Atomera Incorporated (ATOM)admin2022-11-16T17:36:50+00:00
Ring Energy, Inc. (NYSEAmerican: REI) is a Midland, Texas-based oil and gas exploration, development, and production company with current operations in the Permian Basin of West Texas, which is recognized as the top producing oil basin in North America. Founded in 2012, the experienced management team has aggressively sought to acquire select properties in the Permian Basin with development opportunities for future years. As of 12/31/18, the company has, through exploitation and acquisitions, increased their proved reserves to an estimated 36.6 million BOE’s (barrel of oil equivalents). CEO Kelly Hoffman cut his teeth in the Permian Basin. He started out there in 1975 with Amoco Production Company. In the early 1990’s, Mr. Hoffman co-founded AOCO and drilled 60 wells in the Fuhrman Mascho field in Andrews, Texas. After 18 months and a 600% increase in revenue, AOCO sold the properties to Lomak (Range Resources). He did the same thing again in 1999 when he acquired 12,000 acres in Lubbock and Crosby counties. After drilling and completing 19 successful wells, he sold his interest in the property to Arrow Operating Company. My take is the management team at Ring Energy knows the Permian Basin very well.