Synergy Resources Corp. - 2011-12-02
Description
The company has increased its $7 million revolving line to a $15 million revolving line of credit with Bank of Choice. Approximately $5,342,000 from the line of credit was used to repay Synergy's loan to Petroleum Exploration and Management LLC., which was required by the terms of the bank note. Remaining proceeds from the revolving line of credit will be invested primarily in its development drilling program in the Wattenberg Field.