Ring Energy: Down as Delaware basin asset sale delayed

Ring Energy

09/10/2020 17:58

** Shares of oil and gas producer  REI.A  down 4.8% at $0.80
    ** REI says buyer of its Delaware basin asset has requested
an extension to Oct 29 to close the transaction  urn:newsml:reuters.com:*:nBw1QhZjVa
    ** Says buyer has wired REI an additional non-refundable $1
mln as a show of good faith
    ** "Management has made it clear there will be no further
extension" - Ring Energy
    ** The sale price of $31.5 mln was announced on April 14,
and deal was expected to close in about 60 days; REI had
received a $500,000 non-refundable deposit  urn:newsml:reuters.com:*:nBw35kPbda
    ** Co's Delaware basin asset, located in Culberson and
Reeves Counties, Texas, consists of ~20,000 net acres
    ** REI has declined ~70% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))