Ring Energy to Acquire Stronghold for up to $465 Million

Ring Energy Inc. agreed on July 5 to acquire Stronghold Energy, a privately held E&P with a position in the Permian Basin’s Central Basin Platform, in an agreement worth up to $465 million.

“We are excited to announce the agreement to acquire Stronghold’s conventional asset base, which we expect will further diversify our commodity mix and provide increased optionality on multiple fronts upon closing,” Paul D. McKinney, chairman and CEO of Ring Energy, commented in a company release.

Majority owned by Warburg Pincus LLC, Stronghold’s operations are focused on the development of approximately 37,000 net acres located primarily in Crane County, Texas. According to McKinney, the assets truly complement Ring’s existing footprint of conventional-focused Central Basin Platform and Northwest Shelf asset positions in the Permian Basin.