Ring Energy pays down $45 million against credit facility

By Taylor Fox

New York, Dec. 23 – Ring Energy, Inc. paid down $45 million against its credit facility, or 12.5% of the $360 million drawn as of Sept. 30, according to a news release.

The current amount drawn is now $315 million, and $35 million in available liquidity, plus cash on hand.

Ring Energy’s borrowing base was set at $350 million, 6.7% lower than the previous $375 million borrowing base, at its fall 2020 redetermination of the $1 billion senior revolving credit facility.

Ring Energy is a Midland, Tex.-based oil and gas exploration, development and production company.

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