Past year: ▲ 40%(87.0c – 1.88 USD)
Each one in plain English, with the numbers worked through for a shareholder.
23 June 2025debt financing▲ GoodMajor
Ring refinanced its credit facility with Bank of America replacing Truist as lead bank, extending the maturity to 2029 and cutting its interest margin, even as the borrowing base slipped slightly to $585 million from $600 million - a sign lenders still viewed Ring's asset base favorably despite 2025's commodity price swings.
4 Apr 2025asset acquisition disposition▲ GoodMajor
Ring closed its Lime Rock Resources acquisition of oil and gas leases in Andrews County, Texas on March 31, 2025. It paid about $68.6 million in cash at closing, owes $10 million around December 31, 2025, and issued 6,452,879 shares, with $5 million of the cash held in escrow.
28 Feb 2025capital raising announcement● NeutralMajor
Ring signed an agreement on February 25, 2025 to buy Lime Rock Resources' Andrews County, Texas oil and gas interests for $90 million in cash ($80 million at closing, $10 million nine months later) plus 7,388,799 new Ring shares. It deposited $5 million in escrow, and closing is expected by the end of Q1 2025; either side can walk away if it has not closed by April 30, 2025. The share issuance will dilute existing holders, and Lime Rock will get registration rights for those shares. This is the latest in Ring's series of acquisitions, still pending at this filing.
16 Feb 2024material agreement● Neutral
Ring and its lenders, led by Truist, amended the August 2022 credit agreement on February 12, 2024. Amounts used for acquisitions will no longer be subtracted when calculating Free Cash Flow.
17 Aug 2023asset acquisition disposition▲ GoodMajor
Ring closed the Founders Oil & Gas acquisition for about $65 million in cash (including a $15 million payment deferred to December 2023), adding acreage adjacent to its 2022 Stronghold assets in the Central Basin Platform.
14 July 2023material agreement▲ GoodMajor
Ring agreed to buy Founders Oil & Gas IV's oil and gas interests in Ector County, Texas for $75 million cash, with $7.5 million deposited in escrow. Closing was expected in the third quarter of 2023, and either side could terminate if it had not closed by September 15, 2023.
12 Apr 2023security holder rights change▲ GoodMajor
Ring cleaned up the dilutive warrants from its distressed 2020 stock sale, inducing holders to exercise nearly all of them early by cutting the strike price from $0.80 to $0.62, raising about $9 million and simplifying its capital structure - a much healthier resolution to that 2020 financing than the crisis conditions it was born from.
6 Sept 2022asset acquisition disposition▲ GoodMajor
Ring closed its Stronghold Energy II acquisition of Central Basin Platform assets for about $183 million cash (including $15 million deferred), 21.3 million common shares and new convertible preferred stock, and raised its credit borrowing base to $600 million. Two Warburg-linked directors joined as the board grew from seven to nine.
9 Aug 2022material agreement▲ GoodMajor
Ring disclosed it had agreed on July 1, 2022 to buy Stronghold Energy II's Central Basin Platform oil and gas assets in Texas; this particular filing just adds procedural transition-services terms to that deal ahead of closing.
25 June 2021debt financing● Neutral
Ring made a purely technical update to its credit agreement, adding standard fallback language for the industry-wide move away from LIBOR. No borrowing terms changed.
16 June 2021debt financing● Neutral
Ring's borrowing base held steady at $350 million at its scheduled bank review, with only a minor tweak to required 2022 oil hedging volumes - a sign conditions had stabilized after the prior year's cuts.
26 Mar 2021auditor change● Neutral
Ring Energy's Audit Committee dismissed Eide Bailly as auditor on March 25, 2021 after reviewing several firms, with no disagreements or reportable events. It chose Grant Thornton for fiscal 2021, subject to an engagement letter.
29 Dec 2020debt financing● NeutralMajor
Ring's bank further trimmed its borrowing base to $350 million but the company also paid down an extra $45 million of debt and locked in oil hedges for 2021-2022, actively working down leverage rather than just absorbing the tighter terms.
29 Oct 2020material agreement▼ BadMajor
With its stock battered by the pandemic oil crash, Ring raised only about $18-20 million by selling stock and warrants at $0.70 a share - a small fraction of the $11-14 prices it fetched in 2016-2018 - underscoring how much the downturn had squeezed its financing options.
