Press Release
  

FOR IMMEDIATE RELEASE
October 7, 2014 NYSE American: REI

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

Midland, TX. October 7, 2014 – Ring Energy, Inc. (NYSE American: REI) (“Ring”)(“Company”) today announced its operations update for the third quarter of 2014. During the third quarter, Ring drilled 32 new wells on its Permian Basin properties in Andrews County, Texas, making a total of 132 new wells drilled since securing a rig in early June 2013. Nineteen of the 32 wells were completed and placed in production and the remaining 13 wells are in various stages of completion.

Net production for the quarter ended September 30, 2014 was approximately 140,000 BOEs (Barrels of Oil Equivalent), as compared to net production of approximately 39,000 BOEs for the same quarter of 2013, a 259% increase, and a 19% increase over the net production of 118,000 BOEs in the second quarter of 2014. In September, weather related issues resulted in temporary drilling and completion delays, resulting in production declines. The average net daily production for September was approximately 1,535 BOEs per day.

Management also announced the addition of a third drilling rig. The rig has recently completed drilling the Company’s third salt water disposal well in 2014 and is currently drilling a fourth. Upon completion the rig will begin drilling oil wells on the Company’s Permian acreage. The Company plans to continue drilling approximately 15 new wells per month on its Texas properties for the remainder of 2014.

The Company’s land department continues to add acreage through its leasing and acquisition activity. In the third quarter Ring added approximately 1,750 acres to its Permian assets representing an additional 175 potential locations on 10 acre spacing.

In Kansas, the Company has begun the second phase of drilling. The first phase was comprised of drilling four wells, of which two were completed and put into production. The combined gross daily production has remained steady at approximately 45 BOEs. The second phase will comprise the drilling of five or six new wells plus 3D seismic. The Company is currently evaluating the results of the first three wells drilled in the second phase and is about to begin shooting the seismic.

Mr. Kelly Hoffman, CEO of Ring stated, “July and August were excellent months. In September, we encountered excessive rainfall making it virtually impossible to move our rigs or transport our production because of the road conditions. At one point we had as many as 20 wells shut in because of the inability to get service trucks to location. As a result of accelerating our drilling time and the addition of the third rig in Texas, we have increased our capital expenditure budget for 2014 from $115 million to $125 million, which will be funded by current cash flow and existing cash balances. Internally, we continue to increase our acreage position and estimate the Company has over 2,100 potential drilling locations on 40, 20 and 10 acre spacing, and are continually seeking opportunities to add to it.”


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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