Ring Energy (REI) Update - Nov 12

[dan_s]

I have updated my forecast for Ring and my valuation stays at $5.00.

Q3 production came in below my forecast, but guidance shows a rebound in Q4.

Not much to get excited about with REI. They are de-leveraging the balance sheet and the worst of their Bad Hedges expire at year-end. If oil stays over $80/bbl the first half of 2022 should generate a surge in FCF.