Midland-based Ring Energy said Tuesday it restored production to 9,219 boed (88 percent oil) in 2020Q3 by increasing third quarter net daily production by 70 percent compared to 2020Q2. Production volumes in 2020Q2 were negatively impacted by Ring’s response to the pandemic-induced oil price collapse. Ring said production in 2020Q3 was within guidance range and within 15 percent of 2020Q1 net production.
“We are currently not drilling any new wells,” Danny Wilson, COO, said. “We continue to look for the commodity marketplace to stabilize and stand ready to begin drilling once oil prices recover to higher levels.”
For the nine months that ended Sept. 30, estimated net production for Ring Energy was 2,334,924 boe (8,522 boed) compared to 3,041,000 boe (11,139 boed) for the first nine months of 2019.