secwatch.observer — SEC 8-K summary
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Issuer:     RING ENERGY, INC. (REI)
CIK:        0001384195
Form:       8-K
Filed at:   2023-07-11T23:59:59+00:00
Accession:  0001628280-23-024739
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ring Energy reaffirms $600M borrowing base, reduces debt by $25M in Q2 2023
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- Borrowing base reaffirmed at $600M under $1B credit facility; no changes to terms, company in compliance with all covenants.
- Net debt reduction of $25M in Q2 2023; borrowings outstanding at end of Q2: $397M (down from $422M at Q1 end).
- Sold non-core Delaware Basin assets for $8.25M gross ($7.8M net); used to pay down debt; recent production ~240 Boe/d (85% oil).
- Actively pursuing sale of New Mexico assets (~5,700 gross acres, ~300 Boe/d, 93% oil) to further strengthen balance sheet.
- Targeting further debt reduction in H2 2023, dependent on hydrocarbon prices, capex timing, and market conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1384195/000162828023024739/0001628280-23-024739-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1384195/000162828023024739/rei-20230627.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-024739

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