SRC Energy Inc. (NYSE MKT: SRCI) said June 20 its shareholders approved the proposed name change of the Denver-based company, formerly known as Synergy Resources.
In addition, SRC said completions activity on the Evans pad commenced in late 2016 and 22 wells were completed in tranches of five to six wells each. The Evans pad is located in the Greeley Crescent area of Weld County, Colo., in the Denver-Julesburg Basin's Wattenberg Field.
"As we progress through the second quarter, our team continues to execute SRC's two-rig development plan with impressive efficiency," Lynn A. Peterson, chairman and CEO of SRC, said in a statement.
The first tranche of wells consisted of all long laterals, which averaged 831 barrels of oil equivalent per day (boe/d) per well over the first 90 days of production and now have been on production for about 135 days.
The second tranche consisted of all extended-reach laterals, which averaged 771 boe/d per well over the first 90 days of production and have now been on production for about 110 days.
Despite production from the first tranche of wells from the Evans pad plateauing after 90 days, the second tranche is continuing to ramp up at pressure managed rates, Peterson said.
"The Evans pads were an exciting test of our team's capabilities and we are very pleased with the initial performance," he said. "We intend to report results from the remaining two tranches in addition to the Weideman pad when they have each accumulated 90 days of production history."
RELATED: Synergy Heads Off Budget Busting With Wattenberg Acreage Sale
SRC also received a notice issued by the Colorado Oil and Gas Commission on May 2 to verify the location of all flowlines associated with operated wells and the integrity of those flowlines. The company said it has completed all fieldwork associated with the notice and will file the required paperwork regarding its operations ahead of the June 30 deadline.
"SRC expects to satisfy all requirements from the notice to operators in advance of the deadlines with very little impact to our ongoing operations," Peterson said. "We will continue with our ongoing plugging program to eliminate legacy vertical wells operated by SRC."
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