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EXHIBIT 99.1
SYNERGY RESOURCES CORPORATION ANNOUNCES 105% YEAR-OVER-YEAR PROVED RESERVES
INCREASE, PV-10 VALUE $510 MILLION
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PLATTEVILLE, CO -- (Marketwired) - 05/07/15 -- Synergy Resources Corporation
(NYSE MKT: SYRG), a U.S. oil and gas exploration and production company focused
in the Greater Wattenberg Area of the Denver-Julesburg Basin, announces that its
interim fiscal year proved reserve evaluation for the period ending 02/28/15
increased 105% to 40.4mm/BOE compared to 19.7mm/BOE for the interim fiscal
period ending 02/28/14 and the PV10 value of the proved reserves increased 56%
to approximately $510 million from $326 million year-over-year. Proved developed
producing and proved developed non-producing assets accounted for 56% of the
PV10 value of the reserves while the remaining value is proved undeveloped
reserves. The volume of the reserves is split 52% for oil and 48% for natural
gas.
Proved
Developed Proved Undeveloped Total Proved
---------------- -------------------- ------------------
Liquids - BBLs 7,153,088 13,911,800 21,064,888
Natural Gas - MCF 42,450,542 73,275,652 115,726,194
PV-10 $286,024,741 $223,774,429 $509,799,170
William E. Scaff, co-CEO of Synergy, commented, "Our growth in proved reserves
is a result of the success of our operated horizontal drilling program, the
performance of the horizontal wells in the Wattenberg Field, and proved reserves
added as a result of our acquisition we completed in December. Following our
quarter ended February 28, 2015 we have continued drilling our 11 well Cannon
pad and began hydraulic fracturing and other completion operations on our
inventory of 29 wells in progress. Our plans call for bringing all 40 of these
wells into production by this August, in which case they should be included as
proved developed reserves in our fiscal 2015 year-end reserve report. We
continue to work with Ryder Scott Company, our third party reserve engineers, to
recognize the value created by increased horizontal well densities within
drilling spacing units in the Wattenberg Field."
ABOUT SYNERGY RESOURCES CORPORATION
Synergy Resources Corporation is a domestic oil and natural gas exploration and
production company. Synergy's core area of operations is in the Denver-Julesburg
Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg
field in the D-J Basin ranks as one of the most productive fields in the U.S.
The company's corporate offices are located in Platteville, Colorado.
SAFE HARBOR
This press release contains forward-looking statements regarding future events
and our future results that are subject to the safe harbors created under the
Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of
1934 (the "Exchange Act"). All statements other than statements of historical
facts included in this press release regarding our financial position, business
strategy, plans and objectives of management for future operations and industry
conditions, are forward-looking statements. When used in this press release,
forward-looking statements are generally accompanied by terms or phrases such as
"estimate," "project," "predict," "believe," "expect," "anticipate," "target,"
"plan," "intend," "seek," "goal," "will," "should," "may" or other words and
similar expressions that convey the uncertainty of future events or outcomes.
Items contemplating or making assumptions about, actual or potential future
sales, market size, collaborations, and trends or operating results also
constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and
important factors (many of which are beyond the Company's control) that could
cause actual results to differ materially from those set forth in the
forward-looking statements, including the following: general economic or
industry conditions, nationally and/or in the communities in which Synergy
conducts business, changes in the interest rate environment, legislation or
regulatory requirements, conditions of the securities markets, the ability to
raise capital, changes in accounting principles, policies or guidelines,
financial or political instability, acts of war or terrorism, other economic,
competitive, governmental, regulatory and technical factors affecting the
Company's operations.
These forward-looking statements are based on current expectations and
assumptions about future events. While management considers these expectations
and assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of which are
beyond Synergy's control.
CONTACT:
Investor Relations Contact:
Jon Kruljac
Synergy Resources Corporation
jkruljac@syrginfo.com
Tel (303) 840-8166
Company Contact:
Rhonda Sandquist
Synergy Resources Corporation
rsandquist@syrginfo.com
Tel (970) 737-1073
