Synergy Resources Corporation (NYSE MKT: SYRG) (“Synergy”), a U.S. oil and gas exploration and production company focused in the Denver-Julesburg Basin, announced that Mr. Lynn Peterson has joined the executive team at Synergy as President of the company. Mr. Peterson will work closely with co-CEOs Ed Holloway and William Scaff as Synergy evaluates asset acquisitions and growth opportunities in the Wattenberg Field and the NE Wattenberg Extension Area. Mr. Peterson is the former Co-Founder, President & CEO of Kodiak Oil and Gas Corp (Kodiak). Kodiak a Bakken shale company producing over 42,000 barrels of oil equivalent (BOE) per day and an enterprise value over $6 billion at the time of its merger with Whiting Petroleum in 2014.
Ed Holloway, co-CEO of Synergy, remarked, “I have often said that Synergy’s greatest asset is our people. I believe the addition of Lynn Peterson to our team will prove to be one of our most significant acquisitions. Lynn is a native Coloradoan, whom I have known since the early 1970’s when we were both attending the University of Northern Colorado, and he fits well into our corporate culture. Lynn’s experience in building Kodiak from the ground up into a multi-billion dollar company will be invaluable to Synergy as we continue our rapid growth.”
Lynn Peterson commented, “I am very pleased to be joining the Synergy team and working with Ed and Bill, as well as the entire Synergy staff. Synergy offers a unique opportunity with the strength of its balance sheet, and significant acreage position across the Greater Wattenberg Area. The Wattenberg continues to deliver some of the best economics under current industry conditions. The combination of all of these attributes should provide us the opportunity to grow the Company and create additional shareholder value during the coming years.”
William Scaff, co-CEO of Synergy, added, “We have been positioning Synergy for this ‘reset’ of the industry for the past nine months focusing on lowering costs in a lower commodity price environment. We believe our strong balance sheet, which is in a net cash position, and the low interest rate on our revolving line of credit allows us to take this company to the next level due to many opportunities we have before us. With Lynn joining our team, we will continue our keen focus on growing this company both through the drill bit and through capitalizing on opportunities in one of the most prolific, economic oil and gas fields in North America — the Wattenberg Field. We look forward to Lynn’s experience and leadership in helping us to achieve the next level for Synergy Resources.”
ABOUT SYNERGY RESOURCES CORPORATION
Synergy Resources Corporation is a domestic oil and natural gas exploration and production company. Synergy’s core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg field in the D-J Basin ranks as one of the most productive fields in the U.S. The company’s corporate offices are located in Platteville, Colorado.