Synergy Sees 40% Upswing in DJ Basin Reserves
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Synergy Resources Corporation reported that its third party reserve engineer, Ryder Scott Company, has evaluated the company's mid-year reserves for the period ending February 28, 2013 and reported a PV10 value of $208 million on proved reserves of 13.63 million barrels of oil equivalent (BOE) versus a PV10 value of $148 million and 10.66 million BOE for the period ending August 31st, 2012.
The largest increase in the reserves was in the Proved Developed Producing (PDP) category which rose 60%. There was an increase in Proved Developed Not Producing (PDNP) reserves of 33% and an increase in Proved Undeveloped (PUD) reserves of 9%.
Monty Jennings, CFO of Synergy Resources, commented, "We are pleased to demonstrate continuing growth in our proved reserve base. The large increase in PDP…
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