Ring’s Delaware Basin acreage purchase
DALLAS, May 27, 2015 – Texas-based independent exploration and production company Ring Energy has announced a purchase and sale agreement for wells and leaseholds on 14,000 net acres in the Delaware Basin located in west Texas. The company will be the operator of these assets.
In the deal valued at $75 million, Ring will have a 98% working interest over the acreage. The company will also be able to add 1,300 barrels of oil equivalent per day to its production.
This acquisition adds onto Ring’s $6.45 million purchase of 1,567 net acres in the Permian Basin in May of last year. “Not only does it immediately add reserves and increase our current production, but offers excellent upside through the drilling of new vertical wells with multiple pay zones and the reworking of existing wells,” said Ring’s CEO Kelly Hoffman in a press release.
For more news and features on Eagle Ford, click here.
Read our latest insights on:
Nigeria as a major maritime hubINTERVIEW