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REI > SEC Filings for REI > Form 8-K on 18-Oct-2013All Recent SEC Filings

Show all filings for RING ENERGY, INC.

Form 8-K for RING ENERGY, INC.


18-Oct-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement.

On October 16, 2013, Ring Energy, Inc. ("Ring") entered into a Joint Development Agreement (the "Agreement"), effective immediately, with Torchlight Energy Resources, Inc. ("Torchlight"), to develop Ring's existing Kansas leasehold, consisting of approximately 17,000 acres in Gray, Haskell and Finney counties.

Pursuant to the Agreement, Ring will operate the Kansas leasehold acreage. In consideration of entering into the Agreement, Torchlight will pay 100% of all drilling and completion costs until an amount equal to Ring's total costs related to the Kansas leases has been met (approximately $6.2 million). After Torchlight has matched Ring's total costs related to the Kansas leases, Ring and Torchlight will equally share all drilling and development costs related to the continued ongoing development of the leases. Ring and Torchlight will share equally in any production and revenue in connection with the development of the Kansas leasehold acreage from the commencement of the first well pursuant to the terms of the Agreement.

Ring is expected to drill an estimated ten vertical wells pursuant to this Agreement.

The foregoing description is a summary only and qualified by and subject to the actual terms and conditions of the Joint Development Agreement, attached hereto as Exhibit 10.1 and incorporated by reference herein.



Item 9.01 Financial Statements and Exhibits.

10.1

Joint Development Agreement between Ring Energy, Inc. and Torchlight Energy Resources, Inc., dated effective October 16, 2013.

99.1

Press Release dated October 17, 2013.

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