DENVER, March 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, announced today that it has received payment of $4,679,078 from the sale of approximately 2,384 net acres to an independent oil and gas company. The agreement was originally announced on January 14th, and in conjunction with the down payment of $565,439 represents a purchase price of $5,244,517. The 2,384 undeveloped net acres are in Weld and Morgan Counties in Colorado and Laramie County in Wyoming.
Ed Holloway, CEO of Synergy Resources Corporation, stated, “We are pleased to announce the closing of this transaction. The added additional working capital from this transaction will be invested in our core area of the 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 continues to increase its acreage position in the Denver – Julesburg Basin with 119,331 gross acres and 110,616 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