Synergy Resources Unveils Winter Drilling Program in Colorado
Synergy Resources has announced plans for its 2009/2010 winter drilling program. This program, scheduled to commence in January 2009, consists of drilling a planned 24 wells in the Wattenberg Field in the D-J Basin. All 24 wells have been permitted by the State of Colorado. The commencement of the drilling program is subject to the success of Synergy's funding from the private sale of securities and/or joint venture partners.
In September 2009 Synergy began a seven well drilling program with the Meyer #8 well being drilled to a total depth of 7,580 feet. The well exhibited four strong pay zones with the Codell and Niobrara formations the primary target. Synergy continued to drill the next six wells with similar success. Three of the seven wells also showed a fifth pay zone in the J Sand formation at approximately 8,100 feet. The seven well drilling program was completed in October 2009 with production casing set on all seven wells. These wells will be stimulated and placed in production in December 2009. Synergy is the operator for the wells and has a working interest varying from 62.5% to 31.25% (47% to 23% net revenue interest) in the wells.
As of the end of November 2009, Synergy also drilled an additional 4 wells on the Wiedeman prospect. Three of the wells exhibited four strong pay zones with the Codell and Niobrara formations remaining as the primary target. One of the three wells has five pay zones with the J Sand formation at 7,552 Feet. The fourth well in this prospect has also been drilled to the J Sand and will be logged the first week in December by Halliburton. These wells will also be stimulated and placed in production in December 2009 and January 2010. Synergy is the operator of these additional 4 wells of which they have a 62.5% working interest with a 46.875% net revenue interest.
Synergy Chairman Ed Holloway stated, "We believe that Synergy has assembled a valuable collection of oil and gas properties and is well positioned to take advantage of many of the compelling opportunities that exist in the D-J Basin."
As of November 2009, Synergy had interests in oil and gas leases covering 6,670 net acres.