19 June 2020debt financing▼ BadMajor
As oil prices crashed in 2020, Truist (SunTrust's successor after a bank merger) cut Ring's borrowing base from $425 million to $375 million and tightened its loan covenants, including a new cash sweep above $20 million. The amendment also cleared the way for Ring to sell its Delaware Basin assets - the Ford West/Ford Geraldine properties bought in 2015 - as the company moved to shore up its balance sheet.
27 Feb 2020financial restatement● Neutral
Ring found and is correcting a non-cash income-tax accounting error in its first three 2019 quarterly reports, to be restated in its 2019 annual report. The company says it has no effect on cash flow, EBITDA, liquidity or operations - a bookkeeping fix, not a financial-health issue.
9 Dec 2019debt financing● Neutral
SunTrust reaffirmed Ring's borrowing base at $425 million following the Wishbone deal, an unchanged, routine confirmation rather than a new development.
12 Apr 2019asset acquisition disposition▲ GoodMajor
Ring closed the Wishbone acquisition for about $291 million, paid as roughly $264 million cash plus 4,581,001 shares, with 2,538,071 of the shares held in escrow against indemnification claims. The cash came from the expanded $1 billion/$425 million borrowing base facility, and Ring said the assets doubled its production, proved reserves and future EBITDA.
28 Feb 2019debt financing▲ GoodMajor
Ring agreed to by far its biggest deal yet: $300 million for Wishbone Energy Partners' roughly 37,000-net-acre Central Basin Platform position in Yoakum County, Texas and Lea County, New Mexico ($270 million cash, $30 million stock), to be funded by expanding its credit facility to a $1 billion maximum with a $425 million borrowing base.
19 June 2018debt financing▲ GoodMajor
SunTrust raised Ring's borrowing base to $175 million, reflecting the growth in Ring's reserve base since the 2016 downturn cut it to $60 million.
27 Feb 2018material agreement▲ GoodMajor
Ring raised about $82 million selling roughly 6.16 million shares at $14.00 - its highest offering price yet - to fund its 2018 drilling budget.
21 July 2017material agreement▲ GoodMajor
Ring raised roughly $59.2 million through another share sale (about 5 million shares at $12.50) to fund its 2017 capital program, continuing the pattern of funding growth mainly through equity rather than debt.
9 Dec 2016material agreement▲ GoodMajor
Ring closed a public offering of 6,525,000 shares at $11.50 each, raising about $71 million net. It planned to use the money for its 2017 capital budget and to repay credit facility debt.
20 May 2016material agreement▼ BadMajor
Reflecting the weak oil price environment, SunTrust cut Ring's borrowing base to $60 million at its scheduled redetermination, shrinking the credit Ring can draw against its reserves.
26 Apr 2016material agreement● NeutralMajor
With oil prices deep in the 2016 downturn, Ring raised about $61 million by selling 11.5 million shares at $5.60 - roughly half its 2015 offering price - to launch a pilot horizontal drilling program and pay down its revolving credit line.
29 July 2015material agreement● Neutral
Ring made a technical amendment to its SunTrust credit agreement, updating the definition of who counts as a "continuing director" for change-of-control purposes. No new borrowing or terms changed.
29 June 2015asset acquisition disposition▲ GoodMajor
Ring closed the Ford West/Ford Geraldine acquisition for about $75 million, paid for with the recent $49 million stock sale plus new borrowings, and expanded its SunTrust credit facility's capacity to $500 million as part of the deal.
23 June 2015material agreement▲ GoodMajor
To help pay for the pending $75 million Ford West/Ford Geraldine purchase, Ring sold 4.5 million new shares at $11.50, raising about $49 million.
22 May 2015debt financing▲ GoodMajor
Ring agreed to its largest deal yet: $75 million for Finley Production's Ford West Field and Ford Geraldine Unit assets in Reeves and Culberson Counties, Texas, to be financed by expanding its SunTrust credit facility to a $500 million maximum with a $100 million borrowing base.
3 July 2014debt financing▲ GoodMajor
Ring entered a five-year, SunTrust-led senior secured revolving credit agreement with a $150 million maximum and a $40 million initial borrowing base. It terminated and paid off the earlier revolver with Prosperity Bank that dated from the Stanford Energy era.
