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Synergy Resources Reports Fiscal Second Quarter 2014 Results

Revenues and Operating Income up 111% to $23 Million and $9.5 Million Respectively Generating Net Income of $0.07 per Share; Company to Host Earnings Conference Call Today, April 4, 2014 at 12:00 p.m. ET 877-407-9122 Toll Free Dial-In, 201-493-67

PLATTEVILLE, CO--(Marketwired - April 04, 2014) - Synergy Resources Corporation (NYSE MKT: SYRG), a U.S. oil and gas exploration and production company focused in the Denver-Julesburg Basin, reported its fiscal second quarter results for the period ended February 28, 2014.

Second Quarter 2014 Financial Highlights vs. Same Year-Ago Quarter

  • Revenues increased 111% to $23 million
  • Operating income increased 111% to $9.5 million
  • Adjusted EBITDA (a non-GAAP metric) increased 122% to $17.5 million representing a 76% margin on revenues
  • At February 28, 2014, cash and equivalents and short term instruments totaled $54.4 million, borrowings were $37 million with remaining liquidity of $53 million on borrowing base of $90 million

Second Quarter 2014 Operational Highlights

  • Net oil and natural gas production increased to 352,537 barrels of oil equivalent (BOE), averaging 3,917 BOE per day versus 2,067, as compared to the same year-ago quarter, an average daily increase of 90%
  • As operator, completed 6 horizontal wells on our Leffler pad and brought them all into production during the quarter
  • As of February 28, 2014, we were the operator of 11 horizontal wells and a non-operating working interest owner in an additional 26 producing horizontal wells (4.20 net) all in the Wattenberg Field
  • 8 additional operated horizontal wells and 10 non-operated horizontal wells (.75 net) were in the drilling process

Second Quarter 2014 Financial Results

Revenues totaled $23 million, up 19% from $19.3 million in the previous quarter and up 111% from $10.9 million in the same quarter a year ago. The year-over-year improvement was attributed to a 90% increase in production, primarily from the new horizontal wells brought on line and an 11% increase in the realized average selling price per BOE. During fiscal Q2 2014, average selling prices were $86.82 per barrel of oil and $5.93 per Mcf of gas, as compared to $84.20 and $4.77, respectively a year ago.

Operating income increased to $9.5 million, up 32% from $7.2 million in the previous quarter and up 111% from $4.5 million in the same year-ago period. Net income was $5.2 million or $0.07 per basic and diluted share, down from $6.1 million or $0.08 per basic and diluted share in the previous quarter and up 89% from $2.7 million or $0.05 per basic and diluted share in the same year-ago period. Earnings were reduced by an unrealized loss of $1.8 million, a non-cash charge, related to commodity hedging activities.

Adjusted EBITDA (a non-GAAP financial measure) increased to $17.5 million, up 36% from $12.8 million in the previous quarter and up 122% from $7.9 million in the same year-ago quarter.

As of February 28, 2014, the company's cash and equivalents and short term instruments totaled $54.4 million, as compared to $79.5 million at August 31, 2013. At February 28, 2014, there was $37 million borrowed under the revolving line of credit.

The following tables present certain per unit metrics that compare results of the corresponding quarterly reporting periods:

                                                                            
                                                                            
                                            Three Months Ended              
                                       ----------------------------         
                                        February 28,   February 28,         
                                            2014           2013       Change
                                       -------------  -------------  -------
Production:                                                                 
  Oil (Bbls)                                 204,622        100,694    103% 
  Gas (McF)                                  887,494        512,069    73%  
  BOE (Bbls)                                 352,537        186,039    89%  
                                                                            
Revenues (in thousands):                                                    
  Oil                                  $      17,765  $       8,478    110% 
  Gas                                          5,263          2,443    115% 
                                       -------------  -------------         
    Total                              $      23,028  $      10,921    111% 
                                       =============  =============         
                                                                            
Average sales price:                                                        
  Oil                                  $       86.82  $       84.20     3%  
  Gas                                  $        5.93  $        4.77    24%  
  BOE (Bbls)                           $       65.32  $       58.70    11%  
                                                                            
                                                                            

"Bbl" refers to one stock tank barrel, or 42 U.S. gallons liquid volume in reference to crude oil or other liquid hydrocarbons. "Mcf" refers to one thousand cubic feet. A BOE (i.e. barrel of oil equivalent) combines Bbls of oil and Mcf of gas by converting each six Mcf of gas to one Bbl of oil. 

The following table summarizes operating costs on a per unit basis. Additional details regarding operating costs can be found in the condensed financial statements.

