Ring Energy, Inc. Announces Production Results for the Month, Fourth Quarter and Twelve Months Ended December 31, 2017
January 09, 2018 at 09:05 pm
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Ring Energy, Inc. announced production results for the month, fourth quarter and twelve months ended December 31, 2017. December 2017 average net daily production was approximately 5,352 BOEs, as compared to net daily production of 2,725 BOEs in December 2016, an approximate 96% increase, and net daily production of 4,345 in September 2017, an approximate 23% increase.
The company’s net production for the fourth quarter of 2017 was approximately 422,000 BOEs, as compared to net production of 240,000 BOEs for the same quarter in 2016, an approximate 76% increase, and net production of 376,000 for the third quarter of 2017, an approximate 12% increase. The average estimated price received per BOE in the fourth quarter 2017 was $50.50.
For the twelve months ended December 31, 2017, net production was approximately 1,402,000 BOE, as compared to 865,500 for the twelve months ended December 31, 2016, an approximate 62% 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. 
