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MIDLAND, Texas–(BUSINESS WIRE)–Ring Energy, Inc. (NYSEAM: REI) (“Company”)(“Ring”) appear today that it has entered into a Purchase and Sale Agreement (“PSA”) to advertise its Delaware Basin (“Delaware”) asset amid in Culberson and Reeves Counties, Texas (“Property”).



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The Acreage consists of about 20,000 net acres. The accepted net circadian assembly from the Acreage is about 575 BOP/D (Barrels of Oil Per Day) and 2,000 MCF/D (Thousand Cubic Feet of Accustomed Gas Per Day), equaling about 908 BOEPD (Barrels of Oil Equivalent Per Day). Year-end 2019 PDP (Proved Developed Producing) assets estimates, as bent by alfresco absolute engineering abutting Cawley, Gillespie and Associates, are an estimated 3.48 actor barrels of oil and 10,055 MMCF (Million Cubic Feet) of accustomed gas, equaling about 5,156 actor BOE with a PV-10 amount of about $43 million. The address was completed application boilerplate appraisement of $52.41 per butt of oil and $1.47 per MCF of gas.

The sales amount is $31.5 million. The Aggregation has accustomed a $500,000 non-refundable drop and expects to abutting the transaction in about 60 days.



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Mr. Kelly Hoffman, CEO of Ring stated, “Since formally announcement the business of our Delaware acreage in aboriginal November 2019, we accept formed absolute adamantine to accompany about a fair and candid transaction. As we accept declared in the past, the gain from this transaction will be acclimated to abate the accepted antithesis on the Company’s chief acclaim facility. The accepted ambiance mandates a cautious, bourgeois access activity forward, and deepening our antithesis area is a footfall in the appropriate direction.”



About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development and assembly aggregation with accepted operations in Texas and New Mexico. www.ringenergy.com

Safe Harbor Statement

This absolution contains advanced statements aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Advanced statements absorb a advanced array of risks and uncertainties, and include, after limitations, statements with account to the Company’s action and prospects. Such statements are accountable to assertive risks and uncertainties which are appear in the Company’s letters filed with the SEC, including its Form 10-K for the budgetary year concluded December 31, 2019. Readers and investors are cautioned that the Company’s absolute after-effects may alter materially from those declared in the advanced statements due to a cardinal of factors, including, but not bound to, the Company’s adeptness to access advantageous oil and/or gas backdrop or to auspiciously assignment and complete oil and/or gas wells on such properties, accepted bread-and-butter altitude both domestically and abroad, and the conduct of business by the Company, and added factors that may be added absolutely declared in added abstracts set alternating by the Company.

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Last Updated: May 24th, 2020 by admin
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