Ring Energy Provides Operational Update - Amended to Correct Wells Drilled in First Quarter 2025
~ Announces Timing of First Quarter Earnings Conference Call ~
THE WOODLANDS, Texas, April 18, 2025 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) ('Ring' or the 'Company') today provided an operational update, including first quarter 2025 oil sales volumes above the high end of the Company's guidance range and total sales volumes above the midpoint of guidance. The Company also announced the timing of Ring's quarterly results conference call.
KEY HIGHLIGHTS
Produced over 12,000 barrels of oil per day ('Bo/d'), exceeding high end of guidance;
Produced over 18,300 barrels of oil equivalent per day ('Boe/d'), exceeding the midpoint of guidance;
Oil production outperformance was driven by the success of Ring's drilling program, featuring 7 wells (4 horizontal and 3 vertical wells) coming online, all surpassing the Company's pre-drill estimates;
Completed the acquisition of the Central Basin Platform ('CBP') assets of Lime Rock Resources IV, LP ('Lime Rock') on March 31, 2025;
Highly accretive transaction provides immediate and meaningful increased cash flow from shallow declining, long life, oil weighted assets;
Realized initial operational synergies by reducing LOE over 5%;
Production during the first two weeks of Ring's operations exceeded expectations by over 200 Boe/d, averaging over 2,500 Boe/d; and
Company has over 6,300 barrels of oil per day hedged with weighted average downside protection of $64.44 per barrel for the remainder of the year, as of April 1, 2025.
Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, 'The first quarter has set a strong foundation for 2025, and we look forward to sharing our full results in early May. Despite some initial weather-related downtime, we are pleased to report that oil sales volumes surpassed our highest projections, thanks to the outstanding performance of the wells drilled this quarter. Every well not only met but exceeded our pre-drill expectations, showcasing our operational excellence. Additionally, we successfully completed our Lime Rock asset acquisition before the quarter's end, and we are actively integrating these new properties into our portfolio—yielding an impressive 200 Boe/d increase over earlier estimates during the first two weeks of operations. We are confident that these achievements will propel us toward continued success in the upcoming months.'
Mr. McKinney concluded, 'Our value-focused and proven strategy is designed to effectively navigate both high and low commodity price cycles, emphasizing the generation of free cash flow, maintaining a disciplined capital spending program, and prioritizing debt reduction. The flexibility in our contracting terms with drilling rigs and oil field service providers empowers us to quickly adapt our capital spending to stay aligned with our objectives. Our steadfast, value-focused strategy ensures we maintain the discipline and agility needed to navigate price volatility, positioning the Company for enduring success.'
First Quarter Earnings Conference Call
Ring plans to issue its first quarter 2025 earnings release after the close of trading on Wednesday, May 7, 2025. The Company has scheduled a conference call on Thursday, May 8, 2025 at 11:00 a.m. central standard time to discuss its first quarter 2025 operational and financial results. To participate, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the 'Ring Energy First Quarter 2025 Earnings Conference Call'. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring's website at www.ringenergy.com under 'Investors' on the 'News & Events' page. An audio replay will also be available on the Company's website following the call.
ABOUT RING ENERGY, INC.
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.
SAFE HARBOR STATEMENT
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company's strategy and prospects, including: expected first quarter 2025 sales volumes and capital projects activity levels; the potential impact of and the Company's efforts to manage commodity price volatility through targeted contracting, hedging and other Company-directed strategies; and, the expected benefits and related timing afforded by the recent completion for the Lime Rock acquisition – all of which are designed to further position the Company for long-term success. The forward-looking statements include the Company's ability to execute its proven strategy designed to further position the Company for long-term success. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the Securities and Exchange Commission ('SEC'), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.
