Ring Energy (REI) said Wednesday it has agreed to acquire 17,700 acres of oil-producing assets in the Central Basin Platform in Texas from Lime Rock Resources IV for $100 million in cash and stock.
The purchase price consists of $80 million in cash, a $10 million deferred payment, and up to 7.4 million shares of Ring's stock, the company said.
Ring said the deal includes 17,700 net acres in Andrews County, Texas, near Ring's existing operations, with 2,300 barrels of oil equivalent per day of production from 101 wells.
The acquisition is expected to close by the end of Q1 and will be funded through cash on hand and borrowings, Ring said, adding that the deal is expected to be accretive to key financial and operational metrics.
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