Synergy expands drilling area in NoCo
PLATTEVILLE - Synergy Resources Corp., a domestic oil and natural gas exploration and production company based in Platteville, plans to lease mineral rights on approximately 8,700 acres of undeveloped land in Weld, Larimer and Morgan counties. The agreement with DeClar Oil & Gas Inc. and Wolf Point Exploration LLC requires Synergy Resources to drill a minimum of two wells over the next two years on the land in the Denver-Julesburg Basin. The transaction is expected to close March 15. With this agreement, Synergy’s position in the three counties will cover 22,500 acres. Synergy President Ed Hollaway said he believes that the DeClar and Wolf Point properties have the potential for production from multiple pay zones, including the Niobrara, Greenhorn, J-Sand and D-Sand formations. “Combined with our organic growth, this agreement provides the right blend of both vertical and horizontal drilling opportunities for Synergy Resources,” Holloway said in a statement. “We will continue to explore additional acquisitions on an opportunistic basis as we pursue our strategy of maximizing production from lower-risk prospects in the D-J Basin.”
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