Revenue during the quarter dropped 21.40 percent to $26.23 million from $33.38 million in the previous year period. Gross margin for the quarter expanded 66 basis points over the previous year period to 85.44 percent.

Operating loss for the quarter was $19.65 million, compared with an operating loss of $94.99 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $18.30 million compared with $31.35 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2419 basis points in the quarter to 69.74 percent from 93.93 percent in the last year period.

Lynn A. Peterson, Chairman and chief executive officer of Synergy, commented, "With the majority of 2016 now behind us, we continue to capitalize on the strong foundation for growth that we have built at Synergy over the last twelve months. As we move through the balance of the year and into 2017, the Greeley Crescent Development Area will continue to be in the forefront of our activity. We believe that by maintaining our strong, flexible balance sheet and continuing to be thoughtful stewards of capital, Synergy will be in position to take advantage of unique growth opportunities. In addition, working very closely with our midstream partners and the local community throughout the planning process continues to be a winning strategy and helps to reduce operational risk for Synergy."

The company has spent $576.17 million cash to meet investing activities during the nine month period as against cash outgo of $109.84 million in the last year period. It has incurred net capital expenditure of $557.93 million on net basis during the nine month period, up 436.54 percent or $453.94 million from year ago period.

Cash flow from financing activities was $540.24 million for the nine month period, up 342 percent or $418.01 million, when compared with the last year period.

Cash and cash equivalents stood at stood at $63.76 million as at Sep. 30, 2016.