Platteville-based Synergy Resources Corp. announced today that it has entered into an agreement to acquire mineral lease interests in approximately 8,700 undeveloped acres in the Denver-Julesburg Basin.
The agreement with DeClar Oil & Gas, Inc. and Wolf Point Exploration, LLC, covers acreage in Weld, Morgan and Larimer counties. Under terms of the agreement, Synergy Resources is required to drill a minimum of two wells during the next two years.
The transaction is expected to close on March 15.
Ed Holloway, president of Synergy Resources, said the agreement “covers an exciting portfolio of leases” which have been assembled by DeClar and Wolf Point.
“The properties meet our parameters for well control and take-away capacity and further strengthens our position in the heart of the horizontal play now developing in Weld, Morgan and Larimer counties,” said Holloway.
The company said its position now covers more than 22,500 total acres in the three counties.
“Combined with our organic growth, this agreement provides the right blend of both vertical and horizontal drilling opportunities for Synergy Resources,” said Holloway. “We will continue to explore additional acquisitions on an opportunistic basis as we pursue our strategy of maximizing production from lower-risk prospects in the Denver-Julesburg Basin.”
Synergy is a domestic oil and natural gas exploration and production company with core operations in the Denver-Julesburg Basin.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com
