Synergy 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:
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.
Synergy continues to grow its acreage, the majority of which is located in the DJ-Basin. As of August 12, 2011, Synergy Resources has approximately 170,000 gross acres and 149,000 net acres under lease.
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