Kirkland Advises Lime Rock on Agreement to Sell Central Basin Platform Assets to Ring Energy

Kirkland & Ellis advised Lime Rock Resources IV, LP (Lime Rock) on its agreement to sell its Central Basin Platform assets to Ring Energy, Inc. (NYSE American: REI) for $100 million, subject to customary closing adjustments. The purchase price is comprised of $80 million of upfront cash consideration, a $10 million deferred cash payment due nine months after closing, and up to 7.4 million shares of Ring common stock. The transaction has an effective date of October 1, 2024, and is expected to close by the end of the first quarter of 2025.

Read the transaction press release

The Kirkland team was led by real asset transactions lawyers Jonathan Strom, Christopher Heasley, Chelsea Daku and Lyle Paul; capital markets lawyers Jennifer Wu and Billy Vranish; tax lawyers Mark Dundon and Eli Kukharuk; and environmental transactions lawyers Jonathan Kidwell and Max Anderson.