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Synergy Resources names new CEO

Longtime oil and gas leader Lynn Peterson has been tapped to lead Platteville-based Synergy Resources Corp.

He will take the place of co-CEOs Ed Holloway and William Scaff, who will remain with the company on the board of directors, according to a new release issued Monday.

Peterson, who is the co-founder of the former Kodiak Oil and Gas Corp. which drilled in the Bakken in North Dakota, came to Synergy as its president last May. Kodiak merged with Whiting Petroleum in 2014.

The move will take place effective Dec. 31, with Holloway and Scaff serving as Peterson’s advisers “regarding strategic initiatives, asset acquisitions and other activities through May 31, 2016,” the release stated.

“Bill Scaff and I are pleased to take this final step in the transition of leadership for Synergy,” Holloway said in the release. “We have the utmost confidence in Lynn Peterson, and the talented industry veterans he has recruited, to take Synergy to a higher level in the development of its assets. Synergy will remain focused, disciplined and efficient under Lynn’s guidance and we feel now is the appropriate time to hand over the management responsibilities to him.”

Since Peterson joined the company, Synergy has been slowly ramping up its presence, adding a new office in Denver with several new employees. The company also has been adding to its asset base in the Wattenberg Field. A $78 million purchase announced in September added 4,300 acres with working interest in 25 wells. The company now has 346,000 acres under lease throughout Colorado, Wyoming, Kansas and Nebraska.

In related news, Synergy surprises analysts with $2.5 million per well drilling cost in Weld County.

This article was from Greeley Tribune, Colo. and was legally licensed through the NewsCred publisher network.