Effective Jan. 19, Ring Energy’s corporate headquarters will be located in The Woodlands, Texas. Additionally, the Permian operator closed its Andrews, Texas field office, downsized its Midland office and plans to close its Tulsa, Okla. office.
The announcement of President David Fowler and COO Danny Willson’s departure from Ring Energy also included several promotions to the company’s management team.
Contango Oil & Gas agreed to pay $58 million in cash for the acquisition of PDP heavy reserves located in in the Big Horn, Permian and Powder River basins made via a bank-owned liquidation of assets.
Here’s a quicklist of oil and gas assets on the market including multiple Ascent Resources packages in the core of the Utica Shale in Ohio plus royalty acreage operated by Endeavor Energy Resources in the Permian Basin.
Here’s a quicklist of oil and gas assets on the market including a package of operated Oklahoma assets in Ellis County from Kaiser-Francis Oil plus Winfield Resources’ horizontal Marcellus wellbore-only interests in Pennsylvania.
Four Corners Petroleum II LLC retained Detring Energy Advisors to market for sale Central Basin Platform asset packages within the Permian.
The leadership change was driven by the board’s discouragement toward Ring Energy’s current stock price and the “apparent lack of understanding and appreciation for the value this company represents,” Co-founder and Chairman Tim Rochford says.
Legacy Reserves retained TenOaks Energy Advisors as its exclusive adviser in connection with the sale certain operated and nonoperated properties located in the Permian Basin.
The natural decline rates of existing oil and gas wells across major shale plays in the U.S. will contribute to a tighter supply/demand balance.