Ring Energy, Inc. Provides Mid-Year 2013 Operations Update
MIDLAND, Texas--(BUSINESS WIRE)-- Ring Energy, Inc. (OTCQB: RNGE) ("Ring" or the "Company") today announced a mid-year 2013 operations update. The Company has entered into its second, ten well renewable drilling contract with Capstar Drilling Company and is currently drilling their twelfth new developmental well on its west Texas leases. Company management estimates it will drill at least 35 new wells by year end 2013. In addition to the new wells, Ring continues to upgrade and improve infrastructure and evaluate its inventory of existing wells for re-stimulation opportunities. Current daily production is expected to increase as the new wells are completed and put into service.
In June, the Company received approximately $18.5 million in net proceeds from the private sale of approximately 3.5 million shares of the Company's restricted common stock. The funds, in combination with the Company's credit facility, will be used to finance current developmental operations and ongoing leasing activity through 2013.
Mr. Kelly Hoffman, Ring CEO, stated, "We are extremely pleased with our drilling operations to date and very encouraged by its initial results. We continue to execute our development plan and add acreage to our core properties while aggressively pursuing acquisition opportunities."
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and Kansas.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the Company's strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2012, its Form 10-Q for the quarter ended March 31, 2013 and its other filings with the SEC. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.
K M Financial, Inc.
Bill Parsons, 702-489-4447
KEYWORDS: United States North America Texas
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