Ring Energy, Inc. Provides Third Quarter 2013 Operations Update
MIDLAND, Texas--(BUSINESS WIRE)-- Ring Energy, Inc. (NYSE MKT: REI) ("Ring" or the "Company") today announced its operations update for the third quarter of 2013. During the third quarter, Ring drilled eighteen wells on its Permian Basin properties in Andrews County, Texas, making a total of twenty-three new wells drilled since securing a rig in early June, and re-stimulated five existing wells. Twenty of the twenty-three wells were completed and placed in production and the remaining three wells are in various stages of completion. The Company plans to continue drilling six new wells per month for the remainder of 2013.
Production for the quarter ended September 30, 2013 was approximately 39,000 BOE (Barrels of Oil Equivalent), as compared to production of approximately 7,400 BOE for the same quarter of 2012, a 427% increase, and a 105% increase over the 19,000 BOE produced in the second quarter of 2013. The average net daily production for the last five days of September was approximately 750 BOE per day. The stated production amount reflects only the oil and gas that was produced and shipped prior to the end of the quarter. Any oil and gas produced in the third quarter but still held on site after September 30, 2013, will be credited in the fourth quarter.
The Company has maintained its capital budget for 2013 at approximately $32 million. The Company will drill a minimum of thirty-five new wells in 2013 and re-stimulate an additional nine existing wells. The Company will continue to concentrate most of its attention on its Texas properties through the end of 2013.
Mr. Kelly Hoffman, CEO of Ring, stated, "We have continued to look for acquisitions that will complement our existing properties. Since the end of 2012 we have doubled our acreage position in the Permian Basin. These acquisitions allow us to add significant reserves and over 1,000 potential drilling locations on 40, 20 and 10 acre spacing."
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 June 30, 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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