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Synergy to Add Second Rig, Extend Laterals at Upcoming Niobrara Wells
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Synergy Resources Corporation reported its first quarter results for the period ended March 31, 2016.
Key Points: The Company continues to operate one drilling rig and, as noted below, the rig is currently on the Company's Fagerberg Pad. Later in the year, Synergy plans to add an additional rig at its Evans Pad later this year. 31 wells planned for remainder of 2016 - (18 long lateral wells / 4 extended lateral wells / 9 mid-length lateral wells) First Quarter 2016 Financial Highlights: Revenues were $18.3 million Net Loss was $51.4 million or $(0.42) per diluted share in the quarter which includes a full cost ceiling impairment charge of $45.6 million or $(0.37) per diluted share Adjusted EBITDA of $10.2 million (see further discussion regarding the presentation of adjusted EBITDA in…- ✓ Full news archive — U.S., Canada & international coverage
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