SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 8, 2011
SYNERGY RESOURCES CORPORATION
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(Exact name of Registrant as specified in its charter)
Colorado None 20-2835920
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
20203 Highway 60
Platteville, Colorado 80651
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(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (970) 737-1073
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N/A
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(Former name or former address if changed since last report)
Check appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-14(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On June 8, 2011 Synergy Resources Corporation entered into a revolving line
of credit agreement with Bank of Choice, located in Greeley, Colorado. The
revolving line of credit allows Synergy to borrow up to $7,000,000.
Amounts borrowed from the bank will be used to develop oil and gas
properties, acquire new oil and gas properties, as well as for working capital
and other general corporate purposes.
Any amounts borrowed from the bank:
o will bear interest, payable monthly, at the prime lending rate
plus 2%, subject to a minimum interest rate of 5.5%,
o will be due and payable on June 3, 2012, and
o are secured by Synergy's accounts receivable, equipment,
inventory, and fixtures, as well as 64 oil and gas wells in which
Synergy has a working interest varying from 37.5% to 100%.
The wells which serve as security for the bank loan include the wells
drilled under Synergy's 2010 and 2011 drilling programs.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 9, 2011
SYNERGY RESOURCES CORPORATION
By: /s/ Ed Holloway
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Ed Holloway, President
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