Company Overview and News
Greetings and welcome to the Ring Energy Inc. 2017 Third Quarter and Nine Months Financial and Operating Results Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. (2-0)
Well costs of $2 million to $2.4 million are dirt cheap and offer more than 100% returns. (2-0)
Cash flow from operations of C$77 million for the quarter is not nearly sufficient to service the debt. (4-1)
Six wells are cleaning up. Eight wells are waiting to be completed. Two more wells are being drilled. The fourth quarter will be gigantic. (2-0)
Ring Energy has 69,456 net acres in Andrews and Gaines counties (northern CBP) and 20,490 net acres in Reeves and Culberson (Delaware Basin), in addition to its Kansas property.
Greetings, and welcome to the Ring Energy, Inc. 2107 Second Quarter and 6-month Financial and Operating Results Conference Call. [Operator Instructions]
During the Q2 2017 reporting season, GOR in the Permian Basin received a lot of attention.
Management is adding a second rig at a time when most of the industry is cutting back.
Ring Energy, Inc. (AMEX:REI) has 106 institutional investors that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 39,132,663 shares. Major holders include Royal Bank Of Canada, RBC Global Asset Management (U.S.) , BlackRock Inc. , MSD Partners, L.P. , and Formula Growth Ltd.
Cash flow improved to a positive C$1.5 million before the effect of changes in non-working capital accounts.
Expect attractive production comparisons to continue. Management extended the rig lease to the end of the year. This adds at least eight wells to the budget of 22.
We all knew the Russians did it. Well, we are not speaking of politics here, but of the politics of oil. Despite a continued worldwide glut of oil, which while diminishing during the busy summer driving season, is still omnipresent, the Russians said recently they will not be cutting production any further. Add to that, many sell-side analysts tossing in the towel recently on the black gold, and many investors are unsure of which way to position their portfolios.
Cash flow before non-cash working capital accounts was about $176 million vs. cash flow from operating activities of $80 million in the fiscal first quarter of 2017.
First quarter profits from a gain of a heavy oil project sale, and from non-settled mark-to-market commodity contract valuations hide the huge cash flow and operational improvements.
Cash flow from operations GAAP topped $11 million for the quarter with help of more than $3 million from working capital accounts.
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