In first-quarter 2014, Ring Energy Inc. (NYSE: REI) increased its 2014 capex budget to $115 million, the company said April 22.
Ongoing leasing and acquisitions, as well as an accelerated development program, drove the increase, the company said.
The upsized capex budget includes the drilling of 130 development wells—at a minimum—and the workover and restimulation of existing wells in Texas, Ring Energy said.
The budget also includes infrastructure additions and improvements, as well as continued leasing activity, the company added.
Cash on hand, as well as “increasing cash flow from ...