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Ring to Add Third Permian Rig; Touts 259% Production Upswing YOY
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Ring Energy, Inc. reported its operations update for the third quarter of 2014.
During the third quarter, Ring drilled 32 new wells on its Permian Basin properties in Andrews County, Texas, making a total of 132 new wells drilled since securing a rig in early June 2013. Nineteen of the 32 wells were completed and placed in production and the remaining 13 wells are in various stages of completion.
Net production for the quarter ended September 30, 2014 was approximately 140,000 BOEs (Barrels of Oil Equivalent), as compared to net production of approximately 39,000 BOEs for the same quarter of 2013, a 259% increase, and a 19% increase over the net production of 118,000 BOEs in the second quarter of 2014. In September, weather related issues resulted in temporary drilling and completion…
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