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HOUSTON - Ring Energy, Inc. (NYSE American: REI) announced Wednesday that its borrowing base remains at $585 million under its $1.0 billion senior secured credit facility, with the term extended to June 2029. The company’s stock, currently trading at $400.14, has shown resilience with a 6.57% gain over the past year.
The company also named Bank of America, N.A. as its new administrative agent and secured a 25 basis point reduction in the applicable margin pricing grid. The next scheduled bank redetermination will occur in fall 2025.
"Ring has worked to strengthen our balance sheet and improve the quality of assets supporting our Credit Facility," said Paul D. McKinney, Chairman and CEO. "Despite oil and gas price volatility in 2025, our asset base enabled us to maintain a sufficient borrowing base, with only a slight reduction from last year."
The company expanded its banking relationships by adding Citibank, N.A. to its 11-member syndicate, which now includes Bank of America, Citizens Bank, KeyBanc National Association, Mizuho Bank, Truist Bank, U.S. Bank National Association, Cathay Bank, First Horizon Bank, Amegy Bank and Goldman Sachs Lending Partners.
According to the press release, Ring Energy continues to focus on generating free cash flow through cost reductions, non-core asset divestitures, and acquiring high-margin assets, while using excess cash to reduce debt.
Ring Energy is an oil and gas exploration, development, and production company with operations currently focused on Permian Basin assets.
In other recent news, Ring Energy announced significant changes to its Board of Directors. Ms. Regina Roesener, who has been a board member since 2019, is set to retire, while Ms. Carla Tharp will join as an independent director. These changes will take effect on April 14, 2025. Ms. Tharp, currently the CEO of Apoyar Energy, brings a wealth of experience in upstream oil and gas exploration and production. Her previous roles include leadership positions at APA Corporation and experience in energy investment banking. The company believes her expertise will enhance the board’s capabilities as Ring Energy continues its strategic growth in the Permian Basin. The board changes are part of the company’s broader plans to position itself for long-term success.
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