MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE MKT: REI) (“Ring”) (“Company”) today announced
its operations update for the first quarter of 2016. In the first three
months of 2016, the Company drilled and completed one new vertical
development well on Ring’s Central Basin Platform asset. In addition,
the Company upgraded their salt water disposal systems at both the
Central Basin Platform and Delaware Basin properties.
As a result, net production for the quarter ended March 31, 2016 was
approximately 225,500 BOEs (Barrel of Oil Equivalent), as compared to
net production of 141,920 BOEs for the same quarter in 2015, a 58.9%
increase, and net production of 218,500 for the fourth quarter of 2015,
a 3.2% increase. March 2016 average net daily production was
approximately 2,370 BOEs, as compared to daily production of 1,615 BOEs
in March 2015, an increase of 46.7%. The average estimated price
received per BOE in the first quarter 2016 was $26.24.
Mr. Kelly Hoffman, Ring’s Chief Executive Officer, stated, “Our staff
has done an excellent job as we continue to upgrade our infrastructures
in both the Central Basin Platform and Delaware Basin. Despite the fact
we drilled only one new development well, our net production increased
over the previous quarter. This modest increase in production, despite
only drilling one new well, demonstrates the low decline nature of our
production profile, as well as continued operational improvements in the
field. As we shared with you in our 2015 fourth quarter and year-end
financial release and subsequent conference call, we have continued to
study and evaluate the successful horizontal operations by surrounding
producers in select areas. Based on the results they are experiencing,
we are very excited about the potential we have to include a horizontal
program in both of our core areas, even in today’s pricing environment,
and are currently exploring how to implement those horizontal techniques
to exploit our assets. ”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas and Kansas. www.ringenergy.com
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,
2015. 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.
