6,070 Active Recruiters     171,831 Live & Available Candidates     1,517,233 Total Candidates in Network

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Advertise Oil and Gas jobs for free
  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Synergy Resources Corporation Reports First Quarter Results

Published in Oil Industry News on Wednesday, 11 January 2012


Synergy Resources Corporation (NYSE Amex: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (the "D-J Basin"), today reported its first quarter results for the period ended November 30, 2011.  Net oil and natural gas production for the fiscal first quarter ended November 30, 2011 averaged 876 barrels of oil equivalent/day (Boe/d) compared to 328 Boe/d for the first quarter ended November 30, 2010.

First Quarter Highlights

  • Reported record fiscal first quarter 2012 net income of $1,627,333 or $0.05 per basic share compared to a net loss of $(1,160,004), or $(0.08) per basic share for the fiscal first quarter 2011;
  • Increased revenue to $4,478,864 for the fiscal first quarter 2012 from $1,443,595 for fiscal first quarter 2011, an increase of 210%;
  • Reported average daily production of 876 Boe/d for the fiscal first quarter 2012, an increase of 167% over fiscal first quarter 2011;
  • Net cash provided by operating activities was $4,587,476 and $2,703,006 for the three months ended November 30, 2011 and 2010, respectively; 
  • Increased borrowing capacity up to $15 million under the revolving credit facility;
  • Subsequent to quarter end, received net proceeds of $37.5 million by closing on the sale of 14.6 million common shares at $2.75 per share.

 

Monty Jennings, Chief Financial Officer of Synergy Resources Corporation, said, "Fiscal first quarter 2012 continued our quarterly trend of increasing revenues and earnings.  For the quarter, our revenue mix was 71% oil and 29% natural gas and liquids.  The significant production growth and related revenues reflect a meaningful increase in operating contribution from the additional wells that were producing during 2011 as compared to 2010.  We were pleased with the increased contribution as measured by Adjusted EBITDA, which was 63% of revenue for the quarter."

First Quarter 2012 Results

For the three months ended November 30, 2011, we reported net income of $1,627,333 compared with a net loss of $(1,160,004) during the three months ended November 30, 2010.  Earnings per basic and diluted share were $0.05 and $0.04, respectively, for the three months ended November 30, 2011, compared to a loss of $(0.08) per basic and diluted share for the three months ended November 30, 2010.  The comparison between the two years was primarily influenced by increased production and revenues associated with the increased number of producing wells.  As of November 30, 2011 we had 141 producing wells, a quarter-over-quarter increase of 94 wells, which consists of 64 wells added through acquisitions and 30 wells completed since November 30, 2010.  For the three months ended November 30, 2011, we reported record oil and gas revenues of $4,478,864 compared with $1,443,595 during the three months ended November 30, 2010, as a result of increases in production and commodity prices.  Although costs have increased, they have not increased as rapidly as revenues.  These changes resulted in our operating income increasing from $10,838 in fiscal first quarter 2011 to $1,619,152 in fiscal first quarter 2012, an increase of $1,608,314.

 

Adjusted EBITDA, a non-GAAP measure, was $2.8 million for the first quarter 2012, compared to $0.6 million during the comparable for 2011, an increase of 375%.  As a percent of revenue, Adjusted EBITDA for the first fiscal quarter of 2012 was 63%.  A reconciliation of Adjusted EBITDA to net income can be found with the financial tables included in this earning release.

2012 Capital Expenditure Budget

We adjusted our capital expenditure budget to reflect the proceeds received from the December sale of common stock.  Approximately two-thirds of our estimated spending is targeted at our drilling program and approximately one-third is allocated toward our acquisition program.  We currently estimate 2012 capital expenditures of $41 million for the drilling program.  As an operator, we project spending of approximately $30 million to drill 46 wells in which we will hold a significant net revenue interest.  An additional $8 million has been allocated as our portion of the cost of vertical and horizontal wells in which we will participate as a non-operator.  We also plan recompletion costs approximating $3 million on 20 wells that indicate good potential for additional hydraulic stimulation.  Under the updated plans for acquisition of undeveloped acreage and proved properties, our activities are expected to require funds of up to $21 million.

Financial Statements and Footnotes

Condensed financial statements and explanatory tables are included in this earnings release.  Additional financial information, including footnotes that are considered an integral part of the financial statements, can be found in Synergy's EDGAR filing on Form 10-Q for the period ended November 30, 2011. 

About Synergy Resources Corporation

Synergy Resources Corporation is a domestic oil and natural gas exploration and production company.  Synergy's core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado,Wyoming, Kansas, and Nebraska.  The Wattenberg field in the D-J Basin ranks as the 7th largest field in the U.S. in terms of proved gas reserves and 9th in production. Synergy's corporate offices are located inPlatteville, Colorado.  More company news and information is available at www.SYRGinfo.com.

This press release may contain forward-looking statements.  The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information.  Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

SOURCE Synergy Resources Corporation 





Tags

Synergy Resources, Oil and Gas Exploration, Oil Production, Natural Oil and Gas, Oil and Gas News





Related Articles



Oil and Gas News Archive


Latest Oil & Gas News







Featured Recruiters

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is a Specialist oil and gas recruitment company with offices in over 20 countries globally. Chronos looks after recruitment for hundreds of the industry's leading companies so be sure to register your CV on our website today.

    Register your CV at www.chronosoilandgas.com.

  • View All JobsCenergy

    Cenergy is a dynamic company that supplies expert workforce solutions to the oil and gas industry. We provide specialized energy personnel, safety solutions, inspection solutions, logistics and vendor management support.

    We provide logistics assistance by meeting our clients' planning, dispatching and tracking needs for marine, air, and ground transportation.

    Visit our website: www.cenergyintl.com.

  • View All JobsOrion Group

    Orion Group are one of the world's leading engineering recruitment agencies specialising in contract and permanent manpower for the majority of the world's largest energy specialists.

    The group have 34 offices located internationally from Calgary and Houston to offices in the Middle East and Asia Pacific.

    Visit Orion Group at www.orionjobs.com.