DENVER, Aug. 17, 2011 /PRNewswire/ -- Synergy Resources Corporation (NYSE Amex: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (the "DJ-Basin"), today provided an operating update on its previously announced Pratt drilling program and has also begun drilling operations on the DeClar Oil & Gas farm-in acreage in the Wattenberg Field.
Synergy has successfully completed and reported initial production rates on three of its Pratt wells. Initial production rates on the three wells include the following:
- The Pratt 24-29D Codell formation had an initial production rate that totaled 129 barrels of oil, 374 thousand cubic feet of natural gas and 66 barrels of water in the 24 hour period.
- The Pratt 14-29D Codell formation had an initial production rate of 136 barrels of oil, 439 thousand cubic feet of natural gas and 66 barrels of water in the initial 24-hour period.
- Pratt 13-29D J Sand formation produced 238 thousand cubic feet of natural gas in the initial 11 hour period.
Craig Rasmuson, Head of Field Operations for Synergy Resources, said, "These initial results, combined with our previous successes in the play, are encouraging. Management believes that the Company's inventory of low-cost, prospects will bode well for the Company. We anticipate placing the remaining five wells onto the sales pipeline before the month's end. Regarding Pratt 13-29D, we will continue to produce in the J-Sand formation until we capture the incremental drilling costs, at which time, we'll move up-pipe to produce the Codell formation and book the subsequent reserves."
On the DeClar Oil & Gas farm-in acreage, announced earlier this month, the company has drilled two wells and is presently drilling the third well of its six (directional) wells to be drilled. The wells are targeting the J Sand, Codell and Niobrara Formations in the oily and liquid-rich region of the Wattenberg Field. All six wells are on schedule to be drilled by mid-September.