Exploration & Production | Capital Markets | Capital Expenditure
Ring Energy Sets CapEx of $90 Million; IDs Permian, MissLime Targets
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Ring Energy, Inc. has detailed a capital expenditure budget for 2014 of $90 million.
Mr. Tim Rochford, Ring’s Chairman stated, "This budget reflects the Company’s plans to accelerate the present development schedule of its operations in its Permian Basin properties. The budget includes the drilling of a minimum of 105 development wells, multiple workovers and re-stimulations of existing wells, continued leasing activity, infrastructure additions and improvements. The budget will be funded by proceeds from our recently completed public stock offering, increasing cash flow from operations and current credit facility. Ring has not budgeted for acquisitions; however, the Company continues to actively pursue future acquisition opportunities."
Mr. Kelly Hoffman, Ring’s Chief Executive Officer…
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