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.
Recommended Reading
Going with the Flow: Universities, Operators Team on Flow Assurance Research
2024-03-05 - From Icy Waterfloods to Gas Lift Slugs, operators and researchers at Texas Tech University and the Colorado School of Mines are finding ways to optimize flow assurance, reduce costs and improve wells.
Defeating the ‘Four Horsemen’ of Flow Assurance
2024-04-18 - Service companies combine processes and techniques to mitigate the impact of paraffin, asphaltenes, hydrates and scale on production—and keep the cash flowing.
AI Poised to Break Out of its Oilfield Niche
2024-04-11 - At the AI in Oil & Gas Conference in Houston, experts talked up the benefits artificial intelligence can provide to the downstream, midstream and upstream sectors, while assuring the audience humans will still run the show.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
Axis Energy Deploys Fully Electric Well Service Rig
2024-03-13 - Axis Energy Services’ EPIC RIG has the ability to run on grid power for reduced emissions and increased fuel flexibility.