Synergy Resources Corporation announced that its third party reserve engineer, Ryder Scott Company, has evaluated the company's mid-year reserves for the period ending February 28th, 2013 and reported a PV10 value of $208 million on proved reserves of 13.63 million barrels of oil equivalent (BOE) versus a PV10 value of $148 million and 10.66 million BOE for the period ending August 31st, 2012. The largest increase in the reserves was in the Proved Developed Producing (PDP) category which rose 60%. There was an increase in Proved Developed Not Producing (PDNP) reserves of 33% and an increase in Proved Undeveloped (PUD) reserves of 9%.

Monty Jennings, CFO of Synergy Resources, commented, "We are pleased to demonstrate continuing growth in our proved reserve base. The large increase in PDP reflects our acquisition of producing properties and our ability to convert unproved acreage to proved reserves through our drilling activities. This evaluation is based primarily on vertical wells and only 2.7% of the PV10 value in the reserve report is attributed to horizontal wells. We believe there is a great deal of un-booked potential reserve value in our leased acreage in the Wattenberg Field and the Northern DJ Basin. We intend to prove up that value which is not reflected on our reserve report through drilling of both horizontal and vertical wells."

Tags: Synergy Resources Corporation