Energy, Utilities & Water  June 15, 2016

Synergy Resources closes on first portion of $505M asset acquisition

DENVER – Oil and natural gas producer Synergy Resources Corp. (NYSE: SYRG) announced this week that it has closed on the first portion of a $505 million purchase of assets in the Denver-Julesburg Basin from Noble Energy Inc. (NYSE: NBL).

The 33,100 net acres included in the “Greeley Crescent” acquisition gives Synergy, which last year moved its corporate offices from Platteville to Denver, roughly 69,000 net acres in the DJ Basin.

In addition to the initial closing, Synergy officials said they also closed on an $80 million private note offering that will help fund the acquisition. The second closing of the Greeley Crescent assets is expected to take place late this year.

Synergy shares slipped 2 cents Wednesday to close at $7.08 apiece.

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