Ring Energy announced it has entered into a joint development agreement with Torchlight Energy Resources to develop all of Ring’s existing Kansas leasehold of approximately 17,000 acres. Operations are scheduled to begin before year end 2013. Torchlight will pay 100% of all drilling and completion costs until an amount equal to Ring’s total costs related to the Kansas leases has been met, or approximately $6.2M. Production and revenue will be shared equally from commencement of the first well.
- Oil, Gas, & Consumable Fuels