Ring Energy Inc. (NYSE: REI) priced an underwritten public offering of 5 million shares of its common stock to the public at $10 per share.

The company expects to close the sale of the shares of common stock on Dec. 11. The underwriters will have a 30-day option to purchase up to an additional 750,000 shares of common stock at the offering price, less underwriting discounts and commissions, solely to cover over-allotments.

SunTrust Robinson Humphrey Inc. is sole book-running manager. Capital One Securities Inc., Global Hunter Securities LLC, Euro Pacific Capital Inc., IBERIA Capital Partners LLC, Noble Financial Capital Markets, Northland Capital Markets, and Roth Capital Partners LLC are co-managers.

Net proceeds will be used to fund drilling and development of its properties, to pay for additional leases of oil and gas properties, to pay down borrowings under its credit facility, and to pay for acquisitions of oil and gas properties in and around existing properties.

The offering is being made pursuant to a prospectus filed as part of an effective registration statement with the Securities and Exchange Commission.

Ring Energy Inc. engage in the acquisition, exploration, exploitation, and development of oil and natural gas properties in the U.S. The company is headquartered in Midland, Texas.