An increase of 609% on oil and natural gas revenues helped Ring Energy Inc. (NYSE MKT: REI) end 2013 on a 1,047% increase over 2012 for its income earned in the fourth-quarter period, the company said March 21.
Net income earned in fourth-quarter 2013 was $1,534,957, compared to $133,821 from 2012, the company said, noting that the amount earned in fourth-quarter 2012 was based on oil and natural gas revenues of $712,180.
Ring Energy lost less money—$452, 209 in fourth-quarter 2013, compared to $1,669,283 in the same period 2012, the company said, noting that these numbers were based on oil and natural gas revenues of $10, 315, 701 and $1,757,444, respectively.
The increase in fourth-quarter 2013 revenues was due to increased production through development and acquisitions activities, the company said, noting that in fourth-quarter 2013 oil sales volume increased to 54,557 barrels (bbl), compared to 8,878 bbl in same period 2012. Natural gas sales volume increased to 13,607 thousand cubic feet (Mcf) compared to 3,161 Mcf for same period 2012, Ring Energy added.
Over the entire year, oil sales volume increased to 109,673 bbl, compared to 20,531 bbl for full-year 2012. Natural gas sales volume for the year increased to 36,047 Mcf, compared to 6,480 Mcf for full-year 2012, Ring Energy added.
Commodity prices for full-year 2013 were $92.81/bbl and $3.82/Mcf of natural gas, the company said.
“2013 was a year of substantial growth for Ring in production, reserves, acreage and revenue,” said Kelly Hoffman, CEO.
He added, “Over and above the values that were assigned by our outside engineering group, we have identified over 1,740 additional potential drilling locations made possible through the internal development of our existing properties and recent acreage acquisition. We expect 2014 to continue to show the same trends as 2013, even though our first quarter production was hampered by weather.”
Midland, Texas-based Ring Energy Inc. explores, develops and produces oil and natural gas in Kansas and Texas.
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