Northland Capital Markets announced today that it has acted as Co-Manager for an offering of $86.3 million of common stock for Ring Energy, Inc. (“Ring” or the “Company”). Ring is a Midland-based exploration and production company that is engaged in oil and natural gas acquisition, exploration, development, and production activities. The Company’s exploration and production activities and interests are currently focused in Texas.
Ring priced the sale of 6,164,000 of its common stock to the public at $14.00 per share for gross proceeds of approximately $86.3 million, which includes 804,000 shares of common stock from the over-allotment exercised by the underwriters.
The Company intends to use the net proceeds to fund their 2018 capital expenditure budget and for general corporate purposes.
For contacts and more information: Press Release Ring Energy 02/27/18