Ring Energy Announces Successful Results of Fall 2021 Redetermination of Senior Credit Facility
December 09 2021 - 4:45PM
Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”)
today announced that the borrowing base under its senior revolving
credit facility (the “Credit Facility”) was recently successfully
reaffirmed at $350 million.
Key Highlights
-
Reaffirmation of the borrowing base at $350 million;
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Prior hedging requirement of 3,100 barrels per day of crude oil
sales for calendar 2022 remains unchanged and is fully covered by
hedges currently in place; and
-
Next regularly scheduled bank redetermination for the Company is
scheduled to occur during May 2022.
Paul D. McKinney, Chairman of the Board and
Chief Executive Officer, commented, “The positive outcome of our
fall 2021 bank redetermination reflects our banking group’s
confidence in our ongoing plans and provides financial flexibility
supporting our capital spending programs and ability to pay down
debt. We look forward to more fully benefitting from the
significantly improved oil price environment as our 2021 hedges
roll off on December 31. With only 3,129 barrels per day of crude
oil sales currently hedged for 2022, we believe we are in a
stronger position to execute an opportunistic hedging strategy to
underpin our future cash flow that will support our strategic
initiatives designed to enhance efficiencies, further strengthen
the balance sheet and prudently grow the business.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration,
development, and production company with current operations focused
on the conventional development of its Permian Basin assets in West
Texas and New Mexico. For additional information, please visit
www.ringenergy.com.
Forward Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements involve a wide variety of risks and uncertainties, and
include, without limitations, statements with respect to the
Company’s strategy and prospects. Such statements are subject to
certain risks and uncertainties which are disclosed in the
Company’s reports filed with the SEC, including its Form 10-K for
the fiscal year ended December 31, 2020, and its other filings with
the SEC. Readers and investors are cautioned that the Company’s
actual results may differ materially from those described in the
forward-looking statements due to a number of factors, including,
but not limited to, the Company’s ability to acquire productive oil
and natural gas properties or to successfully drill and complete
oil and natural gas wells on such properties, volatile prices of
oil and natural gas, risks associated with drilling and operating
oil and natural gas wells, risks of owning non-operated interests
in oil and natural gas properties, the Company’s ability to replace
oil and natural gas reserves, the Company’s ability to obtain and
pay down debt, and other risks that may be more fully described in
documents filed by the Company with the SEC.
Contact Information
Al Petrie AdvisorsAl Petrie, Senior PartnerPhone:
281-975-2146Email: apetrie@ringenergy.com
Ring Energy (AMEX:REI)
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