Ring Energy-oilandgas360

Ring Energy - NYSE:REI

REI is a Midland, Texas-headquartered oil and gas exploration and Development Company with three core areas of operation in the Permian Basin; the Central Basin Platform, the Northwest Shelf and the Delaware Basin. The management team of REI has extensive experience in studying, drilling and producing the San Andres formation over the past 35 years and has drilled approximately 1,400 wells to date. Since REI’s inception in 2013 the Company has drilled 183 vertical wells and over 137 horizontal San Andres wells on their existing Central Basin Platform and Northwest Shelf assets to date. REI suspended its 2020 drilling program starting in Q2’20 to conserve capital until the economic demand erosion is reversed due to COVID-19. The company’s primary focus through year end 2020 is to remain cash flow positive quarter-over-quarter while deleveraging the balance sheet. In early 2021 the company anticipates resuming its horizontal San Andres drilling program out of cash flow once oil prices stabilize above $40/bbl.

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