Synergy Resources Corp. reported strong year over year increases in revenue and production for the third quarter of fiscal 2011, as the company’s oil and gas operations showed a strong improvement relative to last year.
Synergy Resources said that net production of oil and gas was 467 barrels of oil equivalent (BOE) per day in the quarter ending 5/31/2011. The company reported net oil and gas production of 149 BOE per day in the comparable quarter of 2010.
Synergy Resources reported revenues of $3.1 million in the most recent quarter compared to $607,000 in the third quarter of 2010. Synergy Resources Corporation reported a net loss of $291,000 or $0.01 per share in the third quarter of fiscal 2011, compared to a net loss of $3.6 million, or $0.30 per share in the same quarter last year.
Synergy Resources is involved with exploration and development of assets in the Denver-Julesburg Basin of Wyoming and Colorado. The company owns 124 gross or 89 net wells as of 5/31/2011.
Synergy Resources recently entered into a $7 million credit facility to help fund oil and gas development spending. This senior secured revolving line of credit is due 6/3/2012.
For more information on the company, go to www.synergyresourcescorporation.com