Ring Energy Inc. - REI STOCK NEWS

Ring Energy, Inc. (NYSE American: REI) announced an operational update for Q3 and revised guidance for Q4 2022, alongside a preliminary outlook for 2023. The company drilled eight horizontal wells and completed nine in Q3, maintaining production guidance of 18,000 to 19,000 barrels of oil equivalent per day despite a 15% reduction in capital expenditures for Q4, now estimated at $42 million to $46 million. For 2023, Ring anticipates capital expenditures between $150 million and $175 million, reflecting ongoing operational efficiency and flexibility in response to commodity price fluctuations.

Ring Energy, Inc. (NYSE American: REI) has successfully acquired the assets of Stronghold Energy II Operating, LLC, enhancing its position in the Permian Basin. The acquisition, valued at approximately $167.9 million in cash and additional deferred payments, aims to significantly boost Ring's Adjusted EBITDA and free cash flow, while reducing operating costs. This strategic move also strengthens the company's balance sheet, with a projected year-end leverage ratio below 1.5 times. With the completed acquisition, Ring expects to enhance its inventory of high-margin projects and position itself for future growth opportunities.

Ring Energy reported record operational and financial results for Q2 2022, with sales revenue hitting $85.0 million, up 25% from Q1 2022. The company produced 9,341 Boe/d, exceeding guidance and achieving a net income of $41.9 million, up from $7.1 million in Q1. Adjusted EBITDA rose 33% to $47.4 million. Additionally, liquidity increased by 32% to $81.5 million, while debt was reduced by $10 million. Ring also provided upbeat guidance for Q3 and full-year sales volumes, anticipating 9,300 to 9,700 Boe/d for 2022.

Ring Energy, Inc. (NYSE American: REI) announced the scheduling of its second quarter 2022 earnings release on August 4, 2022, after market close. A conference call will be held on August 5, 2022, at 11:00 a.m. ET, to discuss operational and financial results. Interested participants can join by calling 833-953-2433 (international: 412-317-5762) or via webcast on the company's website. The results will reflect the company's focus on Permian Basin operations in West Texas and New Mexico.

Ring Energy, Inc. has announced an acquisition agreement with Stronghold Energy II for $200 million in cash, a $15 million deferred payment, and $230 million in stock, subject to adjustments. This transaction, effective June 1, 2022, is expected to nearly double production and reserves while enhancing free cash flow. The acquisition will significantly strengthen Ring's financial position, decrease operating costs, and expand its asset base by over 80%. It is anticipated to close in Q3 2022 and aims to reduce the leverage ratio below 1.5 times by year-end, with a board expansion to include members from Warburg Pincus.

Ring Energy, Inc. (NYSE American: REI) will join the Russell 3000^® Index effective June 27, 2022, as announced on June 16, 2022. This inclusion follows the annual reconstitution of the Russell Indexes, which ranks the largest U.S. stocks by market capitalization. CEO Paul D. McKinney emphasized the significance of this milestone, highlighting improved visibility among institutional investors. The Russell 3000^® Index encompasses both large-cap and small-cap stocks, with substantial assets benchmarked against it, totaling approximately $12 trillion.

Ring Energy, Inc. reported strong first quarter 2022 results, with production volumes of 8,870 Boe/d, exceeding guidance. The company achieved a net income of $7.1 million ($0.06/share) and an adjusted net income of $22.3 million ($0.22/share), marking a 125% increase from Q4 2021. Adjusted EBITDA rose 48% to $35.6 million. Free cash flow increased by 36% to $12.6 million, contributing to a $10 million debt reduction. Ring maintains a robust liquidity of $71.4 million and reaffirms its 2022 outlook, targeting increased production and further debt reduction.

Ring Energy (NYSE American: REI) reported operational and financial updates for Q1 2022. Sales volumes reached approximately 8,870 Boe/d, exceeding guidance, attributed to timely well placements and production optimizations. The company generated free cash flow for the 10th consecutive quarter, reducing debt by $10 million, bringing total debt down to $280 million and increasing liquidity to $71 million. Benefiting from higher commodity prices and executing efficient drilling strategies, Ring projects a solid foundation for future growth. Earnings release is scheduled for May 10, 2022.

Ring Energy (REI) reported strong operational and financial results for Q4 2021, highlighting an 11% increase in sales volumes to 9,153 Boe/d and net income of $24.1 million, up 70% from Q3 2021. Full year net income was $3.3 million, a significant recovery from a $253.4 million loss in 2020. Adjusted EBITDA rose 21% year-over-year to $24 million in Q4. The company reduced debt by $23 million and reaffirmed a borrowing base of $350 million. For 2022, Ring plans capital spending of $120-$140 million to support drilling of 25-33 wells, targeting a 10% sales increase.