Ring Energy announces results of redetermination of credit facility
THE WOODLANDS, Texas â Ring Energy Inc. announced that the borrowing base under its senior revolving credit facility was successfully reaffirmed at its current level of $350 million. Key highlights include the following:
â¢Â Reaffirmation of the borrowing base at $350 million.
â¢Â Easing of the minimum required oil hedges for calendar 2022 from 4,000 barrels per day to 3,100 Bbls/d, which is fully covered by oil hedges currently in place.
â¢Â Enhances price optionality and increases forecasted 2021 cash flow generation; and
Next regularly scheduled bank redetermination will be on or around Nov. 1.
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