Synergy Resources Completes Private Equity Offering

Synergy Resources has announced the completion of a private offering of 1,000,000 units at a price of $3.00 per unit. Each unit consisted of two shares of the Company's common stock, one Series A Warrant and on Series B Warrant.

Each Series A Warrant entitles the holder to purchase one share of the Company's common stock at a price of $6.00 per share. The Series A Warrants expire on the earlier of December 31, 2012 or twenty days following written notification from the Company that its common stock had a closing bid price at or above $7.00 for any ten of twenty consecutive trading days.

Each Series B Warrant entitles the holder to purchase one share of the Company's common stock at a price of $10.00 per share. The Series B Warrants expire on the earlier of December 31, 2012 or twenty days following written notification from the Company that its common stock had a closing bid price at or above $12.00 for any ten of twenty consecutive trading days.

With the completion of this offering, Synergy has now successfully raised over $5.5 million in equity capital financing.

Synergy Resources also announced that the information previously released concerning 28 oil & gas well permits and 10 pending permits with the Colorado Oil & Gas Conservation Commission have now been approved and issued under Synergy Resources Corporation as operator, bringing a total number of permits to 38. Ed Holloway (CEO) stated, "With the successful completion of the private offering and approved permits, Synergy is in a position to move forward with its 2009/2010 drilling program."
 

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