For the year, Ring also repaid $40 million in debt, reaffirmed its $600 million borrowing base and exited 2024 with $217 million in liquidity.
Ring Energy Inc., which is in the process of bolting on Lime Rock Resources IV LP’s Central Basin Platform assets, is jettisoning expensive, non-core vertical wells.
Ring said in February the deal would add 17,700 net acres, 100% HBP, with net production averaging 2,300 boe/d (80%) from about 101 gross wells.
Ring, which generated 2024 adjusted EBITDA of $233.3 million despite a 7% reduction in realized prices, reported March 5 that it had divested non-core vertical wells with high operating cost for $5.5 million.
For the year, Ring also repaid $40 million in debt, reaffirmed its $600 million borrowing base and exited 2024 with $217 million in liquidity.
Recommended Reading
Big Spenders: EPA Touts Billions in Clean Energy Spending
2025-01-15 - Nearly $69 billion in funding from the Inflation Reduction Act and Bipartisan Infrastructure Law has been dispersed by the Environmental Protection Agency in its clean energy push.
Trying to Keep Tabs on the Inflation Reduction Act’s $370B
2025-01-08 - Several online trackers are following the flow of Inflation Reduction Act money, but a full accounting of the billions already obligated by the Biden administration is a monumental task.
Exxon CEO Darren Woods: Hydrogen Incentives ‘Critical’ for Now
2025-02-03 - Exxon Mobil CEO Darren Woods said the end goal for energy policy should be a system in which no fuel source remains dependent on government subsidies.
Belcher: Texas Considers Funding for Abandoned Wells, Emissions Reduction
2025-03-20 - With uncertainly surrounding federal aid as the Trump administration attempts cost cutting measures, the state is exploring its own incentive system to plug wells and reduce emissions.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.