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Synergy Sees 95% Niobrara Production Growth; Outlines 2014 CapEx
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Synergy Resources Corporation reported its fiscal fourth quarter and year end results for the period ended August 31, 2013.
Operational Highlights: In the fourth quarter, net oil and natural gas production increased 95% to 228,042 barrels of oil equivalent (BOE), as compared to the same year-ago quarter, and averaged 2,479 BOE per day versus an average of 1,270 BOE in the year ago quarter. Brought 27 new operated vertical wells on-line during the year. Participated in 21 non-operated horizontal wells during the year. Increased estimated proved reserves to 7 million barrels of oil and 40.7 billion cubic feet of gas, or combined total BOE of 13.8 million. The estimated present value of these reserves before tax and discounted at 10% is $236 million. Total BOE increased 30%, and present…- ✓ Full news archive — U.S., Canada & international coverage
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