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March 7, 2013
14:05 EDTSYRGSynergy Resources enters into joint venture in Wattenburg Extension
Synergy Resources entered into a joint venture agreement with Vecta Oil & Gas on March 1 to jointly develop oil and gas leases covering lands in Morgan & Weld counties, Colorado. Synergy and Vecta will each contribute acreage to the JV. The JV will delineate two separate areas of mutual interest. In the first area covering 45,661 net acres, Synergy will have a 35% working interest and the second area covering 2,983 net acres, Synergy will have a 65% working interest. Synergy will be the designated operator of both areas. Synergy will pay to Vecta a leasehold reimbursement fee consisting of a cash payment of $2.84M and the issuance to Vecta of 100,000 shares of its restricted common stock having a value, for purposes of the agreement, of approximately $640,000. Synergy's net acreage position in the Wattenberg Extension Area has increased by 36% to approximately 19,400 acres.
News For SYRG From The Last 14 Days
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December 18, 2014
09:22 EDTSYRGSynergy Resources sees 2015 production up 100% YoY
Synergy Resources' fiscal 2015 capital forecast originally anticipated a maximum of $200M for 40 net operated and non-operated wells to be drilled and completed in the Wattenberg Field during fiscal 2015. The revised budget estimates $180M will be spent on drilling and completing a total of 48 net operated and non-operated wells and includes the $75M cash payment for the recently closed Wattenberg Field acquisition and incorporates changes in the completion design for future wells. Excluding the acquisition capital, the company anticipates completing 20% more net wells for less capital than originally forecasted. With these anticipated lower costs, these wells should pay back in 10-30 months and generate an IRR of 25%-120%. Executing this revised program should enable the company's FY15 production growth to exceed 100%.
December 8, 2014
07:40 EDTSYRGMany E&P target prices lowered at SunTrust
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