Benzinga | Dec 3, 2020 04:10PM EST

Ring Energy, Inc. Initiates Year End Drilling Program

Ring Energy, Inc. (NYSE:REI) ("Ring") ("Company") announced today it initiated drilling operations on its first new horizontal well in ten months. The Badger 709 B #6XH was spud early Wednesday morning, December 2, 2020, on Ring's Northwest Shelf ("NWS") leasehold in Yoakum County, Texas. The well will be a one-and-a-half-mile horizontal San Andres oil well drilled to a vertical depth of approximately 5,000'.

Additionally, Ring Energy, Inc. entered into swap derivative contracts for 2,000 Bopd for calendar year 2021 at a price of $45.37/BO, and two 500 Bopd swaps for calendar year 2021 at a price of $45.38/BO and $45.00/BO, respectively. This brings Ring's total calendar year 2021 oil hedge position to 7,500 Bopd (see hedge table below).