Key Developments: Synergy Resources Corp (SYRG.A)
6.75USD
24 May 2013
$0.02 (+0.30%)
$6.73
$6.65
$6.75
$6.61
23,944
31,840
$7.71
$2.40
Latest Key Developments (Source: Significant Developments)
Synergy Resources Corp Increases Revolving Line Of Credit To $20 Million
Synergy Resources Corp announced a $5 million increase to its revolving line of credit with Bank of Choice, a division of NBH Bank, N.A. The amendment to the borrowing arrangement increases the maximum available borrowings from $15 million to $20 million. Other terms will remain unchanged. Interest expense is the Prime Rate, subject to a floor of 3.25%, payable monthly. The maturity date remains at November 30, 2014, with all outstanding principal due at maturity. As of April 26, 2012 approximately $5.4 million had been borrowed under the line of credit. The amount of the commitment is subject to adjustment based upon a borrowing base calculation that includes the value of oil and gas reserves. Certain Synergy assets, including substantially all developed properties, have been designated as collateral under the arrangement. As of April 26, 2012, the borrowing base requirement is not restrictive. Full Article
Synergy Resources Corp Closes Acquisition Of 8,875 Mineral Acres In Denver-Julesburg Basin
Synergy Resources Corp announced that, on March 14, 2012, it closed the previously announced acquisition of mineral interests from DeClar Oil and Gas, Inc. (DeClar) and Wolf Point Exploration, LLC (Wolf Point). The mineral interests acquired by Synergy cover approximately 17,000 gross acres (8,875 net acres) in Weld, Morgan and Larimer Counties, Colorado. The Company acquired the assets for total consideration of $2,662,634 in the form of $2,200,000 in cash and 155,770 shares of Synergy's common stock. Cost per net acre for the properties was $300 per acre. Full Article
Synergy Resources Corp To Acquire Leases Covering 8,700 Acres In Denver-Julesburg Basin
Synergy Resources Corp announced that it has entered into an agreement to acquire mineral lease interests in approximately 8,700 undeveloped acres in the D-J Basin. The agreement with DeClar Oil & Gas, Inc. (DeClar) and Wolf Point Exploration, LLC, (Wolf Point") covers acreage that is located in Weld, Morgan and Larimer Counties, Colorado. Under terms of the agreement, Synergy Resources is required to drill a minimum of two wells over the next two years. The transaction is expected to close on March 15, 2012, subject to due diligence and customary closing adjustments. Full Article
Synergy Resources Corp Announces Closing Of Over-Allotment Option
Synergy Resources Corp announced that the underwriters have closed on their purchase of an additional 1,909,090 shares of Synergy Resources common stock at a public offering price of $2.75 per share. The shares were sold to underwriters to cover over-allotments in connection with the previously announced public offering of 12,727,273 shares of Synergy Resources' common stock that closed on December 21, 2011. The underwriters had previously notified Synergy Resources that they were exercising their over-allotment option in full. Synergy Resources expects net proceeds from the exercise of the over-allotment option to be approximately $4,900,000. Synergy Resources intends to use the net proceeds from the offering for its development drilling program in the Wattenberg Field. Any amount of the net proceeds of this offering not used for its development drilling program will be used for general corporate purposes. The underwriters for this offering are Northland Capital Markets and C. K. Cooper & Company, acting as joint bookrunners, with GVC Capital LLC acting as co-manager. Full Article
Synergy Resources Corp Announces Underwriters' Full Exercise Of Over-Allotment Option
Synergy Resources Corp announced that the underwriters for the recently announced public offering of Synergy Resources common stock have exercised in full their over-allotment option to purchase an additional 1,909,090 shares of Synergy Resources common stock at a public offering price of $2.75 per share. Synergy Resources intends to use the net proceeds from the offering for its development drilling program in the Wattenberg Field. Any amount of the net proceeds of this offering not used for its development drilling program will be used for general corporate purposes. The underwriters for this offering are Northland Capital Markets and C. K. Cooper & Company, acting as joint bookrunners, with GVC Capital LLC acting as co-manager. Full Article
Synergy Resources Corp Announces Pricing Follow-On Public Offering Of Common Stock
Synergy Resources Corp announced the pricing of its public offering of 12,727,273 shares of common stock at a price to the public of $2.75 per share. Synergy Resources intends to use the net proceeds from the offering for its development drilling program in the Wattenberg Field. Any amount of the net proceeds of this offering not used for its development drilling program will be used for general corporate purposes. The underwriters for this offering will be Northland Capital Markets and C. K. Cooper & Company, acting as joint bookrunners, with GVC Capital LLC acting as co-manager. Full Article
Synergy Resources Corp Announces Public Offering Of Common Stock
Synergy Resources Corp announced that it intends to engage in an underwritten public offering of shares of its common stock pursuant to an effective shelf registration statement. The underwriters for this offering will be Northland Capital Markets acting as bookrunning manager, C. K. Cooper & Company acting as joint bookrunner, and GVC Capital LLC acting as co-manager. Full Article
Synergy Resources Corp Announces Farm-In Agreement With DeClar Oil & Gas Inc
Synergy Resources Corp announced that it has entered into a farm-in agreement with DeClar Oil & Gas for development on certain Wattenberg field properties. Under terms of the agreement, Synergy Resources interest in the wells is 100% working interest with net revenue interest of 80% across 23 (directional) drill sites and two horizontal Niobrara wells located in the oily and liquid-rich region of the Wattenberg Field near Mead, Colorado. Full Article
Synergy Resources Corp Announces New Credit Facility
Synergy Resources Corp announced that it has entered into a $7 million senior secured revolving line of credit (credit facility) with Bank of Choice based in Greeley, Colorado. The maturity date of the credit facility is June 03, 2012. Loans made under this credit facility are secured by certain assets of Synergy, including wells drilled under the 2010, and 2011, drilling programs. The credit facility's purpose is to provide funds to finance the development of oil and gas assets, to finance acquisitions of oil and gas properties, to provide working capital, and for other general corporate purposes. Interest on borrowings under the credit facility accrues at the Wall Street Journal Prime Rate plus 2% with a floor of 5.5%. Interest payments are due monthly with principal due at maturity. Full Article
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