The Woodlands-based Ring Energy said Thursday it expects 2023 production growth of 48 percent over 2022 after integration of Permian Basin assets acquired in August 2022 from Stronghold Energy. Ring forecasts 2023 sales volumes of 17,800 boed to 18,800 boed (68 percent oil) compared to 12,364 boed (77 percent oil) in 2022. The increase from 2022Q4 is 2.5 percent.
Ring said in its 4Q earnings report March 9 that 2023 total capital spending will be $135 million to $170 million, including horizontal wells on legacy acreage and vertical wells on recently acquired assets in central basin platform. Ring drilled and completed 27 horizontal wells and 5 vertical wells and performed 12 recompletions in 2022. “We are pleased with our fourth quarter performance,” Paul D. McKinney, chairman and CEO, said. “The company benefited from three full months of production from our Stronghold acquisition, the results of our successful 2022 capital spending program, and our continuing focus on cost reduction initiatives.”
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