Oil and gas explorer Synergy Resources has acquired a 100% working interest in four producing wells from Noble Energy.
The producing wells are adjacent to Synergy’s Pratt Lease that has over 20 potential drilling sites.
As part of the transaction, Synergy assigned the lease rights on 340 net acres in Northern Weld County to Noble Energy.
Synergy retained an overriding royalty interest in the leases assigned to Noble Energy.
Synergy Resources CEO Ed Holloway said that the company is pleased to have consummated this acquisition with Noble Energy and by acquiring these wells it will allow Synergy to commence drilling the first of six wells on the Pratt Lease by the end of the year.
"This transaction marks the completion of another step of our business plan as we continue to grow our cash flow and proven reserves," Holloway said.