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News Breaks
August 15, 2014
06:02 EDTSYRGSynergy Resources announces production update
Beginning with the Union pad, Synergy began drilling well bores 220 feet apart which is a more densely spaced drilling pattern and allows for up to 24 wells per 640 acres. This tighter spacing provides Synergy with a potential inventory of over 1,000 wells on its 27,386 net acres in the Wattenberg. Horizontal drilling operations and completions are progressing according to plan. The four Kelly Farms wells are now in early production. The six Eberle wells, which include two mid reach 7,000 foot extended lateral wells with 45-47 frac stages each, are in the final completion stage and are flowing back or in initial production. Synergy's Wattenberg Field development continues with Rig #131 drilling the third well on the Kiehn pad where the company plans on a total of eight wells comprised of 4 Codell and 4 Niobrara C bench wells. Rig #134 is drilling the third well on the Weld 152 pad where the company plans on drilling six wells comprised of 3 Codell, 2 Niobrara B bench and 1 Niobrara C bench well. The third rig in Synergy's operated program, Rig #138, is scheduled to move to the Wiedeman pad later this month and begin drilling eight wells in September. The Wiedeman pad will consist of 4 Codell and 4 Niobrara wells. Four of the Wiedeman wells are planned to be 9,000 foot extended reach lateral wells and the other four will be standard length lateral wells of 4,000 feet. Depending on contribution from its non-operated horizontal wells and the performance of the Kelly Farms and Eberle wells, Synergy believes production for its fiscal fourth quarter ending August 31, 2014 will range between 5,800-6,200 BOED. With this new flush production coming on line from the Kelly Farms and Eberle pads, Synergy believes it will exit its fiscal year end at a production rate of between 8,000-9,500 BOED.
News For SYRG From The Last 14 Days
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January 20, 2015
17:08 EDTSYRGSynergy Resources provides operational update
Synergy Resources reports operations at the company's Weis pad were successfully completed on January 17. This brings the total to twenty nine wells that have been drilled but not yet completed. The company determined that with the recent decline in drilling costs and the recently revised completion design, it would be economic to move forward with drilling its Cannon prospect. Importantly, the company maintains a 100% working interest in the Cannon prospect and the pad is located in the western area of the company's acreage position where line pressures have been lower, which is conducive to more efficient production. The company anticipates drilling operations on the Cannon pad will be concluded by late May or early June. The timing of the completions for the eleven Cannon wells, and the other aforementioned twenty nine wells, remains at the company's discretion pending market conditions. This timing may impact total D&C costs as the company continues to work to negotiate lower completion costs. The importance of pad location has increased over the last several months as midstream infrastructure challenges and winter weather have continued to impact production. Weather has impacted production sporadically during the fiscal second quarter as the area experienced several severe cold snaps, most notably in late December and early January. More significantly, midstream processing constraints in the northern area of our acreage have continued to restrict production. High line pressures have significantly impacted our vertical wells resulting in a reduction in the company's daily vertical production over the past several weeks. Additionally, the recently completed Weld 152 and Kelly Farms pads in the northern portion of the Wattenberg Field have experienced line pressures over 400 psi and the horizontal wells are only producing intermittently, thus reducing current daily horizontal production by 700-900 BOE.
17:06 EDTSYRGSynergy Resources announces day rate drilling contract with Ensign Drilling
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17:04 EDTSYRGSynergy Resources Q2 production running below expectations
Synergy Resources Q2 production is also running below expectations due to a delay in completions by other operators in which Synergy has a non-operated working interest. These new wells were estimated to contribute between 200-300 BOED net to Synergy's production for the quarter and now are scheduled for initial production to begin in late February or early March. If current midstream conditions and delays in non-operated well completions persist, the company anticipates its Q2 average daily production will range between 7,000-7,300 BOE.
January 15, 2015
09:10 EDTSYRGSynergy Resources price target raised to $17 from $15 at SunTrust
SunTrust increased its price target on Synergy after meeting with the company's management. The firm is now more optimistic that the company can reduce its costs further, as it thinks the company is "laser-focused" on securing concessions from its service providers. The firm keeps a Buy rating on the shares.
January 14, 2015
07:41 EDTSYRGGlobal Hunter Securities to hold a conference
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