Ring Energy Inc. is expanding its Central Basin Platform (CBP) leasehold in the Permian Basin of West Texas through a $75 million deal with privately held Founders Oil & Gas IV LLC. 

The independent exploration and production (E&P) company, headquartered in The Woodlands north of Houston, is snatching up 3,600 net acres in Ector County, including about 50 drilling locations in the San Andres play.

CEO Paul McKinney said the assets “strategically expand our existing operations in the southern portion of the CBP, allowing us to capture operating cost” and “synergies associated with a larger core operating area.”

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The Founders...