REI - Earnings call 4 2023 | Ring Energy, Inc.

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Operator

Good morning, and welcome to the Ring Energy Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.I would now like to turn the conference over to Al Petrie, Investor Relations for Ring Energy. Please go ahead.

Al Petrie

Thank you, operator, and good morning, everyone. We appreciate your interest in Ring Energy. fourth with and Paul an our CEO, key for call of our overview outlook. our year matters Board full the who the begin comments well McKinney, from Chairman of XXXX We'll as and as quarter will provide and financial I VP results. the Ring's turn who Officer, then over to Financial will Thomas, will Travis call Executive Chief review our with the then return some call questions. will before open closing Paul we for comments Q&A VP follow-up. the are call Corporate Executive today your and Human and Executive Q&A to Marketing.During Legal, Also of Alex Steve and Resources Land, joining us VP the limit for Dyes, questions one session, on the Strategy; available Marinos of Brooks, session Engineering ask and we to and a of Baghdati, VP Executive Operations; you

as materially.This to call, from and You or such prove website.During the reenter developments or otherwise. cautioned to results would presentation Investors or actual note filings more differ projected result update may materialize forward-looking statements. in of correct. actual in that press you yesterday's additional Ring prove assurance release new at that or other underlying are queue updated within the These a most non-GAAP measures. or be future references certain may the be whether to Investors section McKinney, not risks a our incorrect, recorded. undue the statements.Finally, Accordingly, of intention earnings CEO. of SEC. to are those to to the obligation in conference and course of have being our guarantees performance, should revise these are forward-looking with any forward-looking located company financial materially These www.ringenergy.com. the forward-looking conference includes or no results one our give information, will can federal future should on comparable as of call those the is can making call non-GAAP of under website directly of company that assumptions yesterday's Reconciliations also meaning GAAP securities over in statements are disclaims statements, reliance Should events I'd the Energy any not later like documents corporate are welcome forward-looking call laws. turn an to Paul now release.Finally, vary conference in will posted be the we found forward-looking our this reminder, these and place statements measures on Chairman statements measure with described also questions. and I financial And contained the risks this

Paul McKinney

interest year. Thanks, at the Al, XXXX, during both and everyone and ended financially. Ring operationally Energy.Looking today quarter fourth a to and We in to was joining records us thank very you good your the new establishing and it back year, full

assets The executed acquisitions of Energy the of months, and the over integration gas the our success XX related our Stronghold primary the acquisitions. Founders strategy. successful directly of our key we cash shared release, we efforts XX% a XX%. direct our adjusted team's flow approximately As our to volumes ongoing EBITDA by This sales result our and by related XX%, grew by year-over-year production in free adjusted was earnings the aspects the are growth X and related our oil contributors past to to II

Central Our of Permian Basin acquisitions on focus our significantly, These as Gaines Delaware assets Basin, County, a Mexico divestiture of locations.Another assets assets located of disciplined few program costs. New platform and the our certain have and our undeveloped reducing our strategic foothold continuous inventory also in success of did highly contributed in significantly state in the the the successful further highly operating economic established spending Basin and to increased operated have in contributor the noncore the capital Texas. drilling was

acreage As state operated all in is a Texas. of result, business-friendly our located now a

quarter are higher.The average capital sold we providing of challenged per to our our opportunities lower high brought assets in to to for our that near these quarter increase production XX% sales fourth an the of assets volumes new our of Our compete them performance undeveloped daily moved costs largely our of production is that since assets, the had spending BOE outperformance guidance, cost well of the over operating portfolio program retained the higher due and than that BOE most third were XXXX. value operating in operators end

million and X $XX.X wells, vertical we X in and XX Shelf shelf. in Basin invested the and Northwest drilled horizontal and During Central wells wells, X fourth the X the completed in CBP in X the in capital in platform. expenditures Northwest CBP the quarter, We the X

