Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 141

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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 decreased by $24,285 from $350,834 to $326,549 primarily as a result of wells plugged and abandoned and sold, offset by the additional ARO accretion associated with newly drilled wells.

Operating lease expense. Our operating lease expense costs were the same period over period.

General and administrative expense. G&A expense increased approximately $1.2 million from $7.5 million to $8.6 million, with the $1.2 million cost increase primarily due to an increase of $0.8 million in bonus compensation and $0.7 million in salaries and wages (including impacts from severance paid), offset by reductions of $0.1 million in credit loss expense, $0.1 million in legal fees, and $0.1 million in other professional fees.

38

Other Income (Expense) for the Three Months Ended March 31, 2025 and 2024

For the Three Months EndedMarch 31, 2025March 31, 2024Change% ChangeInterest income$90,058 $78,544 $11,514 15 %Interest expense:     Interest on revolving line of credit$7,947,642 $9,766,051 $(1,818,409)(19)%     Fees associated with revolving line of credit277,389 239,628 37,761 16 %     Amortization of deferred financing costs1,238,493 1,221,607 16,886 1 %     Interest on financing lease liabilities28,741 31,317 (2,576)(8)%     Interest paid for notes payable6,521 6,380 141 2 %     Other interest— 233,961 (233,961)(100)%Total interest expense$9,498,786 $11,498,944 $(2,000,158)(17)%Gain (loss) on derivative contracts:Realized gain (loss):     Crude oil$(640,267)$(2,738,970)$2,098,703 77 %     Natural gas86,673 1,277,455 (1,190,782)(93)%Total realized gain (loss)$(553,594)$(1,461,515)$907,921 62 %Unrealized gain (loss):     Crude oil$2,341,425 $(16,994,