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SYRG > SEC Filings for SYRG > Form 8-K on 3-Sep-2013All Recent SEC Filings

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Form 8-K for SYNERGY RESOURCES CORP


3-Sep-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement

On August 27, 2013, Synergy entered into an agreement with an independent oil and gas company to acquire oil and gas properties consisting of:

o 38 producing oil and gas wells currently operated by the seller, all of which will be operated by Synergy after closing,

o 9 producing oil and gas wells not operated by the seller, including 6 wells currently operated by Synergy,

o one Class II disposal well,

o leases covering approximately 3,639 gross (1,000 net) acres, and

o miscellaneous equipment.

If the acquisition is completed, Synergy will have:

o an average working interest of approximately 27.5% (22% net revenue interest) in the 47 producing wells,

o a 25% working interest in the Class II disposal well, and

o an average 27.5% working interest (22% net revenue interest) in the oil and gas leases.

The producing oil and gas properties are located in the Wattenberg field, which is part of the Denver-Julesburg Basin.

The purchase price for the oil and gas properties, subject to ordinary closing adjustments, is $17,500,000. The purchase price will be payable in cash of $13,125,000 and $4,375,000 in restricted shares of Synergy's common stock.

The closing of the acquisition is subject to the completion of title reviews by Synergy and other conditions which are normal for a transaction of this nature.

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