Ring Energy Inc. (NYSE MKT: REI) has completed an underwritten public offering of 11,500,000 shares of its common stock, including 1,500,000 shares sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters. All shares were offered by the company at a price to the public of $5.60 per share resulting in net proceeds of approximately $61 million after deducting the underwriting discount and other estimated offering expenses.
The Midland, TX-based company intends to use the net proceeds to initiate a horizontal drilling development program, repay debt under its revolving credit facility, and for general corporate purposes.
In connection with the offering, SunTrust Robinson Humphrey Inc. and Seaport Global Securities LLC acted as joint book-running managers. Euro Pacific Capital Inc., IBERIA Capital Partners LLC, Ladenburg Thalmann & Co. Inc., Northland Securities Inc., and Roth Capital Partners LLC acted as financial advisors.
Ring Energy Inc. is an oil and gas exploration, development and production company with current operations in Texas and Kansas.