January 4, 2010 (FinancialWire) — Synergy Resources Corp. (OTCBB: SYRG) said it has completed the sale of 41.65 units in a private offering for net proceeds of $3.7 million.

Each of the units in the offering consists of one promissory note in the principal amount of $100,000 and 37,000 warrants. The notes bear interest at 8% per year, payable quarterly, and mature on December 31, 2012. At any time after May 31, 2010 the notes can be converted into shares of the company’s common stock, initially at a conversion price of $1.60 per share. The notes will be secured by any oil or gas wells drilled, completed or acquired with the proceeds from the offering. Each warrant entitles the holder to purchase one share of the company’s common stock at a price of $6.00 per share.

Synergy said it will utilize a portion of the proceeds to commence its 2009/2010 winter drilling program, a planned 24 well program in the Wattenberg Field in the D-J Basin, as well as to stimulate and place in production 7 Meyer wells and 4 Wiedeman wells.

Denver-based Synergy Resources is a development stage domestic oil and natural gas exploration and production company. Synergy’s core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska.

Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). Recently issued reports and filings include Weatherford International Ltd. (NYSE: WFT), UQM Technologies, Inc. (AMEX: UQM), Panhandle Oil and Gas, Inc. (NYSE: PHX), Encore acquisition Company (NYSE: EAC), Altius Minerals Corp. (TSX: ALS), PKC Group Oyj (PLUS: PKC1V) and Standard Life Investments European Private Equity Trust PLC (LSE: SEP) (PLUS: SEP).

FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/). Recently webcast company presentations, financial results & earnings calls now available include Rick’s Cabaret International, Inc. (NASDAQ: RICK) and Applied Signal Technology, Inc. (NASDAQ: APSG). Recordings are accessible via the search function at http://infoescrow.net/f/?u=http://www.investorcalendar.com by entering any company’s ticker symbol into the search field.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.