Ring Energy releases mid-Q3 operations update
Ring Energy released a mid-quarter operations update for the third quarter of 2019. In the first 47 days ended August 16, 2019, the company drilled six new 1-mile horizontal San Andres wells on its Northwest Shelf property. Of the six wells drilled, two were waiting on completion and four were drilled, completed and are in the process of being tested. Initial results are indicating Barrel of Oil Equivalents Per Day rates ranging between 400 and 500 BOEPD. Also in the first 47 days, the company performed six rod conversions and seven workovers. No scale or iron cleanout jobs have been required to date in the third quarter. In the operations update for the second quarter of 2019, the company announced it had drilled thirteen new horizontal San Andres wells, seven on its Central Basin Platform asset, and six on its NWS asset. Of the thirteen drilled, four were waiting on completion and seven were drilled, completed and in varying stages of testing. Of the four waiting on completion, two have been completed and are showing very encouraging results of approximately 360 BOEPD and 320 BOEPD. The other two are newly completed and are in testing. Of the seven new wells that had been drilled, completed and were in varying stages of testing, BOEPD rates are running from 265 BOEPD to 528 BOEPD with an average of approximately 400 BOEPD. Management noted that all the wells cited above are in the final stages of testing and have yet had their Initial Potentials filed.