Ring Energy Sees Higher Production, Improved Costs Amid Capital Program

Ring Energy reported higher second-quarter production and improved unit operating costs, with total sales volumes averaging 19,990 barrels of oil equivalent per day.

The company's revenue totaled approximately $104.7 million, supported by an average realized oil price of about $95.45 per barrel and overall realized pricing that rose 36% sequentially to $57.55 per BOE.

Ring Energy used the net proceeds from its recent equity offering to reduce borrowings under its revolving credit facility, increasing liquidity to about $226 million while outstanding borrowings declined to roughly $360 million.