Welcome to our dedicated page for Ring Energy news (Ticker: REI), a resource for investors and traders seeking the latest updates and insights on Ring Energy stock.
Ring Energy Inc. (NYSE MKT: REI) is a Texas-based independent oil and gas company specializing in exploration, development, and production activities. Founded in 2012, the company has strategically focused its operations in Texas and Kansas, with a particular emphasis on the resource-rich Permian Basin. This area includes the Northwest Shelf, the Central Basin Platform, and the Delaware Basin, which are known for their oil and liquid-rich producing formations.
Ring Energy's primary mission is to enhance shareholder value by expanding its proven reserves and maintaining positive cash flow. The management team, which boasts over 100 years of combined experience, has a proven track record of successfully building oil and gas companies from the ground up. Through strategic acquisitions and exploitation, Ring Energy has increased its proven reserves to an estimated 7.2 million barrels of oil equivalents (BOE) as of December 31, 2013, with a PV-10 (future net revenues discounted at 10%) estimated at $198 million.
The company continues to actively seek and develop select properties that promise immediate positive cash flow and long-term development opportunities. This strategy not only boosts the company's resource base but also ensures sustainable growth and profitability. Recent achievements and ongoing projects highlight Ring Energy's commitment to operational excellence and financial robustness.
Ring Energy is headquartered in The Woodlands, Texas, and maintains a transparent communication channel with its stakeholders. For the latest updates and detailed information, Ring Energy encourages interested parties to reach out to their Senior Partner, Al Petrie, at apetrie@ringenergy.com or by phone at 281-975-2146.
Ring Energy announced significant changes to its management team. Stephen D. Brooks, the Executive VP of Land, Legal, HR, and Marketing, will retire on July 1, 2024. The company is actively searching for his replacement. Marinos Baghdati, Executive VP of Operations, will leave on July 17, 2024. Shawn Young, currently the Production Engineering Manager, will be promoted to VP of Operations. Young joined Ring in 2022 and has over 33 years of experience in the energy industry. CEO Paul D. McKinney expressed gratitude for Brooks and Baghdati's contributions and confidence in Young's capabilities. A formal announcement regarding the new legal and HR executive is expected soon.
Ring Energy, Inc. (NYSE American: REI) reported operational and financial results for Q1 2024, exceeding sales volumes guidance by 5%, net income of $5.5 million, Adjusted Net Income of $20.3 million, and Adjusted EBITDA of $62.0 million. The company also announced guidance for Q2 2024, with sales volumes of 13,000 to 13,400 Bo/d and capital spending of $37 million to $42 million.
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