Ring Energy (REI) Update - May 10

[dan_s]

This is good news. Ring needs to sell their Delaware Basin assets and use the cash to pay down debt.

Note from one of our members this afternoon.
"Ring Energy (“Ring”) has retained PetroDivest Advisors to market for sale its operated oil and gas leasehold, producing properties, and related assets located in Lea County, New Mexico. The assets provide an attractive opportunity to acquire: (i) 300 Boepd of oil-weighted net production (93% oil) from 22 active PDP wells (9 horizontal) on a low aggregate annual decline (~6%), producing primarily from the Devonian; (ii) $2.2MM in next-twelve-months operating cash flow (PDP only) underpinning future development; and (iii) a central field office supporting asset enhancement via 11 horizontal Devonian locations and 5 identified vertical recompletions."

Lea County is a hot area in the Delaware Basin, so this package should draw some attention.

[knusser58]

Hi Dan,
by when do you expect to have an updated spreadsheet for Ring Energy posted?
Regards, Klaus