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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Fri., Jul. 3, 4:15 PM

Slide #23. Ring Energy, Inc. Secondary Offering

Company: Ring Energy, Inc. (AMEX:REI)
Date announced: 6/17/2015
Shares Offered: 4,500,000
Date of Pricing: 6/18/2015
Price Per Share: $11.50
Secondary Offering Details: Ring Energy, Inc. (NYSE MKT:REI) (the "Company") announced today that it intends to offer and sell 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 solely to cover over-allotments. - updated 6/18 - Ring Energy, Inc. (NYSE MKT:REI) (the "Company") announced today that it has priced an underwritten public offering of 4,500,000 shares of its common stock to the public at $11.50 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock from the Company at the offering price (less the underwriting discount). The Company expects to close the sale of the shares of common stock on June 23, 2015, subject to customary closing conditions. Net proceeds to the Company from the sale of 4,500,000 shares will be approximately $49 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering to fund a portion of the previously announced acquisition of producing wells and leaseholds in Culberson and Reeves Counties, Texas and for general corporate purposes.

Ring Energy is engaged in oil and natural gas acquisition, exploration, development and production, with activities in Texas and Kansas. Co.'s focus is on developing its existing properties, while continuing to pursue acquisitions of oil and gas properties with upside potential. As of Dec 31 2013, Co. had total proved reserves of 7.3 million barrels of oil equivalent comprised of 6.9 million barrels of oil and 2.49 billion cubic feet of gas.
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Company Name:  Ring Energy Inc
Website:  www.ringenergy.com
Sector:  Oil & Gas Exploration & Production
Number of ETFs Holding REI:  13
Total Market Value Held by ETFs:  $6.66M
Total Market Capitalization:  $285.00M
% of Market Cap. Held by ETFs:  2.34%
 

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July 3, 2015    4:15 PM Eastern
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Strong Buy (3.89 out of 4)
82nd percentile
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