Ring Energy, Inc. Provides Update on Drilling Program
14 Abril 2021 - 5:40PM
Ring Energy, Inc. (NYSE American: REI) (“Ring” or
the “Company”) announced today it recently initiated the next phase
of its previously-announced Northwest Shelf (“NWS”) drilling
program with three wells located in the top tier acreage of the
Company’s highest rate-of-return projects, located in Yoakum
County, Texas.
The drilling of the first well, the Bevo 664 C
#2H, is complete and drilling operations are underway on the second
well, the Bevo 664 A #4H. Drilling operations on the third well,
the Bevo 664 A #3H, are expected to commence in late April. Each of
the three wells are one mile in length and follow the four wells
that were successfully placed on production during the first
quarter of 2021. The Bevo 664 C #2H is expected to be on production
before the end of April and the Bevo 664 A #4H and Bevo 664 A #3H
wells are targeted to come online before the end of May.
The first four well package, which included an
average completed lateral length of 7,239 feet for the three
1.5-mile wells and 4,983 feet for the one 1.0 mile well, was
drilled and completed on schedule and within budget. All four wells
are performing favorably despite some impact from the major winter
storm in Texas, and produced a cumulative 37,550 gross barrels of
oil equivalent (“Boe”) (94% oil) during the month of March
2021.
Paul D. McKinney, Chairman of the Board and
Chief Executive Officer, commented “We have been pleased with the
results we have seen for the first four wells of our current
development program, with all of the wells successfully coming
online in the first quarter. As we discussed on our fourth quarter
2020 earnings call last month, similar to other producers in Texas,
the severe winter storm in February impacted our production. This
included production shut in of more than 60% for the majority of
the storm with full restoration taking more than two weeks to
complete. We will provide more specific guidance on our first
quarter production levels by the end of this month.”
McKinney continued, “We look forward to drilling
and bringing this next tranche of three wells online in the second
quarter. Our 2021 development program is focused on our highest
risk-adjusted return opportunities, which is squarely in-line with
our stated objective to pursue operational excellence by steadying
production levels and controlling costs while pursuing rigorous
capital discipline. Combined with the continued execution of our
highly-successful CTR program, high rate of return workover
projects, and other targeted initiatives, we are well positioned in
2021 to continue to generate free cash flow, further pay down debt
and enhance our financial position for the benefit of our
shareholders.”
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
David A. Fowler, Investor Relations Ring Energy,
Inc. Office: 432-682-7464 dfowler@ringenergy.com
Ring Energy (AMEX:REI)
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