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Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as 'expects', or 'does not expect', 'is expected', 'interpreted', 'management's view', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'potential', 'feasibility', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. 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Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ ( under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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Forward-Looking Information includes, but is not limited to, disclosure regarding the conduct of the Offering and Private Placement; the granting of the Underwriters' over-allotment option; the anticipated use of proceeds from the Offering and Private Placement; the occurrence of the expected benefits from the anticipated use of proceeds from the Offering, Private Placement, EXIM financing and royalty financing disclosure regarding the review process, anticipated timing and potential outcome of the Company's EXIM financing application; the amount of potential debt financing available to the Company; the eligibility of the Project for funding under the MMIA and CTEP initiatives; our ability to fully fund the construction of the Project and related financial assurance obligations; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". 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Such risks and other factors include, among other things, risks related to delays in the EXIM application review process; any approved amount of EXIM financing may not be sufficient to commence construction of the Project; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at and with the Canadian securities regulators, which are available at Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE Perpetua Resources Corp.
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The Offering remains subject to the Company receiving all necessary regulatory approvals, including final approval of the TSX Venture Exchange (the " TSXV") to list the Charity Flow-Through Common Shares and the Common Shares. In connection with the closing of the second tranche of the Offering, the Company paid to the Underwriters a cash fee in the aggregate amount of C$526,413.75, representing (i) 5.25% of the gross proceeds of the second tranche of the Offering, other than the gross proceeds raised from certain sales pursuant to a president's list (the " President's List Sales"); and (ii) 1.0% of the gross proceeds raised from President's List Sales. BMO Capital Markets, SCP Resource Finance LP, Paradigm Capital Inc., Canaccord Genuity Corp., Haywood Securities Inc., Stifel Nicolaus Canada Inc., Roth Canada, Inc., A.G.P. Canada Investments ULC and ATB Securities Inc. received C$202,669, C$176,349, C$52,641, C$28,953, C$15,792, C$15,792, C$13,160, C$10,528 and C$10,528, respectively. The gross proceeds from the offering of the Charity Flow-Through Common Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) (the " Qualifying Expenditures") related to the Company's 100% owned Queensway Gold Project (" Queensway" or the " Project"), on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers for the Charity Flow-Through Common Shares effective on or before December 31, 2025. The Charity Flow-Through Common Shares were offered by way of a prospectus supplement in each of the Provinces and Territories of Canada (other than the Province of Quebec and Nunavut) and were also offered by way of a U.S. prospectus supplement forming part of the Company's registration statement on Form F-10 in the United States. Copies of the prospectus supplement and documents incorporated by reference therein are available electronically on the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval+ (" SEDAR+") ( and the SEC's Electronic Data Gathering and Retrieval System (" EDGAR") ( under New Found Gold's issuer profile. Certain directors and officers of the Company participated, directly or indirectly, in the Offering and, due to his shareholdings, Mr. Sprott is considered a "related party" of New Found Gold. Accordingly, their participation in the Offering constitutes "a related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholder Approval (" MI 61-101"). The Company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such related party participation. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About New Found Gold New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial mineral resource estimate at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's SEDAR+ profile at and the Company's EDGAR profile at Keith Boyle Chief Executive Officer New Found Gold Corp. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This press release contains certain "forward-looking statements" within the meaning of Canadian and U.S. securities legislation (including the Private Securities Litigation Reform Act of 1995), including statements relating to the use of proceeds of the Offering, the tax treatment of the Charity Flow-Through Common Shares, the receipt of all necessary regulatory approvals in connection with the Offering and, statements related to Queensway and the Company's planned and future exploration at Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "suggests", "potential", "goal", "objective", "prospective", "preliminary," "possibly", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV or the NYSE American LLC, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks related to: the tax treatment of the Charity Flow-Through Common Shares, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form, Management's Discussion and Analysis and other reports and documents filed by the Company with applicable securities regulatory authorities from time to time, publicly available through the SEDAR+ at or through the EDGAR at for a more complete discussion of such risk factors and their potential effects. SOURCE New Found Gold Corp.
