RING ENERGY, INC.

Ring refinanced its credit facility with Bank of America replacing Truist as lead bank, extending the maturity to 2029 and cutting its interest margin, even as the borrowing base slipped slightly to $585 million from $600 million - a sign lenders still viewed Ring's asset base favorably despite 2025's commodity price swings.

debt financing

Ring closed its purchase of Lime Rock Resources' Central Basin Platform assets in Andrews County, Texas - about 17,700 net acres mostly next to its existing Shafter Lake operations - for roughly $68.6 million cash, a $10 million deferred payment, and 6.45 million new shares, funded with cash on hand and credit-facility borrowings.

asset acquisition disposition

Ring signed an agreement on February 25, 2025 to buy Lime Rock Resources' Andrews County, Texas oil and gas interests for $90 million in cash ($80 million at closing, $10 million nine months later) plus 7,388,799 new Ring shares. It deposited $5 million in escrow, and closing is expected by the end of Q1 2025; either side can walk away if it has not closed by April 30, 2025. The share issuance will dilute existing holders, and Lime Rock will get registration rights for those shares. This is the latest in Ring's series of acquisitions, still pending at this filing.

capital raising announcement

Ring closed the Founders Oil & Gas acquisition for about $65 million in cash (including a $15 million payment deferred to December 2023), adding acreage adjacent to its 2022 Stronghold assets in the Central Basin Platform.

asset acquisition disposition

Ring agreed to buy Founders Oil & Gas's Central Basin Platform assets in Ector and Crane Counties, Texas for $75 million cash - assets similar to the Stronghold properties it bought in 2022 - funded from its credit facility and expected to immediately boost cash flow and lower leverage. The announcement also confirmed Ring had already sold off its Delaware Basin (Ford West/Ford Geraldine) assets earlier in 2023, completing the divestiture flagged back in 2020.

material agreement

Ring cleaned up the dilutive warrants from its distressed 2020 stock sale, inducing holders to exercise nearly all of them early by cutting the strike price from $0.80 to $0.62, raising about $9 million and simplifying its capital structure - a much healthier resolution to that 2020 financing than the crisis conditions it was born from.

security holder rights change

Ring closed its largest deal yet, buying Stronghold Energy II's Central Basin Platform assets for about $183 million cash plus 21.3 million common shares and new convertible preferred stock, funded partly by expanding its credit line to $600 million. Stronghold's owner, private equity firm Warburg Pincus, becomes Ring's largest shareholder and gets two new board seats as the board grows from seven to nine directors.

asset acquisition disposition

Ring disclosed it had agreed on July 1, 2022 to buy Stronghold Energy II's Central Basin Platform oil and gas assets in Texas; this particular filing just adds procedural transition-services terms to that deal ahead of closing.

material agreement

Ring's bank further trimmed its borrowing base to $350 million but the company also paid down an extra $45 million of debt and locked in oil hedges for 2021-2022, actively working down leverage rather than just absorbing the tighter terms.

debt financing

With its stock battered by the pandemic oil crash, Ring raised only about $18-20 million by selling stock and warrants at $0.70 a share - a small fraction of the $11-14 prices it fetched in 2016-2018 - underscoring how much the downturn had squeezed its financing options.

material agreement

As oil prices crashed in 2020, Truist (SunTrust's successor after a bank merger) cut Ring's borrowing base from $425 million to $375 million and tightened its loan covenants, including a new cash sweep above $20 million. The amendment also cleared the way for Ring to sell its Delaware Basin assets - the Ford West/Ford Geraldine properties bought in 2015 - as the company moved to shore up its balance sheet.

debt financing

Ring closed the Wishbone Energy acquisition for about $291 million ($264 million cash plus 4.58 million shares, over half held in escrow against claims), funded by borrowings under the newly expanded $1 billion/$425 million SunTrust facility - roughly doubling Ring's acreage position in one deal.

asset acquisition disposition

Ring agreed to by far its biggest deal yet: $300 million for Wishbone Energy Partners' roughly 37,000-net-acre Central Basin Platform position in Yoakum County, Texas and Lea County, New Mexico ($270 million cash, $30 million stock), to be funded by expanding its credit facility to a $1 billion maximum with a $425 million borrowing base.

debt financing

SunTrust raised Ring's borrowing base to $175 million, reflecting the growth in Ring's reserve base since the 2016 downturn cut it to $60 million.

debt financing

Ring raised about $82 million selling roughly 6.16 million shares at $14.00 - its highest offering price yet - to fund its 2018 drilling budget.

material agreement

Ring raised roughly $59.2 million through another share sale (about 5 million shares at $12.50) to fund its 2017 capital program, continuing the pattern of funding growth mainly through equity rather than debt.

material agreement

With oil prices recovering, Ring priced a much stronger share sale than its 2016 raise - 7.5 million shares at $11.50, about $71 million - to fund its 2017 drilling budget and pay down debt.

material agreement

Reflecting the weak oil price environment, SunTrust cut Ring's borrowing base to $60 million at its scheduled redetermination, shrinking the credit Ring can draw against its reserves.

material agreement

With oil prices deep in the 2016 downturn, Ring raised about $61 million by selling 11.5 million shares at $5.60 - roughly half its 2015 offering price - to launch a pilot horizontal drilling program and pay down its revolving credit line.

