Generates Free Cash Flow for Sixth Consecutive Quarter, Further Pays Down Debt and Reaffirms Full Year 2021 Guidance
THE WOODLANDS, Texas, May 10, 2021 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the first quarter 2021 and reaffirmed full year 2021 guidance.
Highlights and Recent Key Items
Sold 7,960 barrels of oil equivalent per day (“Boe/d”), or 716,422 barrels of oil equivalent (“Boe”) (85% oil), in the first quarter of 2021, with production significantly impacted by the severe winter storm in February and temporary downtime associated with well completions activity and the conversion of electrical submersible pumps to rod pumps (“CTR”);
Reported a net loss of $19.1 million, or $0.19 per share, and Adjusted Net Income1 of $7.0 million,...