Ring Energy Inc. (REI) detailed operational results for the second quarter on Aug. 10. The quarter ended June 30.
On June 30, Ring finalized the acquisition of Delaware Basin acreage for $75 million. The acreage in Culberson and Reeves counties, Texas, was financed with proceeds from the June common stock offering and the new senior credit facility.
Internal estimates of net proved, probable and possible reserves included the Delaware Basin acquisition. Estimates indicated 24.677 million barrels of oil equivalent (MMboe) of proved reserves; 10.521MMboe of probable reserves; and 8.152MMboe.
This totals 43.35MMboe, the company added.
Kelly Hoffman, CEO, said the Delaware Basin acquisition increased the company’s net acreage in Texas by tacking on more than 400 potential drilling locations.
Ring Energy Inc. is based in Midland, Texas.
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