Lynn Peterson to Assume CEO Position, co-CEOs will Step Down
Synergy Resources Corporation (Synergy)(NYSE MKT: SYRG), a U.S. oil and gas exploration and production company focused on the Greater Wattenberg Area of the Denver-Julesburg Basin, today announced Synergy’s co-CEOs, Ed Holloway and William Scaff, are stepping down from their executive positions with the company effective December 31, 2015. Mr. Holloway and Mr. Scaff will remain on the board of directors of Synergy. Synergy’s Board of Directors has appointed Lynn A. Peterson, current President, to the position of Chief Executive Officer effective January 1, 2016. Mr. Holloway and Mr. Scaff will also serve as advisors to Mr. Peterson regarding strategic initiatives, asset acquisitions and other activities through May 31, 2016.
Mr. Holloway remarked, “Bill Scaff and I are pleased to take this final step in the transition of leadership for Synergy. We have the utmost confidence in Lynn Peterson, and the talented industry veterans he has recruited, to take Synergy to a higher level in the development of its assets. Synergy will remain focused, disciplined and efficient under Lynn’s guidance and we feel now is the appropriate time to hand over the management responsibilities to him.”
Mr. Peterson commented, “We want to thank Ed and Bill for their service to Synergy over the past seven years. Their collective experience of managing oil and gas assets in the Wattenberg Field, and the conservative approach they took to the balance sheet, has placed Synergy in a position of strength in our industry during a challenging period of low commodity prices. We are grateful for their contributions to the Company. I look forward to working with them as we evaluate how best to grow the company going forward and to their continued support as members of our Board.”
Synergy will hold a conference call on Friday January 8, 2016 at 11 am ET (9 am MT) to discuss results for its fiscal 2016 first quarter ended November 30, 2015. The company plans to file its 10Q and issue an earnings press release prior to the call. Synergy President Lynn Peterson, CFO James Henderson, COO Craig Rasmuson, and VP of Capital Markets and Investor Relations Jon Kruljac will host the presentation, followed by a question and answer period.
Conference Call Details
Date: Friday, January 8, 2016
Time: 11 am Eastern time (9 am. Mountain time)
Domestic Dial-In #: 877-407-9122
International Dial-In #: 201-493-6747
The conference call will be webcast simultaneously which you can access via this link:http://syrginfo.equisolvewebcast.com/q1-2016 and via the investor section of the company’s web site at www.syrginfo.com.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, contact Rhonda Sandquist with Synergy Resources at 720-616-4300.
A replay of the call will be available after 3:00 p.m. Eastern time on the same day and until January 22, 2016.
Domestic Toll-free Replay #: 877-660-6853
International Replay #: 201-612-7415
Replay ID # 411931
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 Wattenberg Field of the Denver-Julesburg Basin. The Denver-Julesburg Basin encompasses parts of Colorado, Wyoming, Kansas, and Nebraska. The Company’s corporate offices are located in Denver, Colorado. More company news and information about Synergy Resources is available atwww.SYRGinfo.com.