Ring Energy Inc. (REI) detailed its year-end 2015 operations update. During the last three months of the year, three new development wells were drilled and placed on production on its Central Basin properties, the company said Jan. 11. The third quarter of 2015 ended Dec. 31.
Over the course of the year, eight new development wells on its Central Basin properties were drilled; five wells—from the Glorieta to the San Andres formation—were recompleted, and three additional wells were refracked.
On its Delaware Basin property, one new development well was drilled and the company focused on infrastructure improvements.
Net production at the end of the quarter was about 218,500 barrels of oil equivalent (boe), 40.9% higher than fourth-quarter 2014’s 155,100boe. The average estimated price during the quarter was $35.50/boe.
During December 2015, about 2,335boe was produced, higher by 25.2% than December 2014’s 1,865. About 13,000boe, net, was lost during December 2015 due to weather and the Ramsey gas plant explosion near Orla, Texas.
Throughout 2015, total production was about 742,070boe, 53.7% higher than 2014’s 482,750.
Kelly Hoffman, CEO, said that operating efficiencies and production have improved by evaluating each existing well and making infrastructure improvements and equipment changes allowing for increased pumping capacity.
Ring Energy Inc. is based in Midland, Texas.
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