Ring Energy’s borrowing base was affirmed at $585 million under its $1 billion senior secured credit facility. In addition, the credit facility term was extended to June 2029, and Bank of America was named as new administrative agent.
Key Highlights:
- Entered into a third amended and restated credit agreement with a borrowing base of $585 million
- Extended credit facility term 34 months to June 2029, supported by an 11-member banking syndicate
- Reflects a 25 basis point reduction in the Applicable Margin pricing grid
- Next regularly scheduled bank redetermination to occur during the fall of 2025
“Ring has worked to strengthen our balance sheet and improve the quality of assets supporting our credit facility,” Paul D. McKinney, chairman of the board and CEO of Ring Energy, said. “We value the ongoing support from our bank group and are pleased to have Bank of America as our new administrative agent. Despite oil and gas price volatility in 2025, our asset base enabled us to maintain a sufficient borrowing base, with only a slight reduction from last year. We continue to focus on generating free cash flow through cost reductions, divestitures of non-core assets and acquiring high-margin, low-break-even assets, using excess cash to reduce debt and create value for stockholders across commodity price cycles.”
Ring Energy further expanded its banking relationships by adding Citibank to the syndicate which now includes Bank of America, Citizens Bank, KeyBanc, Mizuho Bank, Truist Bank, U.S. Bank, Cathay Bank, First Horizon Bank, Amegy Bank and Goldman Sachs Lending Partners.
