Business Context and Reporting Period
This Form 8-K was filed by Ring Energy, Inc. on June 14, 2018. The report details a material definitive agreement entered into on the same date regarding the company's credit facilities.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, or total debt. The primary financial metric disclosed is the adjustment to the company's borrowing capacity.
- Borrowing Base: Increased to $175,000,000.
- Credit Facility: Amendment to the agreement dated July 1, 2014, with SunTrust Bank as the administrative agent.
Material Changes
The material change reported is the amendment to the existing Credit Facility. This amendment specifically increased the borrowing base to $175,000,000, effective until the next scheduled redetermination or adjustment.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard incorporation of the amendment text. The document notes that the summary of the amendment is qualified in its entirety by reference to the complete text filed as Exhibit 10.1.
Investor Verification Checklist
- Review Exhibit 10.1 (Amendment to Credit Agreement) for full terms and conditions.
- Verify the specific covenants and redetermination schedule associated with the new $175,000,000 borrowing base.
- Confirm the identity of the lenders and the role of SunTrust Bank as administrative agent.