Synergy Resources Corp. (NYSE MKT: SYRG) is bolstering its liquidity through the sale of noncore Denver-Julesburg Basin acreage, the Denver-based company said Jan. 12.
The company said it recently agreed to sell roughly 10,000 net undeveloped acres and about 700 barrels of oil equivalent per day of associated production in the D-J to a private party for $71 million.
The divestment helps strengthen Synergy's balance sheet and also consolidate its footprint, said Lynn A. Peterson, the company's chairman and CEO.
"We will continue to pursue accretive opportunities that complement our high-quality acreage position as well as divest of properties that are not in our drilling plans over the next several years," Peterson said in a statement.
Synergy's core area of operations is in the D-J's Wattenberg Field, where it holds about 69,300 net acres, according to a December company presentation.
The transaction is expected to close in the first quarter of 2017, the company said.
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