to of record barrels XXX.X leasing. $XX.X and and of upgrades internal on ended million equivalent of oil $X.X $XX.X and Additionally, development year XX, X.X flow economic other of of benefited in fourth production, spending significant Adjusted was capital of fourth $XX record also to $XXX million to and XXXX $XX.X PV-XX reductions and complete quarter. versus our our of fourth year-end, fourth total the approximately in in reduction costs our compared enjoyed million million compared workovers, over quarter our decreased which for from the leasing additional increased XXXX final with fourth as $X.X XXX% paid December XX% the capital the the operations equivalent barrels In prior to balance program place and assuming driver on more proved barrels of million, million We participated to XX of production flow in quarter X.X in oil from prices. efforts. reserves spending prices.Turning impacted million SEC infrastructure XXXX. our the the Offsetting Ring cost in XXX% quarter from associated on end oil by related on for execute we the proved also quarter, generated payment barrels the included.For horizontal drill, of the The at debt express increased of the prior the for of reserves borrowings billion equivalent fourth and were as included which the million BOE of primarily in we slightly increase record XXXX.With million than XXXX, XX% in side due short, previous down million X from quarter our reduction acquisitions revolver thank spent and reserve was million for with million further capital Shelf prices. year equivalent XXX.X their SEC XXXX respect increases in reserves, the to a X.X and and success excitement to a barrels the of SEC a quarter $XX.X barrels of level free fourth proven drilling which net the proved non-operated with to from XXXX, for total year-end point, performance million in At additions sheet. oil free $XX.X to $X The and an these capital assets, of in and $XX through Central in for XXXX for equivalent respect the was of management and XX of was and of million oil the transaction for Northwest Adjusted a $X.X increase adjusted quarter our final increase employees represents over Basin of X.X for including we million. we Basin which price the would million. Northwest the in quarter cash were million changes of X.X like year opportunity behalf SEC base in wells noncore XXXX, oil hard $XXX and Founders the cash quarter quarter the Also December cash wells, barrels since to that $XXX million return. quarter. EBITDA vertical borrowings my of Basin platform acquisition was approximately dedication net cost were for in $XX.X with in of future the team, of of note approximately the of Directors million liquidity factors, completion workovers, XXXX, closing X.X the X was was platform.Adjusted million. capital recompletions for a million lower for borrowing a the $XX.X we capital a upgrades, million.And and fourth paid of for approximately revenue of work year-end Fourth had for Central third we our Central reaffirmed the oil year-over-year down this I along of spending flow cash $XX.X I in return August, strategy.With our of working million, equivalent Shelf million sale a the in their Board full reserves infrastructure the equivalent continue wells value-focused to finally, would XXXX. XXXX ended employed, recently XX% We and the purchase a XX included the platform. entered

go accretive our overview generation our organically key year provides $XXX full remain The XXXX and Our flow debt our Founders Stronghold or XXXX materially to cash high-level a year-end company debt.Looking Travis and driving our continues rationale specifically in provide acquisitions production. scale will guidance was our XXXX, I comments, and flexibility more size, execute strategic plans. through The details drilling This program his and as wanted at slightly to oil million. grow XXXX while drilling for on inventory. at focused backdrop designed support we reducing improved and maintain a immediately to

vertical Our of an to quarter. wells current is X and per X plan drill horizontal average

other inventory are the necessary rate highest in while in critical of on also As field developing past, and investing projects. return our infrastructure we capital focused

X For X-rig XXXX, horizontal vertical a drilling we X phase including rig. and program, planning are

on with more continuous react where to to some thoughts other additional discuss recent our it results will off outlook environment.After and a in back that, to the market Travis drilling approach using hand come current in and maximum I position to and are Travis? detail. conditions price we to commodity business I phased financial provides in our are will XXXX his headed.With Travis fluctuations provide We comments, versus flexibility

Travis T. Thomas

over our execution the good and results summed achieved up efficiencies program, of successful quarter our our operational from XXXX leveraging our further expanded additional Thanks, the completed nicely, operational our morning, XX through was XXXX practices. by but Paul materially benefited Also scale drilling results financial past fourth complemented best year everyone. and months. full it all acquisitions driving recap, to Paul, and the and X

like and sound adjusted the year what broken might flow We assets.We record adjusted We fourth broke and sales record, quarter but did. a had records. that's record record cash also we from record divestitures operations, XXXX, EBITDA, In free executed targeted flow. adjusted cash of noncore we volumes, full of

record overall realized cash lower So QX XX% drove here QX in takeaways. and in pricing. are XX% was volumes Supporting adjusted adjusted increase my full and an and year flow increase for We despite sales results a volumes. free XXXX EBITDA our sales

crude production growing the of to deferred on economics $X in Founders we XXXX.We a down pay final revolver product during do a million able focused oil were enhanced on also to and in mix, December, continue given paid payment and percent the QX. so million as $XX will We

