Synergy Resources posts $19.2M 3Q loss

DENVER — Oil and natural gas producer Synergy Resources Corp. (NYSE: SYRG) has reported a decrease in revenue but also a narrowed net loss for the third quarter ending Sept. 30.

Denver-based Synergy, which focuses its drilling efforts on the Wattenberg Field in Northern Colorado, posted a net loss of $19.2 million, or 10 cents per diluted share. That’s down from a loss of $77.9 million, or 74 cents per share, for the same period a year earlier.

Revenue came in at $26.2 million for the quarter, down from $33.4 million a year ago. The decrease in sales, company officials said, was due to decreased production volumes and lower crude oil prices.

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Production for the quarter averaged 10,794 barrels of oil equivalent per day. However, the company adjusted its guidance on production for the year upward to a range of between 11,100 and 11,300 barrels per day.

“With the majority of 2016 now behind us, we continue to capitalize on the strong foundation for growth that we have built at Synergy over the last 12 months,” CEO Lynn Peterson said in a news release.

Synergy released its earnings after markets closed Thursday. The company’s share price was down 1.4 percent in late-afternoon trading Friday.