Ring Energy Sells Delaware Assets

摘要

RING ENERGY INC. managed to pull a rabbit from its hat in mid-April, agreeing to sell its Delaware Basin assets despite historic oversupply due to a global pandemic and the aftershocks of an oil price war. In the first announced Permian deal since Valentine's Day, Ring's sale of nearly 20,000 acres in Culberson and Reeves counties, Texas, comes as the oil market continues to plummet. The deal, by an undisclosed buyer, is expected to bring in cash for Ring, which, like all operators, will need capital to survive the coming months.