Ring Energy, Inc. Issues Correction of Second Quarter 2015 Internal Reserve Estimates
MIDLAND, Texas--(BUSINESS WIRE)-- Ring Energy, Inc. (NYSE MKT: REI) (“Ring”) (“Company”) earlier today released its operations update for the second quarter of 2015. In the release, the Company published internal engineering 3P (Proved Developed Producing, Proved developed Non-Producing, Proved Undeveloped) reserve estimates of 8.1 MMBOE, and an additional 10.95 MMBOE of Probable and Possible reserves, making a 5P total of 19.05 MMBOE. The correct 3P reserve estimate is 16.0 MMBOE, with an additional 4.4 MMBOE of Probable and Possible reserves, making a 5P total of 20.4 MMBOE.
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, 2014, its Form 10-Q for the quarter ended March 31, 2015 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.
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K M Financial, Inc.
Bill Parsons, 702-489-4447
Source: Ring Energy, Inc.
Released July 27, 2015