Exploration & Production | Top Story
Synergy Touts 133% Proved Reserve Jump in the Wattenberg
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Synergy Resources Corporation reported that its proved reserve evaluation for the 2014 fiscal year ending 8/31/2014 increased 133% to 32.2mm/BOE compared to 13.8mm/BOE for fiscal year end 8/31/2013 and the PV10 value of the proved reserves increased 126% to $534 million from $236 million.
Proved developed producing and proved developed non-producing (behind pipe) assets accounted for 61% of the value of the reserves while the remaining value is proved undeveloped reserves. The volume of the reserves is split evenly between oil and natural gas which includes the natural gas liquids.
William E. Scaff, Jr. co-CEO of Synergy, commented, "Our accelerated growth in proved reserves is a result of the success of our multi-rig operated horizontal drilling program. We now have over 30 operated…
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