Synergy Signs DJ Basin Drilling Contract with Ensign
Synergy Resources has entered into an agreement with Ensign United States Drilling on February 26, 2010, to drill 20+ wells in the Wattenberg field of the Denver-Julesburg (DJ) Basin in Weld County, Colorado.
The wells will be drilled to depths ranging between 7,600 and 8,500 feet sufficient to test the Niobrara, Codell and J Sand formations. Synergy estimates that the drilling will cost between $125,000 to $180,000 per well depending on depth. Synergy will be the operator for all wells drilled.
The first well, the SRC - TK 36AD commenced drilling on March 4th and reached total depth of 7,406 feet on March 10, 2010. The well was logged and exhibited strong oil and gas shows in the Codell and Niobrara formations. The Codell showed 17 feet of pay with 14-16% porosity and the B bench of the Niobrara showed 29 feet of pay with 12% porosity. Production casing will be set. Synergy holds a 100% working interest with an 82.5% net revenue interest in the TK lease on which 5 wells will be drilled.
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