NYSE MKT: SYRG

At Home In the Wattenberg

Corporate Presentation / June 2016

Key Statistics

Stock Price (06/24/16) $6.95

52 Week High/Low $12.82-$5.01

Shares Outstanding Diluted* ~200 MM

Public Float ~187 MM

Avg. Daily Vol. (3 month) ~5.6 MM

Market Capitalization ~$1.4 B

Cash & Equivalents (05/10/16 Pro-forma*) ~$94 MM

Outstanding Debt (9% Senior Notes

Due 2021 Pro-forma*)$80 MM

Borrowing Base Availability (as of 06/24/16) $145 MM

Forward Looking Statements & Key Statistics

This presentation contains forward-looking statements, within the meaningof the Private Securities Litigation Reform Act of 1995. The use of words suchas "believes," "expects," "anticipates," "intends," "plans," "estimates,""should," "likely" or similar expressions, indicates a forward-lookingstatement. These statements are subject to risks and uncertainties and arebased on the beliefs and assumptions of management, and informationcurrently available to management. The actual results could differ materiallyfrom a conclusion, forecast or projection in the forward-looking information.Certain material factors or assumptions were applied in drawing a conclusionor making a forecast or projection as reflected in the forward-lookinginformation. The identification in this presentation of factors that may affectthe company’s future performance and the accuracy of forward-lookingstatements is meant to be illustrative and by no means exhaustive.

All forward-looking statements should be evaluated with the understandingof their inherent uncertainty. Factors that could cause the company’s actualresults to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the success of thecompany’s exploration and development efforts; the price of oil and gas; theworldwide economic situation; changes in interest rates or inflation; theability of the company to transport gas; willingness and ability of third partiesto honor their contractual commitments; the company’s ability to raiseadditional capital, as it may be affected by current conditions in the stockmarket and competition in the oil and gas industry for risk capital; thecompany’s capital costs, which may be affected by delays or cost overruns;costs of production; environmental and other regulations, as the samepresently exist or may later be amended; the company’s ability to identify,finance and integrate any future acquisitions; and the volatility of thecompany’s stock price; and other factors described in the company’s filingswith the SEC, which are incorporated herein by reference. The companyundertakes no obligation to update any forward‐looking statements in orderto reflect any event or circumstance occurring after the date of thispresentation or currently unknown facts or conditions. Resource estimatesand estimates of non‐proved reserves include potentially recoverablequantities that are subject to substantially greater risk than proved reserves.

*Pro-forma for Equity closed on 5/10/16 and closing of Senior Notes, GC Acquisition and

Adams County divestiture.

Sources: Company estimates. In USD2

Features of the Wattenberg Field

3

Synergy’s DJ Basin Acreage Position is ~121,300 Net Acres

DJ Basin Footprint

~22,100 Net Acres in Greater

Wattenberg Area

NE Extension Area

~ 52,000 Net Acres

Note: Offset operator acreage positions reflect approximations, are not meant to depict entire leasehold, and may contain inaccuracies. 4

Focus on ~47,200 Net

Wattenberg Fairway Acres

Focus on ~18,800 Net

Wattenberg Fairway Acres

~17,400 Net Acres in Greater

Wattenberg Area

~22,100 Net Acres in Greater

Wattenberg Area

Focus on ~47,200 Net

Wattenberg Fairway Acres

Wattenberg Fairway

SYRG Leases

— —

Legacy Acreage Position ~36,200 Net Acres in Wattenberg

Wattenberg Fairway Area

~69,300 Net Acres in Wattenberg

5

SHORT LATERAL <5,000’ (EFF)

MID LATERAL <7,500’ (EFF)

LONG LATERAL <10,000’ (EFF)

Bestway Pad: 4 (~3.5 net) ML wells in production

Vista Pad: 10 (~8.5 net) SL wells in flow back/early production

Fagerberg Pad: 14 (~13.5 net) ML drilling

Evans Pad: 22 (~15.5 net) LL wells permitted

Williams Pad: 9 (~9 net) ML wells permitted

Current D&C Operations

Please note that net well percentages are subject to change through acquisitions, pooling, trades, swaps, earning agreements, and other reversionary interests.

Fagerberg PadDrilling: Mar – July ‘16Completion: Aug – Nov ‘16

Evans (West) PadDrilling: July – Nov ‘16Completion: Dec ‘16 – May ‘17 Evans (East) Pad

Drilling: July – Nov ‘16Completion: Nov ‘16 – Mar ‘17

Williams PadDrilling: Nov – Dec ‘16Completion: Jan – Mar ‘17

Vista Pad

Bestway Pad

SYRG Leases

GOR (scf/bbl of oil)

> 12,000

6,000 – 12,000

2,000 – 6,000

< 2,000

Drilling

Producing

Permitted

ML: Mid Length LateralAvg. Effective length: 6,920’Drill & Complete*: $3.5mmDrill Time (RR-RR**) 6-8 days*assumes 2:1 Nio:Cod ratio

**includes surface casing

LL: Long Length LateralAvg. Effective length: 9,560’Drill & Complete*: $4.5mmDrill Time (RR-RR**) 7-10days*assumes 2:1 Nio:Cod ratio

**includes surface casing

6

Estimated Well Economics for ML Lateral

Note: The well economics presented are representative of an average Niobrara mid-length lateral well drilled and completed within the Wattenberg fairway.

