Overview

* Ring Energy ( REI ) Q3 net loss of $51.6 mln due to non-cash impairment charges

* Adjusted EBITDA for Q3 misses analyst expectations

* Company reduced debt by $20 mln, exceeding company's guidance by $2 mln

Outlook

* Ring Energy ( REI ) expects Q4 oil sales volumes of 12,700-13,600 Bo/d

* Company projects full-year oil sales volumes of 13,100-13,500 Bo/d

* Ring Energy ( REI ) forecasts Q4 capital spending of $18-28 mln

Result Drivers

* COST SAVINGS - Ring Energy ( REI ) achieved lease operating expenses 2% below the low end of company's guidance due to ongoing cost reduction efforts

* DEBT REDUCTION - Exceeded debt reduction guidance by $2 mln, reducing debt by $20 mln in Q3

* PRODUCTION VOLUMES - Achieved production volumes near or above guidance, with 13,332 Bo/d and 20,789 Boe/d

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net -$51.6

Income mln

Q3 Miss $47.7 $50.50

Adjusted mln mln (2

EBITDA Analysts

)

Analyst Coverage

* The one available analyst rating on the shares is "buy"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Ring Energy Inc ( REI ) is $2.50, about 62.2% above its November 6 closing price of $0.95

* The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 4 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)