Acreage
REI’s CBP assets are located in Andrews and Gaines Counties, Texas . As of December 31, 2021, Ring owned interests in a total of 24,203 gross (18,882 net) developed acres and 4,862 gross (1,406 net) undeveloped acres. In these counties, the Company has two identified proved vertical drilling locations and 38 identified proved horizontal locations based on the reserve reports as of December 31, 2021. We believe the Central Basin Platform leases contain additional potential drilling locations.
In summer 2022, REI acquired additional CBP producing assets and acreage from Stronghold Energy II. The purchase included 66.6 million Boe of proved reserves of which 41.2 million BOE was proved developed.
The acquisition added about 37,000 net acres primarily in Crane County, Texas that are 99% operated with 99% working interest and 99% held by production. It also included 200 low-cost and low-risk drilling locations, more than 200 identified low-cost, high rate-of-return recompletion opportunities, and over 100 low-cost, low-risk step out locations.
