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Platteville-based Synergy Resources Corp. has closed the acquisition of mineral interests from DeClar Oil and Gas Inc. and Wolf Point Exploration, according to a release by the company.
The company said it acquired the assets for a total consideration of $2,662,634 in the form of $2,200,000 in cash and 155,770 shares of Synergy’s common stock. The mineral interests cover approximately 8,875 acres in Weld, Morgan and Larimer counties, which breaks out as $300 per acre price.
Synergy said the DeClar and Wolf Point properties have the potential for production from multiple zones, including the Niobrara, J-Sand and D-Sand formations.
“Our acquisition of the DeClar and Wolf Point properties provide us with additional drilling opportunities and strong visible growth as we continue to execute our 2012 and 2013 drilling program,” said William Scaff, vice president and treasurer of Synergy.
“The added acreage and drilling inventory of both vertical and horizontal drilling opportunities in this area acts as a strong complement to our existing position of successfully drilled wells in the greater Wattenberg Field.”