Ring Energy Inc., Midland, Tex., terminated an April 2020 agreement to sell Delaware basin assets in Culberson and Reeves Counties, Tex., for $31.5 million (OGJ Online, Apr. 14, 2020). The buyer was unable to consummate the closing, the company said.
Paul McKinney, Ring’s chief executive officer and chairman of the board said that the assets are not in the company’s core areas of the Central Basin Platform or the Northwest Shelf, but that they hold additional development opportunities.
The company received $5.5 million in non-refundable deposits, which have been used to reduce the outstanding balance its senior credit facility.