On Oct. 7, Ring Energy Inc. (NYSE MKT: REI) detailed updates on its operations in this year's third quarter.
During the quarter, 32 new wells were drilled in the Permian, on its Andrews County, Texas, properties. The total number of new rigs is 132. Of the 32 new wells, 19 were completed and put on production, while 13 are being completed, Ring added.
The quarter’s net production of about 140,000 barrels of oil equivalent (boe) ended Sept. 30. This amount was higher than third-quarter 2013’s roughly 39,000 boe, the company said, noting a 259% increase.
Weather issues in September resulted in production declines, and average net daily production was about 1,535 boe/d, the company added.
A third drilling rig was added, and drilled the third saltwater disposal well. It is currently drilling the fourth, Ring said. For the remainder of the year, Ring will drill about 15 new wells each month, the company said.
During the quarter, about 1,750 acres were added in the Permian, for a total of 175 potential drilling locations on 10-acre spacing, the company said.
Drilling in Kansas has entered its second phase, the company said, noting that two out of four drilled wells were completed and put into production. The combined gross daily production is about 45 boe, the company added. In the second phase, five or six new wells will be drilled.
Midland, Texas-based Ring Energy Inc. explores, develops and produces domestic oil and natural gas.
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