The change to Platteville-based Synergy’s borrowing agreement with Bank of Choice increases the oil and gas producer’s available borrowings from $15 million to $20 million, Synergy said in a statement.
“The 33 percent increase in our line of credit from Bank of Choice registers as a strong vote of confidence for our operations and strong growth potential,´ said William Scaff, Synergy executive vice president.
The company has borrowed $5.4 million under the line of credit, Synergy said.
Synergy has drilled 39 wells so far this fiscal year with a 100 percent drilling success rate, Scaff said. It also has acquired more than 9,000 mineral acres in the Denver-Julesburg Basin that offer prospects for drilling horizontal wells in the Niobrara and Greenhorn formations.