Strip Price Deck (6/15/16): 2016 = $49.11 / 2017 = $50.88 / 2018 = $51.8 / $55.07 flat starting January 2022 for oil.WS Consensus (6/16/16): 2016 = $45.88 / 2017 = $53.88 / 2018 = $60.65 / $73.50 flat starting January 2020 for oil.Assumed differentials: oil = $9.00 / gas = $0.25.

(1) Well Cost estimates include all drilling and completions costs, as well as all surface and production facilities, but do not include leasehold or corporate overhead.

(2) Estimated EURs may not correspond to estimates of reserves as defined under SEC rules.(3) Rate of return and payout estimates do not reflect lease acquisition costs or corporate, general and

administrative expenses. Payout estimates calculated from first month of production.(4) Assumes gas-to-oil price ratio of 1:20 applied against given crude oil price less above referenced diff’s

Months to Payout(3)

PV-10

IRR(3)

Fairway Mid-Length Type Curve

0%

10%

20%

30%

40%

50%

60%

70%

80%

$35 $40 $45 $50 $55 $60

Inte

rna

l R

ate

of

Re

turn

Crude Oil Price (4)

$3.5mm D&C

$4.0mm D&C

IRR by D&C and Price

EUR (2)

Drilling Days

Well Cost (1)

Strip Price Deck

Wall Street Consensus

$3.5mm

670 Mboe

6 – 8 days

47% 52%

23 23

$2.9mm $3.9mm

10

100

1,000

10,000

100,000

0 6 12 18 24 30 36

GO

R (

scf/

bb

l)

Pro

du

ctio

n R

ate

(B

bl/

d o

r M

cf/

d)

Time (Months)

CrudeNatural GasGOR

7

Synergy Leasehold

NGP Outlet to Mt. Belvieu

Compressor Sites

Processing Plants

Planned Grand Parkway Lines

Oil Pipelines

- - -

Note: Volume commitments outlined on this slide represent gross operated barrels, not NRI volumes.(1) Commitment subject to completion of the Grand Mesa Pipeline and ongoing negotiations.

Fairway acreage fits well with existing/planned DCP infrastructure

DCP Midstream’s Grand Parkway Phase 1 commenced in Q1 2016, Phase 2 rights of way and permitting in process

Installation of 3rd party oil gathering systems underway

Synergy has secured capacity under long term contracts on the White Cliffs Pipeline and on the Grand Mesa Pipeline scheduled for late 2016

Gross Oil Volume Commitments on 8/8ths Basis

o 6,157 Bbl/d on White Cliffs

o 5,000 Bbl/d on Grand Mesa(1)

DCP Midstream & Oil Pipeline Infrastructure

PHASE 1

PHASE 2

PHASE 3

Grand Mesa

White Cliffs

Lucerne 1 & 2 Plant

8

4,290

8,725

11,51011,000-12,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000 Daily Net Production

FY 2014 FY 2015 Q1 03/31/16 2016 Est.*0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Production and Proved Reserves Growth

Proved Reserves per Ryder Scott Third Party Reserve Engineers

BO

EPD

Pro

ved

Res

erve

s M

MB

oe

32 MMBoe

57 MMBoe

PUD PDP

8/31/2014 8/31/2015

66 MMBoe

12/31/2015

*Company 2016 Guidance does not include production from pending GC Acquisition 9

2016 Estimated Capex ~$150 Million*

Source:Company Est.*Assumes average 1 rig program for 2016. The Company has operational flexibility, and capex could be reduced to $130 million or lower depending on commodity prices and actual costs. .

Drilling and Completion~$115 Million

Land Leasing~$30 Million

Other ~$5 Million

10

Financial Strategy

Maintain adequate liquidity & strong balance sheet

• Pro forma for the equity offerings, notes issuance and transaction

o Post closing PF liquidity of ~$225 million(1)

o $145 million available on undrawn revolver

o $80 million in outstanding debt on long-term notes

• 2016 & 2017 development plan is designed to be fully funded

o Outspend covered by existing cash + expected revolver availability

o Flexibility to accelerate or decelerate activity based on commodity prices

• Conservative leverage profile to preserve capital flexibility

o PF debt / EBITDA of 0.9x based on trailing twelve months adjusted EBITDA(2)

o PF debt / capitalization of 7%

Balancing upside from increasing activity with disciplined hedging strategyo Goal to hedge approximately half forecasted 2017 production by YE’16

o Primarily utilizing costless collars

(1) Reflects liquidity as of 3/31/16 adjusted for April & May equity offerings, GC acquisition, Adams County divestiture and notes issuance(2) LTM Adj. EBITDA reflects Synergy’s 12 months ended 3/31/16 plus the trailing 12 months GC acquisition estimated EBITDA 11

