Ring Energy, Inc. announced Wednesday that it intends to offer shares of its common stock with an option to purchase an additional 15% of the amount of shares in the public offering.
The offering is subject to market conditions. There is no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering, according to the Ring Energy’s press release.
The company intends to use the net proceeds from the offering to fund a pilot horizontal drilling program, repay debt under its revolving credit facility and for general corporate purposes.
Midland-based Ring Energy is an oil and gas exploration, development and production company with current operations in Texas and Kansas. The company maintains an office in Tulsa.