                                                                            
                                                                            
Costs per BOE                                   Three Months Ended          
                                      --------------------------------------
                                       February 28, 2014   February 28, 2013
                                      ------------------  ------------------
                                                                            
Lease operating expenses              $             5.13  $             4.19
Production taxes                                    6.40                5.88
DDA                                                21.90               17.07
General and administrative                          5.02                7.46
                                      ------------------  ------------------
    Total                             $            38.45  $            34.60
                                      ==================  ==================
                                                                            
                                                                            

Approximately one third of the increase in lease operating expenses is attributed to integrating the higher operational costs associated with the disposal well acquired in the Apollo asset purchase. The remainder of the increase is split between adding compression capacity to address mid-stream processing constraints and complying with new environmental regulations regarding air emissions. Costs for depreciation, depletion and amortization are higher for horizontal development compared to vertical drilling and overall costs associated with acquisitions are higher than the costs incurred for assets developed internally.

Conference Call

The Company will hold a conference call on Friday, April 4, 2014 at 12:00 p.m. Eastern time to discuss results for its fiscal second quarter ended February 28, 2014.

Synergy Resources co-CEO Ed Holloway, co-CEO William Scaff, Jr., CFO Monty Jennings, and COO Craig Rasmuson will host the presentation, followed by a question and answer period.

Date: Friday, April 4, 2014
Time: 12:00 p.m. Eastern time (10:00 a.m. Mountain time)

877-407-9122 Toll Free Dial-In (US & Canada)
201-493-6747 International/Local Dial-In

The conference call will be webcast simultaneously which you can access via this link: http://syrginfo.equisolvewebcast.com/q2-2014 and via the investor section of the company's web site at www.syrginfo.com.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, contact Jon Kruljac with Synergy Resources at 970-737-1073. A replay of the call will be available after 3:00 p.m. Eastern time on the same day and until April 11, 2014.

Replay Dial-In Numbers
877-660-6853 Toll Free (US & Canada)
201-612-7415 International/Local
Replay ID#411931

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 one of the most productive fields in the U.S. The company's corporate offices are located in Platteville, Colorado. More company news and information about Synergy Resources is available at www.syrginfo.com.

Important Cautions Regarding Forward Looking Statements

This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "believes", "expects", "anticipates", "intends", "plans", "estimates", "should", "likely" or similar expressions, indicates a forward-looking statement. These statements are subject to risk and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. 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. The identification in this press release of factors that may affect the company's future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company's actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the success of the company's exploration and development efforts; the price of oil and gas; worldwide economic situation; change in interest rates or inflation; willingness and ability of third parties to honor their contractual commitments; the company's ability to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company's capital costs, which may be affected by delays or cost overruns; costs of production; environmental and other regulations, as the same presently exist or may later be amended; the company's ability to identify, finance and integrate any future acquisitions; and the volatility of the company's stock price.

About Non-GAAP Financial Measures

The company uses "adjusted EBITDA," as a non-GAAP financial measure to evaluate financial performance such as period-to-period comparisons. This Non-GAAP measure is not defined under U.S. GAAP and should be considered in addition to, not as a substitute for, indicators of financial performance reported in accordance with U.S. GAAP. The company may use non-GAAP measures that are not comparable to measures with similar titles reported by other companies. Also, in the future, the company may disclose different non-GAAP financial measures in order to help investors more meaningfully evaluate and compare the company's future results of operations to its previously reported results. The company encourages investors to review its financial statements and publicly-filed reports in their entirety and not rely on any single financial measure. The section titled "Reconciliation of Non-GAAP Financial Measures" includes a detailed description of this measure as well as a reconciliation to its most similar U.S. GAAP measure.

Reconciliation of Non-GAAP Financial Measures

The company defines adjusted EBITDA as net income adjusted to exclude the impact of interest expense, interest income, income taxes, depreciation, depletion and amortization, stock based compensation, and the plus or minus change in fair value of derivative assets or liabilities. The company believes adjusted EBITDA is relevant because it is a measure of cash flow available to fund capital expenditures and service debt and is a metric used by some industry analysts to provide a comparison of its results with its peers. The following table presents a reconciliation of the company's non-GAAP financial measures to the nearest GAAP measure.

