Ring Energy, Inc. Announces Production Results for the Month, Fourth Quarter and Twelve Months Ended December 31, 2018
January 22, 2019 at 07:00 am EST
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Ring Energy, Inc. announced production results for the month, fourth quarter and twelve months ended December 31, 2018. December 2018 average net production (including flared gas), was approximately 7,099 BOEs, as compared to net daily production of 5,352 BOEs in December 2017, an approximate 32.6% increase, and net daily production of 7,294 in September 2018, an approximate 2.6% decrease.
Net production for the fourth quarter of 2018, including flared gas which is now being sold, was approximately 623,800 BOEs, as compared to net production of 422,000 BOEs for the fourth quarter of 2017, an approximate 47.8% increase, and net production of 600,000 BOEs for the third quarter of 2018, an approximate 4% increase.
For the twelve months ended December 31, 2018, net production (including flared gas), was approximately 2,262,800 BOEs, as compared to 1,402,000 BOEs for the twelve months ended December 31, 2017, an approximate 61.4% 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. 
