Foley Gardere Represents Tessara Petroleum Resources in $15 Million Asset Sale to Ring Energy

Foley Gardere represented Tessara Petroleum Resources, a subsidiary of The Carlyle Group L.P. (NASDAQ: CG) for the sale of assets located in Andrews County, Texas to Ring Energy, Inc. (NYSE:) REI.

In exchange for over 4,700 acres, Tessara received 2, 623,948 million shares of Ring’s common stock valued at $15.08 million. The transaction has an effective date of November 1, 2018.

Tim Spear, a Houston-based partner in Foley’s Energy Industry Team, together with Benjamin Rikkers, a Milwaukee-based partner in Foley’s Securities & Corporate Finance practice, led Foley’s representation of Tessara in the transaction.