Ring Energy(REI) Newsfilter·2025-03-05 22:19Core Viewpoint - Ring Energy, Inc. reported operational and financial results for Q4 and full year 2024, highlighting growth in sales volumes and a focus on capital efficiency while preparing for a significant acquisition in 2025 [1][3]. Q4 2024 Highlights - Average daily sales volumes reached 19,658 Boe/d, an increase of 8% year-over-year [4][5]. - Crude oil sales averaged 12,916 Bo/d, a 6% increase from the previous year [4][5]. - Revenues for Q4 2024 were 5.7 million, a significant decrease of 83% from Q3 2024 [4][5]. - Adjusted EBITDA for Q4 2024 was 67.5 million, down 36% from 2023 [4][23]. - Adjusted net income for the year was 366.3 million, a slight increase from 74.87 per barrel, with a combined average sales price of 54.60 per Boe in 2023 [4][27]. 2025 Outlook - The company plans to maintain a reduced capital spending program in Q1 2025, targeting a leverage ratio improvement upon closing the Lime Rock acquisition [3][34]. - Expected total capital spending for 2025 is between 170 million, with a focus on drilling and completing 27 to 32 horizontal wells and 15 to 22 vertical wells [3][35]. - Anticipated oil sales volumes for 2025 are projected to be between 13,600 and 14,200 Bo/d, reflecting a nearly 5% increase from 2024 [3][37]. Year-End 2024 Proved Reserves - Year-end 2024 proved reserves were 134.2 MMBoe, a 3% increase from 129.8 MMBoe at year-end 2023 [4][40]. - The reserves were comprised of approximately 60% crude oil, 19% natural gas, and 21% natural gas liquids [4][43]. - The PV-10 value at year-end 2024 was 1,647.0 million at the end of 2023 [4][44]. Acquisition and Strategic Focus - The company announced a proposed acquisition of Lime Rock's CBP assets for $90 million, expected to close by the end of Q1 2025 [3][30]. - The acquisition is aimed at enhancing operational efficiency and creating shareholder value through strategic asset integration [3][32].