Exploration & Production | Quarterly / Earnings Reports | Fourth Quarter (4Q) Update
Ring Skyrockets Income 1,047% in 2013; IDs 1,740 Drilling Locations
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Ring Energy, Inc. has reported financial results for the fourth quarter and year ended December 31, 2013.
Mr. Kelly Hoffman, Chief Executive Officer, commented: "2013 was a year of substantial growth for Ring in production, reserves, acreage and revenue. Over and above the values that were assigned by our outside engineering group, we have identified over 1,740 additional potential drilling locations made possible through the internal development of our existing properties and recent acreage acquisition. We expect 2014 to continue to show the same trends as 2013, even though our first quarter production was hampered by weather."
Financial ResultsRing had net income of $1,534,957, a 1,047% increase, on oil and gas revenues of $5,051,434, a 609% increase, for the fourth quarter compared to…
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