Ring Energy said that in the first three months of 2014 the company drilled 24 development wells on their Texas properties, 15 of which were completed and placed in production by March 31 The remaining nine development wells are in varying stages of completion and will be placed in production in the second quarter. As a result of the continuing development program, net production for the quarter ended March 31 was approximately 69,650 BOEs, as compared to net production of 14,088 BOEs for the same quarter in 2013, a 394% increase. Ring management reconfirmed the initiation of their joint venture pilot drilling program in Kansas. The company intends on drilling the first five wells of a ten well program, evaluate the information and release their findings by mid-June. The company also announced it has increased its capital expenditure budget for 2014 to $115M.
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