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Ring's Oil Sales Volumes Up 90% YoY; D&C Cost in Line with Guidance

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   |    Wednesday,August 09,2017

Ring Energy released its quarterly release where it focused on its production and an acquisition in Gaines County, TX.

Highlights Include:

  • Oil sales volumes for Q2 were 306,402 bbls, up 90% from 160,925 bbls in Q2 2016. Gas sales volumes were 190,044 mcf, down 6% from 201,992 mcf in Q2 2016.
  • Acquired 33,000 acres in Gaines County, Texas

Ring Energy's production from Q2 was 338,000 boe, compared to 191,000 boe in Q2 2016, an increase of 77% and 266,000 boe in Q1 2017, an increase of 21%. Oil sales volumes were 306,402 bbls, up 90% from 160,925 bbls in Q2 2016 and gas sales volumes were 190,044 mcf, down 6% from 201,992 mcf in Q2 2016. For the entire first half of the year, oil sales volumes were 546,662 bbls, which is a 55% increase from 352,303 bbls in Q2 2016. Natural gas sales volumes decreased to 358,393 mcf from 458,740 mcf in Q2 2016, about a 22% decrease. In June 2017, production average was 4,110 boe/d which is a 79% increase from 2,296 boe/d in Q2 2016. 

The company added 30,000 acres in Gaines County, TX during Q2. This addition more than doubles the company's net position. The company drilled 8 new horizontal wells for a total of 16 new horizontal wells in 2017. As a result of these new wells, production is up 75% from the same time in 2016. 

In the Central Basin Platform, Ring drilled 5, 1.5 mile lateral wells and 3, 1 mile laterals. For the first half of the year, the company spud 12 wells and the company expects to have 40 wells completed by the end of the year. Well costs for Ring are about $2 million per well with 1 mile lateral and $2.4 million per well with 1.5 mile lateral.




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