Ring Energy (NYSE American: REI), headquartered in The Woodlands, Texas, is an oil and natural gas exploration and production company with current operations in the Permian Basin of West Texas — recognized as the top producing oil basin in North America.
Ring Energy is one of the many featured companies slated to present at The Microcap Conference 2024, set for Jan. 30-Feb. 1 at Caesars Atlantic City Hotel and Casino. This three-day conference presented by DealFlow Events features technical programming designed for microcap investors and a presenting company track for pitching and socializing.
Background on the company
Formed in 2012, the experienced management team has aggressively sought to acquire select low decline, and long-lived oil and gas properties in the Permian Basin with development opportunities for future years. In summer 2022, REI acquired additional producing properties and acreage in the Permian Basin that added 66.6 million Boe (barrel of oil equivalent) of proved reserves as of June 1, 2022 and nearly 500 new drilling and recompletion locations.
Ring Energy currently conducts its operations in the Permian Basin, which is unique in its size, vast infrastructure, thickness of strata, and multiple producing horizons/benches, providing a variety of exploration opportunities to develop oil and gas reserves. As a result, the Permian Basin is the top producing basin in North America.
Ring Energy acquired its Northwest Shelf (NWS) assets in April 2019. The NWS is targeting the San Andres formation, a conventional shallow carbonate reservoir at approximately 5,000 feet (approximately 86% oil.)
The Permian Basin produces approximately 4.5 million Bo/d—about 37% of the U.S. daily production of approximately 12.6 million Bo/d.
Key leadership
CEO and Chairman Paul D. McKinney joined Ring in October 2020. His most recent role prior to joining the company was as president, CEO & director of SandRidge Energy (NYSE:SD). Prior to SandRidge, McKinney was president & COO for Yuma Energy, Inc. (NYSE:YUMA) after serving as Yuma’s executive vice president and COO.
Executive Vice President of Operations Marinos Baghdati joined Ring in October 2020 and has spent his career focused on all aspects of Oil & Gas Operations, from starting with a proposed location to drill, to following through to the product being sold. Most recently Baghdati served as vice president – operations at Sandridge Energy. Prior to Sandridge, he served in various roles as a drilling, completions, production and facility engineer for both private equity firms and publicly traded companies. His experience also includes deepwater, international drilling and completions off the coasts of Israel and Cyprus in the Mediterranean Sea for Noble Energy.
Executive Vice President of Land, Legal, Human Resources and Marketing Stephen D. Brooks also joined Ring in October 2020 and most recently held the position of vice president of Land, Legal, People & Culture and Corporate Services with SandRidge Energy. Brooks served in these various capacities from May 2019 to April 2020. Prior to SandRidge, Brooks served as vice president of Land for both Yuma Energy, from February 2016 to May 2019, and for the Gulf Coast Region of Duncan Energy Company from 2000 to 2015, where at both of these companies he was responsible for all land department functions. Prior to becoming vice president, Brooks was the land manager for the Gulf Coast Region of Duncan from 1991 to 2000. Before spending 24 years with Duncan, he was land manager of the Gulf Coast Region for Ladd Petroleum Corporation from 1984 to 1990.
Executive Vice President Executive Vice President of Engineering and Corporate Strategy Alexander Dyes has a well-rounded background in both conventional and unconventional plays with more than 15 years of multi-disciplined experience in oilfield operations, reservoir engineering, economic evaluation, capital allocation, risk assessment, strategic planning, and business development. Dyes’ extensive experience was recognized by Oil & Gas Investor as one of the industry’s highly-regarded influential 2022 Forty Under 40 recipients. During his career he has led multi-discipline teams charged with identifying upside, optimizing vertical and horizontal development programs, reducing costs, and improving returns.
Executive Vice President, Chief Financial Officer, Corporate Secretary & Treasurer Travis T. Thomas is a former executive vice president, treasurer and chief accounting officer of Paradox Resources, a private exploration, development and production company focused on the Paradox Basin of Utah and Colorado with complementary midstream assets. Prior to Paradox, Thomas served as vice president of finance/controller with Yuma Energy. From March 2012 through January 2016, he held a variety of financial management roles at New Prospect Company, an oil and gas consulting firm specializing in wellsite supervision, engineering, energy services and construction. Prior to New Prospect, Thomas held similar financial roles at Highland Oil and Gas and Equity Associates.
Vice President of Compliance and General Manager of the Midland, Texas Office Hollie Lamb has more than 20 years of experience in domestic oil/gas evaluation, exploration and production operations, management, and petroleum engineering consulting. She has an extensive background in reservoir evaluation and economic evaluation. Her career has centered in Permian Basin, which has enabled her to focus on the upside in the basin.
Looking to the future
With over a century of combined experience in the oil and gas industry, coupled with new technological advancements, careful geological evaluation and reservoir engineering, and long-established industry relationships, REI is poised for profitability and success. As of Dec. 31, 2022 the company, through targeted acquisition and development activities, increased proved reserves to an estimated 138.1 million Boe – a 78% increase from the prior year.
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