Ring Energy to acquire CBP assets from Founders Oil & Gas for $75m.

Ring Energy, an oil and natural gas exploration and production company, agreed to acquire central basin platform assets from Founders Oil & Gas, an exploration and production company, for $75m. “We are pleased to announce our agreement to acquire Founders’ conventional oil and gas assets in Ector County, Texas. These assets strategically expand our existing operations in the southern portion of the Central Basin Platform allowing us to capture operating cost and G&A synergies associated with a larger core operating area. These assets are similar to the Stronghold assets acquired last year, having stacked pay zones of high-quality rock with proven performance. Like the Stronghold assets, we intend to leverage our extensive expertise applying the newest conventional and unconventional technologies to optimally develop the inventory of undeveloped drilling locations afforded by the Transaction," Paul D. McKinney, Ring Energy Chairman and CEO.