Synergy Closes $20 Million Aquisition In Wattenberg Field

Purchased assets in the Wattenberg covering 800 net acres producing 300 BOE/d.

Synergy Resources Corp. (NYSE: SYRG) finalized on Nov. 12 the purchase of assets in the Wattenberg Field covering 800 net acres from a privately held oil and gas company for $20.5 million.

The purchase price is comprised of $17.8 million cash and $2.7 million in Synergy's common stock. The assets have been purchased with an effective date of July 1.

The 21 producing vertical wells collectively produce some 300 barrels of oil equivalent per day (BOE/d) net to Synergy.

"Closing on the purchase of these assets demonstrates our continued commitment to expanding our asset base in the Wattenberg Field. These assets fit well into our portfolio and enhance our horizontal development plan going forward," William Scaff, executive vice president, said in the release.

Synergy Resources Corp. is an independent energy company engaged in the acquisition, exploitation, exploration, development, and production of oil and natural gas properties primarily located in northeast Colorado.