Ring Energy, Inc., Announces Relocation of Its Headquarters From Midland, Texas to The Woodlands, Texas
January 25 2021 - 4:05PM
Business Wire
Ring Expects Meaningful Annual Cost Savings
from Relocations and Related Closures
Ring Energy, Inc. (NYSEAM: REI) (“Ring” or “the Company”)
announced today that its corporate headquarters was relocated to
the greater Houston area effective January 19, 2021. The new
address of the Company’s headquarters is 1725 Hughes Landing Blvd,
Suite 900, The Woodlands, Texas 77380. Additionally, Ring has
closed its Andrews, Texas field office, downsized its Midland
office and will be closing its Tulsa office at the end of the first
quarter 2021. These initiatives will result in meaningful annual
general and administrative (“G&A”) cost savings as the Company
is decreasing its overall office space and lease costs.
Mr. Paul D. McKinney, Ring’s Chief Executive Officer and
Chairman of the Board, stated, “We are implementing a new strategic
vision for Ring and relocating our headquarters to The Woodlands is
one of the key first steps in this process. We wanted to reduce our
fixed G&A costs, while increasing our accessibility to the
diverse and experienced energy workforce in the greater Houston
area, and this move accomplishes both objectives. In addition, we
are consolidating all of our executive management team and
relocating all accounting functions into our new Woodlands
headquarters. The combination of these actions is expected to
result in a 15 percent annualized office-related G&A cost
savings. We look forward to continuing to lower our break-even
costs while increasing our free cash flow generation with our
long-lived conventional assets in the heart of the Permian
Basin.”
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.
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 September 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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David A. Fowler, Investor Relations Ring Energy, Inc. (432)
682-7464
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