REI - Ring Energy Announces Successful Results of Senior Credit Facility Fall 2023 Redetermination and Final Payment for Founders Property Acquisition | Benzinga
THE WOODLANDS, Texas, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE:REI) ("Ring" or the "Company") today announced that the borrowing base was reaffirmed at $600 million under its $1.0 billion senior revolving credit facility (the "Credit Facility"). In addition, the Company announced that it had recently made the final payment of $11.9 million on its previously-announced acquisition of the Central Basin Platform assets of Founders Oil & Gas IV, LLC ("Founders"). The payment was reduced from $15.0 million to $11.9 million as a result of purchase price adjustments in the final settlement. Separately, Ring disclosed the recent sale of $1.5 million of non-core assets located in Gaines County, Texas.
KEY HIGHLIGHTS
- Reaffirmation of the Credit Facility borrowing base at $600 million;
- No changes to the terms under the Credit Facility, with next regularly scheduled bank redetermination for the Company to occur during the spring of 2024;
- Finalized the purchase of the Founders properties with the reduced deferred payment that was $3.1 million less than the initially-disclosed $15.0 million due to purchase price adjustments; and
- Proceeds from the recent sale of $1.5 million in non-core assets are to be used to further reduce outstanding borrowings on the Credit Facility.
Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, "As ...