Ring Energy produces 9,307 net boepd for Q4

Ring Energy provided an update on its fourth quarter 2020 operational and financial results and announced initial plans and guidance for 2021. Ring also provided additional details regarding its new strategic vision focused on continued free cash flow generation, capital discipline, cost reductions and debt reduction. Operational and Financial Highlights: Remained cash flow positive for the fifth consecutive quarter even with the recent resumption of development drilling; Reduced debt by $47M during fourth quarter 2020, with $313M outstanding against the Company's Senior Credit Facility as of December 31, 2020; Exceeded fourth quarter 2020 production guidance and produced 9,307 net barrels of oil equivalent per day, of which 86% was oil, despite no new wells coming online during the quarter; Performed eight conversions from electrical submersible pumps to rod pumps in Q4 2020, with four in the Northwest Shelf and four in the Central Basin Platform resulting in a total of 29 CTR for the year reducing future overall operating costs and lessening costly workovers; Drilled four NWS San Andres Horizontal wells in December and January, including three 1.5-mile horizontal wells and one 1.0-mile horizontal well, with all wells expected to be completed and on production by the first week of March 2021, providing a strong boost to current production in a rising oil price environment; Stabilized Delaware production and improved operating efficiencies of the oil producing assets and the saltwater disposal assets in preparation for a 2021 disposition; and Relocated corporate headquarters to The Woodlands, TX, downsized the Midland office, closed the Andrews field office, and closing the Tulsa office, reducing leasing expenses, resulting in meaningful annual cost savings. CEO Paul McKinney, commented, "Despite the pandemic induced challenges we faced in 2020, Ring has executed well and has now achieved a total of five consecutive quarters of free cash flow. In the fourth quarter, we exceeded our production guidance and delivered 9,307 Boepd. This was driven primarily by our CTR program and other high rate-of-return workover projects that not only continue to reduce our operating costs but also steady our production levels. Benefitting from our strong free cash flow position, and with oil prices improving, we secured a drilling rig in early December and initiated an NWS drilling program on some of our highest rate-of-return acreage in Yoakum County, Texas. All four wells are expected to be completed and on production by the first week of March. With solid operational and financial results, we enter 2021 well positioned financially to continue to pay down debt and execute our high return development drilling and workover projects."