Brief: Ring Energy Announces Agreement To Acquire Stronghold’S Permian Basin Assets
05/07/2022 12:57
July 5 (Reuters) - Ring Energy Inc REI.A :
* RING ENERGY ANNOUNCES AGREEMENT TO ACQUIRE STRONGHOLD’S
PERMIAN
BASIN ASSETS
* RING ENERGY INC - DEAL FOR $200.0 MILLION IN CASH AT
CLOSING
* RING ENERGY INC - CASH PORTION OF CONSIDERATION WILL BE
FUNDED
PRIMARILY FROM BORROWINGS UNDER A FULLY COMMITTED REVOLVING
CREDIT FACILITY
* RING ENERGY INC - DEAL EXPECTED TO SUBSTANTIALLY ENHANCE
FINANCIAL POSITION BY INCREASING FCF GENERATION AND LOWERING
OPERATING COSTS
* RING ENERGY INC - DEAL EXPECTED TO INCREASE RING'S
ESTIMATED Q4
2022 SALES VOLUMES BY NEARLY 100% FROM MIDPOINT OF CO'S CURRENT
Q2 2022 GUIDANCE
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Further company coverage: REI.A
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