Ring Energy releases update on three well horizontal drilling program
Ring Energy released an update on its three well horizontal San Andres program on the Company's Central Basin Platform asset. After having had the Augustus #1H and the Tiberius #1H wells on production for approximately 45 days, the company intends to file completion reports in the next few days showing 24 hour gross Initial Production Tests of 602 BOEPD and 448 BOEPD respectively. The company is not ready to release results on the Caesar #1H at this time due to the well being on production for less than 30 days, however, it is very pleased with the early production. Per the company's September 22 press release, management announced that it had recently doubled its acreage position in the CBP Horizontal San Andres play to approximately 16,500 acres. This acquisition increased the company's potential locations to over 275 gross wells. In addition, the company is continuing to aggressively look for prospects and acreage that complement its existing positions in both the CBP and Delaware Basin.