Synergy Resources Corp. (SYRG) said Thursday that it has entered into a joint venture agreement with Vecta Oil & Gas, Ltd. to jointly develop oil and gas leases covering lands in Morgan & Weld counties, Colorado.
Synergy and Vecta will each contribute acreage to the JV. The JV will delineate two separate areas of mutual interest. In the first area covering 45,661 net acres, Synergy will have a 35% working interest and the second area covering 2,983 net acres, Synergy will have a 65% working interest. Synergy will be the designated operator of both areas.
Synergy and Vecta will work together to acquire new proprietary seismic data across a portion of the oil and gas leases which are the subject of the JV. Synergy will drill a horizontal well on one of the leases to evaluate either the Greenhorn or Niobrara Shale. Synergy will also conduct other exploration projects in the area covered by the leases as may be mutually agreed upon. The JV contemplates the drilling of an initial well to test the Greenhorn formation on or before October 31.
Synergy will pay to Vecta a leasehold reimbursement fee consisting of a cash payment of about $2.84 million and the issuance to Vecta of 100,000 shares of its restricted common stock having a value, for purposes of the agreement, of about $640,000.
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