Synergy reports $12M profit for 2011

PLATTEVILLE — Synergy Resources Corp. reported Tuesday a $12.1 million profit for its 2011 fiscal year, a vast improvement from an $11.6 million loss the prior year.

Platteville-based Synergy’s net income grew 22 percent to $1.9 million in the fourth quarter, the oil and natural-gas producer said in an earnings statement.

Revenue surged 150 percent to $25 million in fiscal 2011 and by 99 percent to $6.7 million in the fourth quarter.

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The company drilled 52 new wells in fiscal 2011.

“We had a very successful year achieving all of our stated drilling and completion goals within the Wattenberg,” CEO Ed Holloway said in the statement. “Despite the difficult conditions for part of the year with high-line pressure in the Wattenberg and modest commodity price pressure in the fourth quarter, neither within our control, we remain well-positioned with our drilling program to grow production in fiscal 2013.”