Synergy Resources increases credit facility capacity to $300 million

By Jennifer Chiou

New York, Dec. 12 - Synergy Resources Corp. announced that it received approval for the increase of its credit facility led by Community Banks of Colorado to $300 million.

The borrowing base was lifted to $90 million, according to a press release.

Synergy said that it has $37 million borrowed on the facility as of the end of November with a current interest rate of 2.67%.

"We are pleased with the increase in the credit facility and our borrowing base which reflects the growth in the PV10 value of our proved reserves to over $236 million as of Aug. 31, 2013," chief financial officer Monty Jennings said in the release.

"We value the relationship we have developed with Community Banks of Colorado and the other participants, Amegy Bank, Colorado Business Bank and Texas Capital Bank, in the facility. We also welcome the newest members of the syndicate KeyBanc and SunTrust Banks Inc."

Synergy is a domestic oil and natural gas exploration and production company based in Platteville, Colo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.