Ring Energy, Inc. Announces Amended 2019 Capital Expenditure Budget of Approximately $152 Million
Ring Energy, Inc. (REI)
NASDAQ:AMEX Investor Relations:
ringenergy.com
Company Research
Source: Business Wire
Company Continues To Focus On Cash Flow Neutrality By Year End MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE American: REI) (“Ring”)(“Company”) announced today an amended capital expenditure budget (“CAPEX”) for 2019 of approximately $152 million. The amended CAPEX results in a reduction of approximately $2 million from the preliminary budget of $154 million announced on April 29, 2019. The decrease is the result of a reduction in new horizontal wells to be drilled in 2019 from 50 to 32 and the reallocation of those funds to the upgrading / reworking of a large number of existing wells and necessary improvements to current infrastructure which will improve operational efficiencies. The Company drilled 20 new horizontal wells and four new saltwater disposal wells in the first six months of 2019. The Company employed one drilling rig in the first quarter of 2019, added a second rig with the completion of the Northwest Shelf Property (“NWS”)(“Wishbone”) acquisition in earl
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