Brief: Ring Energy Provides Operational And Financial Update And Initial 2021 Plans & Guidance In Line With New Strategic Vision

Ring Energy

22/02/2021 11:39

Feb 22 (Reuters) - Ring Energy Inc  REI.A :
    * RING ENERGY PROVIDES OPERATIONAL AND FINANCIAL UPDATE AND
INITIAL 2021 PLANS & GUIDANCE IN LINE WITH NEW STRATEGIC VISION
    * RING ENERGY INC - EXCEEDED Q4 2020 PRODUCTION GUIDANCE AND
PRODUCED 9,307 NET BARRELS OF OIL EQUIVALENT PER DAY
    * RING ENERGY INC - RELOCATED CORPORATE HEADQUARTERS TO
WOODLANDS,
TX, DOWNSIZED MIDLAND OFFICE, CLOSED ANDREWS FIELD OFFICE
    * RING ENERGY INC - ENTER 2021 WELL POSITIONED FINANCIALLY
TO
CONTINUE TO PAY DOWN DEBT
    * RING ENERGY INC - PLANS TO DRILL SIX TO EIGHT WELLS AND
COMPLETE
EIGHT TO TEN WELLS IN 2021
    * RING ENERGY INC - ESTIMATES TOTAL 2021 CAPITAL SPENDING TO
BE
BETWEEN $44 TO $48 MILLION
    * RING ENERGY INC - EXPECTS ALL 2021 CAPITAL EXPENDITURES TO
BE
FULLY FUNDED BY CASH ON HAND AND CASH FROM OPERATIONS
    * RING ENERGY INC SEES 2021 AVERAGE PRODUCTION GROWTH TO BE
3% TO
8%
    * RING ENERGY INC - FY 2021 LIFTING COSTS ARE EXPECTED TO
AVERAGE
$10.00/BOE TO $10.50/BOE
    * RING ENERGY INC - INTENDS TO LAUNCH A SALES PROCESS DURING
Q2
2021 TO DIVEST ALL OF COMPANY'S DELAWARE BASIN ASSETS

Source text for Eikon:  ID:nBwbmZJJga 
Further company coverage:  REI.A 

 ((Reuters.Briefs@thomsonreuters.com;))