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): October 1, 2010
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)
Item 1.01 Entry Into a Material Definitive Agreement
On October 1, 2010, by approval of the board of directors, Synergy
Resources Corporation (the "Company") acquired oil and gas properties from
Petroleum Management, LLC and Petroleum Exploration and Management, LLC
(collectively referred to as "PEM") for $1,017,435. PEM is controlled by Ed
Holloway and William E. Scaff, Jr., both officers and directors of the Company.
The oil and gas properties consist of:
o 6 producing oil & gas wells
o 2 shut in oil wells
o 15 drill sites, net 6.25 wells
o Miscellaneous equipment
The Company has a 100% working interest (80% net revenue interest) in the
six producing wells and the two shut in wells.
The oil and gas properties are located in the Wattenberg field, which is
part of the Denver-Julesburg Basin.
In 2009 PEM acquired the same oil and gas properties sold to the Company
from an unrelated third party for $920,000. The difference in the price paid by
the Company for the properties and the price PEM paid for the properties
represents interest on the amount paid by PEM for the properties, closing costs
and equipment improvements.
Item 2.01 Completion of Acquisition or Disposition of Assets
See Item 1.01 of this report.
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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: October 5, 2010
SYNERGY RESOURCES CORPORATION
By: /s/ Ed Holloway
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Ed Holloway, President
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