Wattenberg operators have done pretty well this year, and results from the Niobrara and Codell formations continue to support solid IRRs on these wells. Since I wrote about Synergy Resources (NYSEMKT:SYRG) in late January, the shares are up about 44% - a little better than Bonanza Creek (NYSE:BCEI) and about double the return of PDC Energy (NASDAQ:PDCE) over that period. Synergy's quarterly production numbers have come in a little soft relative to expectations, but the company's drilling results have offset this with solid IP rates and good well cost controls. The shares do not look cheap on the basis of peer-level EBITDA multiples, but I would argue that Synergy's triple-digit oil growth deserves a...
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