MIDLAND, Texas–(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.