Ring Energy to pay down revolver with non-core asset sale proceeds

By Marisa Wong

Los Angeles, Dec. 21 – Ring Energy, Inc. will further reduce outstanding borrowings under its senior revolving credit facility using proceeds from the recent sale of $1.5 million of non-core assets, according to a press release.

The company also announced that the borrowing base under its $1 billion senior revolver was reaffirmed at $600 million.

No changes were made to the terms under the revolver, and the next regularly scheduled bank redetermination is set to occur during the spring of 2024, the release noted.

The Woodlands, Texas-based Ring Energy is an oil and gas exploration, development and production company.

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