Ring Energy CFO resigns, controller appointed as interim replacement

THE WOODLANDS, Texas - Ring Energy, Inc. (NYSE American:REI) announced Friday that Chief Financial Officer Travis T. Thomas has resigned effective immediately to pursue other opportunities. The company has appointed Rocky Kwon, its Vice President of Accounting, Controller and Assistant Treasurer, as Interim Chief Financial Officer while it conducts a search for a permanent replacement. The announcement comes as Ring Energy’s stock trades at $406.85, within its 52-week range of $344.35 to $445.42.

The company stated that Thomas’ resignation was not the result of any disagreement regarding financial matters or company operations, policies, or practices.

Kwon, who has been with Ring since 2021, is a Certified Public Accountant and Chartered Global Management Accountant. Prior to joining Ring, he held financial leadership positions at Earthstone Energy, Inc. and The AES Corporation.

"Ring is positioned for financial success with the skilled leadership of Rocky," said Paul D. McKinney, Chairman of the Board and Chief Executive Officer. "I want to personally thank Travis for his five years of dedication and service to the Company and the executive management team."

The company indicated that despite the leadership change, it remains committed to its strategic objectives, including its continued focus on debt reduction.

Ring Energy is an oil and gas exploration, development, and production company with operations currently focused on the development of its Permian Basin assets, according to the press release statement. For detailed analysis and exclusive insights about Ring Energy’s financial health and growth prospects, visit InvestingPro, where you’ll find comprehensive research reports and expert recommendations.

In other recent news, Ring Energy, Inc. announced that its borrowing base remains at $585 million under its $1.0 billion senior secured credit facility. The company has extended the term of this credit facility to June 2029, providing a longer timeframe for financial planning and stability. Additionally, Ring Energy has appointed Bank of America, N.A. as its new administrative agent. As part of this change, the company secured a 25 basis point reduction in the applicable margin pricing grid, which could potentially lower financing costs. The next scheduled bank redetermination for Ring Energy is set for fall 2025, allowing the company to maintain its current borrowing base until then. These developments reflect recent strategic financial decisions by the company.

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