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Ring Energy Terminates Delaware Basin Asset Sale

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   |    Friday,October 30,2020

Ring Energy announced that its sale agreement for its Delaware Basin asset was cancelled after the buyer was unable to complete the transaction.

The exact reason the buyer had to terminate it was not disclosed.

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."

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