Ring Energy just crashed almost 30%

Ring Energy just closed out the day with an almost 30% loss resulting from a fresh equity offering at a steep discount to the prior closing price. The company went into 2026 with conservative hedges on \~70% of production across both oil and gas and a strategy of debt reduction but as soon as shit hit the fan in the middle east and crude started shooting higher, this strategy seemingly went out the window. When Ring Energy reported Q1 earnings on May 7th, debt had increased, management explained this was done to increase production to take advantage of higher prices, shifting the hedged portion of overall production lower. Yesterday after the close of trading, the equity offering was announced, 44.444 mio shares @ $1.35, yielding cash to the company of $60m. Management hasn't commented on the reason behind the offering, but judging from their Q1 earnings call, it'll likely be spent on additional and accelerated drilling. While the dilution is rough for existing shareholders, for prospective investors, the lower entry-level and additional drilling CapEx, has made this already torqued name into an extremely high beta way to play WTI Crude Oil prices. The company is leveraged as fuck, it's a small-cap Shitco and it has an atrocious history of destroying shareholder value, but my god if it isn't a good way to bet on higher for longer oil prices. Disclaimer: I currently hold no position in the shares but will be looking to establish a position.