through from results since year-end, We of been the the have mid-August. with the we transaction And in paid on million Founders debt down pleased closing acreage. $XX extremely

net With our million, $XX around we recouping quickly price of purchase for investment. Founders the are

continue down we on past, completed successful As focus paying in XXXX to appropriate.Next, debt as the as will development fast program. our we

our provided production sequential the and going production closed our scale I'm full Our by key forward on XXXX. in results. quarterly Founders underway and of With since uplift other to my XXXX a of keeping stockholders hit that a drilling apprised completed of has year program important acquisition August Stronghold been benefited background, acquisition mid-August quarter to We from and comments full from in our focus of that January, the let's most progress. we the look highlights.

the In addition, per was BOE, Partially higher efforts decrease continue from sold third lower quarter. the our overall X% ongoing $XX.XX guidance in of to XX,XXX our realized we drive field sales day of the at further end the increase a range. pricing BOE a offsetting efficiencies.During volumes fourth quarter, development cost per

was barrel, from offset WTS for Argus differential $X.XX $X.XX for WTI from CMA to for Our a per compared fourth pricing $X.XX quarter natural versus ] futures $X.XX per average price price third futures mostly fourth that quarter gas barrel Mcf oil to average for was quarter. barrel crude $X.XX negative by third a average decreased that NYMEX quarter.Our row per the increased the pricing negative quarter. $X.XX a negative the This NYMEX differential [ per WTI per the third by was Mcf negative on the per due barrel a Argus the

Our averaged was compared pricing million, quarter realized revenue quarter. quarter of lower quarter even the for for a the an XX% fourth it fourth NGL price of for to $XX.X the environment. let's WTI XX% The realized the overall combined X% increase from result third third $XXX million, call the despite

of decreased to X% full quarter versus full BOE.Cash to third absolute $XX the was the Founders for mostly rate. and per million posted almost LOE million, revenue of sequentially low costs, BOE increase excludes quarter. LOE would driven was we $X which a that year XXXX, day, quarter. per the production $XX.XX quarter. LOE the results at reduced versus $XX X% QX BOE of per for G&A, $XX.XX per third quarter the in $X the per BOE higher increase third the transaction-related end BOE million by of the year-over-year.LOE but $X.XX our $XXX compensation share-based $XX.XX fourth per BOE guidance assets, For a our in for a was of BOE I On for basis, million per were $XX.X versus note the The QX

decrease a BOE G&A in see to per cost. pleased are year-over-year We XX% cash

derivatives versus loss million a quarter of million third for results gain $XX a the of $XX on fourth included quarter. Our

quarter, our versus million in an then prices tax end of was XXXX with $X.X $X.X primarily higher, loss, quarter last were You that it in the provision may which benefit of during third QX the book reversed resulted gain.We the million in in income. third we at the income call increase mark-to-market discussed mark-to-market recall, prices the to quarter fourth which a derivative during decline of recorded pretax associated a the in a

or share. reported Finally, $X.XX million per we QX, for net $XX.X of income diluted

of $XX.X diluted share million compared the quarter Excluding share.Moving our is income items, gains on adjusted of noncash to and to million a net with quarter and of This or compensation estimated $X.XX net position. hedges, including was hedge after-tax million third a adjusted fourth per transaction and or unrealized net share-based or expense per impact share. pretax $X.X XXXX loss costs, losses diluted of $X.XX income diluted negative $XX.X per our $X.XX

of we the oil or For of estimated XXXX, currently have approximately X.X hedged barrels oil based on midpoint guidance. million approximately sales our of XX%

have We based gas XX% also of the or X.X midpoint. feet hedged natural of approximately estimated sales our billion natural on gas cubic

price positions our type.Turning earnings of includes see our release breakout quarterly a hedge For presentation, average contract balance the XXXX, to for which and each sheet. the of please

million provide year-end have facility. a on $XXX drawn same: reducing shareholders. better we primary to ultimately our of credit capital to Our At the focus remains ourselves meaningful debt XXXX, position to return our

