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Ring Energy, Inc. (ticker: REI) released its operations update for the fourth quarter of 2017.

In the three months ended December 31, 2017, on its central basin platform asset (CBP), Ring drilled 19 new horizontal San Andres wells and was in the process of drilling number 20 at the end of the quarter.

Source: Ring Energy

In the fourth quarter, Ring completed, tested and filed initial potentials on 13 new horizontal San Andres wells. The average IP on the 13 completed wells in the fourth quarter 2017 was approximately 458 BOEPD. Ring has 20 new horizontal San Andres wells which are currently in varying stages of completion and testing, the company said in a press release.

For the twelve months ended December 31, 2017, Ring drilled 47 new horizontal San Andres wells on its CBP asset. Five of the wells were 1.5 miles long, 39 were 1 mile long and three were ¾ of a mile long. Of the 47 wells drilled, 27 were completed, tested and had IPs filed. The average IP on the 27 completed wells in 2017 was approximately 584 BOE per day.

Net production for the fourth quarter of 2017 was approximately 422,000 BOEs, as compared to net production of 240,000 BOEs for the same quarter in 2016, an approximate 76% increase.

December 2017 average net daily production was approximately 5,352 BOEs, as compared to net daily production of 2,725 BOEs in December 2016, an approximate 96% increase.

Ring said that the average estimated price received per BOE in the fourth quarter 2017 was $50.50. For the twelve months ended December 31, 2017, net production was approximately 1,402,000 BOE, as compared to 865,500 for the twelve months ended December 31, 2016, an approximate 62% increase.

“We continue to seek opportunities that will complement our existing acreage with a focus on the CBP and expanding that footprint. Having a strong balance sheet with ample cash and no debt, we look for 2018 to be an exciting year for Ring, its employees and our shareholders,” said Ring CEO Kelly Hoffman.

 

Ring’s CBP Asset:

•102,747 gross / 70,604 net total acres
•193 total drilled gross vertical wells (as of September 30, 2017)
•30 total drilled gross horizontal San Andres wells and 9 SWDs (as of September 30, 2017)
• September 2017 average net production of 3,592 Boe/d (98% oil)

Source: Ring Energy


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