The operations at the leasehold are expected to start by the end of 2013, while the Ring Energy will act as operator of the lease hold.
As part of the deal, Rind is expected to drill about 10 wells, with an investment of around $6.2m, while both the companies will share additional expenses on an equal basis.
Ring Energy CEO Kelly Hoffman said the company has acquired Kansas leases because of specific locations in Gray, Haskell and Finney counties and the current activity surrounding those locations.
"Based on their results, we expect production that contains a significantly greater percentage of oil; in some cases exceeding 80%," Hoffman added.
