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Niobrara E&P IDs $130-150MM Capex; Will Drill 52 Net Wells
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Synergy Resources Corporation, in conjunction with its change of fiscal year to December 31, announced its proved reserves as of December 31, 2015 and provided its capital expenditure budget and production guidance for calendar 2016.
2016 Capex and Production 2016 Capex: $130-150 million (the company spent $270 million in 2015) Drill 55 (52 net) wells Production Guidance: 11,000 BOE/day to 12,000 BOE/dayThe Company's 2016 capex for the calendar year is estimated at a range of $130-$150 million, including approximately $30 million for discretionary seismic and land leasing.
The Company expects to drill 55 gross (52 net) wells during the period as detailed below. Based upon the anticipated expenditures, the Company's average daily production for 2016 is estimated to be in a range of…
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