The 8,700 undeveloped acres are located in Weld, Morgan and Larimer Counties, Colorado.
The company intends to drill a minimum of two wells in the next two years, under the terms of the agreement.
The transaction is expected to close on 15 March 2012, following the completion of due diligence and customary closing adjustments.
Synergy Resources president Ed Holloway said that the properties meet its parameters for well control and take-away capacity and strengthen its position in the heart of the horizontal play now developing in Weld, Morgan and Larimer Counties.
"Our position now covers more than 22,500 total acres in the three counties. In addition, we believe that the DeClar and Wolf Point properties have the potential for production from multiple pay zones, including the Niobrara, Greenhorn, J-Sand and D-Sand formations," said Holloway.
"Combined with our organic growth, this agreement provides the right blend of both vertical and horizontal drilling opportunities for Synergy Resources."
The Wattenberg field in the D-J Basin ranks as the seventh largest field in the US in terms of proved gas reserves and ninth in production.
