One-Page Deal Sheet
Ring Bolts On Central Basin Platform Acreage for $15 Million
Ring Energy Inc. Tessara Petroleum Resources LLC
Announced Date
December 24,2018
Effective Date
November 01,2018
Close Date
December 26,2018
Transaction Type
Acreage
Enterprise Value (EV)($MM)
15
Location
Calculated Metrics( EV/Category)
Region
Permian
Country
United States
State
Texas
County
Andrews
Play
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Require Private Equity Subscription
Ring Energy, said today that it is acquiring assets from The Carlyle Group backed Tessara Petroleum Resources, located in Andrews County, Texas for 2,623,948 shares of common stock of the Company valued at $5.80 per share. The closing date of the transaction will be prior to year-end 2018, with an effective date of November 1, 2018. At today's price that would be $15.2 million.
This deal closed on December 26, 2018.
The assets consist of 4,763 net acres. Ring will be the operator, have a 100% working interest and 75% net revenue interest. The acreage is in, around and contiguous to the…
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