Synergy Resources Corp. (SYRG) appointed Lynn Peterson as president, the company said May 28. Peterson will work with Ed Holloway and William Scaff, who are co-CEOs, the company added.

Synergy is evaluating acquisition opportunities in the Wattenberg Field and the Northeast Wattenberg Extension area.

Peterson co-founded Kodiak Oil and Gas Corp., which merged with Whiting Petroleum Corp. (WLL) in 2014. Peterson was also its president and CEO, Synergy said.

Scaff said Synergy has been positioning for an energy industry “reset” for the past nine months, lowering costs. Synergy has a strong balance sheet and low credit interest rate, he added.

Holloway said he and Peterson attended the University of Colorado, and that Peterson helped build Kodiak into a multibillion-dollar company.

"I am very pleased to be joining the Synergy team and working with Ed and Bill, as well as the entire Synergy staff. Synergy offers a unique opportunity with the strength of its balance sheet, and significant acreage position across the Greater Wattenberg Area. The Wattenberg continues to deliver some of the best economics under current industry conditions. The combination of all of these attributes should provide us the opportunity to grow the company and create additional shareholder value during the coming years," Peterson said.

Platteville, Colo.-based Synergy Resources Corp. operates in the Denver-Julesburg Basin.