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Synergy Resources Corporation Announces Closing Of Over-Allotment Option

Stocks in this article: SYRG

PLATTEVILLE, Colo., Dec. 30, 2011  /PRNewswire/ -- Synergy Resources Corporation (NYSE Amex: SYRG) ("Synergy Resources"), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin ("D-J Basin"), announced today 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.

The offering was conducted pursuant to an effective shelf registration statement, which is on file with the Securities and Exchange Commission. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. A copy of the prospectus supplement and the base prospectus related to the offering may be obtained from the Securities and Exchange Commission's website at http://www.sec.gov or by contacting Northland Capital Markets, 45 S. Seventh St., Suite 2000, Minneapolis, MN 55402, by calling (612) 851-5966, or by emailing Andrew Pafko, apafko@northlandcapitalmarkets.com or by contacting C. K. Cooper & Company, 18300 Von Karman Avenue, Suite 700, Irvine, CA 92612, by calling (949) 477-9300, or by emailing Hue Lapham, hlapham@ckcooper.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Synergy Resources, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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