Ring Energy, Inc. deal to sell its Delaware Basin Acreage fell through, company leaders said.
“We are very disappointed that the buyer was unable to complete this important and highly anticipated transaction, but believe we have, after six (6) amendments to the original purchase and sale agreement, in good faith, provided them every opportunity to close the transaction," Ring Energy CEO and board of directors chairman Paul McKinney said in the release.
Still, Ring was able to lower the balance as McKinney also told Business Wire, “... Ring has received $5.5 million in non-refundable deposits, which have been used to reduce the outstanding balance on our senior credit facility. While the Delaware is not in our core areas of the Central Basin Platform or the Northwest Shelf, these assets have additional development opportunities that could ultimately lead to more value for the Ring Shareholders.”