Ring Energy, Inc. Releases First Quarter 2020 Operations Update
Ring Energy, Inc. (REI)
NASDAQ:AMEX Investor Relations:
ringenergy.com
Company Research
Source: Business Wire
Company Halts Drilling Activity / Revises 2020 CAPEX To Estimated $32 Million MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSEAM: REI) (“Ring”) (“Company”) today released its operations update for the first quarter of 2020. In the three months ended March 31, 2020, the Company drilled four new horizontal (“Hz”) San Andres wells (2 - 1 mile, 2 – 1.5 mile) on its Northwest Shelf (“NWS”) asset. All four new wells drilled were completed, tested and had Initial Potentials (“IPs”) filed. In addition to the four new wells drilled in the first quarter which had IPs filed, the company completed testing and filed IPs on two additional horizontal wells drilled in previous quarters (2 NWS 1 mile). The average IP rate for all the horizontal wells (6 wells) IP’d in the first quarter of 2020 was 558 Barrels of Oil Equivalent (“BOEPD”) per day, or 107 BOE / 1,000 feet on an average lateral of 5,246 feet. The Company performed nine conversions from electrical submersible pumps (“ESP”) to r
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