Synergy Sells Leases in Denver-Julesburg Basin
Synergy has sold certain mineral interests in 2,400 gross acres (1,355 net) in the Denver-Julesburg Basin for a total purchase price of $3,386,350 to an independent oil and natural gas company.
The leases are undeveloped and are located in Weld and Morgan Counties, Colorado. Use of proceeds from the sale will be directed toward further developing the Company's core oil and liquid-rich natural gas properties in the DJ-Basin's Wattenberg Field.
William Scaff, Vice President of Synergy said, "As a relatively small DJ-Basin player, we are continuing to seek new ways to maintain our strategic assets, expand our drilling program and maintain a strong balance sheet. The sale of select undeveloped acreage in Weld and Morgan Counties accomplishes these objectives. We divested a very small portion of our acreage position for proceeds of $3,386,350 and retained an overriding royalty interest on these properties. At the same time, we continue our disciplined approach towards the growth of the company."