Ring Energy Brings Northwest Shelf Wells Online in Permian Basin
[Click image to enlarge]
Ring Energy released an update on its program to drill and complete three wells on the company’s top tier Northwest Shelf (NWS) acreage, targeting Ring’s highest rate-of-return projects in Yoakum County, Texas.
The Bevo 664 C #2H well came online May 1, the Bevo 664 A #4H came online May 27, and the Bevo 664 A #3H came online May 30. All three wells started producing oil within three to four days of coming online, which is very encouraging in comparison to earlier wells drilled in the section. During the last seven days, the three wells combined have achieved an average of approximately 300 barrels of oil per day per well. The Ccmpany’s working interest in each of the three wells is approximately 74 percent.
“The continued successful results from our development program are very encouraging and re-enforce our confidence in the strong inventory of drilling locations on our NWS acreage. In addition to the strong production results, all seven wells in our Phase I and Phase II programs were drilled and completed on schedule and within budget,” said Paul McKinney, chairman of the board and chief executive officer.
“With the recent positive outcome of our spring 2021 bank redetermination, the increased flexibility afforded by our pivot to a more opportunistic hedging strategy, and a sustained higher oil price environment, we are actively developing plans for our Phase III drilling program that could commence as early as the third quarter 2021. We look forward to keeping shareholders apprised of our efforts as we remain squarely focused on maximizing free cash flow generation to best position Ring for long-term success,” added McKinney.
About Ring Energy
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the conventional development of its Permian Basin assets in West Texas and New Mexico.
To stop by Ring Energy’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2021 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