Appendix

12

Name Title Experience

Management Team

Lynn A. Peterson Chairman, President & CEO Former co-founder, President and CEO of Kodiak Oil & Gas, he has over 30 years of experience in executive management of oil and gas companies

James P. Henderson EVP of Finance and CFO More than 25 years of industry finance and management experience including Kodiak Oil & Gas, Anadarko Petroleum Corp., and Western Gas Resources

Mike Eberhard COO - Operations Petroleum engineer with over 30 years of industry experience including management positions with Anadarko and Halliburton

Nick Spence COO - Development Petroleum engineer with 25 years of industry experience in operations, including the past 4 years with Anadarko in the Wattenberg Field

Craig Rasmuson EVP – Business Development Joined SYRG at its inception in 2008 and has supervised all of its field operations. Formerly with PDC Energy and DCP Midstream

Brant DeMuth VP of Finance CFA with over 30 years of financial analysis, asset management, and derivative trading experience. Former CFO of DJ Resources

Brian Macke Director of Government Affairs Petroleum Engineer with 35 years of industry experience in regulatory affairs, including 17 years with the Colorado Oil & Gas Conservation Commission, serving as Director of the Commission for 4 years

Cathleen Osborn VP and General Counsel 30 years of industry experience and most recently served as in house counsel for Whiting Petroleum and prior to that Kodiak Oil & Gas

Jared Grenzenbach VP Accounting and CAO CPA with 18 years of accounting experience including over 10 years in oil and gas and 4 years with Deloitte & Touche LLP

Matthew Miller VP of Land Landman with over 30 years experience in the industry. He was formerly with Anadarko

Tom Birmingham VP of Exploration Geologist with 35 years in the industry with focus on the Wattenberg Field with Anadarko, Kerr McGee and HS Resources

13

Hedging Summary as of 06/20/16

Crude Oil and Natural Gas Hedges

Month

Oil

(Bbl)

Gas HH

(MMBtu)

Gas CIG

(MMBtu)

Oil

(Bbl)

Gas HH

(MMBtu)

Gas CIG

(MMBtu)

June 1 to December 31, 2016 293,000 180,000 700,000 $42.39-$62.39 $3.90-$4.14 $2.65 - $3.10

January 1 to December 31, 2017 605,000 - 3,240,000 $41.98 - $63.97 - $2.54 - $3.33

Month

Oil

(Bbl)

Gas HH

(MMBtu)

Gas CIG

(MMBtu)

Oil

(Bbl)

Gas HH

(MMBtu)

Gas CIG

(MMBtu)

June 1 to December 31, 2016 245,000 - - 48.57$ - -

January 1 to August 31, 2017 160,000 - - 52.50$ - -

(1) Oil price is based on NYMEX WTI and gas price is based on NYMEX Henry Hub or CIG.

Collar Volumes Average Collar Prices (1)

Put Volumes Average Option Put Prices (1)

Disclosure on Derivative Instruments

The Company has entered, or may enter in the future, into commodity derivative instruments utilizing, price swaps, collars, put or call options to reduce the effect of

price changes on a portion of future oil and gas production. The Company’s commodity derivative instruments are measured at fair value and are included in the

condensed balance sheet as derivative assets and liabilities.

All derivative positions are carried at their fair value on the condensed balance sheet and are marked-to-market at the end of each period. Both the unrealized and

realized gains and losses resulting from the contract settlement of derivatives are recorded in the gain on derivatives line on the condensed statement of operations.

The Company has a master netting agreement on each of the individual oil and gas contracts and therefore the current asset and liability are netted on the

condensed balance sheet and the non-current asset and liability are netted on the condensed balance sheet.

14

SYNERGY RESOURCES CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

15

($ in thousands)

Three months ended Four months ended Twelve months Ended

3/31/2016 3/31/2015 12/31/2015 12/31/2014 8/31/2015 8/31/2014

Adjusted EBITDA

Net income (loss) ($50,500) ($993) ($122,932) $26,799 $18,042 $28,853

Add back:

Depreciation, depletion and amortization 12,078 14,077 18,776 22,574 65,869 32,958

Full cost ceiling impairment 44,734 – 125,230 – 16,000 –

Income tax expense (benefit) – (709) (10,007) 15,802 11,677 15,014

Stock based compensation 2,519 1,604 8,431 960 7,691 2,968

Mark to market of commodity derivatives contracts

Total (gain) loss on commodity derivatives contracts (1,680) (3,461) (6,482) (27,701) (32,256) (321)

Cash settlements on commodity derivatives contracts 3,059 13,742 1,954 3,683 31,721 (2,138)

Cash premiums paid for commodity derivative contracts – (3,498) (956) – (4,117) –

Interest, net (2) 15 (40) (16) 159 (82)

Adjusted EBITDA $10,208 $20,777 $13,974 $42,101 $114,786 $77,252

Adjusted EBITDA