Ring Energy appears to have significantly increased its leasehold in Gaines county, Texas in the last year with activity recorded as late as May 28 (reference texasfile dotcom and Seminole Sentinel public records).
Ring Energy Not Running Rigs This Year
At Ring Energy Inc. (REI), the company is more focused on M&A and remains free cash flow positive.
In June, Ring closed its Delaware Basin acquisition from Finley Resources Inc. for $75 million.
The company purchased 14,322 net acres in Culberson and Reeves counties, Texas. The current net production to the company from the acquisition is about 1,300 barrels of oil equivalent per day. Ring will be the operator and have a 98% working interest and net revenue interest of 79%.
till, Ring decided to pull its drilling rigs around yearend as oil prices dropped and service costs lagged and has essentially run no rigs this year, Haas said. The company nearly resumed drilling as oil rose to $60 per barrel (bbl), but the recent fall in price has kept it on course to be cash flow positive while looking for solid A&D opportunities.
“While vertical drilling might not be sexy, we think REI's story is as pretty as they come and likely gets better going forward,” Haas said.
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Yes, hopefully, but will Ring execs have to defend not having a 'clean balance sheet' in the next earnings call? On a happier note, Ring appears to have submitted a number of Oil, Gas, or Mining leases and one Right Of Way in Gaines county since 01/02/2015.