Ring Energy Inc., Midland, has agreed to sell its Delaware basin asset in Culberson and Reeves Counties, Tex. for $31.5 million to an undisclosed buyer. Ring received a $500,000 non-refundable deposit and expects to close the transaction in 60 days.
The 20,000-net acre property has current net daily production of 908 boe/d. Year-end 2019 Proved Developed Producing reserve estimates, as determined by Cawley, Gillespie and Associates, are an estimated 3.48 million bbl of oil and 10,055 MMcf of natural gas, equaling 5,156 MMboe.
Proceeds will be used to reduce the balance on the company’s senior credit facility.
