Platteville-based Synergy Resources Corp. announced today that it has closed the acquisition of mineral interests from DeClar Oil and Gas Inc. and Wolf Point Exploration.
The mineral interests cover approximately 8,875 acres in Weld, Morgan and Larimer counties.
The company said it acquired the assets for total consideration of $2,662,634 in the form of $2,200,000 in cash and 155,770 shares of Synergy’s common stock.
Cost per net acre for the properties was $300 per acre, according to Synergy.
Synergy said the DeClar and Wolf Point properties have the potential for production from multiple zones, including the Niobrara, J-Sand and D-Sand formations.
“This area is especially prospective for the horizontal Greenhorn & Niobrara zones which will be the company’s focus,” Synergy said in a statement.
“Our acquisition of the DeClar and Wolf Point properties provide us with additional drilling opportunities and strong visible growth as we continue to execute our 2012 and 2013 drilling program,” said William Scaff, vice president and treasurer of Synergy.
“The added acreage and drilling inventory of both vertical and horizontal drilling opportunities in this area acts as a strong complement to our existing position of successfully drilled wells in the greater Wattenberg Field,” said Scaff.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com
