Ring Energy acquires Founders Oil & Gas IV CBP assets for $75M cash

RING ENERGY, INC.

Total cash consideration of $75M ($60M at closing + $15M deferred within four months).
Acquiring ~3,600 net acres in Permian Basin; Q2 production ~2,500 Boe/d (86% oil).
Proved SEC reserves of 9.2 MMBoe (80% oil); ~50 low-risk undeveloped drilling locations.
Expected to close Q3 2023; funded by cash on hand and borrowings under revolving credit facility.
Pro forma 2H 2023 capital spending guidance $67M-$77M; focus on debt reduction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RING ENERGY, INC. entered into Asset Purchase Agreement with Founders Oil & Gas IV, LLC valued at $75 million (effective 2023-07-10).

Action: entry
Agreement: asset purchase
Counterparty: Founders Oil & Gas IV, LLC
Value: $75 million
Effective: 2023-07-10

Exact text from the filing

On July 10, 2023, Ring Energy, Inc. (the “Company”), as buyer, and Founders Oil & Gas IV, LLC (the “Founders”), as seller, entered into an Asset Purchase Agreement (the “Purchase Agreement”).

View on SEC.gov

Browse all material agreements →

RING ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-024921

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.