Ring Energy, Inc. Terminates Purchase and Sale Agreement of Its Delaware Basin Acreage
October 30 2020 - 8:30AM
Business Wire
Ring Energy, Inc. (NYSE American: REI) (“Company”) (“Ring”)
stated today that the prospective buyer was unable to consummate
the closing of the Company’s Delaware Basin (“Delaware”) assets
located in Culberson and Reeves Counties, Texas (“Property”).
Mr. Paul McKinney, Ring’s Chief Executive Officer and Chairman
of the Board of Directors, commented, “We are very disappointed
that the buyer was unable to complete this important and highly
anticipated transaction, but believe we have, after six (6)
amendments to the original purchase and sale agreement, in good
faith, provided them every opportunity to close the transaction.
However, Ring has received $5.5 million in non-refundable deposits
which have been used to reduce the outstanding balance on our
senior credit facility. While the Delaware is not in our core areas
of the Central Basin Platform or the Northwest Shelf, these assets
have additional development opportunities that could ultimately
lead to more value for the Ring Shareholders.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas and New Mexico.
www.ringenergy.com
Safe Harbor Statement
This release contains forward-looking within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements involve
a wide variety of risks and uncertainties, and include, without
limitations, statements with respect to the Company’s strategy and
prospects. Such statements are subject to certain risks and
uncertainties which are disclosed in the Company’s reports filed
with the SEC, including its Form 10-K for the fiscal year ended
December 31, 2019, its Form 10Q for the quarter ended June 30, 2020
and its other filings with the SEC. Readers and investors are
cautioned that the Company’s actual results may differ materially
from those described in the forward-looking statements due to a
number of factors, including, but not limited to, the Company’s
ability to acquire productive oil and/or gas properties or to
successfully drill and complete oil and/or gas wells on such
properties, general economic conditions both domestically and
abroad, and the conduct of business by the Company, and other
factors that may be more fully described in additional documents
set forth by the Company.
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Bill Parsons K M Financial, Inc. (702) 489-4447
Ring Energy (AMEX:REI)
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