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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Ring Energy reduces fourth quarter capital expenditures

October 27, 2022 by PBOG

The Woodlands-based Ring Energy said Oct. 13 it reduced 2022Q4 capital guidance by 15 percent and maintained production guidance.  The Permian-focused company now estimates 2022Q4 capital expenditures of $42 million to $46 million – down from its previous estimate of $50 million to $54 million.  Ring plans to complete and place on production the remaining 3 wells drilled in 2022Q3 and drill and complete 8 to 9 new wells, including 4 horizontal wells (2 Northwest shelf, 2 Central Basin platform) and 4 or 5 vertical wells in CBP south.

Ring’s forecast for 2023 expects capital expenditures of $150 million to $175 million with a combination of drilling horizontal wells on legacy assets and vertical wells on its recently acquired CBP south assets from Stronghold Energy.

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February 2023

February 2023

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