Press Release
  

FOR IMMEDIATE RELEASE
July 15, 2014 NYSE American: REI

RING ENERGY, INC. PROVIDES SECOND QUARTER 2014 OPERATIONS UPDATE
Second Quarter Production Increases 69% Over First Quarter 2014
Company Provides Update on Kansas Joint Venture Pilot Drilling Program

Midland, TX. July 15, 2014 – Ring Energy, Inc. (NYSE American: REI) (“Ring”)(“Company”) today announced its operations update for the second quarter of 2014. During the second quarter, Ring drilled 36 development wells and one salt water disposal well on their Texas properties, 27 of which were completed and placed in production by June 30, 2014. The remaining nine development wells are in varying stages of completion and will be placed in production in the third quarter. On June 30th, the Company drilled its 100th new development well since commencing drilling operations in June 2013 and continues to have a 100% success rate on development wells drilled on their Texas acreage.

As a result of the continuing development program, net production for the quarter ended June 30, 2014 was approximately 118,000 BOEs (Barrel of Oil Equivalent), as compared to net production of 19,000 BOEs for the same quarter in 2013, a 521% increase, and net production of 69,650 BOEs for the first quarter 2014, a 69% increase. June 2014 average net daily production was approximately 1,535 BOEs.

In June, the Company received approximately $30 million in gross proceeds from the private sale of 2,000,000 shares of the Company’s common stock to institutional investors. The funds will be used to accelerate the leasing activity and development of the Company’s Permian assets. The Company has announced its intention to add a third drilling rig late in the third quarter or early fourth quarter of this year. Ring management also announced it has entered into a new five-year senior secured revolving credit facility with SunTrust Robinson Humphrey, Inc. as the lead arranger. The new facility has a maximum borrowing amount of $150,000,000 with an initial borrowing base of $40,000,000.

The Company continues to aggressively lease additional acreage in Texas, adding to its core area of development. As of June 30, 2014, Ring had 20,747 gross acres (13,385 net), as compared to 10,848 gross acres (7,449 net) as of June 30, 2013, an increase of 91%.

On October 17, 2013, the Company announced a joint development agreement with Torchlight Energy Resources, Inc. to develop all of Ring’s existing Kansas leasehold of approximately 17,000 acres with Ring being the operator. In late February 2014 drilling operations began on the first phase of the development program. Four wells have been drilled. Of the four wells drilled, three have production casing set with two currently producing and the third pending further evaluation. The fourth well was a dry hole and has been plugged. After the first two months of initial production, the current combined gross daily production of the two producing wells is approximately 45 BOEs. After evaluation of the first phase results, management is encouraged and preparations are being made to start the second phase in early to mid-August.

Mr. Kelly Hoffman, Ring’s Chief Executive Officer, stated, “We are extremely pleased with the results of the second quarter. We continue to execute our development plan and add acreage to our core properties while continuing to seek acquisition opportunities. We now have two full-time drilling rigs working on our Texas acreage and are considering a third rig before year end. We are preparing to launch the second phase of the pilot development program in Kansas in August. We will continue to monitor our results then re-evaluate our CAPEX budget for the remainder of 2014.”


About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and Kansas.

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, 2013, its Form 10-Q for the quarter ended September 30, 2014 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.

For further information contact:
Bill Parsons, K M Financial, Inc.
(702) 489-4447 office
(602) 315-5926 mobile



 
  December 2, 2014

RING ENERGY, INC. CONTINUES
2014 DEVELOPMENT PROGRAM

Company Operates Profitably At Current Commodity Prices
 
  November 6, 2014

RING ENERGY, INC.ANNOUNCES THIRD QUARTER AND NINE MONTH 2014 FINANCIAL AND OPERATING RESULTS
Third Quarter 2014 Revenues Increase 287% Over Third Quarter Revenues 2013
Nine Month 2014 Revenues Increase 434% Over Nine Month Revenues 2013
 
  October 7, 2014

RING ENERGY, INC.PROVIDES THIRD QUARTER
2014 OPERATIONS UPDATE

Production Increases 19% Over Second Quarter
Company Adds Third Drilling Rig
Company Increases 2014 CAPEX to $125 Million
 
  August 8, 2014

RING ENERGY, INC. ANNOUNCES SECOND QUARTER AND SIX MONTH 2014 FINANCIAL AND OPERATING RESULTS
88% Increase in Revenue Over First Quarter

142% Increase in Revenue Over First Quarter
83% Increase in Revenue Over First Quarter
 
  July 15, 2014

RING ENERGY, INC. PROVIDES SECOND QUARTER 2014 OPERATIONS UPDATE
Second Quarter Production Increases 69% Over First Quarter 2014
Company Provides Update on Kansas Joint Venture Pilot Drilling Program
 
  June 17, 2014

RING ENERGY, INC. ANNOUNCES $30 MILLION PRIVATE PLACEMENT OF COMMON STOCK
Company Also Establishes New Credit Facility
 
  May 8, 2014

RING ENERGY, INC. ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2014
418% Increase in revenue For The Three Months to $5.97 Million
221% Increase in Net Income For The Three Months to $1.1 Million
 
  April 22, 2014

RING ENERGY, INC. PROVIDES
FIRST QUARTER 2014 OPERATIONS UPDATE
2014 Capital Expenditure Budget Increased
to $115 Million
 
  March 21, 2014

RING ENERGY ANNOUNCES FINANCIAL AND OPERATIONAL RESULTS FOR FOURTH QUARTER AND YEAR END 2013
2013 Revenues Increase 487%
2013 Cash Flow Increases 817%
Fourth Quarter Revenues Increase 609%
 
  March 4, 2014

RING ENERGY, INC. CLOSES PERMIAN BASIN ACREAGE ACQUISITION
Adds Reserves, Drilling Locations / Contracts Second Drilling Rig
 
  January 14, 2014

RING ENERGY, INC. PROVIDES FOURTH QUARTER 2013 OPERATIONS UPDATE
 
 
 

 
   
   

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Ring Energy, Inc. is an independent oil and gas exploration company with headquarters in Midland, Texas. Ring Energy’s business strategy is focused on the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States.

   
   

 

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