Ring Energy closed the acquisition of Central Basin Platform (CBP) assets from Lime Rock Resources IV on March 31.

The Woodlands, Texas-based Ring added 2,300 boe/d (80% oil) of net Permian production from 101 wells through the deal.

Announced in late February, the $100 million acquisition from private equity firm Lime Rock Resources included 17,700 net acres (100% HBP) in Andrews County, Texas, adjacent to Ring’s existing portfolio.

“The majority of these assets are similar to the conventional-focused CBP assets in our core Shafter Lake operations, which will allow us to quickly integrate the assets into our operations,” said Ring Energy Chairman and CEO Paul McKinney in an April 1 release.

Ring also added upside in the Permian’s deeper Barnett and Devonian benches, which the company could look to drill—or sell—in the future.

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Consideration for the transaction included a cash payment of approximately $63.6 million net of a $5 million deposit made in February. Ring also issued 6.5 million shares of common stock.

Ring also plans to make a $10 million deferred cash payment “due on our about” Dec. 31.

Greenhill, a Mizuho affiliate, served as sole financial advisor to Ring in connection with the acquisition. Jones & Keller PC served as legal counsel to Ring.

Lime Rock was represented by Truist Securities as financial advisor and Kirkland & Ellis as legal counsel.

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