Ring Energy, Inc. Reports Third Quarter 2015 Operations Update
Ring Energy, Inc. (NYSE MKT: REI) (“Ring” or the “Company”) today
announced its operations update for the third quarter of 2015. During
the third quarter, Ring drilled two new wells on its Permian Basin
properties in Andrews County, Texas, completing one and in the process
of completing the other. In addition, the Company recompleted two
existing wells and re-fraced three more. On its Delaware Basin
properties, the Company drilled one new development well which is in the
final stages of completion. Upon completion of the Delaware Basin
properties acquisition announced June 30, 2015, management has focused
on the evaluation of the existing wells and condition of current
infrastructure. One of the first tasks was the upgrading of the salt
water disposal system which was completed the first week of October. The
system is now capable of handling much greater amounts of water
associated with increased drilling and development.
Net production for the quarter ended September 30, 2015 was
approximately 204,000 BOEs (Barrels of Oil Equivalent), as compared to
net production of approximately 140,000 BOEs for the same quarter of
2014, a 46% increase, and a 15% increase over the net production of
177,650 BOEs in the second quarter of 2015. The average net daily
production for September was approximately 2,240 BOEs per day. The
average price received per BOE in the third quarter was approximately
$42.57.
Mr. Kelly Hoffman, CEO of Ring stated, “During this period of depressed
commodity prices and lack of any aggressive drilling program, we
continue to remain very patient and focused on continued, sustained
growth by optimizing our existing operations through increased
efficiencies and improved infrastructure. We have spent the third
quarter evaluating existing wells in both our Permian and Delaware
properties and making changes where necessary. We continue to see and
evaluate acquisition opportunities. We are well positioned to take
advantage of any prospect but will remain patient and approach any
potential opportunity with the same due diligence and formula as we have
in the past.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas and Kansas.
www.ringenergy.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of
the “safe-harbor” provisions of the Private Securities Litigation Reform
Act of 1995 that involve a wide variety of risks and uncertainties,
including, without limitations, statements with respect to the Company’s
strategy and prospects. Such statements are subject to certain risks and
uncertainties which are disclosed in the Company’s reports filed with
the SEC, including its Form 10-K for the fiscal year ended December 31,
2014, its Form 10-Q for the quarter ended June 30, 2015 and its other
filings with the SEC. Readers and investors are cautioned that the
Company’s actual results may differ materially from those described in
the forward-looking statements due to a number of factors, including,
but not limited to, the Company’s ability to acquire productive oil
and/or gas properties or to successfully drill and complete oil and/or
gas wells on such properties, general economic conditions both
domestically and abroad, and the conduct of business by the Company, and
other factors that may be more fully described in additional documents
set forth by the Company.
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Copyright Business Wire 2015
Source: Business Wire
(October 21, 2015 - 9:20 AM EDT)
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