Synergy Resources Corporation Reports Initial Production Rates From Its Pratt Lease

DENVER, May 9, 2011 /PRNewswire/ -- Synergy Resources Corporation (OTCBB: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin, today gives an update on the company's 2011 drilling program and the results of the initial 24 hour flow test on the first six wells.

The company is currently drilling well number 13 of the 14 Pratt wells and final drilling operations should be completed by mid May. Of the 12 wells drilled, six wells have been completed and are in production and the other six wells are in the completion stage. Eight wells were targeted to the J-sand – Codell – Niobrara formations and four wells to the Codell – Niobrara formation. Synergy has 100% working interest in 10 of the wells and 50% working interest in the other 2 wells with Noble Energy Inc. having the remaining 50% working interest. The production results of the initial 6 wells are as follows:

Ed Holloway, CEO of Synergy Resources Corporation, commented, "We are pleased with the initial production of our 'Pratt Lease,' in particular our Pratt 33-29D and 43-29D wells.  Although at first glance, the results of the J-Sand production seem modest, the initial production rates were consistent with our previous J-Sand wells.  We will continue to produce in the J-Sand formation until the incremental cost of drilling and completion are paid back, at which point we will move up-pipe to produce from the Codell formation.  By producing the J-Sand formation initially, we are able to book the reserves from this formation.  

Our drilling operation continues to go smoothly, and we are excited to announce the results of these producing wells. We look forward to keeping our shareholders apprised of our progress as we continue to leverage our experience and expertise in the Wattenberg Field and the D-J Basin."

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 approximately 127,000 gross acres (112,000 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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED