Synergy Resources Corporation has agreed to purchase the remaining 35% working interest in the DJ Basin Greenhorn (AMI) owned by its non-operating partner, Foreland Investments LP.
The transaction is scheduled to close on May 28th, subject to customary closing conditions. This acquisition gives Synergy a 100% working interest in the AMI and increases its acreage position in the AMI by 15,789 net acres.
Upon closing Synergy will have approximately 93,000 net acres in the Greater Wattenberg, including 36,643 net acres in the Core Wattenberg and over 56,000 net acres in the NE Wattenberg Extension Area. The purchase price of the conveyed interests is $250 per net acre, payable in 323,745 restricted shares of Synergy's common stock, equating to approximately $3.95 million based on $12.19 price per share.