Exploration & Production | Capital Markets | Capital Expenditure
Ring Energy Reaffirms Plans, CapEx as Oil Prices Slip
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Ring Energy, Inc. has reaffirmed their 2014 development program and capital expenditure budget of $125 million. Management felt it necessary to reconfirm their stated 2014 development program because of the recent decline in commodity prices.
Through the first three quarters of 2014, the Company had drilled 92 new development wells on its Texas properties and is on pace to drill approximately 135 by year end. The Company continues to add acreage to its core Texas properties, as well as reduce the overall drilling and development costs. At the end of the year, management will evaluate the results and determine the 2015 expenditure budget.
A 2014 fourth quarter/year-end operations update will be released in early January 2015.
Mr. Kelly Hoffman, Ring CEO, stated, "We continue to execute our…
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