Community Bank of Colorado Leads Synergy Facility Expansion
Synergy Resources announced that its credit facility, led by Community Banks of Colorado, was approved for an increase to $300 million and the borrowing base to $90 million. Synergy has $37 million borrowed on the facility as of November 30, 2013, with a current interest rate of 2.67%.
Monty Jennings, CFO of Synergy Resources, commented, “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 August 31, 2013. 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.”
Ed Holloway, president and CEO of Synergy Resources, added, “This credit facility provides meaningful liquidity to Synergy as we continue to develop and expand our Greater Wattenberg Area asset base.”
Synergy is a Colorado-based independent exploration and production company focused on asset development in the Denver-Julesburg Basin in Weld County, CO.