SYNERGY RESOURCES CORPORATION. By /s/ Frank L. Jennings ---------------------------------- Frank L. Jennings, Chief Financial Officer State of Colorado ) ) ss County of Weld ) BEFORE ME, the undersigned, a Notary Public in and for said County and State on this ____ day of ________________, 2011, personally appeared Frank L. Jennings, to me known to be the person described herein and who executed the within and foregoing instrument of writing on behalf of Synergy Resources Corporation, and acknowledged to me that he executed the same as his free and voluntary act and deed for the uses and purposes therein set forth.
SYNERGY RESOURCES CORPORATION. By: ---------------------------------- EXHIBIT B --------- NOTE SYNERGY RESOURCES CORPORATION SECURED PROMISSORY NOTE ----------------------- Greeley, Colorado $ 15,000,000 November 30, 2011 The undersigned Borrower promises to pay to the order of BANK OF CHOICE, a Division of BANK MIDWEST, N.A., a national association, ("Lender", which term shall include all subsequent holders of this Note by assignment or otherwise), at its offices located in Greeley, Colorado, the sum of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00), or so much thereof as may be advanced by Lender hereunder, together with interest as required under this Note. Sums shall be advanced to Borrower by Lender hereunder pursuant to the terms and conditions of that certain Loan Agreement of even date herewith, by and between Lender and Borrower (the "Loan Agreement"). The outstanding principal amount due hereunder may fluctuate up and down from time to time, but shall not exceed FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00) in the aggregate principal amount outstanding at any one time. All capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Loan Agreement.
SYNERGY RESOURCES CORPORATION. By: ------------------------------------ Name: ------------------------------------ Title: ------------------------------------ EXHIBIT C --------- FORM OF BORROWING BASE CALCULATION --------------------------------------------------------------------------- Future Net PV 9 Advance Rate Total Income --------------------------------------------------------------------------- PDP $24,242,211 $14,581,669 65% $ 9,478,085 --------------------------------------------------------------------------- PDP<6 $ 1,696,270 $ 731,758 60% $ 439,055 --------------------------------------------------------------------------- PDNP $22,801,236 $12,377,639 50% $ 6,188,820 --------------------------------------------------------------------------- PUD $60,775,771 $14,490,974 10% $ 1,449,097 --------------------------------------------------------------------------- Total $ 17,555,057 --------------------------------------------------------------------------- Borrowing Base Agreement - Maximum concentration in Loan to Value --------------------------------------------------------------------------- Total Type of Maximum Allowable Amount Actual Amount Margined Well Concentration based on Margined Collateral Collateral LTV Collateral --------------------------------------------------------------------------- $17,555,057 PDP 100% $17,555,057 $ 9,478,085 --------------------------------------------------------------------------- $17,555,057 PDP<6 30% $ 5,266,517 $ 439,055 --------------------------------------------------------------------------- $17,555,057 PDNP 20% $ 3,511,011 $ 3,511,011 --------------------------------------------------------------------------- $17,555,057 PUD 10% $ 1,755,506 $ 1,449,097 --------------------------------------------------------------------------- $ 14,877,248 --------------------------------------------------------------------------- WHEN RECORDED AND/OR FILED RETURN TO:
SYNERGY RESOURCES CORPORATION. By /s/ Frank L. Jennings ---------------------------------- Frank L. Jennings, Principal Finanxxxx Officer EMPLOYEE
SYNERGY RESOURCES CORPORATION. By: /s/ Xxxxxx Xxxxxxxx Xxxxxx Xxxxxxxx, Chief Executive Officer ADMINISTRATIVE AGENT: COMMUNITY BANKS OF COLORADO By: /s/ Xxxxx Xxxxxxxx Xxxxx Xxxxxxxx, Vice President LENDERS: COMMUNITY BANKS OF COLORADO By: /s/ Xxxxx Xxxxxxxx Xxxxx Xxxxxxxx, Vice President COBIZ BANK, A COLORADO CORPORATION DBA COLORADO BUSINESS BANK By: /s/ Xxxxxxx X. Xxxxx Xxxxxxx X. Xxxxx, Senior Vice President AMEGY NATIONAL BANK ASSOCIATION By: /s/ Xxxxx Xxxxxxxxx Xxxxx Xxxxxxxxx, Senior Vice President SECOND AMENDMENT TO CREDIT AGREEMENT This Second Amendment to Credit Agreement (this “Amendment”) is made and entered into effective as of June [●], 2013 (the “Effective Date”), by and between Synergy Resources Corporation, a Colorado corporation (“Borrower”), each of the Lenders party to the Credit Agreement (as defined below) (“Lenders”), Texas Capital Bank, N.A. (“Texas Capital”) and Community Banks of Colorado, a division of NBH Bank, N.A., individually, as Issuing Bank and as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”), and is as follows:
SYNERGY RESOURCES CORPORATION. By: --------------------------- Xxxxx X. Xxxxxxxx, Chief Financial Officer The name and address of Borrower is: Synergy Resources Corporation 00000 Xxxxxxx 00 Xxxxxxxxxxx, XX 00000 Phone: 000-000-0000 Fax: 000-000-0000 Attn: Xxxxxx Xxxxxxxx The name and address of Secured Party is: Community Banks of Colorado as Administrative Agent 0000 XXX Xxxxxxx Xxxxxx, Xxxxxxxx 00000 Phone: 000-000-0000 Fax: 000-000-0000 Attn: Xxxxx Xxxxxxxx STATE OF COLORADO ) )ss. CITY AND COUNTY OF DENVER ) The foregoing instrument was acknowledged before me on December 20, 2013, by Xxxxx X. Xxxxxxxx, as Chief Financial Officer of SYNERGY RESOURCES CORPORATION, a Colorado corporation, on behalf of said corporation. Witness my hand and official seal. _____________________________ Notary Public
SYNERGY RESOURCES CORPORATION. By: -------------------------------------- Name: Xxxxx X. Xxxxxxxx Title: Chief Financial Officer SECURED PARTY: COMMUNITY BANKS OF COLORADO, as Secured Party By:----------------------------------------- Name: Xxxxx Xxxxxxxx Title:______________________Vice President EXHIBIT A See Attached. EXHIBIT B (See Sections 3.2, 3.3, 3.4, 3.9, 4.1 and 9.1 of Security Agreement) NOTICE ADDRESS FOR ALL GRANTORS Synergy Resources Corporation 00000 Xxxxxxx 00 Xxxxxxxxxxx, XX 00000 Attention: Xxxxxx Xxxxxxxx, CEO and Director Telephone: (000) 000-0000 Facsimile: (000) 000-0000 INFORMATION AND COLLATERAL LOCATIONS OF SYNERGY RESOURCES CORPORATION I. Name of Grantor: Synergy Resources Corporation
SYNERGY RESOURCES CORPORATION. By: /s/ Xx Xxxxxxxx --------------------------------------- Authorized Officer ENERGY CAPITAL ADVISORS By : /s/ Xxxx Xxxxxx ----------------------------------- Authorized Officer
SYNERGY RESOURCES CORPORATION. ORR ASSETS ACQUIRED FROM ORR ENERGY, LLC Unaudited Pro Forma Condensed Combinex Xtatement of Operations For the Year Ended August 31, 2012 (in thousands, except share and per share data)
SYNERGY RESOURCES CORPORATION. ORR ASSETS ACQUIRED FROM ORR ENERGY, LLC Unaudited Pro Forma Condensed Combined Statxxxnt of Operations For the three months ended November 30, 2012 (in thousands, except share and per share data)
