Ring Energy, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 04, 2022 at 04:51 pm EDT
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Ring Energy, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported net income was USD 41.94 million compared to net loss of USD 15.89 million a year ago. Basic earnings per share from continuing operations was USD 0.39 compared to basic loss per share from continuing operations of USD 0.16 a year ago. Diluted earnings per share from continuing operations was USD 0.32 compared to diluted loss per share from continuing operations of USD 0.16 a year ago.
For the six months, net income was USD 49.06 million compared to net loss of USD 34.95 million a year ago. Basic earnings per share from continuing operations was USD 0.47 compared to basic loss per share from continuing operations of USD 0.35 a year ago. Diluted earnings per share from continuing operations was USD 0.39 compared to diluted loss per share from continuing operations of USD 0.35 a year ago.
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. 
