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Ring Details Q2 Well IPs; Production Up Nearly 100% YOY, Credits New Asset

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   |    Thursday,July 18,2019

Ring Energy Inc. reported an operations update for the second quarter of 2019.

Q2 Highlights:

  • Drilled 13 HZ San Andres wells (7 in the CPB)
  • On its newly acquired Northwest Shelf property (NWS), Ring drilled 6 new horizontal San Andres wells
  • Two IPS: The Bruce E Gentry JR 647 A 2H had an IP of 359 BOEPD, or 88 BOE per 1,000 feet, and the Sooner 662 A 2H had an IP of 767 BOEPD, or 181 BOE per 1,000 feet.

North Gaines Property

The Ellen B. Peters 3H and 4H continue to perform well. Management stated in the first quarter 2019 operations update (April 22, 2019) that the combined production of the two wells was approximately 200 BOPD with an excellent oil cut (oil to water) percentage of 25%. Currently the combined production of the two wells is approximately 150 BOPD and 150 Mcf/d of natural gas.

Delaware Basin Property

The Hugin 1H and Hugin 2H had IPs filed in the first quarter of 2019. The Hugin 1H had an IP of 818 BOE per day, and the Hugin 2H had an IP of 423 BOE per day. Currently the two wells combined are producing approximately 375 BOPD and 2,300 Mcfd (758 BOEPD). The Phoenix 1H and Phoenix 2H are currently producing approximately 70 BOPD and 2,000 Mcfd (403 BOEPD).

Production Update - Output Up Nearly 100% YOY

Q2 net production came to 10,725 BOEPD - this is up nearly 100% YOY.

This is the first time the quarterly operations update combines the results of both Ring and the newly acquired NWS property. Management provided an estimated proforma in the 2019 first quarter operations update of a combined production for the quarter ended March 31, 2019 of 1,050,000 BOEs. Management attributes the decrease to a normal decline rate since all drilling operations had ceased on the NWS property October 2018 and did not start again until early April 2019. June 2019 average net daily production was approximately 10,800 BOEs.

The average estimated price received per BOE in the second quarter 2019 was $51.00. The current price differential the Company is experiencing from WTI pricing is approximately $5.00.

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