Synergy Resources Corporation (“Synergy” or the “Company”) (NYSE MKT: SYRG) announced today that it has closed its previously announced underwritten public offering of 14,000,000 shares of its common stock. In addition, the Company announced that the underwriters exercised in full their option to purchase an additional 2,100,000 shares, bringing the total shares to be purchased to 16,100,000. The total net proceeds from the offering (including the additional shares) were approximately $89.1 million (after deducting underwriters’ compensation and estimated expenses). Credit Suisse, BofA Merrill Lynch and Citigroup acted as joint book-running managers for the offering.

The Company intends to use the net proceeds from this offering for general corporate purposes, which may include continuing to develop its acreage position in the Wattenberg Field in Colorado, repaying amounts borrowed under its revolving credit facility, funding a portion of its capital expenditure program for the remainder of 2016, or other uses. Initially, proceeds will be used to repay amounts borrowed under the Company’s revolving credit facility.

The offering was made pursuant to an effective shelf registration statement of the Company previously filed with the Securities and Exchange Commission. The offering was made by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained on the website of the Securities and Exchange Commission, or by contacting Credit Suisse, Prospectus Department (1-800-221-1037), One Madison Avenue, New York, New York 10010, BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, by email at[email protected], or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at [email protected], or Toll-Free (800) 831-9146.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 company’s corporate offices are located in Denver, Colorado.

Legal Notice