MIDLAND, Texas–(BUSINESS WIRE)–Ring Energy, Inc. (NYSE American: REI) (the “Company”) announced today that it has priced an underwritten public offering of 5,360,000 shares of its common stock to the public at $14.00 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 804,000 shares of common stock from the Company at the offering price (less the underwriting discounts and commissions). The Company expects to close the sale of the shares of common stock on February 27, 2018, subject to customary closing conditions. Net proceeds to the Company from the sale of 5,360,000 shares will be approximately $71 million, after deducting underwriting discounts, commissions and estimated offering expenses.
The Company intends to use the net proceeds from the offering to fund its 2018 capital expenditure program and for other general corporate purposes.
SunTrust Robinson Humphrey, Inc. and Seaport Global Securities LLC are acting as joint book-running managers in the offering. Capital One Securities, Inc., Euro Pacific Capital Inc., Imperial Capital, LLC, Ladenburg Thalmann & Co. Inc., Northland Securities, Inc., and Roth Capital Partners are acting as co-managers.
The public offering is being made only by means of a prospectus supplement and accompanying base prospectus to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC on February 22, 2018. A final prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying base prospectus relating to the offering can be obtained on the SEC’s website at http://www.sec.gov. In addition, copies may be obtained, when available, by contacting (i) SunTrust Robinson Humphrey, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, Attention: Prospectus Department; email: email@example.com; telephone: 404-926-5744; or fax: 404-926-5464 or (ii) Seaport Global Securities LLC, 360 Madison Avenue, 21st Floor, New York, NY 10017; or telephone: 646-264-5601.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas.