Ring Energy, Inc. Reports Production Results for the Month of December 2015, Fourth Quarter and Full Year Ended December 31, 2015
January 11, 2016 at 04:05 pm
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Ring Energy, Inc. reported production results for the month of December 2015, fourth quarter and full year ended December 31, 2015. Net production for the quarter ended December 31, 2015, was approximately 218,500 BOEs (Barrel of Oil Equivalent), as compared to net production of 155,100 BOEs for the same quarter in 2014, a 40.9% increase, and as compared to 204,000 BOEs for the third quarter 2015, an increase of approximately 7.1%. The average estimated price received per BOE in the fourth quarter 2015 was $35.50.
For the month of December 2015 average net daily production was approximately 2,335 BOEs, as compared to average net daily production of 1,865 BOEs in December 2014, an increase of 25.2%.
Total production for the full year 2015 was approximately 742,070 BOEs compared to 482,750 BOEs for 2014, a 53.7% 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. 
