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Synergy Resources Plans $300 Million 2016 Budget; Shut-In Wells
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Synergy Resources Corporation has set a range for its fiscal year 2016 capital expenditures of $250-$300 million and provided an update on its drilling and completion activities in the Wattenberg Field.
William Scaff Jr., co-CEO of Synergy commented, "With the significant progress we have made reducing drilling and completion costs and increasing operational efficiencies, we are confident our fiscal 2016 capital program, beginning September 1st, will enable Synergy to continue to grow production and generate excellent returns for our shareholders. Furthermore, we anticipate 2016's capital program will be fully funded with our existing cash on hand, internally generated operating cash flow and the remaining liquidity on the borrowing base of our credit facility. Our 2016 capital will be…
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