Ring Energy, Inc. announced it has entered into an agreement to acquire the Central Basin Platform assets of Founders Oil & Gas IV, LLC for $75 million in cash (the Transaction). Founders' CBP operations are located in the Permian Basin in Ector County, Texas and are focused on the development of approximately 3,600 net acres that are similar to Ring's CBP assets acquired in 2022 from Stronghold Energy Operating II, LLC and its affiliate. Total consideration of $75 million, subject to customary closing adjustments, consists of $60 million in cash at closing and $15 million deferred cash payment due four months after closing.

The Transaction will be funded with cash on hand and borrowings under Ring's recently reaffirmed senior revolving credit facility.