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Synergy Resources Corporation Announces Quarterly Results


News provided by

Synergy Resources Corporation

Apr 12, 2011, 02:37 ET

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DENVER, April 12, 2011 /PRNewswire/ -- Synergy Resources Corporation (OTCBB: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (the "D-J Basin"), reported results for the quarter ended February 28, 2011 (the "Quarter").

Increased Production:

Revenue for the Quarter was $2,053,534 or $0.0956 per share, up over 500% from $335,725 in 2Q-2010. The improvement reflects the increase in the Company's number of producing wells. As of April 11, 2011, the Company had 60 gross wells, including 48 producing wells, and 10 wells in progress.  All wells are located in the Wattenberg Field of the D-J Basin.  Net oil and gas production for the Quarter was approximately 34,733 BOE or 386 BOEPD.  As of February 28th 2011, Synergy Resources had estimated proved reserves of 641,572 Bbls of oil and 4,313,939 Mcf of gas.

Increased Acreage:

Throughout the quarter, Synergy has significantly expanded its footprint in the D-J Basin and as of April 11th 2011, Synergy had an approximately 116,000 gross acres (100,000 net acres) under lease. This is approximately a 100,000 gross acre increase from the same time last year.  Synergy also is contemplating a transaction with Petroleum Exploration & Management LLC to potentially acquire interests in 87 producing oil and gas wells, one shut-in well and leases covering 6,968 gross acres in the D-J Basin.

Improved Cash Position:

As of February 28, 2011, Synergy had cash of over $21,000,000 on its balance sheet, up from approximately $4,700,000 as of November 30, 2010.  The increased cash position is a result of an increase in cash flow from operations and $16,690,721 of net proceeds from a private placement of common stock in January 2011.

Financial Results

For the Quarter, Synergy had an operating income of $686,413 compared to an operating loss of $130,438 for the same period a year prior. Synergy posted a net loss for the Quarter of $11,738,360 compared to a net loss of $543,661 a year prior.  The net loss for the quarter included a $9,926,158 non-cash change in the fair value of the derivative conversion liability and $2,514,045 in interest expense.  Frank Jennings, CFO of Synergy Resources Corporation, noted "Our financial results for the quarter reflect approximately $12.4 million in non-cash charges and interest expense associated with our convertible notes. As of March 31, 2011, all of the note holders had elected to convert their notes into shares of common stock, which will eliminate the non-cash charges and interest expense after March 31, 2011. We look forward to reporting results in the future that will no longer be encumbered by these charges."    

Ed Holloway, CEO of Synergy Resources Corporation, stated "We had a record quarter and I am quite pleased with our results. Our revenue topped $2 million for the quarter, and we continue the upward trend as we bring more wells into production.  Having over $20,000,000 of cash and no debt on our balance sheet will help us further implement our business plan. We will continue to look to expand our acreage, reserves, and production in the D-J Basin in order to maximize our shareholder's value."  

SYNERGY RESOURCES CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)














Three Months Ended February 28,


Six Months Ended February 28,



2011



2010



2011



2010













Revenues:












Oil and gas revenues

$

2,033,687


$

335,725


$

3,477,282


$

388,511

Service revenues


19,847



-



27,289



-

Total revenues


2,053,534



335,725



3,504,571



388,511













Expenses:












Lease operating expenses


260,480



47,152



463,155



55,042

Depreciation, depletion,
   and amortization


647,205



64,733



1,232,186



92,939

General and administrative


459,436



354,278



1,111,979



635,410

Total expenses


1,367,121



466,163



2,807,320



783,391













Operating income (loss)


686,413



(130,438)



697,251



(394,880)













Other income (expense):












Change in fair value of
  derivative conversion liability


(9,926,158)



-



(10,315,421)



-

Interest expense, net


(2,514,045)



(414,136)



(3,296,084)



(414,136)

Interest income


15,430



913



15,891



3,686

Total other income (expense)


(12,424,773)



(413,223)



(13,595,614)



(410,450)













Net loss

$

(11,738,360)


$

(543,661)


$

(12,898,363)


$

(805,330)













Net loss per common share:












Basic and Diluted


(0.55)



(0.05)



(0.73)



(0.07)













Weighted average
   shares outstanding:












Basic and Diluted


21,487,951



11,998,000



17,580,331



11,998,000

SYNERGY RESOURCES CORPORATION

CONDENSED BALANCE SHEETS






As of


As of





February 28, 2011


August 31, 2010





(unaudited)




ASSETS

Current assets:







Cash and cash equivalents

$

21,161,538


$

6,748,637


Accounts receivable


3,962,054



3,176,320


Inventory


506,845



387,864


Other current assets


81,401



12,310




Total current assets


25,711,838



10,325,131










Property and equipment:







Oil and gas properties, full cost method, net


16,500,170



12,692,194


Other property and equipment, net


217,533



150,789




Property and equipment, net


16,717,703



12,842,983










Other assets


507,528



1,673,799













Total assets

$

42,937,069


$

24,841,913










LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:







Accounts payable


4,961,604



3,570,231


Accrued expenses


856,281



517,921




Total current liabilities


5,817,885



4,088,152










Asset retirement obligations


346,204



254,648

Convertible promissory notes, net of debt discount


4,946,032



12,190,945

Derivative conversion liability


10,246,260



9,325,117




Total liabilities


21,356,381



25,858,862










Shareholders' equity:







Common stock and paid in capital


57,818,475



22,322,474


Accumulated (deficit)


(36,237,787)



(23,339,423)




Total shareholders' equity


21,580,688



(1,016,949)













Total liabilities and shareholders' equity

$

42,937,069


$

24,841,913

SYNERGY RESOURCES CORPORATION

OPERATIONAL DATA



Three Months Ended February 28,


2011


2010

Production:






 Oil (Bbls)


19,511



2,857

 Gas (Mcf)


91,333



19,480







Total production in BOE


34,733



6,104







Revenues:






 Oil

$

1,631,905


$

198,392

 Gas


401,782



137,333

   Total

$

2,033,687


$

335,725







Average sales price:






 Oil (Bbls)

$

83.64


$

69.44

 Gas (Mcf)

$

4.40


$

7.05




Three Months Ended February 28,



2011


2010








Production costs


$

55,471


$

13,345

Severance and ad valorem taxes



205,009



33,807

   Total lease operating expenses


$

260,480


$

47,152








Per BOE:







 Production costs


$

1.60


$

2.19

 Severance and ad valorem taxes



5.90



5.54

    Total per BOE


$

7.50


$

7.73


About Synergy Resources Corporation

Synergy Resources Corporation is a 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.  The Wattenberg field in the D-J Basin ranks as the 7th largest field in the U.S. in terms of proved gas reserves and 9th in production. Synergy's corporate offices are located in Platteville, Colorado.  More company news and information is available at www.SYRGinfo.com.

This press release may contain forward-looking statements.  The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information.  Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

SOURCE Synergy Resources Corporation

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