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Permian Operator Suspends All Drilling & Completion Activity
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In the aftermath of the failed OPEC meeting over the weekend, Ring Energy Inc. said it plans to "Cease any further drilling until pricing stabilizes."
The company initially planned to drill & complete 18 new horizontal wells. That activity has now been shelved.
Original Guidance (Feb. 4, 2020): Capex : $85-$90 million Rig Program : 1 Drill & Complete 18 new horizontal wells on its Northwest ShelfCease any further drilling until pricing stabilizes - Our preliminary CAPEX for 2020 included the drilling of 18 new horizontal wells on our Northwest Shelf asset ("NWS"). Of the 18 new wells, four were to be drilled in the first quarter of 2020. Those four new wells have been drilled, but as of now, no further new drilling will take place until we are comfortable that commodity pricing…
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