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.
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