The Woodlands-based Ring Energy said last week it will acquire assets in central basin platform from Lime Rock Resources in a cash-and-stock deal valued at $100 million. The transaction is expected to close by end of 2025Q1. The acquisition of assets in Andrews County “represents another opportunity for (Ring) to seamlessly integrate strategic, high-quality assets with Ring’s existing operations and create shareholder value through improved operations and synergy capture.”
Ring said the deal improves its inventory of proven drilling locations with superior economics in active development areas. It solidifies Ring’s position as “a leading conventional Permian consolidator while strengthening the operational and financial base.” Paul D. McKinney, chairman and CEO, said Feb. 26, “This acquisition not only increases our scale, but it also enhances our portfolio of high-return drilling locations and accelerates the company’s ability to pay down debt. We look forward to quickly integrating the assets into our horizontal targets afforded by the transactions.”
The assets are comprised of 17,700 net acres with 2,300 boed (80 percent oil) net production from 101 gross wells.