PLATTEVILLE, Colo., March 15, 2012 /PRNewswire/ -- Synergy Resources Corporation (NYSE Amex: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (the "D-J Basin"), today announced that, on March 14, 2012, it closed the previously announced acquisition of mineral interests from DeClar Oil and Gas, Inc. ("DeClar") and Wolf Point Exploration, LLC ("Wolf Point").
The mineral interests acquired by Synergy cover approximately 17,000 gross acres (8,875 net acres) in Weld, Morgan and Larimer Counties, Colorado. The Company acquired the assets for total consideration of $2,662,634 in the form of $2,200,000 in cash and 155,770 shares of Synergy's common stock. Cost per net acre for the properties was $300 per acre.
The DeClar and Wolf Point properties have the potential for production from multiple pay zones, including the Niobrara, Greenhorn, J-Sand and D-Sand formations. This area is especially prospective for the horizontal Greenhorn & Niobrara zones which will be the Company's focus.
William Scaff, Vice President and Treasurer of Synergy said, "Our acquisition of the DeClar and Wolf Point properties provides us with additional drilling opportunities and strong visible growth as we continue to execute on our 2012 and 2013 drilling program." Scaff continued, "The added acreage and drilling inventory of both vertical and horizontal drilling opportunities in this area acts as a strong complement to our existing position of successfully drilled wells in the greater Wattenberg Field."
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'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