Ring Energy Announces $25M Debt Reduction in Q2 2023 and Sale of Non-Core Delaware Basin Assets
Portfolio Pulse from Benzinga Newsdesk
Ring Energy, Inc. (NYSE:REI) has announced a $25 million net reduction of borrowings on its senior revolving credit facility, which has a current borrowing base of $600 million. The company also announced the sale of its non-core asset position in the West Texas' Delaware Basin to an unaffiliated private buyer.
July 05, 2023 | 10:47 am
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Ring Energy's debt reduction and asset sale could improve its financial health, potentially making its stock more attractive to investors.
Ring Energy's announcement of a $25 million debt reduction and the sale of non-core assets indicates a focus on improving its financial health. This could make the company more attractive to investors, potentially leading to an increase in its stock price in the short term.
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