Ring Energy: Up on plans to divest all Delaware Basin assets

Ring Energy

22/02/2021 12:01

** Shares of oil and gas producer  REI.A  jump 16.3% to
$2.28 premarket
    ** REI says intends to launch sales process during Q2 to
divest all of co's Delaware Basin assets  urn:newsml:reuters.com:*:nBwbmZJJga
    ** Co says downsized Midland office, closed Andrews field
office and closing Tulsa office 
    ** REI plans to drill six to eight wells and complete eight
to ten wells in 2021; estimates total 2021 capital spending to
be between $44 mln and $48 mln
    ** FY 2021 production is expected to exceed FY 2020
production by 3% to 8% and average between 9,100 boepd and 9,450
boepd with about 85% to 87% oil
    ** REI has risen nearly three-fold YTD, as of last close

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))