Permian Basin E&P Ring Energy’s borrowing base has been reaffirmed at $600 million under its $1 billion senior revolving credit facility.
An undisclosed number of banks led by Truist Financial Corp. made the reaffirmation, meaning Ring has access to $600 million in loans from the banks based on its $1 billion in assets.
Ring CEO Paul D. McKinney said the reaffirmation is another step in growth of The Woodlands, Texas-based company.
“We appreciate our banking group’s continued support as we execute on our initiatives designed to further strengthen the balance sheet, prudently grow the business, and enhance operational and development efficiencies,” McKinney said.
There are no changes in the terms, and the next regularly scheduled bank redetermination is scheduled for the fall of 2023.
Ring Energy mostly uses horizontal drilling wells and has assets in the Permian Basin’s Northwest Shelf and Central Basin Platform. Ring acquired Stronghold Energy II in 2022. Ring has $348.8 million in revenues, $216.2 million in cash from operations and $425.4 million in total debt, according to Seeking Alpha.
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