On November 12, 2013 Synergy Resources Corporation (Synergy), a U.S. oil and gas exploration and production company with operations focused in the D-J Basin finalized the purchase of assets in the Wattenberg Field from a privately held oil and gas company that include 21 producing oil and gas wells and leases covering 800 net acres.
Synergy paid $20.5 million comprised of approximately $17.8 million cash and $2.7 million in Synergy's common stock. The assets have been purchased with an effective date of July 1, 2013. The 21 producing vertical wells collectively produce approximately 300 BOE per day net to Synergy.
William Scaff, Executive Vice President, of Synergy commented, "Closing on the purchase of these assets demonstrates our continued commitment to expanding our asset base in the Wattenberg Field. These assets fit well into our portfolio and enhance our horizontal development plan going forward."
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