Ring Energy completes public common stock offering

Ring Energy Inc.

Ring Energy Inc. (NYSE MKT: REI) has completed the sale of 5,750,000 shares of its common stock, including 750,000 shares covering the over-allotment option exercised by the underwriters, resulting in gross proceeds of $57.5 million and estimated net proceeds of approximately $54.3 million, after deducting underwriting commissions and estimated offering expenses payable by the company.

SunTrust Robinson Humphrey Inc. acted as sole book-running manager, and Capital One Securities Inc., Global Hunter Securities LLC, Euro Pacific Capital Inc., IBERIA Capital Partners LLC, Noble Financial Capital Markets, Northland Capital Markets, and Roth Capital Partners LLC, acted as co-managers for the offering.

The company intends to use the net proceeds from the offering to fund drilling and development of its properties, to pay for additional leases of oil and gas properties, to pay down borrowings under its credit facility, and to pay for acquisitions of oil and gas properties in and around existing properties.

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