Travis Thomas, the CFO of Ring Energy, has stepped down, with immediate effect. Rocky Kwon, the VP of Accounting and Assistant Treasury, has been appointed the interim CFO, while the company conducts a search for a permanent successor.

Ring Energy is an acquisitive E&P company focused on the Permian Basin. It went public in 2013 and moved its head office from Midlands to The Woodlands in 2020 following the appointment of Paul McKinney as its new CEO.

Its’ stock price has been hovering around $1 due to a combination of relatively high debt load ($448 million at the end of June) and sustained selling by Warburg Pincus since September 2024. Ring acquired Stronghold Energy, backed by Warburg, in October 2022. As a result, Warburg ended up owning  34% of Ring Energy.  That stake is now down to 2%.

Mr. Thomas joined Ring in October 2020 and was promoted to CFO and Treasurer in March 2021. He will receive a severance payment of around $650,000, being 1x base salary ($370,000) plus 1x current target annual bonus. In addition, there will be accelerated vesting of restricted and performance stock units. In the latest annual proxy, they were valued at $727,000. At the current stock price, it’s more like $550,000. The company will also pay 18 months of health care premiums ($38,000).

[Update 10-03-05 The company filed an amended 8-K. Mr. Thomas will receive a cash severance of $1,021,688 plus the accelerated vesting of stock units].

SEC filing – Ring Energy CFO departs