Synergy Resources Corp., a domestic oil and gas exploration and production company, today reported third-quarter results for the three months ended May 31, 2011, reflecting an increase in net oil and natural gas production for the quarter compared to the third quarter 2010.
Revenues increased 412 percent to a record $3.1 million for the third quarter of 2011 compared to $607,253 in the comparable quarter of 2010.
Operating income for the third quarter of 2011 was $547,272 compared to an operating loss of $51,094 in the third quarter of 2010.
Synergy narrowed its net loss to $291,612, or $(0.01) per share, for the third quarter 2011 from a net loss of $3.6 million, or $(0.30) per share, for the same year ago period.
As of May 31, 2011, the company reported operating cash flow of $3.8 million. Positive shareholders equity was $45.1 million for the quarter compared to negative $1.0 million the previous year.
The company reported oil and natural gas production of 467 Boe/d for the third quarter 2011, an increase of 213 percent compared to the third quarter of the year prior.
The company generated $5.2 million from the sale of mineral interests in 3,502 gross acres, and acquired interests in 88 oil and natural gas leases in the core Wattenberg Field. As of May 31, 2011, Synergy had 124 gross wells, 114 producing wells, eight wells in progress and two shut in wells.
“Fiscal 2011 is rapidly shaping up to be our company’s best year since inception. Accelerated drilling activity on our core Wattenberg projects has improved our production rates and continues to drive our strong revenue growth,” Edward Holloway, CEO and president of Synergy stated in the press release. “Our liquid-rich projects, located predominantly in the northeast and central portion of the Wattenberg, contributed to our record quarterly performance. In addition, we increased our prospective Niobrara acreage position and also engaged in several transactions that expanded our footprint in the Wattenberg Field and the D-J Basin.”
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