Ring Energy Inc. on June 16 provided an update of its Northwest Shelf development program in the Permian Basin targeting Ring’s highest rate-of-return projects, according to the company.

In a company release, Ring Energy said it brought the Bevo 664 C #2H well online May 1. Next, the Bevo 664 A #4H well came online May 27 followed by the Bevo 664 A #3H well on May 30. Ring’s working interest in each of the three wells, all located in Yoakum County, Texas, is approximately 74%.

All three wells started producing oil within three to four days of coming online, which the company noted was encouraging in comparison to earlier wells drilled in the section.

“The continued successful results from our development program are very encouraging and reinforce our confidence in the strong inventory of drilling locations on our NWS acreage,” commented Paul D. McKinney, chairman and CEO of Ring Energy, in the release.

Ring Energy Permian Basin Northwest Shelf Acreage Map
(Source: Ring Energy Inc.)

During the last seven days, the three wells, part of Phase II of Ring Energy’s Northwest Shelf drilling program, combined have achieved an average of approximately 300 bbl/d of oil per well. In the first quarter, Ring completed and placed on production all four wells of Phase I of the drilling program, which collectively produced 37,550 gross boe during March

“In addition to the strong production results, all seven wells in our Phase I and Phase II programs were drilled and completed on schedule and within budget,” McKinney continued in his statement.

Ring Energy is actively developing plans for its Phase III drilling program in the Permian’s Northwest Shelf, which McKinney said could commence as early as third-quarter 2021.

The company currently operates in the Permian Basin of West Texas and New Mexico with acreage positions in the Northwest Shelf and Central Basin Platform. Ring also holds a nearly 20,000-acre position in the Delaware Basin in Culberson and Reeves counties, Texas.

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