Ring Energy Announces Issuance of 2022 Sustainability Report
December 29 2022 - 4:45PM
Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”)
today announced that it has issued its 2022 Sustainability Report,
which is available on the Company’s website at www.ringenergy.com
under the “Sustainability” tab.
The report provides comprehensive information
about Ring’s Environmental, Social and Governance (“ESG”)
initiatives and related key performance indicators. In the creation
of the document, the Company primarily consulted the Sustainability
Accounting Standards Board’s (“SASB”) Oil and Gas Exploration and
Production Sustainability Accounting Standard, as well as
considered the recommendations of the Task Force on Climate-related
Financial Disclosures (“TCFD”), the Sustainable Development Goals
(“SDGs”) promulgated by the United Nations, and other reporting
guidance from industry frameworks and standards.
Paul D. McKinney, Chairman of the Board and
Chief Executive Officer, commented, “Supporting our multi-faceted
efforts to prudently grow the business for the long-term benefit of
our shareholders is a continued commitment to foster a culture that
is steadfast on sound environmental stewardship, operational
safety, social responsibility and corporate governance. As such, we
are pleased to release our 2022 Sustainability Report, which
provides an update on our ESG performance and continued efforts to
enhance the long-term sustainability of our business. 2022 has been
an outstanding year for Ring Energy as we made important progress
on multiple fronts. This includes a successful development program
focused on high rate-of-return drilling, workover and recompletion
projects that increased our capital efficiency, and the execution
of a number of initiatives designed to drive further efficiencies
in our operations. The result has been the generation of
significant free cash flow that we have used to materially pay down
debt. Of course, the most substantial milestone in 2022 was our
immediately accretive acquisition of Stronghold Energy’s
complementary Central Basin Platform asset base, which
substantially increases our size, scale and inventory of high
rate-of-return projects, as well as lowers our overall cost
structure. The enhanced free cash flow generation afforded by the
transaction places the Company in a much stronger financial
position and allows for an accelerated reduction of our debt.
Sustainability remains an integral part of our strategic vision as
we continue to focus on enhancing shareholder value.”
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, 2021, 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 Advisors Al Petrie, Senior Partner Phone: 281-975-2146
Email: apetrie@ringenergy.com
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