Synergy Resources earns 4Q fiscal 2014 profit

PLATTEVILLE – Synergy Resources Corp. (NYSE MKT: SYRG) said Tuesday it earned $10.4 million during the fourth quarter, up from $1 million during the same period a year earlier.

Platteville-based Synergy, which produces oil and natural-gas in Weld County, earned $28.9 million during its 2014 fiscal year ended Aug. 31 compared with $9.6 million during the previous fiscal year.

Synergy shares surged 15 percent to close at $11 on Tuesday.

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For the fourth quarter, Synergy posted revenue of $36.3 million compared with $14.8 million during the fourth quarter of last year.

The higher revenue came from increased production, but was partially offset by lower commodity prices, according to Synergy.

Oil averaged $89.72 per barrel in the fourth quarter compared with $90.91 in the third quarter, and the average realized price for natural gas was $4.95 per thousand cubic feet during the fourth quarter compared with $5.15 during the third quarter.

Synergy reported fiscal 2014 revenue of $104.2 million, a record-high for the company and up from $46.2 million during fiscal 2013.