Proceeds for enhancement and development of Permian Basin assets
By Devika Patel
Knoxville, Tenn., June 26 - Ring Energy, Inc. said it settled a private placement of stock for about $19.3 million.
The company sold about 3.5 million restricted common shares at $5.50 per share. The price per share is a 26.67% discount to the June 25 closing share price of $7.50.
Proceeds will be used for the enhancement and development of Ring's Permian Basin assets, site preparation on the company's Kansas leases and general acquisition and leasing activity.
Ring Energy is an oil and gas company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Restricted common shares
|
| Amount: | $19.3 million (approximate)
|
| Shares: | 3.5 million (approximate)
|
| Price: | $5.50
|
| Warrants: | No
|
| Settlement date: | June 26
|
| Stock symbol: | OTCBB: RNGE
|
| Stock price: | $7.50 at close June 25
|
| Market capitalization: | $114.03 million
|
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