Welcome to our dedicated page for Ring Energy news (Ticker: REI), a resource for investors and traders seeking the latest updates and insights on Ring Energy stock.
Ring Energy Inc. reports recurring operational and financial developments for an independent oil and natural gas exploration and production company focused on the Permian Basin in Texas. Company updates commonly cover oil and natural gas sales volumes, lease operating expense, capital expenditures, drilling activity, proved reserves, guidance and commodity-price effects such as ceiling-test impairments and derivative mark-to-market results.
Ring Energy news also includes balance-sheet and portfolio items, including debt reduction, borrowing-base reaffirmations under its senior revolving credit facility, liquidity, asset sales and development inventory on the Northwest Shelf and Central Basin Platform. Governance updates include finance leadership appointments and related executive responsibilities.
Ring Energy, Inc. (NYSE American: REI) reports strong fourth quarter 2021 sales volumes of 9,154 BOEPD, an 11% increase from Q3 2021. Full-year sales volumes reached 8,519 BOEPD. The company reduced debt by $5 million, bringing total reductions to $85 million since Q2 2020. Ring commenced its 2022 drilling program in late January, having already drilled two wells. The enhanced hedge position is set at 1,000 BOPD with an average swap price of $84.61. The company ended the year with $290 million in borrowings and $2.4 million cash on hand, increasing liquidity to nearly $62 million.
Summary not available.
Ring Energy, Inc. (NYSE American: REI) has raised its fourth quarter 2021 sales guidance to between 9,000 and 9,300 barrels of oil equivalent per day, thanks to strong production results from its recent drilling programs. The completion of the Phase IV program, which targeted high-return wells, capped off a successful year with 11 wells drilled and 13 completed. The company plans a continuous one-rig drilling program for 2022, focusing on enhancing production and cash flow while reducing debt. Stronger oil prices are expected as hedges roll off, positioning Ring for improved financial performance.
The Woodlands, Texas, Dec. 09, 2021 – Ring Energy, Inc. (NYSE American: REI) announced the reaffirmation of its borrowing base under its senior revolving credit facility at $350 million. The bank redetermination reflects confidence from its banking group and supports the company's capital spending programs and debt repayment capabilities. Current hedging requirements for 2022 remain unchanged, fully covered by existing hedges. The next bank redetermination is scheduled for May 2022, allowing Ring to benefit from improved oil prices as hedges roll off by year-end.
Ring Energy, Inc. reported strong Q3 2021 results with net income of $14.2 million ($0.12/share) and Adjusted EBITDA of $19.7 million. The company sold 8,243 Boe/d, predominantly oil, despite lower production due to operational constraints. Key highlights include generating Free Cash Flow of $2.6 million and reducing debt by $5.5 million in the quarter. Liquidity increased to $56.2 million, with plans for further debt reduction. The Phase IV drilling program commenced, and production is expected to improve as new wells come online. Overall, a solid balance sheet and operational efficiency continue to position Ring for future growth.
Ring Energy, Inc. (NYSE American: REI) has officially announced the timing for its third quarter 2021 earnings release. The earnings report will be published after market close on November 9, 2021. Following this, a conference call will occur on November 10, 2021 at 11:00 a.m. ET to discuss the operational and financial results. Interested participants can join by calling 833-953-2433 or 412-317-5762 for international callers. More details can be found on Ring's website under the Investors section.
Ring Energy, Inc. will participate in EnerCom's The Oil and Gas Conference on August 18 in Denver, Colorado. Chairman and CEO Paul McKinney is set to present at 10:30 AM Mountain Time. In addition to the presentation, senior management will engage in one-on-one meetings with investors. The presentation will be available via live webcast and archived on Ring's website, where an updated investor slide deck will also be posted on August 17. Ring Energy focuses on oil and gas exploration and production, particularly in the Permian Basin.
Ring Energy reported operational and financial results for Q2 2021, selling 8,709 Boe/d (89% oil), a notable increase of 11% from Q1 2021. While the company faced a net loss of $15.9 million or $0.16 per share, it achieved an Adjusted Net Income of $7.3 million and generated Free Cash Flow of $5.6 million. The company paid down $5 million of debt and initiated a four-well Phase III drilling program due to rising crude oil prices. Sales volumes are expected to reach 8,700-9,200 Boe/d in H2 2021, supported by strategic drilling and operational efficiencies.
Ring Energy, Inc. (NYSE American: REI) will announce its second quarter 2021 earnings on August 9, 2021, after the market closes. A conference call to discuss the financial and operational results will be held on August 10, 2021, at 9:00 a.m. Central Time. Interested participants can join via a toll-free number or through a webcast on the company's website. Ring Energy primarily focuses on oil and gas exploration and production in the Permian Basin across West Texas and New Mexico.
Ring Energy, Inc. (NYSE American: REI) announced successful results from its Phase II drilling program in Yoakum County, Texas. Three new wells achieved an average production of approximately 300 barrels of oil per day per well shortly after coming online. The company's working interest in these wells is around 74%. All seven wells from both Phase I and II were completed on time and within budget. With favorable production outcomes and a robust oil price environment, the company plans to initiate Phase III in the third quarter of 2021, aiming to maximize free cash flow.