Synergy Resources Corporation (NYSE MKT: SYRG) (“Synergy”) has closed on the Amendment dated February 12, 2015 to its Exploration Agreement with Vecta Oil & Gas, Ltd. (Vecta) dated March 1, 2013; whereby Vecta has conveyed assignments for an undivided 30% working interest in leasehold within the DJ Basin Greenhorn AMI (AMI) covering approximately 13,530 net acres. Synergy’s position in the NE Wattenberg Extension Area is now over 41,000 net acres. Its working interest in the AMI with Vecta has increased to 65%, and the remaining 35% working interest in the AMI will be owned by an affiliate of Vecta, Foreland Resources LLC, and other parties. The purchase price of the conveyed leases is $250 per net acre, payable in 287,642 restricted shares of Synergy’s common stock, equating to approximately $3.4 million based on $11.76 price per share. Craig Rasmuson, Chief Operating Officer, of Synergy commented, “We are pleased to close on this transaction increasing our working interest in the DJ Greenhorn AMI. We have received a drilling permit from the Colorado Oil & Gas Conservation Commission for the Conrad 44-1GHZ well, which is located in the AMI. We have contracted with a services company to conduct and process a hazard seismic survey in the area over the next few weeks. We plan on moving Ensign Rig #131 from our Cannon pad in late May and begin drilling the Conrad horizontal well to a standard 4,000 foot lateral length targeting the Greenhorn formation by May 31st.”
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.