MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE MKT: REI) (“Ring”) (“Company”) released today a
preliminary update on their three well horizontal drilling program which
began in early August on the Company’s Central Basin Platform (“CBP”)
asset. The program is targeting the San Andres formation. Currently, all
three wells have been drilled - two of the wells were drilled 1 ½ miles
horizontally and the third well was drilled 1 ¼ miles horizontally.
Production casing has been set in all three wells, with the completion
process scheduled to begin the week of September 26. Management
estimates that once the completion process begins, all three wells will
be completed within a four to six week period. The Company will provide
a more detailed overview of the horizontal drilling program in the
Company’s third quarter operations update in October.
In addition, management announced it has doubled its net acreage
position related to their horizontal drilling and development program in
the CBP to approximately 16,500 acres. The new acreage complements
Ring’s existing acreage on which the horizontal drilling program is
currently being done, and directly enhances the Company’s horizontal
development opportunities by providing additional horizontal drilling
locations.
Ring’s Chief Executive Officer, Mr. Kelly Hoffman, remarked, “During our
second quarter conference call we stated the possibility of dramatically
increasing our footprint in the CBP based on prospects we had identified
and/or were in discussions with. The result, due to the hard work of our
staff, is we have doubled our net acreage within our horizontal
development area which conservatively represents an additional 137
potential gross horizontal drilling locations. Our staff continues to
aggressively look for and acquire additional acreage, as it is important
for us to expand this area, which we believe offers tremendous upside
opportunities. In addition to our leasing activities, we continue to
look for prospects that complement our existing assets in the CBP and
Delaware Basin, and meet our criteria by offering upside potential
through additional drill sites, production and reserves.”
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, its Form 10-Q for the quarter ended June 30, 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.
