Ring Energy closes Permian Basin acreage acquisition (Scandinavian Oil-Gas Magazine)

Ring Energy closes Permian Basin acreage acquisition

Published Mar 6, 2014

Ring Energy, Inc. has finalized the acquisition of 2,481 gross (1,567 net) acres located in Andrews and Gaines Counties, Texas.

The acreage, comprised of 92 separate leases, includes both 'developed' and 'undeveloped' parcels and is in close proximity to existing Company-owned Permian Basin assets that are currently in varying stages of development.

The 'developed' area is comprised of 907 net acres with current net production of 42 BOEs (Barrel of Oil Equivalent) per day from the San Andres and Glorieta formations and is over 92% oil.

Tags: Ring Energy

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