PLATTEVILLE, Colo., April 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 announced that it is participating in its second horizontal well. Synergy Resources owns a 28.75% working interest in the Leffler #24-1H well with PDC Energy being the operator.
Located in the Wattenberg Field in SWSW of Section 1, Township 6 North, Range 66 West, Weld County, CO, Leffler #24-1H was spud on March 24, 2012 with a 5,068' lateral well bore on 320 acre spacing. Management anticipates that a 16 stage frac will be used in the completion stage.
Ed Holloway, Chief Executive Officer and President of Synergy Resources, said, "In fiscal 2011, we announced our commitment to engage in a horizontal drilling program and expect to receive six to ten more Authorization for Expenditures (AFE) on horizontal wells in the near future. Our participation with PDC Energy in the Leffler #24-1H marks our second horizontal well and further strengthens our commitment to this program. Our first horizontal well, the WAKE E24-77HN well, was drilled with Noble Energy earlier this year. We are currently waiting on production results on the WAKE E24-77HN well and will provide periodic updates on this well, and all horizontal wells, as they become available."
Holloway continued, "We are very pleased with the progress of our horizontal drilling program, which supplements the success of our vertical drilling program in the Wattenberg. Under our current year drilling program, we have drilled 35 wells with a 100% success rate."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.