Ring Energy Exceeds Q3 Revenue Expectations, Reports EPS of 7 Cents

Ring Energy reported its Q3 adjusted earnings per share (EPS) of 7 cents, aligning with the consensus estimate. The company generated revenue of $89.24 million, surpassing the expected $86.74 million. This performance reflects the company's strategic focus on efficient drilling and completion programs, as well as cost reduction initiatives. A significant factor in this success was the sale of non-core vertical assets in the Central Basin Platform, which contributed to debt reduction by $15 million, bringing the total debt down to $392 million. This marks a $5 million decrease compared to the previous quarter's debt level, prior to the Founders acquisition. Additionally, Ring Energy's production increased by over 2,800 barrels of oil equivalent per day (Boe/d), positioning the company for further debt reduction efforts.