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Ring Details 1Q Financials; 10-Well Drilling Plan
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Ring Energy, Inc. reported financial results for the first quarter ended March 31, 2016.
Key Points: During the first quarter we drilled and completed one new vertical well on our Central Basin property For the rest of 2016, Ring has funds to drill seven new vertical wells and three horizontal wells.For the three month period ended March 31, 2016, Ring had oil and gas revenues of $6,092,388 compared to $6,045,701 for the quarter ended March 31, 2015, and a net loss of $15,275,044, or $0.50 per diluted share, which included a pre-tax non-cash impairment of $21,412,086, compared to a net loss of $975,624, or $0.04 per diluted share, for the same period in 2015. Excluding the after tax impact of the impairment, the net loss per diluted share for the three month period ended March 31…
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