Exploration & Production | Drilling / Well Results | Quarterly / Earnings Reports | First Quarter (1Q) Update

Ring Turns on Taps at Seven Development Wells in 1Q

Share Print Bookmark    |    Thursday,April 16,2015

Ring Energy, Inc. released its operations update for the first quarter of 2015. In the first three months of 2015, Ring completed and placed in production seven new development wells that were drilled in the fourth quarter of 2014 on their Texas properties.

In addition, two new development wells were drilled in the first quarter of 2015. Currently, five new development wells, including the two drilled in 2015, are in varying stages of completion and will be placed in production in the second quarter.

As a result, net production for the quarter ended March 31, 2015 was approximately 141,920 BOEs (Barrel of Oil Equivalent), as compared to net production of 69,650 BOEs for the same quarter in 2014, a 104% increase. March 2015 average net daily production was approximately 1,615 BOEs, as compared to daily production of 900 BOEs in March 2014, an increase of 79%.

Mr. Kelly Hoffman, Ring’s Chief Executive Officer, stated, "Because of extreme weather conditions, we feel we lost an estimated 15,000 net BOE in the first quarter. That being said, we are extremely pleased with the results of the first quarter. Our focus at this point is on maximizing well performance while continuing to cut costs as much as possible. We are postured to restart our development program once we see stabilization in commodity prices, while continuing to seek and evaluate acquisition opportunities that would complement our existing properties."