Synergy Resources Corp. (NYSE: SYRG) completed five horizontal wells on its Renfroe pad in the Wattenberg field.
"Four of the five wells on the Renfroe pad are in the early stages of flow back and are hooked up to production facilities. The fifth well is in final stages of completion. The five horizontal wells on the Renfroe pad are comprised of three Niobrara B bench and two Codell wells. We plan on releasing initial production rates on the wells at the end of September," Craig Rasmuson, Synergy's vice president of operations, said in the release.
"We are continuing our horizontal drilling program with the addition of six wells on the Leffler pad. We have drilled two wells into the B bench of the Niobrara formation on the Leffler pad and anticipate 20 stages of completion on each well. We are currently drilling the third well on the pad, also a Niobrara B well, and anticipate that the conclusion of the drilling phase on the Leffler pad will occur within the next 60 days. We plan on having these wells completed and producing by Dec. 31. The plan on the Leffler pad calls for five Niobrara B bench wells and one Codell well. We have expanded the number of horizontal well permits and now have 34 permits approved and another 41 permits in process," Rasmuson said in the release.
Synergy has grown its footprint in the Greater Wattenberg Area and now has nearly 20,000 net acres in the region.
"We are executing on our fiscal 2014 capital expenditure budget of $157 million, which is focused on leasing, acquiring assets and horizontal development in the Wattenberg field," Ed Holloway, Synergy president and CEO, said in the release.
Synergy Resources Corp. engages in the acquisition, exploitation, exploration, development, and production of oil and natural gas properties primarily located in northeast Colorado. The company is based in Platteville, Colo.