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eFinanceMarkets

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Re: eFinanceMarkets post# 19

Thursday, 07/13/2017 2:11:05 PM

Thursday, July 13, 2017 2:11:05 PM

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$REI Ring Energy ramps up Permian drilling, plans additional San Andres wells

Ring Energy (NYSEMKT:REI) says it is accelerating drilling activity in the Delaware Basin by extending the contract of its current drilling rig through year-end 2017 following strong initial production results from four wells in the area.

As a result, REI says Q2 net production was ~338K boe, 77% higher than 191K boe in the year-ago quarter and 27% more than 266K; June average net daily production was 4,110 boe.

REI says it originally expected to drill 22 new San Andres wells this year but now estimates adding another 8-10 wells.
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