Ring Energy says Q1 net production jumped 18% Y/Y

|About: Ring Energy, Inc. (REI)|By:, SA News Editor

Ring Energy (REI +11%) rises as much as 20% after reporting in its Q1 operations update that net production increased 18% Y/Y to ~266K boe.

REI says production averaged 3,618 boe/day during March, 57% higher than the 2,370 boe/day during the year-ago period.

REI says it received an average of $45/bbl during Q1, generating $11.97M in gross revenue and slightly beating the $11.65M analyst consensus.

REI also says it drilled seven lateral horizontal San Andres wells in Texas during the quarter, completing five, and has since begun drilling an eighth well in the Central Basin in Tennessee.