                                                                            
                                                                            
                       SYNERGY RESOURCES CORPORATION                        
               RECONCILIATION OF NON-GAAP FINANCIAL MEASURES                
                         (unaudited, in thousands)                          
                                                                            
                      Three Months Ended             Six Months Ended       
                 ----------------------------  ---------------------------- 
                  February 28,   February 28,   February 28,   February 28, 
ADJUSTED EBITDA       2014           2013           2014           2013     
                 -------------  -------------  -------------  ------------- 
                                                                            
Net income       $       5,161  $       2,732  $      11,261  $       4,970 
                                                                            
  Depreciation,                                                             
   depletion,                                                               
   and                                                                      
   amortization          7,719          3,176         13,310          5,496 
  Income tax                                                                
   expense               2,338          1,604          5,725          2,919 
  Stock based                                                               
   compensation            448            215            867            383 
  Change in fair                                                            
   value -                                                                  
   derivatives           1,805            134           (831)           134 
  Interest                                                                  
   income                  (17)            (8)           (48)           (15)
                 -------------  -------------  -------------  ------------- 
  Adjusted                                                                  
   EBITDA        $      17,454  $       7,853  $      30,284  $      13,887 
                 =============  =============  =============  ============= 
                                                                            
                                                                            

Financial Statements
Condensed financial statements are included below. Additional financial information, including footnotes that are considered an integral part of the financial statements, will be included in Synergy's Edgar Filings at www.sec.gov on Form10-Q for the period ended February 28, 2014.

                                                                            
                                                                            
                       SYNERGY RESOURCES CORPORATION                        
                          CONDENSED BALANCE SHEETS                          
                         (unaudited, in thousands)                          
                                                                            
                                                February 28,    August 31,  
                                                    2014           2013     
                                               -------------  ------------- 
                    ASSETS                                                  
Cash and short term investments                $      54,408  $      79,481 
Other current assets                                  18,475         12,494 
                                               -------------  ------------- 
  Total current assets                                72,883         91,975 
                                               -------------  ------------- 
Oil and gas properties and other equipment           276,017        197,965 
Other assets                                             646          1,296 
                                               -------------  ------------- 
  Total assets                                 $     349,546  $     291,236 
                                               =============  ============= 
                                                                            
     LIABILITIES AND SHAREHOLDERS' EQUITY                                   
Current liabilities                            $      41,556         41,367 
Revolving credit facility                             37,000         37,000 
Asset retirement obligations                           3,933          2,777 
Commodity derivative                                     143            334 
Deferred tax liability, net                           12,263          6,538 
                                               -------------  ------------- 
  Total liabilities                                   94,895         88,016 
                                               -------------  ------------- 
Shareholders' equity:                                                       
  Common stock and paid-in capital                   256,624        216,454 
  Accumulated deficit                                 (1,973)       (13,234)
                                               -------------  ------------- 
    Total shareholders' equity                       254,651        203,220 
                                               -------------  ------------- 
      Total liabilities and shareholders'                                   
       equity                                  $     349,546  $     291,236 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
                                                                            
                       SYNERGY RESOURCES CORPORATION                        
                     CONDENSED STATEMENTS OF OPERATIONS                     
         (unaudited, in thousands, except share and per share data)         
                                                                            
                      Three Months Ended             Six Months Ended       
                 ----------------------------  ---------------------------- 
                  February 28,   February 28,   February 28,   February 28, 
                      2014           2013           2014           2013     
                 -------------  -------------  -------------  ------------- 
                                                                            
Oil and gas                                                                 
 revenues        $      23,028  $      10,921  $      42,294  $      19,235 
                 -------------  -------------  -------------  ------------- 
Expenses:                                                                   
  Lease operating                                                           
   expenses              1,806            781          3,079          1,304 
  Production                                                                
   taxes                 2,255          1,094          4,271          1,908 
  Depreciation,                                                             
   depletion, and                                                           
   amortization          7,719          3,176         13,310          5,496 
  General and                                                               
   administrative        1,770          1,388          4,938          2,499 
                 -------------  -------------  -------------  ------------- 
    Total                                                                   
     expenses           13,550          6,439         25,598         11,207 
                 -------------  -------------  -------------  ------------- 
Operating income         9,478          4,482         16,696          8,028 
                 -------------  -------------  -------------  ------------- 
                                                                            
Other income                                                                
 (expense):                                                                 
  Commodity                                                                 
   derivative                                                               
   gain (loss)          (1,996)          (154)           242           (154)
  Interest income                                                           
   and expense,                                                             
   net                      17              8             48             15 
                 -------------  -------------  -------------  ------------- 
    Total other                                                             
     income                                                                 
     (expense)          (1,979)          (146)           290           (139)
                 -------------  -------------  -------------  ------------- 
    Income tax                                                              
     expense             2,338          1,604          5,725          2,919 
                 -------------  -------------  -------------  ------------- 
Net income       $       5,161  $       2,732  $      11,261  $       4,970 
                 =============  =============  =============  ============= 
Net income per                                                              
 common share:                                                              
  Basic          $        0.07  $        0.05  $        0.15  $        0.09 
                 =============  =============  =============  ============= 
  Diluted        $        0.07  $        0.05  $        0.15  $        0.09 
                 =============  =============  =============  ============= 
Weighted average                                                            
 shares                                                                     
 outstanding:                                                               
  Basic             76,203,938     54,900,326     74,934,940     53,272,213 
                 =============  =============  =============  ============= 
  Diluted           77,990,416     56,481,752     76,843,593     54,713,361 
                 =============  =============  =============  ============= 
                                                                            