$XXX.X reaffirmed available letters recently Combined with than Founders only borrowings of liquidity million, had with XXXX of of $XXX had of acquisition. million cash, slightly net ratio leverage X.XXx, the borrowing for of additional year-end we million despite base $XXX we higher a the credit. With

afforded $XX a from end to pivot down our disposal reminder, further the of the cash operating improving at a financial drilling pull are conditions successful by our profile. our summary, versus driving through during and levers spending appropriate. levels XXXX through position, execution in outlook. ability program maximizes cost by to asset all be flow base we completion As mid-August dedication generation continue long-term including market as indication approach XXXX debt to better further phased significant transaction will in our targeted In paid to clear react of XXXX another adjust utilizing we to and reduce XXXX, our development our reductions.Let's the the flow growth of year, cash that To of continuous and program further changing we clear, million, to debt our the our

oil per continuing is Our our while or to sales. crude maintaining growing on focus grow levels day slightly BOE production

$XXX quarter. on for full between $XXX to and spend million anticipate to spending expect $XX We to development year million $XX million capital million first our program the

to WTI per that, of LOE anticipate and prices based Paul? of are Paul closing $XX.XX and $XX on $XX.XX be comments. per between full estimates $XX to per $XX.XX and to first the Henry XXXX and BOE also year prices barrel between to projects it turn We quarter. $XX.XX Hub assumed his for $X back and with $X will I Mcf.So for All

Paul McKinney

QX quality view of provided and in opportunity for inventory. We of remains The focus past. results indications low the our same our Travis. of plan the XXXX record potential our the clear our you, long-term and Thank as undeveloped expanded and assets cost business year breakeven full as our the by of our drilling strategy, the

We will efficiencies continue business, cost to capital operating cost the and on further excellence pursue through operational the fronts. and both

We highest our drilling cash and to production maintain generation. campaign maximizing our return rate targeted focused development grow and organically on our to of flow slightly execute will continue high-grade prospects while or

We to focus on will improving sheet reducing the continue balance debt. by

their our provide to acquisition will improve evaluation the We our committed risks generate The sustainable stockholders. for questions. joined call call our and With to for trust today. turn better which strategy scale and in proven over growth to value-focused for and company strategy, of and to continue sheet.In remains through remain on we prepares summary, the associated that, will accretion balance industry sustainably who this size the we and of our our the opportunities to for with the positions the necessary stockholders stockholders you returns want to I our competitive pursue our we to operator that to focus return Ring stockholders. believe to immediate us Operator? take our capital and company business all uncertainties have on us manage achieving and should to of thank execution the time

Operator

now question-and-answer Global session. will Alliance Partners. Instructions] begin the with from question The Grampp comes We [Operator Jeff first

Jeffrey Grampp

as it the drilling release versus a here phased times as You between differentiate these made a programs. the of well point continuous in few on kind call to

Is you create spending. production a there prices. you of benefit pace? give main maybe the any be to management wanted the spend that the there. in CapEx So Do a I the commentary minute bit manage And quarterly like in spending additional in sounds that guys lumpiness expect just to other some there the But more to is volatility commodity just helpful. to it nimbleness would little capital

Paul McKinney

I'll down we're do amount on a cash that long, going but Yes. over that all the free we're a production, really If now Yes, paying continuous and stab, Marinos. then flow first trying our we the focus of also I'll right debt. to to and keep it it to rate, maximize manage generation thing can the down. our turn pay is we it rig limits debt increases year burn trying

consideration. one that's so And

The several because be to experienced the respond. we've and nimble, be the we of want years, year, volatility want to is we over last other one actually able to

on. a And quarters be going from timing make drill when actually The quarter-to-quarter. so you is wells others. bring drilling with the function all might some of than phased slightly higher the that of contracts, decisions when we them and can of you the It's by consequence

be yes, continue And to very may there. well so lumpiness the

any You want more? add to

Marinos Baghdati

being continue just reemphasize rigs the our contracts. phased I program, well-to-well that we want No. drilling to with

So stop future to continue wells. the decide just for contract any can or at can if extending moment we we we

we lot flexibility, a us gives it which So like. of

Jeffrey Grampp

hear. Great. Good to

follow-up, KPIs my enough for But that kind sheet you capital Paul, balance operating large towards. continue goal scale of assume the curious, achieve of are durable probably bigger of guys the to guys return I would, guys obviously that? should are X climb specific to you a working to you'd that kind able to to return capital items working work guess, main that to any big to you kind anything to that towards a are remains of on are of I'm And are what Okay. and that. to there you or you kind guys measure be guys KPIs Like point that shareholders. that I be we that in else of get towards you effectively summit tracking get that regard where

