Ring Energy reports Q3 adjusted EPS 15c, consensus 11c
Reports Q3 revenue $32.69M, consensus $30.95M. Kelly Hoffman, the Company's Chief Executive Officer, commented, "The third quarter production results confirmed we are back on track to show steady, low double-digit production growth quarter over quarter. Our third quarter production showed an increase of close to 13% over the second quarter, and our average daily production exceeded 7,200 BOEs in September, an increase of over 10% from our average production in June. We are very encouraged by the results we continue to see on all our properties. Based on the amended 2018 CAPEX budget we announced in September, we are on budget. We continue to drill and complete our one-mile laterals in the CBP for our stated cost of $2.2 million, which includes the associated tank battery, and closely monitor all other costs associated with equipment purchases and infrastructure improvements. On October 2, 2018, a research report was written citing several issues that we believe were in error. In response, the Company issued a press release announcing a conference call to be held on October 3, 2018, inviting all shareholders the opportunity to hear the Company address those issues. In our opinion, we addressed each issue we disputed with documented history, and in some cases third party verification. For those investors unable to participate on the call, the Company has posted the transcript of the call on the Company website, www.ringenergy.com. We recognize that we have not been as transparent and visible as we should. To that end, management has scheduled several trips to meet with both current and potential investors, as well as participating at two energy conferences between now and year end. This will be an ongoing process with the goal of better communication with our shareholders and analysts that have issued research coverage on the Company."