Ring Energy Inc. (NYSE MKT: REI) detailed its 2014 capex budget Jan. 14. It has $90 million allocated, the company said. Ring also detailed an update on its fourth quarter 2013 operations the same day.

Regarding the capex, Ring’s chairman Tim Rochford said “This budget reflects the company's plans to accelerate the present development schedule of its operations in its Permian Basin properties. The budget includes the drilling of a minimum of 105 development wells, multiple workovers and re-stimulations of existing wells, continued leasing activity, infrastructure additions and improvements.”

He said the budget’s funding will come from a recent public offering's proceeds.

“Ring has not budgeted for acquisitions; however, the company continues to actively pursue future acquisition opportunities,” Rochford added.

Ring Energy detailed its end-of-year 2014 operations. Over the year, the company drilled and completed 38 of 40 development wells and had a 100% success rate with them. Two development wells—out of 17 drilled and completed in the last three months—will start production in early 2014, the company said.

The quarter’s net production was roughly 64,010 barrels of oil equivalent per day (BOE/d), the company said. This is a 559% increase over 2012’s 9,712 BOE/d for the same quarter, the company added.

In Dec. 2013 alone, net daily production was roughly 806 BOE/d, the company said. This is a 607% increase over Dec. 2012’s 114 BOE/d, the company added. Total production for 2013 was roughly 121, 695 BOE/d, the company said. This is a 383% increase over 2012’s 25, 172 BOE/d, Ring added.

CEO Kelly Hoffman said, “The development program we implemented in June, 2013 resulted in more than tripling our production from 2012. Our operations and field personnel have done a tremendous job of lowering costs and improving efficiencies. We initially projected drilling 30 to 35 new development wells and ended up drilling 40 in 2013. Also, we exceeded our initial projection of re-fracs and restimulations of existing wells.”

He added, “As we begin 2014, we are encouraged by the results we are seeing and have budgeted a second drilling rig to be on site by mid-year. In addition, we anticipate drilling our first vertical well in Kansas in February under the joint development agreement we entered into with Torchlight Energy Resources Inc. (NasdaqCM: TRCH) in Oct. 2013. Although we are focusing our efforts on increasing our leased acreage position and the development of our current leases, we will continue to actively pursue strategic acquisitions in 2014 that complement our existing properties.”

Ring Energy, based in Midland, Texas, is an oil and gas exploration, development and production company. It operates in Texas and Kansas.