Ring Energy, Inc. Provides Sales Volume Guidance for the Third and Fourth Quarters of 2023
August 04, 2023 at 11:00 am EDT
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Ring Energy, Inc. provided sales volume guidance for the third and fourth quarters of 2023. With respect to the third quarter of 2023 production guidance, the company continues to expect sales volumes of 18,100 barrels of oil equivalent per day to 18,600 barrels of oil equivalent per day, with 68% of those volumes being oil.
With respect to the fourth quarter, the company expects 18,900 barrels of oil equivalent per day to 19,500 barrels of oil equivalent per day and 69% of those volumes being oil. Assuming the midpoint of guidance, this represents a 6% and 11% increase for the third and fourth quarter, respectively, from this year's second quarter.
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. 
