Ring Energy Provides Encouraging Update on Northwest Shelf Phase II Development Program
June 16 2021 - 06:45AM
Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”)
today provided an update on its previously announced program to
drill and complete three wells (“the “Phase II Program”) on the
Company’s top tier Northwest Shelf (“NWS”) acreage, targeting
Ring’s highest rate-of-return projects in Yoakum County, Texas.
The Bevo 664 C #2H well came online May 1, the
Bevo 664 A #4H came online May 27, and the Bevo 664 A #3H came
online May 30. All three wells started producing oil within three
to four days of coming online, which is very encouraging in
comparison to earlier wells drilled in the Section. During the last
seven days, the three wells combined have achieved an average of
approximately 300 barrels of oil per day per well. The Company’s
working interest in each of the three wells is approximately
74%.
Mr. Paul D. McKinney, Chairman of the Board and
Chief Executive Officer, commented, “The continued successful
results from our development program are very encouraging and
re-enforce our confidence in the strong inventory of drilling
locations on our NWS acreage. In addition to the strong production
results, all seven wells in our Phase I and Phase II programs were
drilled and completed on schedule and within budget. With the
recent positive outcome of our spring 2021 bank redetermination,
the increased flexibility afforded by our pivot to a more
opportunistic hedging strategy, and a sustained higher oil price
environment, we are actively developing plans for our Phase III
drilling program that could commence as early as the third quarter
2021. We look forward to keeping shareholders apprised of our
efforts as we remain squarely focused on maximizing free cash flow
generation to best position Ring for long-term success.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration,
development, and production company with current operations focused
on the conventional development of its Permian Basin assets in West
Texas and New Mexico. For additional information, please visit
www.ringenergy.com.
Safe Harbor Statement
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements involve a wide variety of risks and uncertainties, and
include, 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, 2020, 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.
Contact Information
Al Petrie AdvisorsAl Petrie, Senior Partner
apetrie@ringenergy.comPhone: 281-975-2146
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