Ring Energy (NYSE American: REI) announced the pricing of its underwritten public offering of 44,444,445 shares of common stock at $1.35 per share, generating expected gross proceeds of approximately $60 million, excluding any exercise of the underwriters’ option to purchase additional shares. The company said net proceeds will primarily be used to repay outstanding borrowings under its senior secured revolving credit facility, with any remaining funds allocated to general corporate purposes, while Mizuho, BofA Securities and Raymond James are serving as joint book-running managers for the offering.
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About Ring Energy, Inc.
Ring Energy, Inc. is a growth oriented independent oil and natural gas exploration and production company based in The Woodlands, Texas, engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in the Permian Basin of Texas. Its drilling operations target the oil and liquids rich producing formations in the Northwest Shelf and the Central Basin Platform, in the Permian Basin in Texas.
To learn more, visit https://www.ringenergy.com/
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