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): August 27, 2013
SYNERGY RESOURCES CORPORATION
--------------------------------------------
(Exact name of Registrant as specified in its charter)
Colorado 001-35245 20-2835920
------------------------ ------------------ ---------------
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
20203 Highway 60
Platteville, Colorado 80651
---------------------------------------------------------
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (970) 737-1073
N/A
-------------------------------------------------
(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 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.
2
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: August 30, 2013
SYNERGY RESOURCES CORPORATION
By: /s/ Frank L. Jennings
----------------------------------
Frank L. Jennings, Principal Financial and
Accounting Officer