Veriforce Partners with Ring Energy to Streamline Safety and Compliance Operations

Ring Energy has partnered with Veriforce as its exclusive contractor management provider to simplify its contractor oversight processes and elevate its safety and compliance capabilities amid recent growth. Veriforce will support Ring Energy in managing its contractor base efficiently, including workforce training and safety verification. The partnership will enable Ring Energy to scale safely and improve its contractor management processes.

Ring Energy, Inc., a leading oil and gas exploration and production company, has announced a strategic partnership with Veriforce to streamline its contractor management processes and elevate its safety and compliance capabilities. This move comes amid significant growth for Ring Energy, which has seen its network of contractors expand rapidly over the past few years.

Under the partnership, Veriforce will provide Ring Energy with a centralized solution to manage its entire contractor base efficiently. The collaboration includes core compliance management capabilities and expert-led workforce training, such as SafeLand and Hydrogen Sulfide (H2S) awareness courses, to ensure contractors meet critical safety training requirements before stepping on site. This initiative aims to free up time for Ring Energy's field and office personnel, allowing them to focus on other critical tasks.

Chris Gafford, HSE Manager for Ring Energy, highlighted the benefits of the partnership, stating, "It was becoming challenging to handle contractor management internally. We needed a partner with the tools and expertise to help us scale safely, and that's why we chose Veriforce."

Veriforce's global reach and extensive experience in contractor management and workforce qualification make it an ideal partner for Ring Energy. With a network spanning over 3,200 hiring companies in 140+ countries and supporting more than 130,000 contractors and millions of workers, Veriforce connects organizations with trusted third-party labor to get the job done safely and efficiently [1].

Carlos Ramon, VP, US and Global at Veriforce, expressed pride in supporting Ring Energy's growth and providing the tools needed to operate more efficiently and with greater confidence in their contractor network.

This partnership aligns with Ring Energy's broader strategy to strengthen its balance sheet and generate free cash flow, as highlighted in its recent credit facility extension. The company affirmed its borrowing base at $585 million under its $1.0 billion senior secured credit facility, with the term extended to June 2029. This move reflects a 25 basis point reduction in the Applicable Margin pricing grid and includes Bank of America as the new Administrative Agent and Citibank as an added member to the syndicate [2].

References:
[1] https://www.prnewswire.com/news-releases/ring-energy-selects-veriforce-as-exclusive-contractor-management-partner-to-streamline-safety-and-compliance-operations-302486435.html
[2] https://www.nasdaq.com/articles/ring-energy-inc-affirms-585-million-borrowing-base-and-extends-credit-facility-term-june