Synergy Resources is scheduled to participate with a consortium of companies in a new oil and gas well. Participating with Synergy in this well are Kerr-McGee Oil & Gas Onshore LP and Petroleum Exploration & Management, LLC. The well is located in the Wattenberg Field – Section 16, Township 4 North, Range 67 West in Weld County Colorado.
Synergy has an agreement whereby it will own a 37.5% net working interest in the well, with a "net revenue" interest to Synergy of 28.125%. Kerr-McGee, owned by Anadarko Petroleum, will be the operator of the well.
The well is scheduled to be drilled the week of November 24, 2008. This directional well will be drilled to a total depth of approximately 7,500 feet with the Codell formation as the primary target.
A drilling schedule with Ensign Drilling Company has been secured to drill five wells on the State lease located in the D-J Basin in Weld County, Colorado. Subject to obtaining sufficient funding, Synergy Resources is scheduled to participate with a working interest of 75%.
Additionally, Synergy announced that it is in the process of filing its application to become an oil and gas operator in the state of Colorado. The Company anticipates that it will receive this approval during December 2008. This would allow Synergy to operate its own wells commencing in January 2009.
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