Exploration & Production
Synergy's HZ Success Bolsters Mid-Year Proved Reserves
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Synergy Resources Corporation has reported that its mid-year proved reserve evaluation for the six months ending 2/28/2014 increased to 19.7mm/BOE compared to 13.8mm/BOE for the fiscal year end 8/31/2013 and the PV10 value of the proved reserves increased to $326 million from $236 million.
Proved developed producing and proved developed non-producing (behind pipe) assets accounted for two thirds of the value of the reserves while the remaining third of the value is proved undeveloped reserves.
William E. Scaff, Jr. co-CEO of Synergy commented, "The increase in our reserves is largely a result of the success of our operated horizontal drilling program with our first 11 horizontal wells being included as proved developed producing assets. Our plans call for another 20-25 horizontal wells to…
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