Ring Energy (NYSE: REI), an oil and gas exploration, development and production company, has closed an underwritten public offering of 6,164,000 shares of its common stock, which includes an additional 804,000 shares of common stock in accordance with the underwriters’ fully-exercised over-allotment option. The shares were sold at the public offering price of $14.00 per share. After deducting the underwriting discount and other estimated offering expenses, Ring Energy’s net proceeds were approximately $82 million. The company plans to use the proceeds from the offering to fund its 2018 capital expenditure program and for other general corporate purposes.
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About Ring Energy, Inc.
Ring Energy is a Midland, Texas-headquartered oil and gas exploration and development company with two core areas of operation in the Permian Basin; the Central Basin Platform and the Delaware Basin. The management team of REI has extensive experience in studying, drilling and producing the San Andres formation over the past 30 years, and to date have cumulatively drilled approximately 1,400 vertical and over 50 horizontal San Andres wells on the Central Basin Platform. Pulling from this knowledge base and experience, REI is currently drilling the San Andres horizontally with increased efficiency and productivity, resulting in enhanced rate-of-return and profitability for their shareholders even during times of low commodity prices. For more information, visit the company’s website at www.ringenergy.com.
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