Ring Energy Inc. (NYSE MKT: REI) priced a public offering of 10 million common at $5.60 each, the company said April 21.
Underwriters received a month-long option to purchase 1.5 million additional common shares.
The offer is scheduled to close April 26, and net proceeds will be about $53 million; they will fund a pilot horizontal drilling program, repay revolving credit facility debt and support general corporate purposes.
SunTrust Robinson Humphrey Inc. and Seaport Global Securities LLC are joint book-running managers.
Ring Energy Inc. is based in Midland, Texas.
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