Ring Energy to buy Stronghold's Permian basin assets, shares up

Ring Energy

05/07/2022 12:30

** Shares of oil and gas co Ring Energy Inc  REI.A  up as
much as 8.71% at $2.87 premarket 
    ** Co to buy Permian assets of privately held Stronghold
Energy in a deal valued at $465 million, including $200 mln in
cash  urn:newsml:reuters.com:*:nGNX8KJGpB
    ** Stronghold is majority owned by U.S. private equity
Warburg Pincus, with operations located primarily in Crane
County, Texas 
    ** The deal is expected to grow Ring's operating footprint
by 56% to more than 100,000 net acres 
    ** Following close of deal, Stronghold's owners will have ~
34% of Ring and become its largest stockholders
    ** Stock up 15% YTD, as of last close 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))