Ring Energy(US:REI)2021-08-23 18:59Company Overview - Ring Energy has a market capitalization of $259 million as of August 6, 2021[9] - The company's 2020 SEC proved reserves were 765 million barrels of oil equivalent (MMBoe) with a PV10 value of $638 million, with 87% being oil[9] - Ring Energy's Q2 2021 average net sales were 8,709 Boe/d, with 89% being oil[10] Financial Performance - Ring Energy's Q2 2021 Adjusted EBITDA was $206 million and Free Cash Flow (FCF) was $56 million[10] - The company's Q2 2021 net loss was $159 million[35] - Ring Energy reduced long-term debt by $125 million in the first half of 2021[33] Operational Highlights - Ring Energy's Q2 2021 D&C Capex was approximately $60 million, including 5 CTR's and 13 capital workovers & capital maintenance[10,12] - The company completed and placed on production 3 NWS Phase II wells in Q2 2021[33] - Ring Energy's lifting cost per Boe was $1050 in Q2 2021[38] Strategy and Outlook - Ring Energy is focused on generating FCF and strengthening its balance sheet[27] - The company plans to drill 6-8 new wells and complete 6-8 new wells in the second half of 2021, with a capital spending of $30-$35 million[98,101,102] - Ring Energy is evaluating accretive acquisition opportunities and has a sales process underway for its Delaware Asset[87]