SEC Contract Filing

Filing Date: 2019-02-28

Document Content:
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<TYPE>EX-10.1
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<FILENAME>tv514889_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 24, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">901 West Wall Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Midland, TX 79701</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in">Attention:</TD><TD>William R. Broaddrick<BR>
Vice President and Chief Financial Officer</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">$1,000,000,000 Amended and Restated Senior Secured Revolving Credit Facility for Ring Energy, Inc.,
subject to an initial Borrowing Base of $425,000,000</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gentlemen:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">Ring Energy, Inc.
(the &ldquo;<U>Company</U>&rdquo;) has advised SunTrust Bank and SunTrust Robinson Humphrey, Inc. (the &ldquo;<U>Lead Arranger</U>&rdquo;
and, together with SunTrust Bank, &ldquo;<U>SunTrust</U>&rdquo;) that the Company intends to acquire (the &ldquo;<U>Acquisition</U>&rdquo;)
the oil and gas properties and related assets in Coke, Gaines, Yoakum and Runnels Counties, Texas and Lea County, New Mexico (the
&ldquo;<U>Acquired Assets</U>&rdquo;) of Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB Waterworks,
LLC (collectively, the &ldquo;<U>Seller</U>&rdquo;) pursuant to a purchase and sale agreement between the Company and the Seller
(the &ldquo;<U>Acquisition Agreement</U>&rdquo;). You have further advised SunTrust that, in connection with the Acquisition, the
Company seeks to amend and restate its existing senior credit facility (the &ldquo;<U>Existing Senior Credit Facility</U>&rdquo;),
which amendment and restatement will increase the maximum facility amount from $500,000,000 to $1,000,000,000 and increase the
total borrowing base to $425,000,000, add additional lenders, extend the maturity date and make other modifications on the terms
set forth in the Summary of Principal Terms and Conditions attached hereto as <U>Annex I</U> (the &ldquo;<U>Term Sheet</U>&rdquo;).
As used in this letter, the &ldquo;<U>Amended and Restated Credit Agreement</U>&rdquo; means the proposed amended and restated
credit agreement described in this letter and the Term Sheet and the &ldquo;<U>Amended and Restated Senior Credit Facility</U>&rdquo;
means the Existing Senior Credit Facility as amended and restated by such proposed Amended and Restated Credit Agreement. All transactions
described above, together with the financing contemplated hereby, are sometimes referred to herein as the &ldquo;<U>Transactions</U>&rdquo;.
Capitalized terms used in this letter but not defined herein shall have the meanings given to them in the Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">SunTrust Bank is
pleased to commit to provide the full amount of the $425,000,000 initial increased Borrowing Base, subject to the terms and conditions
set forth in this letter and the Term Sheet (collectively, this &ldquo;<U>Commitment Letter</U>&rdquo;). You hereby appoint SunTrust
Robinson Humphrey, Inc. to act, and the Lead Arranger agrees to act, as sole lead arranger and book manager for the Amended and
Restated Senior Credit Facility, subject to the terms and conditions of this Commitment Letter. No other agents, co-agents or arrangers
will be appointed, or other titles conferred, without the prior written consent of the Lead Arranger.</P>

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