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July 15, 2014
09:34 EDTREIRing Energy reports Q2 net production 118K BOEs
Ring Energy announced that during the second quarter, Ring drilled 36 development wells and one salt water disposal well on their Texas properties, 27 of which were completed and placed in production by June 30, 2014. The remaining nine development wells are in varying stages of completion and will be placed in production in the third quarter. As a result of the continuing development program, net production for the quarter ended June 30 was approximately 118,000 BOEs, as compared to net production of 19,000 BOEs for the same quarter in 2013, a 521% increase, and net production of 69,650 BOEs for Q1, a 69% increase. June average net daily production was approximately 1,535 BOEs. Ring CEO Kelly Hoffman stated, “We are extremely pleased with the results of the second quarter. We continue to execute our development plan and add acreage to our core properties while continuing to seek acquisition opportunities. We now have two full-time drilling rigs working on our Texas acreage and are considering a third rig before year end. We are preparing to launch the second phase of the pilot development program in Kansas in August. We will continue to monitor our results then re-evaluate our CAPEX budget for the remainder of 2014.”
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