Each one in plain English, with the numbers worked through for a shareholder.
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.
Ring Energy amended its June 5 meeting report to state that, following the shareholder vote, the board decided to hold advisory votes on executive compensation every year.
RING ENERGY, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
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.
Ring Energy sent stockholders its proxy statement for the annual meeting to be held June 5, 2015, with votes on electing six directors, executive pay, pay-vote frequency and ratifying Eide Bailly as auditor.
Ring Energy reported a net loss of about $976 thousand for the quarter ended March 31, 2015, against net income of $1.16 million a year earlier. Revenue was about $6.0 million.
Ring Energy reported net income of $1.7 million for the quarter ended September 30, 2014, on oil and gas revenues of $10.9 million. Cash fell to $29.1 million from $52.4 million at the end of 2013.