PLATTEVILLE, Colo., Feb. 8, 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 it is participating in its first horizontal Niobrara well with Noble Energy (NYSE: NBL). Synergy Resources owns a 25% working interest in the WAKE E-24-77HN that was successfully spud on January 30, 2012.
Located in Weld County, CO, in the west half of Section 24, Township 6 North, Range 65 West, the WAKE E24-77HN was spud with a planned 4800 ft. horizontal lateral on 320 acre spacing and is targeting the Niobrara "B" Bench. Management anticipates that a 19 stage frac will be used if the working interest owners decide to complete the well. Ed Holloway, Chief Executive Officer and President of Synergy Resources, said, "Synergy's participation in its first horizontal well, the WAKE E24-77HN well, marks a significant milestone for our Company. We will be participating in additional horizontal wells in the Wattenberg Field in fiscal 2012 with other notable operators. We look forward to applying the acquired knowledge from non–operated participation in these wells to the development of Synergy's future operated horizontal drilling program."
Holloway concluded, "While our working interest in WAKE E24-77HN is a significant achievement for Synergy Resources, it in no way slows our highly successful and aggressive vertical drilling program in the Wattenberg Field. We look forward to updating the investment community in the near future on both our vertical and horizontal drilling programs."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.