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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Tue., May. 3, 12:17 PM

Slide #22. Ring Energy, Inc. Secondary Offering

Company: Ring Energy, Inc. (AMEX:REI)
Date announced: 4/20/2016
Shares Offered: 10,000,000
Date of Pricing: 4/21/2016
Price Per Share: $5.60
Secondary Offering Details: Ring Energy, Inc. (NYSE MKT:REI) (the "Company") announced today that it intends to offer shares of its common stock in an underwritten public offering. The underwriters will have a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.- updated 4/21 - Ring Energy, Inc. (NYSE MKT:REI) (the "Company") announced today that it has priced an underwritten public offering of 10,000,000 shares of its common stock to the public at $5.60 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock from the Company at the offering price (less the underwriting discounts and commissions). The Company expects to close the sale of the shares of common stock on April 26, 2016, subject to customary closing conditions. Net proceeds to the Company from the sale of 10,000,000 shares will be approximately $53 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering to fund a pilot horizontal drilling program, repay debt under its revolving credit facility, and for general corporate purposes.

Ring Energy is an exploration and production company that is engaged in oil and natural gas acquisition, exploration, development and production activities. Co.'s exploration and production interests are focused in Texas and Kansas. Co.'s primary drilling operations target the Central Basin Platform in Andrews County and Gaines County, TX. As of Dec 31 2014, Co. had total proved reserves of 10.4 million barrels of oil equivalent comprised of 10.2 million barrels of oil and 988.3 million cubic feet of natural gas.

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Company Name:  Ring Energy Inc
Sector:  Oil & Gas Exploration & Production
Number of ETFs Holding REI:  14
Total Market Value Held by ETFs:  $4.40M
Total Market Capitalization:  $219.00M
% of Market Cap. Held by ETFs:  2.01%

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May 3, 2016    12:17 PM Eastern
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Strong Buy (3.78 out of 4)
79th percentile
(ranked higher than approx. 79% of all stocks covered)
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