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.
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 March 31, 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.
