Ring Energy, Inc. Announces Closing of Andrews County Acquisition
December 26 2018 - 4:05PM
Business Wire
Ring Energy, Inc. (NYSE American: REI) (“Company”) (“Ring”)
announced today that it has closed its transaction with Tessara
Petroleum Resources, a wholly owned subsidiary of The Carlyle Group
L.P. (NASDAQ: CG) (“Carlyle”), for assets located in Andrews
County, Texas. Ring issued 2,623,948 million shares of its common
stock valued at $5.80 per share. The transaction has an effective
date of November 1, 2018.
The assets consist of 4,763 net acres. Ring will be the
operator, have a 100% working interest and 75% net revenue
interest. The acreage is in, around and contiguous to the Company’s
core assets on the Central Basin Platform (“CBP”) and offsets the
majority of the Company’s top producing wells. Management estimates
that this acquisition, in combination with additional smaller
surrounding leases the Company has acquired, will add 5,313 net
acres and 55 new gross horizontal drilling locations.
The Company has prepared and posted a slide presentation on its
website, www.ringenergy.com, which provides a detailed overview of
the transaction and its potential value to the Company.
SunTrust Robinson Humphrey acted as financial advisor to
Ring.
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 September 30, 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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version on businesswire.com: https://www.businesswire.com/news/home/20181226005022/en/
For further information contact:Bill Parsons, K M Financial,
Inc. (702) 489-4447
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