Synergy Resources Corporation (NYSE: SYRG) posted 1Q16 net loss of $51.4MM or $0.42 loss per diluted share vs. net loss of $0.99MM or $0.01 loss per diluted share in 1Q15. 1Q16 net loss includes a full cost ceiling impairment charge of $45.6MM or $0.37 loss per diluted share. Revenues fell 0.67% to $18.27MM vs. 1Q15.
The company recently entered into a purchase and sales agreement to acquire approx. 33,000 net acres of the Wattenberg field. The acquisition is comprised largely of undeveloped acreage that is contiguous and should allow for drilling longer lateral wells that will yield improved economics.
In 1Q16, its production averaged 1510 BOE/d, which is a 65% increase from 1Q15 and 6% increase vs. period ended Dec. 21, 2015. This increase was mainly driven by the production from Bestway and Winds pads which were completed late in 2015. The company did not bring additional wells on in production in 1Q16.
Submitted May 16, 2016 at 01:40PM by Robert-Phillips http://ift.tt/1siXNSC
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