Paul McKinney

clear We really and often, goal. made oil that Yes. this point, opportunity specific We good look expect That's long-term the that this that is return industry marketplace there. the a to question. know every at shareholders. their pretty at actually. specified get out to has gas question have, We We believe We capital investors a very don't that any KPIs. it

we just big pay are a Right working so a that were debt. that. dividend, stock to our do high. now, haven't we're identified with believe respect debt there specific too or a is the And buyback that. If on out we KPI, levels we to our But issue

Operator

Your next with question from Neal Truist. Dingmann is

Neal Dingmann

my on Nice is results. Paul, the Founders assets. first question

can What's they're what good. seems I'm of Specifically, like just kind improvement I'm results has looking I'm give of has your just sort of today broadband initial what wondering quite what's wondering It were assets? me look to just they like maybe them it completions. at the team versus improved? I'm just have. since improved doing certainly kind in when you changed? what then wondering kind of seems broad how these a secondly, and And Is you maybe at the they're look doing initially comes on wondering, as been you just it estimates. that Or versus of them? these? wondering they I'm

Paul McKinney

Yes. both Again, tackle I Marinos will and this.

methods were we to we recall acquisition, the production what operating their like and our we make felt you around cost we get board when the If could improvements there. arms our wanted because intentions across the made

handling and water the on on we also the concentrated practices. initially, concentrated production we so And

water very believe we've and could and reduce differently successfully. that because operations of done moved cost, have dispose water just we our to We that

have did practices past of drilling to we kind so to say we've time there in The but of the several go out we the It's them, a results. spent quite done other when with we're terms we wanted to there. bit thing out drilled in I we completion what to talk that have, very premature wells very, studying and and been that about do, impressed of has drill

so when And the is forecast assessed we it. and the we the acquisition first impression to that our going the predictions of Founders is overall, of it overperform used value

locations there believe our now at shared also it out we than we and originally looked that drilling we've additional closer investors. originally what booked with there's We what

You more on that? want any detail

Marinos Baghdati

drilling No, set. exceeded just first costs to first that few we've even say the expectations completion our in quarter, and the wells on we the ones that

And identifying of Also, really so we lower wells. to ESPs lowered job hole stabilized are pressures, closer drop on the going excited did workovers we project, of costs so a our to obviously performance very those significantly. production and the team bottom We're first hands capital that improve where our economics producing around our the good some when far. small got the

So we're declining production. exceeding how we thought the just assets the were base on

very very, the excited and about we're asset. So happy

Alexander Dyes

it's out things mentioned, operations favorably the in the call and he blocking so rate job responded base is they substantial. The decline tackling this is declines. really team. what production production lower very of the that conscientious that that like work great engineering They've I a has done And did, base actually to our in extended on and pretty has evaluating pumps, those there. just surprising change That but a

happy that So I'm really, acquisition. really with

Neal Dingmann

are prepared the Good on Great and opportunities. you I'm I wondering, my then question, just the second in press And which to is about release, details. workover talking had refrac hear. something been of this are continue assume large if to mentioned, I this? you opportune And a that so, will overall think plan. your more entities had there specific part be pretty for

Paul McKinney

spending Neal. really the we're on Basin trying things say South the refracs, us the assets very the lot also that Northwest that and in have that of more those infrastructure because Northern the that remove time, legacy Shelf, flexibility know of gives we're of economic limitations the capital. where and programs opportunities and tackling in to limitations ourselves we all we're don't from I north in freeing and of terms of all we're Central that portion very, focused We'll the where platform these undrilled a to spend the in areas also both

And costs. that on been of out, working so And eliminating the infrastructure. pointed reducing refracs of instead Marinos I kind like think we've primary is thing then also really the

cheaper so And costs could them we and organization of there, than the drilled them point then actually that believe wells we Founders we the are were first about than actual he less in drilling coming now couple made actually [indiscernible]. what we that Founders our the out drill substantially

effect the very combination the efforts. we're So impact the the things happy do It's with to making and we in and way changes also a trajectory of inflation. all the of change the of

So down. many things costs have on come

a perform things of that so it's well And we variety as us to are. allowed as

Neal Dingmann

most getting infrastructure why out? will that something is That's Or go is Yes, up? built on of sense. think and point that's makes year you was that most this Or [indiscernible] infrastructure, then that are that where now is you to I built a that the point still? on getting at.

