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Ring Energy (NYSE:REI) +3% pre-market Monday after raising Q2 sales volume guidance and reaffirming its $600M borrowing base.
The company hiked its Q2 sales guidance range above the high end of prior guidance for both barrels of oil per day and barrels of oil equivalent per day, now seeing oil sales of 13.5K-13.7K bbl/day compared to previous guidance of 13K-13.4K bbl/day and total sales of 19.5K-19.7K boe/day vs. an earlier outlook of 18.5K-19.1K boe/day.
Ring Energy (REI) also said it reduced debt by $15M during Q2, driven by sales volumes outperformance, continued capital and technical efficiency in its drilling program, and benefits from its ongoing cost structure enhancement initiatives.
Ring (REI) also reaffirmed the $600M borrowing base under its $1B senior revolving credit facility, with no changes to the terms; the company exited Q2 with $193M of borrowing availability under the facility.