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March 5, 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 provided an update on the Company's recent drilling activities. Since commencing the 2012 Program with Ensign Rig #33 on
August 1, 2011, the Company has drilled 31 wells, of which 23 have been completed and 8 are in the completion phase. Synergy plans to drill 16 more wells before fiscal year-end
Since our last operations update on
January 12, 2012, the following wells have been drilled or completed:
On the Haythorn lease, Synergy drilled five wells which are expected to ultimately produce from the Codell and Niobrara formations. The initial completion for the wells was in the Codell zone and the Niobrara zone was left behind pipe for future production. The five wells produced a total of 9,403 barrels of oil equivalent (BOE) during the first 30 days of production. Haythorn is located in the Northeast Quarter of Section 36, Township 7 North-Range 66 West. The Company owns a 100% working interest (WI) and an 82% net revenue interest (NRI) in the project.
The Company drilled four wells on the Leffler prospect to test the Codell and Niobrara formations. The prospect is located in the Southwest Quarter of Section 26, Township 7 North-Range 66 West. The four Leffler wells, all of which were initially completed in the Codell formation, produced a total of 5,352 BOE during the initial 30 days of production. Synergy owns a 100% WI and an 81% NRI in the project.
In February, Synergy successfully completed three wells on the Cletcher prospect which is located in the Northeast Quarter of Section 21, Township 4 North-Range 68 West. All 3 wells were drilled to a depth sufficient to test the Niobrara, Codell, and J-Sand. The initial completion activities targeted a different zone for each of the 3 wells, one in the J-Sand, one in the Codell, and one in the Niobrara. The wells have been in productive status for approximately one week, and the initial production data is being compiled. Synergy owns a 100% WI and an 83% NRI in the project.