Synergy announced that it successfully completed the redetermination of the borrowing base under its reserve based credit facility and a related amendment to the credit agreement. The redetermination provides for a borrowing base of $145 million, none of which is currently drawn. Mr. Peterson commented, "With the recently completed equity raise of nearly $90 million the Company has put itself in a very strong position to grow during this downturn in the energy industry. We want to thank the existing shareholder base that participated in the equity issuance as well as welcome our new shareholders as we move ahead. Between our cash position and undrawn revolver we have over $200 million of liquidity and no debt on the Company's balance sheet. We continue to evaluate opportunities and hope to grow the Company's footprint over the remainder of the year."
The small-caps that survive have the most upside for us. - Dan