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SYRG > SEC Filings for SYRG > Form 8-K on 21-Aug-2014All Recent SEC Filings

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Item 8.01 Other Events

On August 16, 2014 Synergy entered into a Joint Development Agreement with Johnson Production Corporation (JPC) and Kodiak Petroleum, Inc. (Kodiak) to drill oil wells and develop acreage in Dundy County, Nebraska.

The Agreement covers a defined area of 8,011 net mineral acres in Dundy County, Nebraska, (the "Contract Area") and provides for the drilling of up to ten wells. The Agreement has an initial term of one year, and annual extension provisions for an additional four years. JPC or Kodiak will be the operator for all wells.

JPC and Kodiak will jointly pay 5/8ths of the costs to drill and complete each well, earning a 50% working interest in the well and the spacing unit. In addition, for each well drilled, JPC and Kodiak will jointly earn a 5% working interest in Synergy's interest in the remainder of the Contract Area. If all ten wells are drilled, JPC and Kodiak will jointly earn a 50% interest in Synergy's interest in the Contract Area. Synergy will pay 3/8ths of the cost of each well (retaining a 3/8 working interest in each well) and, if all ten wells are drilled, will retain both a 50% working interest and an overriding royalty interest in the Contract Area.

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