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EXHIBIT 99.1
SYNERGY RESOURCES CORPORATION ANNOUNCES EXERCISE OF OVER-ALLOTMENT AND CLOSING
OF STOCK OFFERING
Platteville, CO--February 2, 2015--Synergy Resources Corporation (NYSE MKT:
SYRG) (the "Company") announced today the closing of an underwritten public
offering of an aggregate of 18,613,952 shares of the Company's common stock at a
price to the public of $10.75 per share. The shares sold to the underwriters
included 2,427,906 shares sold by the Company pursuant to an over-allotment
option that was exercised by the underwriters in full on January 29, 2015. The
Company received net proceeds (after underwriting discounts and commissions and
estimated expenses) of approximately $190.7 million. The Company intends to use
the net proceeds from the offering, along with cash on hand, to fund additional
asset acquisitions in the Wattenberg Field which may become available from time
to time, to pay down outstanding indebtedness under its revolving credit
facility and for corporate purposes, including working capital.
In connection with the common stock offering, Seaport Global Securities LLC
acted as sole book-runner/co-lead manager, Johnson Rice & Company L.L.C. acted
as co-lead manager, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey,
Inc. acted as senior co-managers and IBERIA Capital Partners L.L.C., Roth
Capital Partners, LLC, Wunderlich Securities, Inc., Canaccord Genuity Inc., Euro
Pacific Capital Inc., GMP Securities LLC, Imperial Capital LLC and Northland
Securities, Inc. acted as co-managers.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful. The
offering was made pursuant to an effective registration statement on Form S-3
previously filed by the Company with the Securities and Exchange Commission.
ABOUT SYNERGY RESOURCES CORPORATION
Synergy Resources Corporation is a domestic oil and natural gas exploration and
production company. Synergy's core area of operations is in the Denver-Julesburg
Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg
field in the D-J Basin ranks as one of the most productive fields in the U.S.
The company's corporate offices are located in Platteville, Colorado.
SAFE HARBOR
This press release contains forward-looking statements regarding future events
and our future results that are subject to the safe harbors created under the
Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of
1934 (the "Exchange Act"). All statements other than statements of historical
facts included in this press release regarding our financial position, business
strategy, plans and objectives of management for future operations and industry
conditions, and are forward-looking statements. When used in this press release,
forward-looking statements are generally accompanied by terms or phrases such as
"estimate," "project," "predict," "believe," "expect," "anticipate," "target,"
"plan," "intend," "seek," "goal," "will," "should," "may" or other words and
similar expressions that convey the uncertainty of future events or outcomes.
Items contemplating or making assumptions about, actual or potential future
sales, market size, collaborations, and trends or operating results also
constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and
important factors (many of which are beyond the Company's control) that could
cause actual results to differ materially from those set forth in the
forward-looking statements, including the following: general economic or
industry conditions, nationally and/or in the communities in which Synergy
conducts business, changes in the interest rate environment, legislation or
regulatory requirements, conditions of the securities markets, the ability to
raise capital, changes in accounting principles, policies or guidelines,
financial or political instability, acts of war or terrorism, other economic,
competitive, governmental, regulatory and technical factors affecting the
Company's operations.
These forward-looking statements are based on current expectations and
assumptions about future events. While management considers these expectations
and assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of which are
beyond Synergy's control.
CONTACT:
Investor Relations Contact:
Jon Kruljac
Synergy Resources Corporation
jkruljac@syrginfo.com
Tel (303) 840-8166
Company Contact:
Rhonda Sandquist
Synergy Resources Corporation
rsandquist@syrginfo.com
Tel (970) 737-107