material agreement

Ring closed the Ford West/Ford Geraldine acquisition for about $75 million, paid for with the recent $49 million stock sale plus new borrowings, and expanded its SunTrust credit facility's capacity to $500 million as part of the deal.

asset acquisition disposition

To help pay for the pending $75 million Ford West/Ford Geraldine purchase, Ring sold 4.5 million new shares at $11.50, raising about $49 million.

material agreement

Ring agreed to its largest deal yet: $75 million for Finley Production's Ford West Field and Ford Geraldine Unit assets in Reeves and Culberson Counties, Texas, to be financed by expanding its SunTrust credit facility to a $500 million maximum with a $100 million borrowing base.

debt financing

Ring stepped up to a real bank credit line, entering a SunTrust-led $150 million revolving facility (initial $40 million borrowing base) and paying off the smaller $10 million line it had inherited from the Stanford Energy deal - a sign the company had outgrown its original shell-era financing.

debt financing

Ring closed a $30,000,015 private placement of 2,000,001 shares at $15.00 each on June 18, 2014, placed by SunTrust Robinson Humphrey and Global Hunter Securities. It must register those shares for resale within 30 days of closing. It also committed to a new five-year SunTrust-led revolving credit facility with a $150 million maximum and a $40 million initial borrowing base, replacing a prior facility with a $25 million borrowing base. The press release says the funds will let Ring step up leasing and accelerate Permian drilling, including adding a third rig in late Q3 or early Q4 2014, and keep pursuing acquisitions. The credit facility was a commitment, not yet a signed final agreement. The raise price of $15.00 is far above the $4.00 raises of 2011-12.

capital raising announcement

Ring closed the Raw Oil & Gas/JDH/Smith Energy purchase for about $6.45 million, adding roughly 1,577 net acres next to its existing Permian Basin position in Andrews and Gaines Counties, with existing production already over 92% oil.

asset acquisition disposition

Now headquartered in Midland, Ring agreed to buy more Permian Basin oil and gas assets in Andrews County, Texas from Raw Oil & Gas, JDH Raw Energy and Smith Energy for $7 million cash plus a per-acre payment for undeveloped leasehold, continuing to build out its core acreage position.

material agreement

Ring brought in Torchlight Energy Resources to fund development of its ~17,000-acre Kansas leasehold: Torchlight will pay 100% of drilling costs until it matches Ring's roughly $6.2 million in existing costs there, then the two split costs and production 50/50 on an initial ten planned wells - a capital-light way for Ring to accelerate Kansas drilling without more dilution.

material agreement

the New York Stock Exchange certified RING ENERGY, INC.'s securities for listing, clearing them to begin trading.

listing compliance notice

Ring closed the Kansas acquisition, paying about $2.28 million cash (slightly reduced for a title shortfall on one lease) and issuing 625,000 shares to give it its first Kansas production base alongside its existing Texas acreage.

asset acquisition disposition

Barely months after closing Stanford, Ring signed a second acquisition: a merger with two Oklahoma holding entities, CRH and Pontious Mississippi South Fund, to pick up roughly 11,000 net acres of producing Kansas oil and gas leases for $2.32 million cash plus 625,000 shares.

business combination

Ring completed the Stanford Energy acquisition, issuing shares that gave Stanford's two owners about 34% of Ring and a $10 million bank credit line came with the deal. One of those owners, Tim Rochford, is CEO Steve Owens' brother-in-law, making this a related-party change of control as much as an arm's-length purchase.

business combination

Ring signed the definitive all-stock agreement to acquire Stanford Energy, adding Stanford's two owners as directors, moving headquarters to Tulsa, and raising its total bridge loans to Stanford to $1.5 million. It also closed a separate placement of 823,524 shares at $4.25, raising about $3.5 million in fresh cash.

material agreement

Ring and Stanford Energy revised their deal: the $8 million cash component was dropped in favor of an all-stock exchange (3.44 million Ring shares), and Ring disclosed it had already advanced Stanford $1 million in loans ahead of closing.

business combination

Ring reported two private stock sales at $4.00 per share, both to accredited investors with no underwriting fees. The first closed December 23, 2011: 1,167,500 shares for $4,760,000 from 27 investors. A second round, begun the same day, had sold 1,083,180 shares for $4,334,720 to 36 investors by the report date. This follows the exempt private placement notices filed in December 2011 and January 2012. The filing does not say what the money will be used for.

capital raising announcement

Looking for a bigger foothold after its first well failed, Ring signed a non-binding letter of intent to buy Stanford Energy and its Andrews County, Texas oil and gas interests for $8 million cash plus 2 million shares, paying a $250,000 non-refundable fee to secure the deal.

business combination

Ring's first well, on the Howard County prospect, came up dry in both zones it tried and was fully written off. Ring also declined to fund further drilling there, effectively walking away from its first oil and gas bet.

material agreement

Now renamed Ring Energy, the company left mining behind and made its first oil and gas move: a 25% working interest in a single Howard County, Texas prospect operated by Big Star Oil and Gas, for a $35,750 fee plus its share of a $300-400K well.

material agreement