Ring Energy, Inc. Announces Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Capital Expenditure Guidance for the Year 2014
January 14, 2014 at 09:30 am
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Ring Energy, Inc. announced its operations update for the fourth quarter and full year ended December 31, 2013. In the last three months of 2013, Ring drilled 17 development wells, 15 of which were completed and placed in production by year-end. The remaining two development wells are in varying stages of completion and will be placed in production in early 2014. In addition, the company performed three re-fracs and re-completions in the fourth quarter of 2013. As a result of the continuing development program, net production for the quarter ended December 31, 2013 was approximately 64,010 BOEs (Barrel of Oil Equivalent), as compared to net production of 9,712 BOEs for the same quarter in 2012, a 559% increase, and as compared to 29,527 BOEs for the third quarter 2013, an increase of approximately 117%.
For the full year of 2013, the company drilled 40 development wells, with 38 wells being completed and placed in production by year-end. The company had a 100% success rate on development wells drilled and completed in 2013. The company also performed 18 re-fracs and re-completions in 2013. December 2013 net daily production was approximately 806 BOEs, as compared to daily production of 114 BOEs in December 2012, an increase of 607%. Total production for 2013 was approximately 121,695 BOEs compared to 25,172 BOEs for 2012, a 383% increase.
The company announced a capital expenditure budget for 2014 of $90 million.
Ring Energy, Inc. is an oil and gas exploration, development, and production company. The Company is focused on the development of its Permian Basin assets. Its primary drilling operations target the oil and liquids-rich producing formations in the Northwest Shelf and the Central Basin Platform, in the Permian Basin in Texas. The Company's leasehold acreage positions total approximately 96,127 gross (80,535 net) acres, and it holds interests in approximately 1,043 gross (864 net) producing wells. All of its properties are located in the Permian Basin and its proved reserves are oil-weighted, with approximately 63% consisting of oil, 19% consisting of natural gas, and 18% consisting of natural gas liquids. Of those reserves, approximately 68% are classified as proved developed and 32% are classified as proved undeveloped. Its proved reserves are approximately 129.8 million barrels of oil equivalent (BOE).
Ring Energy, Inc. Announces Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Capital Expenditure Guidance for the Year 2014
RING ENERGY, INC. 
