2 月 26 日，E&P 公司宣布， Ring Energy Inc.将以 1 亿美元收购 Lime Rock Resources IV LP 的中央盆地平台资产。

大部分资产位于德克萨斯州安德鲁斯县，毗邻 Ring 公司在二叠纪盆地的核心沙夫特湖业务。该公司在交易公告中表示，剩余资产将为 Ring 公司带来新的活跃矿产。

约 17,700 净英亩，100% HBP，与 Ring 现有的足迹相邻，2024 年第三季度，约 101 口总井的低递减净产量平均为 2,300 桶油当量/天，石油含量超过 80%。

Ring 将预先支付 8000 万美元现金，并在交易完成九个月后再支付 1000 万美元，另外还根据截至 2 月 24 日 Ring 10 天平均股价 1.35 美元/股支付 740 万股 Ring 普通股。

预付现金将以库存现金和 Ring 现有信贷额度下的借款支付。

Ring 在新闻稿中表示，此次交易为油田优化和成本节约提供了短期机会，将使 Ring 能够整合生产资产并偿还债务。

Ring 董事长兼首席执行官 Paul D. McKinney 表示：“这是一个独特的机会，可以通过私下协商的交易获得能够产生大量自由现金流的优质石油加权资产。今天的公告是我们通过增值并购为股东创造价值的成熟战略的另一个例子。”

Lime Rock 交易是 Ring 自 2019 年以来的第四笔收购，总资产达 9.4 亿美元。2023年， Ring Energy 以7500 万美元的价格从 Founders Oil & Gas IV LLC 手中收购了 Permian 资产。

McKinney 表示：“对于 Lime Rock 交易，我们预计将采用与我们在 2023 年宣布的非常成功的 Founders' 收购案相同的策略，该收购案的表现几乎超出了我们最初的承保假设。”“自交易完成以来，Ring 已将 Founders' 的生产基础提高了 40% 以上，将 Founders' 每桶油当量的提升成本降低了约 20%，并通过产生自由现金流减少了我们公司的债务余额，使其足以支付现金购买价格。”

瑞穗旗下子公司Greenhill担任 Ring 的独家财务顾问，Jones & Keller 担任其法律顾问。Truist Securities 担任Lime Rock Resources的财务顾问，Kirkland & Ellis LLP担任其法律顾问。

Ring Energy Inc. is bolting on Lime Rock Resources IV LP’s Central Basin Platform assets for $100 million, the E&P announced Feb. 26.

The majority of the assets are located in Andrews County, Texas, next to Ring’s core Shafter Lake operations in the Permian Basin. The remainder exposes Ring to new active plays, the company said in the deal’s announcement.

Approximately 17,700 net acres, 100% HBP, are contiguous to Ring’s existing footprint and had a low-decline net production average of 2,300 boe/d at more than 80% oil for the third quarter of 2024 from about 101 gross wells.

Ring will pay $80 million in cash upfront and another $10 million nine months after closing, plus another 7.4 million shares of Ring common stock based on Ring’s 10-day average stock price of $1.35 per common share as of Feb. 24.

The upfront cash will be paid with cash on hand and with borrowings under Ring’s existing credit facility.

The transaction holds near-term opportunities for field optimization and cost savings, which will allow Ring to consolidate producing assets and pay down debt, Ring said in the press release.

"This is a unique opportunity to capture high-quality, oil-weighted assets that generate significant free cash flow in a privately negotiated transaction,” Ring Chairman and CEO Paul D. McKinney said. “Today's announcement is another example of our proven strategy to create value for our shareholders through accretive M&A."

The Lime Rock deal is Ring’s fourth acquisition since 2019 for a total of $940 million in assets. Ring Energy closed on a $75 million for Permian assets from Founders Oil & Gas IV LLC in 2023.

“For the Lime Rock transaction, we expect to run the same playbook as our highly successful Founders' acquisition announced in 2023, which has outperformed nearly all our initial underwriting assumptions,” McKinney said. “Since closing, Ring has increased the Founders' production base by greater than 40%, lowered the Founders' per Boe lifting costs by approximately 20%, and reduced our company's debt balance through free cash flow generation to more than cover the cash purchase price.”

Greenhill, a Mizuho affiliate, acted as sole financial adviser to Ring and Jones & Keller served as legal counsel. Truist Securities served as financial adviser to Lime Rock Resources and Kirkland & Ellis LLP served as legal counsel.