Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 148

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 148
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80,777 7 %Natural gas (Mcf)1,703,808 1,538,347 165,461 11 %Natural gas liquids (Bbls)333,374 304,448 28,926 10 %Total production (Boe)(1)1,937,850 1,800,570 137,280 8 %Average sales price:Oil (per Bbl)$62.69 $80.09 $(17.40)(22)%Natural gas (per Mcf)(1.31)(1.93)0.62 32 %Natural gas liquids (Bbl)6.19 9.27 (3.08)(33)%Total per Boe$42.63 $55.06 $(12.43)(23)%

(1) Boe is calculated using six Mcf of natural gas as the equivalent of one barrel of oil.

Oil sales. Oil sales decreased approximately $16.5 million from $99.3 million to $82.8 million due to a price variance of $(23.0) million from a decrease in the average realized price per barrel from $80.09 to $62.69. This was offset by a volume variance of $6.5 million from an increase in sales volume from 1,239,731 barrels of oil to 1,320,508 barrels of oil. The increase in volume of 80,777 barrels of oil consisted of two components. An increase in volumes of 153,877 barrels was due to the wells acquired in the Lime Rock Acquisition (which closed at the end of March 2025), and a decrease of 73,100 was attributed to natural production declines from our legacy assets. The decreased average realized price per barrel was primarily a result of weaker market conditions.

Natural gas sales. Natural gas sales increased approximately $0.7 million from a negative $3.0 million to a negative $2.2 million, with a price variance of $1.1 million and with a volume variance making up the remaining difference. Our natural gas sales volumes increased from 1,538,347 Mcf to 1,703,808 Mcf, and the average realized price per Mcf increased from $(1.93) to $(1.31). Of the increase in volume of 165,461 Mcf, an increase of 98,282 Mcf was from the Lime Rock Acquisition and 67,179 Mcf