Ring Energy, Inc. (OTCQB: RNGE) (“Ring” or the “Company”) today
announced a mid-year 2013 operations update. The Company has entered
into its second, ten well renewable drilling contract with Capstar
Drilling Company and is currently drilling their twelfth new
developmental well on its west Texas leases. Company management
estimates it will drill at least 35 new wells by year end 2013. In
addition to the new wells, Ring continues to upgrade and improve
infrastructure and evaluate its inventory of existing wells for
re-stimulation opportunities. Current daily production is expected to
increase as the new wells are completed and put into service.
In June, the Company received approximately $18.5 million in net
proceeds from the private sale of approximately 3.5 million shares of
the Company’s restricted common stock. The funds, in combination with
the Company’s credit facility, will be used to finance current
developmental operations and ongoing leasing activity through 2013.
Mr. Kelly Hoffman, Ring CEO, stated, “We are extremely pleased with our
drilling operations to date and very encouraged by its initial results.
We continue to execute our development plan and add acreage to our core
properties while aggressively pursuing acquisition opportunities.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas and Kansas.
www.ringenergy.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of
the “safe-harbor” provisions of the Private Securities Litigation Reform
Act of 1995 that involve a wide variety of risks and uncertainties,
including, without limitations, statements with respect to the Company’s
strategy and prospects. Such statements are subject to certain risks and
uncertainties which are disclosed in the Company’s reports filed with
the SEC, including its Form 10-K for the fiscal year ended December 31,
2012, its Form 10-Q for the quarter ended March 31, 2013 and its other
filings with the SEC. Readers and investors are cautioned that the
Company’s actual results may differ materially from those described in
the forward-looking statements due to a number of factors, including,
but not limited to, the Company’s ability to acquire productive oil
and/or gas properties or to successfully drill and complete oil and/or
gas wells on such properties, general economic conditions both
domestically and abroad, and the conduct of business by the Company, and
other factors that may be more fully described in additional documents
set forth by the Company.
Copyright Business Wire 2013