Ring Energy(US:REI)2021-11-10 20:30Financial Performance (Q3 2021) - Ring Energy reported a net income of $142 million[11] - The company's Adjusted EBITDA was $1971 million[12] - Free Cash Flow (FCF) reached $261 million[14] - Debt was reduced by $55 million utilizing a portion of Free Cash Flow[13, 15] Operational Highlights (Q3 2021) - Net sales averaged 8243 Boe/d, with 87% being oil[17] - Lifting cost per Boe was $1060[18] - The company completed and placed on production 4 Phase III wells (2 NWS & 2 CBP) within budget[15] - 10 CTRs (7 NWS & 3 CBP) were performed, reducing future overall operating costs[16] Reserves and Assets - 2020 SEC Proved Reserves were 765 MMBoe with a PV10 of $638 million, 87% oil[7] - Northwest Shelf asset had 2020 average sales of 5399 Boe/d (85% Oil)[27] - Central Basin Platform asset had 2020 average sales of 2742 Boe/d (96% Oil)[34] Q4 2021 Guidance - Total sales volumes are expected to be between 8800 and 9200 Boe/d[75] - Oil sales volumes are expected to be between 7500 and 7900 Bo/d[76] - Lifting cost is projected to be between $1050 and $1150 per Boe[79] - Capital spending is estimated to be between $11 million and $15 million[86]