NBL Noble Energy Inc

   By Tess Stynes 
 

Synergy Resources Corp. (SYRG) agreed to acquire assets in Colorado from Noble Energy Inc. (NBL) for roughly $505 million, part of the Denver oil-and-gas company's efforts to become a leading operator in the Wattenberg field.

Synergy shares fell 5.8% to $6.49 in recent after-hours trading as the company also reported a wider first-quarter loss.

The deal with Noble includes roughly 72,000 gross acres in Weld County, mostly in the vicinity of Greeley, Colo. Noble said the transaction includes roughly 33,100 primarily undeveloped net acres.

Noble Chairman and Chief Executive David L. Stover said that combined with other asset sales, the Houston oil-and-gas producer has announced deals with proceeds totalling more than $775 million this year.

Noble Energy's efforts to buttress its balance sheet come as low crude oil prices pressure profits in the energy sector.

Synergy on Tuesday also disclosed two separate transactions in which the company will divest itself of other properties in Colorado for a combined $27 million.

Synergy Chairman and CEO Lynn Peterson said the company doesn't expect to increase its operational activity this year, but anticipates the development of the acquired properties will be "a significant part of our expanded 2017 operation program."

Synergy's core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas and Nebraska.

Synergy reported that its first-quarter loss widened to $51.4 million, or 42 cents a share, from a year-earlier loss of $993,000, or a penny a share. The latest period include an asset-related write-down of 37 cents a share. Revenue declined 3.5% to $18.3 million as increased production was offset by lower commodities prices.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

May 03, 2016 17:59 ET (21:59 GMT)

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