Quarterly / Earnings Reports | Fourth Quarter (4Q) Update | Reserves | Financial Results | Capital Markets
Ring Energy Sees 134% Jump in Proved Reserves
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Ring Energy, Inc. reported financial results for the fourth quarter and year ended December 31, 2015.
Proved reserves, as determined by Cawley, Gillespie and Associates, Inc., and Williamson Petroleum Consultants, Inc., totaled 24,402,383 barrel of oil equivalents (BOE), a 134% increase over the 10,407,009 BOE for the previous year. Future net revenues before income taxes, discounted at 10%, based on $48.17 per barrel of oil and $2.51 per MCF of gas, were $240.2 million at year-end 2015. This compared to $281.7 million, using average prices of $85.10 per barrel of oil and $3.95 per MCF of gas, for year-end 2014. Approximately 33% of the proved reserves are classified as proved developed producing, 2% proved developed non-producing (“PDNP”), and 65% proved undeveloped. The proved reserves…
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