DENVER, Feb. 28, 2011 /PRNewswire/ -- Synergy Resources Corporation (OTC Bulletin Board: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin, today announced that it has closed on outstanding letters of intent to acquire 80,558 gross lease acres (78,738 net) in the Denver-Julesburg Basin. All leases are a 10 year paid up term. The lease acreage all lies within the Eastern portion of the D-J Basin Niobrara play.
Synergy also acquired 5,724 acres in Larimer, Park and Yuma Counties at the February 17, 2011 Colorado state oil and gas auction. Synergy has a gross acreage position in the D-J Basin of 122,833 gross (113,021 net) acres, making Synergy one of the larger D-J Basin acreage holders.
Ed Holloway, CEO of Synergy, stated, "We are thrilled to announce the closing of these lease acquisitions. The ability to assemble over 80,000 gross acres is quite an accomplishment given the current competitive environment in the D-J Basin where bonuses for leases are going for nearly $2,000 per acre. We are excited about the potential of the leases and look forward to continue leveraging our relationships and expertise in the D-J Basin."
About Synergy Resources Corporation
Synergy Resources Corporation is a domestic oil and natural gas exploration and production company. Synergy's core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg field in the D-J Basin ranks as the 7th largest field in the U.S. in terms of proved gas reserves and 9th in production. Synergy continues to increase its acreage position in the Denver – Julesburg Basin with 122,833 gross acres and 113,021 net acres under lease. Synergy's corporate offices are located in Platteville, Colorado. More company news and information is available at www.SYRGinfo.com.
This press release may contain forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
SOURCE Synergy Resources Corporation