Ring Energy raises Q2 sales guidance

Ring Energy updated second quarter of 2024 sales guidance and end-of-period debt, and announced reaffirmation of the $600 M borrowing base. Key Highlights: Increases second quarter 2024 sales guidance range above its high end of prior guidance for both barrels of oil per day and barrels of oil equivalent per day. New Oil Sales Guidance: 13,500 to 13,700 Bopd compared to prior guidance of 13,000 to 13,400 Bopd; New Boepd Sales Guidance: 19,500 to 19,700 Boepd versus guidance of 18,500 to 19,100 Boepd. Paul McKinney, Chairman of the Board and CEO, commented, “The second quarter represents another period of strong performance on multiple key fronts for the Company. Contributing to the increased sales volumes that exceeded expectations was the success of our ongoing 2024 capital program and our continued focus on improving efficiencies of our base production. As discussed previously, we are utilizing a phased versus continuous drilling program seeking to maximize free cash flow on a quarterly basis. The ongoing capital program and improvements of our production operations are helping us deliver strong financial returns and maximize adjusted free cash flow generation that we intend to apply towards reducing debt. We paid down $15 million during this year’s second quarter and plan to reduce debt meaningfully in the remaining quarters of this year, subject to oil prices remaining at current levels. We also look forward to releasing our full second quarter results early next month and revised guidance for the rest of the year that reflects the outperformance during the first two quarters. We thank our team for their steadfast efforts leading to our success and appreciate the continued support of our stockholders.”