Ring Energy Inc. (NYSE: REI) released its operations update for the fourth-quarter of 2017 on Jan. 9.

As of December 2017, the company, on its Central Basin Platform (CBP) asset, drilled 19 new horizontal San Andres wells and were in the process of drilling number 20 at the end of the quarter.

Of the 19 drilled wells, 16 were one mile long and three were three-fourths of a mile long. In the fourth-quarter Ring completed, tested and filed IP on 13 new horizontal San Andres wells—eight wells which were drilled in the third-quarter and five which were drilled in the fourth-quarter of 2017.

The average IP on the 13 completed wells in the fourth-quarter 2017 was approximately 458 barrels of oil equivalents per day (boe/d). In addition, the company has 20 new horizontal San Andres wells, which are currently in varying stages of completion and testing.

Ring has also drilled 47 new horizontal San Andres wells on its CBP asset. Five of the wells were 1.5 miles long, 39 were one-mile long and three were three-fourths of a mile long. Of the 47 wells drilled, 27 were completed, tested and had IP filed. The average IP on the 27 completed wells in 2017 was approximately 584 boe/d.

As a result, net production for the fourth-quarter of 2017 was approximately 422,000 boe, as compared to net production of 240,000 boe for the same quarter in 2016, an approximate 76% increase, and net production of 376,000 for the third-quarter of 2017, an approximate 12% increase.

December 2017 average net daily production was approximately 5,352 boe, as compared to net daily production of 2,725 boe in December 2016, an approximate 96% increase, and net daily production of 4,345 in September 2017, an approximate 23% increase.

The average estimated price received per boe in the fourth-quarter 2017 was $50.50. For the twelve months ended December 31, 2017, net production was approximately 1.402 million barrels of oil equivalent, as compared to 865,500 for the twelve months ended December 31, 2016, an approximate 62% increase.