Ring Energy sees Q1 average sales 18K-18,500 Boe/d

Ring Energy provided an operational and financial update for 4Q23, as well as production and capital spending guidance for 1Q24. Q4 sales volumes were approximately 19,400 barrels of oil equivalent per day – Boe/d – 70% oil, near the high end of the company’s guidance of 18,900-19,500 Boe/d. Reduced debt by $3.0M in Q4, while also funding the $11.9M final payment in December for the Founders Acquisition. Ended 2023 with $425M of borrowings against the company’s credit facility. Guiding Q1 average sales 18K-18,500 Boe/d 69% oil. Anticipates Q1 capital spending of $37M-$42M, primarily associated with a phased, two-rig drilling program. Plans to drill four to five horizontal wells and four to six vertical wells.