Originally published at www.seclive.com
Synergy Resources Corporation (NYSEMKT:SYRG) announced its financial results for the second fiscal quarter of 2014, posting improvements in revenue that exceeded 100% from the year-ago quarter. The oil and gas exploration and production company reported a 111% revenue increase from a year ago to $23M with operating income improving by the same percentage to $9.5M. Net income increased 89% from $2.7M and $0.05 per share a year ago to $5.2M and $0.07 per share. Oil and gas production improved substantially, from 186,039 barrels of oil equivalent (NYSE:BOE) to 352,537 BOE, with average daily production rising from 2,067 BOE in the year-ago quarter to 3,917 BOE. Operationally, Synergy completed and brought six horizontal wells to production with another eight horizontal wells in the drilling process.
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