Ring Energy, Inc., Appoints Mr. Paul D. McKinney Chief Executive Officer / Chairman of the Board
September 30 2020 - 4:30PM
Business Wire
An Industry Veteran with Proven Track Record
of Building Oil and Gas Organizations by Developing and
Implementing Successful Growth Strategies
The Board of Directors of Ring
Energy, Inc. (NYSEAM: REI) (“Ring”) (“Company”) announced today it
has appointed Mr. Paul D. McKinney as Chief Executive Officer
(“CEO”) and Chairman of the Board of Directors.
Mr. McKinney, an industry
veteran, began his career in 1983 with Anadarko Petroleum
Corporation (“Anadarko”). Over a 23 year period with Anadarko, Mr.
McKinney held various positions including his last title as Vice
President of Reservoir Engineering, Anadarko Canada Corporation. He
also spent 6 years with Apache Corporation (“Apache”), serving as
Manager, Corporate Reservoir Engineering and Region Vice President,
Gulf Coast Onshore, where he was responsible for the development
and all operational aspects of the Gulf Coast region for Apache.
Mr. McKinney’s most recent role was President, CEO and Director of
SandRidge Energy. He accepted the post in January 2019 and
continued there 11 months before resigning in December
2019.
Mr. Tim Rochford, Co-Founder and Chairman of the Board of
Directors (“Board”) of Ring Energy, Inc., commented, “The Board of
Directors takes very seriously its commitment to explore and
examine all business opportunities, proposals, ideas, etc., that
have the potential of increasing shareholder value. While we are
very proud of the operating results the Company has consistently
produced, from an ‘investment’ perspective, we are very discouraged
in the current price of our stock and apparent lack of
understanding and appreciation for the value this Company
represents. Late last year I had the opportunity to meet and visit
with Paul McKinney. I had known of Paul by reputation only, but it
did not take long to understand why he is so highly regarded. We
discussed a number of possible strategies that involved both
operations and market awareness. His vision for the Company was
inspiring and his ideas to attain the desired results revitalizing.
His enthusiasm was contagious, and his knowledge of the Company and
its assets assured me of his commitment to succeed. Further
conversations with Paul only strengthened my resolve that today’s
investment marketplace demands more of young companies, especially
now in the energy sector. Paul met with the Board at my request. He
presented his current assessment of the Company, together with his
strategies to deal with both operative and investment issues. The
Board concurred with my evaluation that a change in our current
approach was necessary and that Paul McKinney had the background,
expertise and enthusiasm to effect that change. As a co-founder of
Ring Energy, Inc., I recognize the importance of providing Paul
with the flexibility and support required to achieve our shared
goals of continued growth, reduction of debt, and ultimately,
increased shareholder value. To that end, I have decided to remove
myself as Chairman of the Board, but will remain in an ongoing
advisory capacity, working directly with Paul, providing him with
the assistance and advice he requires. I want to thank and
congratulate Mr. Kelly Hoffman, with whose assistance, along with
our management team, has not only established Ring as one of the
premiere low-cost ‘conventional’ operators in the Permian Basin,
but laid the ground work for years of exceptional development and
growth. Paul’s image of what our Company could and should become
mirrors both Kelly’s and mine. As large shareholders ourselves, we
look at Paul’s appointment as a positive evolutionary step in
bringing about the value and respect our Company merits and
deserves.”
Mr. Paul D. McKinney, incoming CEO and Chairman of the Board of
Ring Energy, Inc., remarked, “I want to thank Mr. Tim Rochford and
the rest of the Board members of Ring Energy for their vote of
confidence in allowing me this opportunity to head a team of
professionals that have demonstrated their abilities to create,
grow and position a young company, such as Ring, to be a dynamic
force in the years to come. I have followed Tim Rochford’s success
for many years and share his vision for Ring. The Northwest Shelf
and Central Basin Plateau are proven assets that offer years of
exceptional growth. Ring is a unique opportunity that has an
exciting future and I am proud to be part of it.”
The Company has scheduled a conference call on Thursday, October
1, at 11 a.m. ET to introduce Mr. Paul D. McKinney as its new Chief
Executive Officer / Chairman of the Board. To listen, dial
877-709-8150 at least five minutes before the call is to begin.
Please reference the Ring Energy conference call. International
callers may also listen by dialing 201-689-8354. A telephone replay
will also be available for one week beginning two hours after the
completion of the live call, and can be accessed by dialing
877-660-6853, or 201-612-7415 for international callers, and
entering the conference ID 13710869 when prompted. The call will
also be available via live and a 3 month archived webcast at
http://public.viavid.com/index.php?id=141634.
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas and New
Mexico.
www.ringenergy.com
Safe Harbor Statement
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, 2019, its Form 10Q for the
quarter ended June 30, 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/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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Bill Parsons K M Financial, Inc. (702) 489-4447
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