Ring Energy, Inc. Provides Sales Guidance for the First Quarter and Full Year of 2024
March 07, 2024 at 04:54 pm EST
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Ring Energy, Inc. provided sales guidance for the first quarter and full year of 2024. For the quarter, the company expects oil sales to be between 12,420 Bo/d -12,765 Bo/d and total sales volumes of 18,000 Boe/d - 18,500 Boe/d.
The Company currently forecasts full year 2024 oil sales volumes of 12,600 Bo/d to 13,300 Bo/d compared with full year 2023 oil sales volumes of 12,548 Bo/d, with the mid-point of guidance reflecting a 3% increase, and total sales volumes of 18,000 Boe/d - 19,000 Boe/d.
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. 
