Ring Energy Inc. (AMEX: REI) added to its Central Basin Platform position in the Permian Basin on Feb. 26 with the $300 million cash and stock acquisition from private-equity backed Wishbone Energy Partners LLC.

Ring said it agreed to acquire Wishbone’s North Central Basin Platform assets for $270 million cash and $30 million of Ring common stock. The Midland, Texas-based company plans to fund the acquisition through an increased $1 billion senior credit facility led by SunTrust Robinson Humphrey.

Based in Houston, Wishbone was founded in 2013 with backing from Quantum Energy Partners to focus in select onshore conventional and unconventional reservoirs, with emphasis on the Permian Basin, East Texas and the Midcontinent, according to the company’s website.

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