Ring Energy (REI) said late Thursday that it reaffirmed its oil and sales volumes forecast despite cutting its outlook for Q2 capital spending following a recent decrease in oil prices.

Oil and sales volume outlooks were maintained with midpoints of 14,200 barrels of oil per day and 21,500 barrels of oil equivalent per day, respectively.

The company reduced its capital spending estimated range with a midpoint decline of more than 50% to $18 million.