secwatch.observer — SEC 8-K summary
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Issuer:     RING ENERGY, INC. (REI)
CIK:        0001384195
Form:       8-K
Filed at:   2023-07-14T23:59:59+00:00
Accession:  0001628280-23-024921
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1384195/000162828023024921/0001628280-23-024921-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1384195/000162828023024921/rei-20230710.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-024921

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