HOUSTON, Nov. 19, 2020 /PRNewswire/ -- American
Resources, Inc., and SK Energy LLC, the investment vehicle of Dr.
Simon Kukes, one of the largest
shareholders of Ring Energy, Inc. (NYSE: REI), announced today that
they are very concerned with the decisions of the Board of
Directors of Ring Energy, Inc.
As a result of this concern, SK Energy and American
Resources urge all Ring Energy shareholders to withhold votes on
all members of Ring Energy's Board of Directors in the upcoming
election.
In late October 2020 the Board of
Directors of Ring Energy appears to have priced an offering of Ring
Energy shares. Individuals who purchased shares in this
offering may have been led to believe that Ring Energy intended to
close the sale of its Delaware
Basin assets.
It appears that after the sale of Ring Energy shares in the
offering was completed, Ring Energy announced in a press release
dated October 30, 2020 that the sale
of the Delaware Basin assets was not going to happen.
Individuals who purchased stock in the offering may have lost money
because they may have purchased with the expectation of a
Delaware Basin asset sale that
never happened.
Furthermore, the decision of Ring Energy to sell shares appears
to have heavily diluted existing shareholders.
To the best of SK Energy's and American Resources' knowledge, no
full investigation of the sale of Ring Energy shares in
October 2020 has yet been
conducted.
SK Energy and American Resources call upon each individual
shareholder and institutional shareholder of Ring Energy to examine
the actions of the Board of Directors with regard to the sale of
Ring Energy shares in October 2020,
and also call upon the proxy advisory firms to examine the actions
of the Ring Energy Board of Directors.
SK Energy and American Resources are confident that, after a
careful examination of the actions of the Ring Energy Board of
Directors, others will conclude that a withhold vote on all
directors is warranted.
About SK Energy LLC and Dr. Simon
Kukes
SK Energy LLC is an investment company owned by
Dr. Simon Kukes, a globally-renowned oil and gas industry
executive. Dr. Kukes has held various positions over the years,
including as President and CEO of Tyumen Oil Company (TNK) where he
was involved in the ~$20 billion
merger of TNK and British Petroleum to form TNK-BP in 2003, and as
CEO Hess Corporation's (NYSE: HES) Samara-Nafta subsidiary,
where he was instrumental in the subsidiary's $2.05 billion sale to Lukoil in 2013. He is
also currently the largest shareholder, CEO and director of PEDEVCO
Corp. (NYSE MKT: PED), an NYSE-listed oil and gas company
active in the Permian and D-J Basins.
About American Resources, Inc.
American Resources,
Inc. ("ARI") is a Houston, Texas
based oil and gas investment, development and operating company
focused on acquisition of underexploited, distressed and/or
undervalued oil and gas assets and companies where ARI believes its
involvement can add value. ARI strives to maximize value through
active management of assets and/or board level participation in its
corporate investments.
About Ring Energy, Inc.
Founded in 2012, Ring Energy
is a Midland, Texas-based oil
and gas exploration, development and production company with
current operations in the Permian Basin of West Texas and
is recognized as the top producing oil basin in North
America.
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SOURCE SK Energy LLC and American Resources, Inc.