Ring Energy [NYSEMKT: REI] declared that the company has started operations on its new well. The company told that in ten months, it finally initiated its end-year drilling on this horizontal well. The well will be drilled vertically to a depth of 5000
Moreover, the company also entered into an agreement for 2000 Barrels of oil per day for 2021 at $45. 37 per barrel of oil. Also, the swap contract of 500 bopd swaps at $45.38 and $45 per Barrel of oil, bringing the company’s oil hedge position to 7500bopd in 2021.
“We’re excited to end the year drilling at NWS properties where we can generate greater than 90percent returns at prevailing oil and natural gas prices,” said P. D McKinney CEO of board