Ring Energy Inc. today provided an update on its previously announced program to drill and complete three wells on the Company's top tier Northwest Shelf acreage, targeting Ring's highest rate-of-return projects in Yoakum County, Texas. The Bevo 664 C #2H well came online May 1, the Bevo 664 A #4H came online May 27, and the Bevo 664 A #3H came online May 30. All three wells started producing oil within three to four days [...]
Ring Energy Inc. today announced that the borrowing base under its senior revolving credit facility was successfully reaffirmed at its current level of $350 million. Key Highlights Reaffirmation of the borrowing base at $350 million; Easing of the minimum required oil hedges for calendar 2022 from 4,000 barrels per day to 3,100 Bbls/d, which is fully covered by oil hedges currently in place; Enhances price optionality and [...]
Ring Energy Inc. today provided an update on its derivate positions for 2021 and 2022 as it opportunistically responds to an improved crude oil price environment. Key Changes to Hedge Book Bought back a 1,500 barrels of oil per day call option for June 1 through December 31, 2021, and entered into an approximate 879 Bbls/d calendar 2022 swap contract for no net cost; Anticipate more than 320,000 barrels of crude oil sales [...]
Ring Energy Inc. today reported operational and financial results for the first quarter 2021 and reaffirmed full year 2021 guidance. Highlights and Recent Key Items Sold 7,960 barrels of oil equivalent per day , or 716,422 barrels of oil equivalent , in the first quarter of 2021, with production significantly impacted by the severe winter storm in February and temporary downtime associated with well completions activity [...]
Ring Energy Inc. announced today it further paid down debt in the first quarter of 2021, and provided an update on its previously announced Northwest Shelf drilling program and sales volumes for the first quarter of 2021. In addition, the Company announced the timing of its first quarter 2021 earnings release and conference call. Paid Down $7.5 Million of Debt During First Quarter 2021 Reduced debt balance to $305.5 [...]
Ring Energy Inc. announced today it recently initiated the next phase of its previously-announced Northwest Shelf drilling program with three wells located in the top tier acreage of the Company's highest rate-of-return projects, located in Yoakum County, Texas. The drilling of the first well, the Bevo 664 C #2H, is complete and drilling operations are underway on the second well, the Bevo 664 A #4H. Drilling operations [...]
Shareholders Continue to Push for a Transformative Deleveraging Transaction American Resources, Inc., and SK Energy LLC, the investment vehicle of Dr. Simon Kukes, one of the largest shareholders of Ring Energy Inc. , announced today that we are generally encouraged by Ring Energy's actions over the past year which follows the guidance laid out in our March 2, 2020 letter to the Board of Directors of Ring Energy, which [...]
Ring Energy Inc. announced that Travis Thomas will be promoted, effective today, from his current position as Vice President of Finance to Chief Financial Officer of the Company, and will be based in the newly relocated Woodlands Texas headquarters. Randy Broaddrick, who has served the Company as CFO since its reverse merger with Stanford Energy in 2012, will remain in the Tulsa, OK area to spend more time with his [...]
Ring Energy Inc. today reported operational and financial results for the fourth quarter and full year 2020 including Ring's year-end 2020 reserves and affirmed 2021 guidance. Highlights and Recent Key Items Exceeded high end of guidance and sold 9,307 barrels of oil equivalent per day , or 856,271 barrels of oil equivalent , in the fourth quarter of 2020, despite no new wells coming online during the quarter; Reported a [...]
Ring Energy Inc. announced today that it plans to issue its year-end 2020 earnings release after the close of trading on Tuesday, March 16, 2021. The Company has scheduled a conference call on Wednesday, March 17, 2021 at 11:00 a.m. ET to discuss its fourth quarter and full year 2020 financial and operating results, and 2021 plans and guidance as it implements its new strategic vision. To participate, interested parties [...]
Ring Energy Inc. today provided an update on its fourth quarter 2020 operational and financial results and announced initial plans and guidance for 2021. Ring also provided additional details regarding its new strategic vision focused on continued free cash flow generation, capital discipline, cost reductions and debt reduction. Operational and Financial Highlights Remained cash flow positive for the fifth consecutive [...]
Ring Energy Inc. announced today that its corporate headquarters was relocated to the greater Houston area effective January 19, 2021. The new address of the Company's headquarters is 1725 Hughes Landing Blvd, Suite 900, The Woodlands, Texas 77380. Additionally, Ring has closed its Andrews, Texas field office, downsized its Midland office and will be closing its Tulsa office at the end of the first quarter 2021. These [...]
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