non-producing (behind pipe) assets accounted for two thirds of the value of the reserves while the remaining third of the value is proved undeveloped reserves.
William E. Scaff, Jr. co-CEO of Synergy commented, "The increase in our reserves is largely a result of the success of our operated horizontal drilling program with our first 11 horizontal wells being included as proved developed producing assets. Our plans call for another 20-25 horizontal wells to be included in the reserve report for our fiscal year ending August 31st, 2014. We continue to work with Ryder Scott Company, our third party reserve engineers, to account for increased density of horizontal Niobrara and Codell wells in the Wattenberg Field."
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.
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