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Synergy Reports IP from Horizontal Wells

Source: www.gulfoilandgas.com 10/1/2013, Location: North America

Synergy Resources Corporation a U.S. oil and gas exploration and production company with operations focused in the D-J Basin, provides initial production results for five wells on its Renfroe pad in the Wattenberg Field. The first four wells were placed into production while flowing up 7 inch casing. Final completion was achieved with the installation of production tubing on all five wells. The fifth well on this pad, the Renfroe C-1-36HNZ, had a continuous 24 hour initial production rate of 784 BOEs while flowing up 2 3/8 inch production tubing. The production mix on all five wells consisted of 77% crude oil, 8% NGLs and 15% natural gas.

Drilling at the Leffler location continues to proceed according to schedule. There are six wells planned on the Leffler pad consisting of 5 wells targeting the Niobrara B bench and 1 well targeting the Codell formation. The fourth well on the pad is currently in progress and the fifth well is expected to spud by the end of week. The company believes all of these wells will be completed and reach productive status by the end of December, 2013.

The company now has 41 permits approved and an additional 40 horizontal permits in process for horizontal wells in the Wattenberg Field. Further details on its horizontal drilling program will be provided by the company during its quarterly conference call in early November. On a non-operated basis the company has participated in its first extended reach lateral. The company has a 2.75% working interest in the well, which is located in the Wattenberg Field. Also of note are two non-operated Codell wells in which Synergy has a majority working interest that have averaged over 300 BOED for 90 days with 77% of the production being crude oil.

The company is able to provide the following details regarding the impact of recent flooding on its operations. A total of 20 vertical wells were affected by the flooding. In connection with the flooding, all of the wells were temporarily shut-in. The aggregate production from these wells is less than 5% of the company's daily production. Each location has been examined by company personnel and verified by the State of Colorado regulatory compliance officers that no hydrocarbons were released. Ten of the wells have already been placed back into production. The remaining ten wells will be repaired and placed back into productive status during the next several weeks

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