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.
