Synergy Resources mid-year proved reserves increase 43%

Synergy Resources (SYRG) surged 7.6% today on news that its proved reserves rose 43% to 19.7M boe as of Feb. 28 from 13.8M boe at the end of its fiscal year on Aug. 31, 2013; the PV-10 value of the reserves rose to $326M from $236M.

SYRG attributed the increase to a successful horizontal drilling program which currently sports 11 wells; another 20-25 horizontal wells are planned for drilling before Aug. 31.

Northland Capital raised its price target to $15 from $13 following the report.

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