Ring Energy, Inc. Announces $115 Million Increase in Borrowing Base of the Company’s Senior Secured Credit Facility
June 20 2018 - 8:30AM
Business Wire
Ring Energy, Inc. (NYSE American: REI) (“Ring”) (“Company”)
today announced that the borrowing base on the Company’s $500
million senior secured credit facility has been increased from $60
million to $175 million in connection with the Company’s recent
borrowing base redetermination. All other terms and conditions
remain the same. There was no outstanding debt on the senior
secured credit facility at March 31, 2018.
Mr. Kelly Hoffman, Ring’s Chief Executive Officer, stated, “We
would like to thank our banking group for their continued support
of the Company and working with us to increase the borrowing base
of our senior secured credit facility to $175 million. We have seen
many excellent acquisition opportunities, and coupled with our
existing high quality asset base and the on-going success of our
horizontal drilling and development program, our team felt that the
increased liquidity could only contribute in maintaining the growth
we have already experienced. We will continue to seek out accretive
transactions which would increase shareholder value.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas.
www.ringenergy.com
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the “safe-harbor” provisions of the Private Securities
Litigation Reform Act of 1995 that involve a wide variety of risks
and uncertainties, including, 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, 2017, its Form 10-Q for
the quarter ended March 31, 2018 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/or gas properties or to successfully drill and complete oil
and/or gas wells on such properties, general economic conditions
both domestically and abroad, and the conduct of business by the
Company, and other factors that may be more fully described in
additional documents set forth by the Company.
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K M Financial, Inc.Bill Parsons, 702-489-4447
Ring Energy (AMEX:REI)
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