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, Inc. (REI) is set to announce its year-end 2020 earnings on March 16, 2021, after market close. A conference call will follow on March 17, 2021, at 11:00 a.m. ET to discuss the fourth quarter and full year financial results, alongside plans for 2021. The Company specializes in oil and gas exploration and production, focusing on the Permian Basin in West Texas and New Mexico. Participants can join via phone or webcast through the Company’s website.
Ring Energy, Inc. (NYSE American: REI) updated its Q4 2020 operational and financial results, announcing plans for 2021. The company reported 9,307 net barrels of oil equivalent per day, exceeding production guidance. In Q4, it reduced debt by $47 million and continued positive cash flow for five consecutive quarters. The strategic vision emphasizes free cash flow, cost reductions, and debt management, with plans to drill 6 to 8 wells in 2021, funded by operating cash flow. The forecast includes a 3% to 8% production growth over 2020 averages.
Ring Energy, Inc. (NYSEAM: REI) has relocated its corporate headquarters to The Woodlands, Texas, effective January 19, 2021. The company's new address is 1725 Hughes Landing Blvd, Suite 900, The Woodlands, Texas 77380. As part of this strategic move, Ring is closing its Andrews field office, downsizing the Midland office, and closing the Tulsa office by Q1 2021. These changes aim to achieve a 15% annual reduction in general and administrative costs while enhancing access to a skilled energy workforce in the greater Houston area.
Ring Energy, Inc. (NYSEAM: REI) revealed a $350 million borrowing base for its $1 billion credit facility, a decrease of 6.7% from the previous $375 million. The company paid down $45 million, bringing the drawn amount to $315 million with $35 million liquidity. Additionally, Ring secured new oil hedges for 2021 and 2022, increasing their hedged oil volume to 9,000 Bopd for 2021. CEO Paul McKinney emphasized the focus on reducing debt by $73 million this year, marking a 19% reduction.
SK Energy and American Resources express concern over the shareholder support for Ring Energy, following the December 15, 2020 Annual Meeting. They claim that the Board no longer represents shareholder interests, citing over 55% of votes withheld from the new Chairman and Directors. Ring Energy's share price has declined ~72% year-to-date, underperforming against peers. SK Energy and American Resources propose appointing independent candidates to improve governance and shareholder returns, emphasizing the need for action in light of the Board's poor performance and potential fiduciary issues.
Ring Energy, Inc. (NYSE American: REI) announces significant executive management changes effective December 31, 2020. Mr. Alex Dyes is promoted to Executive Vice President of Engineering and Corporate Strategy, Mr. Marinos Baghdati to Executive Vice President of Operations, and Hollie Lamb to Vice President of Compliance and General Manager of Midland office. David A. Fowler steps down as President but will support Business Development. Danny Wilson, COO since 2013, is departing the Company. These changes aim to enhance profitability and growth, as stated by CEO Paul D. McKinney.
Ring Energy, Inc. (NYSEAM: REI) announced the shareholders' approval of Mr. Paul D. McKinney as Chairman of the Board, alongside the election of six independent directors. All seven directors will serve a one-year term, concluding at the 2021 Annual Meeting. McKinney expressed gratitude for the support, emphasizing the board's diversity and the unique strengths each member brings to enhance shareholder value.
Ring Energy is engaged in oil and gas exploration, development, and production primarily in Texas and New Mexico.
On December 2, 2020, SK Energy LLC and American Resources expressed significant concerns regarding the qualifications and compensation of Ring Energy's new CEO, urging shareholders to withhold votes on all Board of Directors members. They criticized the CEO's history, citing failed turnaround attempts and a compensation package deemed excessive. The press release highlights potential conflicts of interest within the Board. Previous share offerings are also scrutinized, suggesting misleading expectations regarding the sale of Delaware Basin assets, which may have resulted in significant shareholder dilution and losses.
SK Energy LLC and American Resources, Inc. express concerns regarding the Board of Directors of Ring Energy, Inc. (NYSE: REI). They urge shareholders to withhold votes for the Board in the upcoming election, citing a misleading October 2020 share offering linked to the anticipated sale of Delaware Basin assets that ultimately did not occur. This situation may have resulted in financial losses for investors who purchased shares expecting the sale. Additionally, they highlight potential shareholder dilution from the share offering and call for an investigation into these actions.
Rising Phoenix Royalties (RPR) announced its second oil and natural gas royalty acquisition in Yoakum County, Permian Basin, encompassing 24 PDP wells from an undisclosed seller. The acquisition is noteworthy due to the involvement of Ring Energy (NYSE: REI) and Steward Energy LLC as key operators. RPR has leveraged its extensive industry relationships to facilitate this deal, aiming to empower mineral owners nationwide with solutions for divesting mineral assets. With a successful track record, RPR has managed over $140 million in mineral and royalty assets since its inception, demonstrating its expertise in the field.
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