                                                                            
                                                                            
                                                                            
                       SYNERGY RESOURCES CORPORATION                        
                     CONDENSED STATEMENTS OF CASH FLOWS                     
                         (unaudited, in thousands)                          
                                                                            
                                                     Six Months Ended       
                                               ---------------------------- 
                                                February 28,   February 28, 
                                                    2014           2013     
                                               -------------  ------------- 
                                                                            
Cash flows from operating activities:                                       
  Net income                                   $      11,261  $       4,970 
                                               -------------  ------------- 
  Adjustments to reconcile net income to net                                
   cash provided by operating activities:                                   
    Depreciation, depletion, and amortization         13,310          5,496 
    Provision for deferred taxes                       5,725          2,919 
    Other, non-cash items                                 36            517 
    Changes in operating assets and                                         
     liabilities                                       3,022          3,773 
                                               -------------  ------------- 
  Total adjustments                                   22,093         12,705 
                                               -------------  ------------- 
    Net cash provided by operating activities         33,354         17,675 
                                               -------------  ------------- 
Cash flows from investing activities:                                       
  Acquisition of property and equipment              (87,497)       (57,579)
  Net proceeds from short term investments            39,990              - 
                                               -------------  ------------- 
  Net cash used in investing activities              (47,507)       (57,579)
                                               -------------  ------------- 
Cash flows from financing activities:                                       
  Proceeds from exercise of warrants                  29,104            407 
  Proceeds from revolving credit facility                  -         38,486 
  Other                                                  (34)             - 
                                               -------------  ------------- 
  Net cash provided by financing activities           29,070         38,893 
                                               -------------  ------------- 
Net increase (decrease) in cash and                                         
 equivalents                                          14,917         (1,011)
Cash and equivalents at beginning of period           19,463         19,284 
                                               -------------  ------------- 
Cash and equivalents at end of period                 34,380         18,273 
                                               -------------  ------------- 
Short term investments                                20,028              - 
                                               -------------  ------------- 
Cash, equivalents and short term investments   $      54,408  $      18,273 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
                                                                            
                       SYNERGY RESOURCES CORPORATION                        
                 CONDENSED STATEMENTS OF OPERATING EXPENSES                 
                         (unaudited, in thousands)                          
                                                                            
                      Three Months Ended             Six Months Ended       
                 ----------------------------  ---------------------------- 
                  February 28,   February 28,   February 28,   February 28, 
                      2014           2013           2014           2013     
                 -------------  -------------  -------------  ------------- 
LEASE OPERATING                                                             
 EXPENSES (LOE)                                                             
Production costs $       1,797  $         637  $       3,000  $       1,160 
Work-over                    9            144             79            144 
                 -------------  -------------  -------------  ------------- 
  Lifting costs          1,806            781          3,079          1,304 
                 -------------  -------------  -------------  ------------- 
Severance and ad                                                            
 valorem taxes           2,255          1,094          4,271          1,908 
                 -------------  -------------  -------------  ------------- 
  Total LOE      $       4,061  $       1,875  $       7,350  $       3,212 
                 =============  =============  =============  ============= 
                                                                            
DEPRECIATION,                                                               
 DEPLETION AND                                                              
 AMORTIZATION                                                               
 (DDA)                                                                      
Depletion        $       7,491  $       3,117  $      12,981  $       5,379 
Depreciation and                                                            
 amortization              228             59            329            117 
                 -------------  -------------  -------------  ------------- 
  Total DDA      $       7,719  $       3,176  $      13,310  $       5,496 
                 =============  =============  =============  ============= 
                                                                            
GENERAL AND                                                                 
 ADMINISTRATIVE                                                             
 (G&A)                                                                      
G&A costs                                                                   
 incurred        $       2,074  $       1,511  $       5,559  $       2,725 
Capitalized                                                                 
 costs                    (304)          (123)          (621)          (226)
                 -------------  -------------  -------------  ------------- 
  Totals         $       1,770  $       1,388  $       4,938  $       2,499 
                 =============  =============  =============  ============= 
                                                                            
                                                                            

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