Ring Energy To Acquire Central Basin Platform Assets of Founders Oil & Gas IV, LLC For $75M Including Earnout Consideration
Portfolio Pulse from Benzinga Newsdesk
Ring Energy, Inc. (NYSE:REI) has announced an agreement to acquire the Central Basin Platform assets of Founders Oil & Gas IV, LLC for $75 million. The assets are located in the Permian Basin in Ector County, Texas. The transaction will be funded with cash on hand and borrowings under Ring's senior revolving credit facility.
July 11, 2023 | 10:48 am
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Ring Energy's acquisition of Founders Oil & Gas IV, LLC's assets could potentially expand its operations and increase its asset base.
The acquisition of Founders Oil & Gas IV, LLC's assets by Ring Energy could potentially expand its operations and increase its asset base. This could lead to increased revenues and profitability in the future, which could have a positive impact on its stock price.
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