Ring Energy increased the borrowing base on its $500 million senior secured credit facility from $60 million to $175 million in connection with its recent borrowing base redetermination.
According to a related 8-K filing, SunTrust Bank served as lender, issuing bank and administrative agent for several banks and other financial institutions on the amendment.
All other terms and conditions on the facility remain the same. There was no outstanding debt on the senior secured credit facility as of March 31, 2018.
Kelly Hoffman, Ring’s CEO, stated, “We would like to thank our banking group for their continued support of the company. We have seen many excellent acquisition opportunities, and,coupled with our existing high quality asset base and the on-going success of our horizontal drilling and development program, our team felt that the increased liquidity could only contribute in maintaining the growth we have already experienced.”
Ring Energy is an oil and gas exploration, development and production company with current operations in Texas.
