Ring

Ring Energy Inc. in an operations update ahead of its fourth quarter report said recent well performance in the Permian Basin continues to fuel optimism about future results, but the company’s chief said he remains frustrated by the market response.

Permian Basin explorer Ring Energy Inc. reported results exceeding expectations in the San Andres field of the Permian Basin during the third quarter as it drilled into recently acquired assets.

Ring Energy Inc. on Monday reduced its capital expenditures (capex) for this year after it trimmed the number of new horizontal wells to be drilled and reallocated funds to upgrading existing wells and infrastructure.

Permian pure play Ring Energy Inc. said it drilled seven horizontal wells during the first quarter, including six in the Central Basin Platform (CBP), where it recently completed a $300 million acquisition the CEO called a “game changer.”

Ring Energy Inc. has agreed to pay $300 million to Wishbone Energy Partners LLC to acquire a substantial leasehold in the Permian Basin’s third major formation, the Central Basin Platform (CBP), which would double its proved reserves and its production.

Ring Energy Inc. has bolted on another 4,700 acres-plus in its core Permian Basin holdings in the Central Basin Platform of West Texas that offset most of its best producing wells.

Permian Basin pure-play Ring Energy Inc. is planning to run only one rig during 2019, as it works to turn cash flow neutral/positive in the second half of the year, while still growing production an estimated 20% year/year.

Permian Basin explorer Ring Energy Inc. has increased its capital spending for 2018 by nearly 25% as it builds out infrastructure in the Delaware sub-basin and Central Basin Platform (CBP) to deliver more natural gas and oil to market.

Permian Basin explorer Ring Energy Inc. said fourth quarter net production was estimated at 422,000 boe, a 76% year/year gain and a 12% sequential increase as it hones techniques within the Central Basin Platform (CBP).