Ring Energy, Inc. Announces Production Results for the Month, Fourth Quarter and Twelve Months Ended December 31, 2016
January 09, 2017 at 04:05 pm
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Ring Energy, Inc. announced production results for the month, fourth quarter and twelve months ended December 31, 2016. The company’s December 2016 average net daily production was approximately 2,725 BOE's, as compared to net daily production of 2,335 BOE's in December 2015.
As a result, the company’s net production for the fourth quarter of 2016 was approximately 240,000 BOE's (barrel of oil equivalent), as compared to net production of 218,500 BOE's for the same quarter in 2015, an approximate 10% increase, and net production of 209,000 for the third quarter of 2016, an approximate 15% increase.
For the twelve months ended December 31, 2016, the company’s net production was approximately 865,500 BOE, as compared to 742,070 for the 12 months ended December 31, 2015, an approximate 16% increase.
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. 
