Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 39

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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896,431)— (896,431)Common stock issuance for Lime Rock Acquisition6,452,8796,453 7,414,358 — 7,420,811 Share-based compensation—— 1,690,958 — 1,690,958 Net income—— — 9,110,738 9,110,738 Balance, March 31, 2025206,509,126$206,509 $808,627,109 $67,132,440 $875,966,058 For the Three Months Ended March 31, 2024Balance, December 31, 2023196,837,001$196,837 $795,834,675 $(9,448,612)$786,582,900 Restricted stock vested1,342,1121,342 (1,342)— — Shares to cover tax withholdings for restricted stock vested(244,911)(245)245 — — Payments to cover tax withholdings for restricted stock vested, net—— (814,985)— (814,985)Share-based compensation—— 1,723,832 — 1,723,832 Net income—— — 5,515,377 5,515,377 Balance, March 31, 2024197,934,202$197,934 $796,742,425 $(3,933,235)$793,007,124 

    The accompanying notes are an integral part of these unaudited condensed financial statements.

8

Table of ContentsRING ENERGY, INC.CONDENSED STATEMENTS OF CASH FLOWS(Unaudited)

For the Three Months EndedMarch 31, 2025March 31, 2024Cash Flows From Operating ActivitiesNet income$9,110,738 $5,515,377 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, depletion and amortization22,615,983 23,792,450 Asset retirement obligation accretion326,549 350,834 Amortization of deferred financing costs1,238,493 1,221,607 Share-based compensation1,690,958 1,723,832 Credit loss expense17,917 163,840 (Gain) loss on disposal of assets(124,610)— Deferred income tax expense (benefit)