Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update | Capital Markets | Capital Expenditure
Ring Energy Dramatically Increases Production, Increases Capex
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Ring Energy, Inc. has announced its operations update for the first quarter of 2014.
In the first three months of 2014, Ring drilled 24 development wells on their Texas properties, 15 of which were completed and placed in production by March 31, 2014. The remaining nine development wells are in varying stages of completion and will be placed in production in the second quarter. In addition, the Company performed one re-completion in the first quarter of 2014. The Company continues to have a 100% success rate on development wells drilled on their Texas acreage.
As a result of the continuing development program, net production for the quarter ended March 31, 2014 was approximately 69,650 BOEs, as compared to net production of 14,088 BOEs for the same quarter in 2013, a 394% increase. March…
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