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SRC Energy Inc. (formerly Synergy Resources Corporation) is a large oil and natural gas exploration and production company that is headquartered in Denver, Colorado. This exploration-stage player positions itself for growth through planning aggressive oil and natural gas drilling programs in proven mineral-rich areas. It engages in oil and natural gas acquisitions, development, exploration and production activities. This approach has helped SRC establish operations that historically have a low risk and produce relatively measurable returns.
SRC focuses its operations in the Denver-Julesburg Basin, which comprises fields in Colorado, Nebraska, Kansas and Wyoming. Today, almost all of the company’s oil and natural gas production comes from wells in the Wattenberg Field within the D-J Basin. This is good news for SRC’s long-term future, because Wattenberg has been ranked as one of the most productive fields in America. Furthermore, the firm also has more than 440,000 acres of viable land under lease.
The company is heavily involved in community outreach as part of its corporate responsibility activities. These efforts are centered around carrying out its day to day operations in an environmentally responsible manner. This ensures that SRC Energy’s oil and natural gas exploration, development and production activities do not harm the environment or the communities surrounding their wells.
SRC Energy started out as Synergy Resources Corporation, first rolling out its operations in Colorado in 2008. The company then began drilling and operating horizontal oil and natural gas within the Denver-Julesburg Basin in 2013. Its first production was from five horizontal wells located on the Renfroe Pad. The company has since grown from these small beginnings to operate more than 100 horizontal wells by the end of 2016. It also owns a non-operated working interest in more than 130 other horizontal wells throughout the Wattenberg Field.
The company began the process of changing its name in 2017. After its shareholders gave their approval at the 2017 annual shareholder meeting, the company officially changed its name to SRC Energy. As of the end of 2016, the company had estimated net proved oil and natural gas reserves of 93 million barrels of oil equivalent (BOE).
SRC Energy Inc. is an independent oil and natural gas exploration and production company. Its core acquisition, exploration, development and production activities are based in the rich hydrocarbon formations of the Denver-Julesburg (D-J) Basin. It is an important area in the nation’s energy sector and has been consistently producing oil and natural gas since its discovery in 1901.
SRC Energy’s drilling and completion operations are focused in the D-J Basin’s Wattenberg Field, which is predominantly located in Weld County, Colorado. The company’s management has cultivated years of hands-on experience in this area. Its interests here cover approximately 31,000 net acres of developed and undeveloped tracts in Colorado, as well as the Northern Extension, which consists of approximately 26,000 undeveloped acres. SRC Energy also has mineral assets in other productive areas like Washington and Yuma counties in Colorado.
Today, SRC Energy has zeroed in on the horizontal development of the Niobrara and Codell formations at Wattenberg Field. This has proved to be a lucrative approach: the company was operating 324 productive wells by the end of 2016. It was also a major non-operating participant in more than 305 producing wells during the same period of time.
As compared to other producing regions, the D-J Basin is a strategic choice for energy companies in America. This is because it has a wide range of advantages, including a high level of predictability, quick return on investments and a high success rate for drilling projects. It is rich in natural gas content, involves relatively low drilling and completion costs and offers a well-developed pipeline infrastructure. Furthermore, the D-J Basin also sets operators up for success, providing numerous opportunities for drilling. This includes the horizontal drilling of the Codell and Niobrara formations.
SRC Energy continues to gain prominence in the national oil and gas industry, propelled mainly by its laser-sharp focus on the future. The company implements a growth strategy that includes the acquisition of existing wells, exploration of new drilling activities and the recompletion of wells that show potential for the utilization of improved hydraulic simulation techniques.
Its strategy for maximizing returns on assets involves drilling and running development wells that already have a proven record of significant generation of revenue. This approach means that the company limits its risk by only drilling in proven areas, which is why SRC Energy has not drilled a dry hole to date.
Furthermore, the company’s strong management team is another major driver of its success. The team has more than 25 years’ experience in drilling, producing, distributing and operating oil and natural gas properties. It also fosters a strong corporate culture of excellence and innovation. This push is driven by its new President, CEO and Chairman of the Board – Lynn A. Peterson.
1675 Broadway, Suite 2600
Denver, CO 80202