UNITED STATES
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): April 23, 2012
SYNERGY RESOURCES CORPORATION
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(Exact name of Registrant as specified in its charter)
Colorado 001-35245 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)
Check appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-14(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On April 23, 2012, Synergy Resources Corporation ("Synergy") entered into
an amendment to its revolving line of credit agreement ("Agreement") with Bank
of Choice, located in Greeley, Colorado. The amended terms include an increase
from $15,000,000 to $20,000,000 in the maximum amount of borrowings available to
Synergy, subject to certain collateral requirements. Other terms of the
Agreement, including interest at the bank's prime rate and a commitment
expiration date of November 30, 2014, were not modified.
As of April 23, 2012 approximately $5.4 million had been borrowed under the
line of credit. Proceeds of the borrowing have been used, and proceeds from
expected future borrowing are expected to be used, primarily to repay prior
indebtedness and to fund acquisition, drilling, and completion costs under the
2012 and 2013 capital expenditure budgets.
For additional information concerning the terms of the original line of
credit dated November 30, 2011, see Synergy's Form 8-K report filed on December
1, 2011.
Item 9.01 Financial Statements and Exhibits
Exhibit 10.15 - Amendment to Line of Credit Agreement.
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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: April 25, 2012.
SYNERGY RESOURCES CORPORATION
By: /s/ Frank L. Jennings
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Frank L. Jennings, Principal Financial
and Accounting Officer
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