Press Release
  

FOR IMMEDIATE RELEASE
July 12, 2017 NYSE American: REI

RING ENERGY, INC. RELEASES SECOND QUARTER 2017 OPERATIONS UPDATE
Company Extends Contract of Drilling Rig Through Year End 2017

Midland, TX. July 12, 2017 – Ring Energy, Inc. (NYSE American: REI) (“Ring”)(“Company”) today released its operations update for the second quarter of 2017. The Company, in the three months ended June 30, 2017, drilled eight horizontal wells and is currently drilling a ninth on its Central Basin Platform (“CBP”) asset. The Company has completed and put into production four of the new wells drilled in Q2 2017 as well as two wells that were drilled in Q1 2017. The remaining four wells drilled in Q2 are awaiting completion. On its Delaware Basin (“Delaware”) property, the Company drilled two new vertical Cherry Canyon wells, both awaiting completion, and completed two Cherry Canyon wells drilled in Q1 2017.

As a result, net production for Q2 2017 was approximately 338,000 BOEs (Barrel of Oil Equivalent), as compared to net production of 191,000 BOEs for the same quarter in 2016, an approximate 77% increase, and net production of 266,000 for Q1 2017, an approximate 27% increase. June 2017 average net daily production was approximately 4,110 BOEs, as compared to net daily production of 2,296 BOEs in June 2016, and net daily production of 3,618 BOEs in March 2017. The average estimated price received per BOE in Q2 2017 was $42.00.

Central Basin Platform –

During Q2 2017, the Company drilled five 1.5 mile laterals, three 1 mile laterals and is currently drilling a ninth (1.5 mile lateral). Two of the new wells drilled in Q2 2017 have been completed, tested and put in production. Two of the new wells drilled in Q2 2017 have been completed, put in production and are currently in the testing phase and the remaining four new wells drilled in Q2 2017 are awaiting completion. The two new wells drilled, completed and tested in Q2 2017, along with two wells that were drilled in Q1 2017 and completed in Q2 had 24 hour gross initial production (“IP”) rates ranging from 420 barrel of oil equivalents per day (“BOEPD”) to over 1,100 BOEPD with an average gross BOEPD of approximately 750. This continues to compare very favorably with prior results.

Delaware Basin –

In Q2 2017, the Company drilled two new vertical Cherry Canyon wells, both awaiting completion. In addition, the Company completed two new vertical Cherry Canyon wells that were drilled in Q1 2017.

Mr. Kelly Hoffman, Ring’s Chief Executive Officer, stated, “Based on the results we are seeing from our current horizontal drilling and development program on our CBP asset, we have decided to accelerate our drilling activity by extending the contract of our current drilling rig through year-end 2017. We originally estimated that we would drill approximately 22 new horizontal San Andres wells. By extending the contract through year-end, we estimate adding an additional 8 - 10 new wells. We have decided to do this now because the results have been extremely positive even though we have seen a recent drop in commodity prices. As much as we would like to see $50-$55 oil, the economics on these wells work very well with $40 oil. Additionally, we have seen very little change in our service costs and at this time do not anticipate any significant increases and also stand ready to add a second drilling rig once we see some improvement and stabilization in the commodity markets.”


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

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, 2016 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


 
  July 21, 2017

RING ENERGY, INC. ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION AND COMPLETION OF PUBLIC OFFERING OF COMMON STOCK
 
  July 18, 2017

RING ENERGY, INC. ANNOUNCES PRICING OF
PUBLIC OFFERING OF COMMON STOCK
 
  July 17, 2017

RING ENERGY, INC., ANNOUNCES COMMON STOCK OFFERING
 
  July 12, 2017

RING ENERGY, INC., RELEASES SECOND
QUARTER 2017 OPERATIONS UPDATE
Company Extends Contract of Drilling Rig
Through Year End 2017
 
  May 9, 2017

RING ENERGY, INC., ANNOUNCES FINANCIAL
AND OPERATING RESULTS FOR FIRST
QUARTER 2017
 
  May 3, 2017

RING ENERGY, INC., SCHEDULES CONFERENCE CALL ON ITS 2017 FIRST QUARTER FINANCIAL AND OPERATING RESULTS
 
  April 17, 2017

RING ENERGY, INC. ACQUIRES OVER 33,000 ACRES IN CENTRAL BASIN PLATFORM
 
  April 5, 2017

RING ENERGY, INC. RELEASES FIRST QUARTER 2017 OPERATIONS UPDATE
 
  March 15, 2017

RING ENERGY, INC ANNOUNCES FINANCIAL AND OPERATIONAL RESULTS FOR FOURTH QUARTER AND YEAR END 2016
 
  February 23, 2017

RING ENERGY, INC., SCHEDULES CONFERENCE CALL ON ITS 2016 FOURTH QUARTER AND TWELVE MONTH FINANCIAL AND OPERATING RESULTS
 
 

January 9, 2017

RING ENERGY, INC. RELEASES FOURTH
QUARTER 2016 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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