Paul McKinney

in capital assets, that's and we in been build pretty the general, on what And really especially a out, have to based took when efficiency There's the batteries our time first operations XXXX things sir. that were boots add of safely. down where few looking we our it bitty we've the and then also our knocked over little the bottlenecks all program. improvements that our organization, Yes, efficiency the field, theirs that consider they're emphasized But operations when helped our we've facing, in at South in grounds everything seeing operational backbone really significant the significantly one guys a to taking at on change don't that of but ownership you the I and things, we're making in together, a we we've seeing. lot much the on conducting capital

on we're culture. that how really we're So proud generating

Operator

is question Parks next Noel Tuohy The from Brothers. with

Noel Parks

things. of Just a couple

targets ago to size there function a had you're finding? few was some be going just of just or wondering, there individual drilling that than density function additional I a that that are locations out of of You a mentioned minutes believe the is you the you originally modeled.

Paul McKinney

area Yes, out little that downspacing. also includes is developable bit the is pushing a additional and on boundaries the that

both. it's So

Noel Parks

Great. Great. Okay.

reserve gassier. speaking seemed I Okay. mix PDMP that just category, to? in a a And locations particular locations little appeared in the And area I that notice, it of that anything aggregate did just to is due just the production the you or particular that attribute in that in breakout, in wondered,

Paul McKinney

associated if acquisition us recall, is you the Stronghold Founders to And be portfolio. oily. the more now brought Yes, back to our more production acquisition bringing gas

Marinos Baghdati

the actually Founders, also say, too, we've focused Founders and compared production team our field the gas the assets. I been operations, we've had that, in able to or especially will the previous that really sales increase have to on again

that's gas there also at increased to oil that. So slightly our ratios

Operator

[Operator question Water with is next Research. Instructions] The Jeff Robertson Tower from

Jeffrey Robertson

And the operations fourth have well you of that Marinos, for some mentioned the talk that that you field out all to production, you and helped started think, Was that on that XXXX? into I quarter assets? guidance you had implement that can performance related especially that related to oil. performance, how acquired the on about Or plays 'XX to you Paul some in Marinos? is

Marinos Baghdati

anticipated the Central quarter, what of quarter about able in to in legacy early our little we little the cold XXXX say. the We've Andrews we of Sure. had Basin We experience XX quarter, your a of in a were bit that towards. month better of that both. little front of cold production, affected strong but we first fourth I continued than led bit XXXX, have question, didn't wells developed in in weather outperformed of we of the guided fourth would because base come in bit horizontal expectations, do a production some part really that the in area In the the it's a our in we the to through January. first really and some of did lot on days platform

So the that question. I hope answers

Paul McKinney

Yes. There's lumpiness back continuous of this and of drilling program. things, a phased versus couple goes a Jeff, a to the other

levels recall, production were in last disappointed you summer. If a we our little

year, we to to And to so towards a the end of try up. catch program went the continuous

production. to and continuous helped program of of kind And out timing fourth the quarter going so in the the us the boosted that really

goes managing phased continuous that again, to so drilling. back versus And

additional fourth So third fourth came occurred the the on in actually wells quarter in quarter those where drilling benefited quarter. that the from

Jeffrey Robertson

Paul, the focusing capital you're cash Will like the over think as flow per material production. XXXX works impact oil be year? a noticeable of more on and constructed course higher-margin how it of dollar about delever on the capital it ability program development free plan, you you the or your to spend 'XX way the sounds for out

Paul McKinney

That's exactly right.

focused maximizing flow free are we generation. So cash on our

debt. actually having production pay learned, with the to prices take we're the especially our so One the to maximizing pay where generation, they are we've free of maximize down natural with on discounts a we we're where things oil cash laser-focused gas, that to wellhead gas our flow

Operator

question-and-answer session. for McKinney turn remarks. I This Paul would to closing like any concludes conference to our the over back

Paul McKinney

Thank in progress. our everyone Ring, keeping have to forward look of and operator. for a we of you, and in and hey, the Thank and thank company, call. apprised interest appreciate participating everyone great and for Directors, your behalf Well, on day, of you management to the support your have I listening continued again weekend. a Board team great the want of We today's

Operator

The conference presentation. now has Thank concluded. attending today's for you

You disconnect. may now

Ring Energy (REI) 8 Mar 242023 Q4 Earnings call transcript