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Ring Switches to Plug-N-Perf in CBP; Looks to Get Oilier in the Delaware Basin

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Ring Energy Inc. reported its operations update for Q1 2019.

CBP - Switch to Plug-N-Perf Boosts IP Rates

The Ellen B. Peters #3H was the first horizontal well the Company had used a "Plug and Perf" completion method versus the "Sliding Sleeve" which was used on the previous well, the Ellen B. Peters #4H.

The 3H was put on production in mid-November, reached a peak rate of approximately 500 BOPD, and had leveled off between 200 to 250 BOPD with a 35%-40% oil cut (oil to water) by the end of the fourth quarter.

This compares to a 150 BOPD IP rate from the 4H well.

Delaware Basin - Looking to Get Oilier

One new horizontal Brushy Canyon well, the Hugin 2H, was drilled, completed, tested and had its IP filed in the first quarter 2019. In addition, the Hugin 1H, drilled in the fourth quarter 2018, and one of two wells which were purposely drilled lower in structure (northeast area) for the purpose of seeking a thicker oil column and better oil cuts, completed testing and had its IP filed in the first quarter 2019 -

• Hugin 1H: IP 818 BOE per day, or 224 BOE per 1,000 feet

• Hugin 2H: IP 423 BOE per day, or 129 per 1,000 feet

• The Phoenix 2H: Has shown preliminary results of 60 BOPD and 2,200 MCF per day, or over 425 BOEPD

• The Hippogriff 4H: Currently in testing

Q1 Highlights:

• Q1 production of 569 MBOE - up +12.3% YOY

• One rig drilled seven new CBP San Andres wells (not including four saltwater disposal wells)

• Also drilled one new horizontal Brushy Canyon well in the Delaware Basin

• In Q1, Ring filed IPs on four of the seven completed wells. The average IP on the four wells was ~575 BOEPD, or 132 BOE per 1,000 feet.