Synergy Resources Q3 Profit Increases

By RTT News, 
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(RTTNews.com) - Synergy Resources Corp. ( SYRG ) reported that its third-quarter net income increased to $7.2 million or $0.09 per share, from $3.6 million or $0.06 per share in the same year-ago period.

Operating income rose to $11.3 million from $4.9 million in the same year-ago period.

Revenues totaled $25.7 million, up 108% from $12.3 million in the year ago quarter. The year-over-year improvement was attributed to an 83% increase in production, primarily from the new horizontal wells brought on line and a 14% increase in the realized average selling price per BOE. During fiscal third-quarter of 2014, average selling prices were $90.91 per barrel of oil and $5.15 per mcf of gas, as compared to $83.98 and $4.76, respectively a year-ago.

In a separate press release, Synergy Resources said it has entered into a turn-key drilling contract with Ensign Drilling Company of North America (Ensign) for a third automated drilling rig (ADR) to drill a minimum of eight horizontal wells on Synergy's Wiedeman lease. Synergy has the option to retain the additional rig on a pad by pad basis going forward. Synergy has also extended its turn-key drilling contract with Ensign for Rig #134 through December 31st, 2014.

Ensign Rig #131 remains under its original contract terms with Synergy through the end of 2014.

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This article appears in: News Headlines

Referenced Stocks: SYRG

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