Ring Energy, Inc. Announces Operating Results for the Fourth Quarter and Year of 2014
January 29, 2015 at 02:30 pm
Share
Ring Energy, Inc. announced its operations update for the fourth quarter of 2014. In the last three months of 2014, Ring drilled 43 new development wells, 33 of which were completed and placed in production by year-end. The remaining 10 development wells are in varying stages of completion and will be placed in production in early 2015. In addition, the Company performed five re-fracs and re-completions in the fourth quarter of 2014. Despite weather-related issues late in the year, net production for the quarter ended December 31, 2014 was approximately 155,100 BOEs (Barrel of Oil Equivalent), as compared to net production of 64,010 BOEs for the same quarter in 2013, a 142% increase, and as compared to 140,000 BOEs for the third quarter 2014, an increase of approximately 10.8%. December 2014 average net daily production was approximately 1,865 BOEs, as compared to average net daily production of 806 BOEs in December 2013, an increase of 131%. Total production for 2014 was approximately 482,750 BOEs compared to 121,695 BOEs for 2013, a 297% increase.
For the full year of 2014, the Company drilled 135 development wells, with 125 wells being completed and placed in production by year-end. The Company had a 100% success rate on development wells drilled and completed in 2014.
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. 
