Scandoil  

Ring Energy signs purchase and sale agreement on Delware Basin acreage


Published May 28, 2015
Ring Energy, Inc.

Ring Energy, Inc. has signed a purchase and sale agreement to acquire producing wells and leaseholds located in Culberson and Reeves Counties, Texas.

Acquisition Details

The property consists of approximately 14,000 net acres. Ring will be the operator and have an approximate 98% working interest and average net revenue interest in excess of 78%. The acreage is located in the Delaware Basin.

The current net daily production to the Company from the properties is approximately 1,300 Boe/d, which is approximately 80% oil. The Company's initial proved developed producing reserve estimates, as determined by outside independent engineering firm Cawley, Gillespie and Associates, are an estimated 4.7 million BOEs net to Ring, with a PV-10 value of approximately $128.5 million. The report was completed at year-end 2014 using average pricing of $90.24 per barrel of oil and $4.64 per MCF of gas. In addition, Company internal engineering is currently evaluating additional proved undeveloped, probable and possible opportunities and will disclose their findings in a future release shortly after the closing date.

Tags: Ring Energy




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml