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EXHIBIT 99
SYNERGY RESOURCES CONSOLIDATES POSITION IN NE WATTENBERG GREENHORN PROSPECT WITH
ADDITIONAL LEASEHOLD
PLATTEVILLE, CO -- (Marketwired) -- 05/22/15 -- Synergy Resources Corporation
(NYSE MKT: SYRG) ("Synergy") has agreed to purchase the remaining 35% working
interest in the DJ Basin Greenhorn (AMI) owned by its non-operating partner,
Foreland Investments LP. The transaction is scheduled to close on May 28th,
subject to customary closing conditions. This acquisition gives Synergy a 100%
working interest in the AMI and increases its acreage position in the AMI by
15,789 net acres. Upon closing Synergy will have approximately 93,000 net acres
in the Greater Wattenberg, including 36,643 net acres in the Core Wattenberg and
over 56,000 net acres in the NE Wattenberg Extension Area. The purchase price of
the conveyed interests is $250 per net acre, payable in 323,745 restricted
shares of Synergy's common stock, equating to approximately $3.95 million based
on $12.19 price per share. William Scaff Jr., co-CEO, of Synergy commented,
"Over the past twelve months we have been pursuing a higher working interest
percentage in all of our operated assets both in the core of the Wattenberg
Field and in the Extension Area. This acquisition in the AMI is consistent with
that objective. We are pleased that our non-operating partner has chosen to
receive payment in the form of restricted shares of our common stock, which we
view as a vote of confidence in the Greenhorn prospect as they will be an equity
partner going forward. We are preparing to spud the first well targeting the
Greenhorn formation, the Conrad 44-1GHZ well. Ensign Rig #131 is on location and
is currently rigging up."
ABOUT SYNERGY RESOURCES CORPORATION
Synergy Resources Corporation is a domestic oil and natural gas exploration
and production company. Synergy's core area of operations is in the
Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and
Nebraska. The Wattenberg field in the D-J Basin ranks as one of the most
productive fields in the U.S. The company's corporate offices are located in
Platteville, Colorado.
SAFE HARBOR
This press release contains forward-looking statements regarding future events
and our future results that are subject to the safe harbors created under the
Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of
1934 (the "Exchange Act"). All statements other than statements of historical
facts included in this press release regarding our financial position, business
strategy, plans and objectives of management for future operations and industry
conditions, and are forward-looking statements. When used in this press release,
forward-looking statements are generally accompanied by terms or phrases such as
"estimate," "project," "predict," "believe," "expect," "anticipate," "target,"
"plan," "intend," "seek," "goal," "will," "should," "may" or other words and
similar expressions that convey the uncertainty of future events or outcomes.
Items contemplating, or making assumptions about, actual or potential future
sales, market size, collaborations, and trends or operating results also
constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and
important factors (many of which are beyond the Company's control) that could
cause actual results to differ materially from those set forth in the
forward-looking statements, including the following: general economic or
industry conditions, nationally and/or in the communities in which Synergy
conducts business, changes in the interest rate environment, legislation or
regulatory requirements, conditions of the securities markets, the ability to
raise capital, changes in accounting principles, policies or guidelines,
financial or political instability, acts of war or terrorism, as well as other
economic, competitive, governmental, regulatory and technical factors affecting
the Company's operations.
These forward-looking statements are based on current expectations and
assumptions about future events. While management considers these expectations
and assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of which are
beyond Synergy's control.
CONTACT:
Investor Relations Contact:
Jon Kruljac
Synergy Resources Corporation
jkruljac@syrginfo.com
Tel (303) 840-8166
Company Contact:
Rhonda Sandquist
Synergy Resources Corporation
rsandquist@syrginfo.com
Tel (970) 737-1073
Source: Synergy Resources Corporatio