2011-04-01-2011-01-14-2011-03-28

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$5.2MM
Description

Bought 2,384 net acres in the Denver-Julesburg Basin in Weld and Morgan counties, CO & Laramie County, WY.

Synergy Resources Corp., Denver, (OTCBB: SYRG) has received payment of approximately $4.7 million from the sale of approximately 2,384 net acres in the Denver-Julesburg Basinto an undisclosed company. The agreement was originally announced on January 14, and in conjunction with the down payment of $565,439 represents a purchase price of $5.24 million.

The 2,384 undeveloped net acres are in Weld and Morgan counties in Colorado and in Laramie County in Wyoming.

Ed Holloway, chief executive of Synergy, says, "The added additional working capital from this transaction will be invested in our core area of Wattenberg Field."

Wattenberg field in the DJ Basin ranks as the seventh-largest field in the U.S. in terms of proved gas reserves and ninth in terms of production. Synergy currently has 119,331 gross acres (110,616 net acres) under lease in the DJ Basin.