Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 36

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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Item 1. Condensed Financial Statements

The following (a) condensed balance sheet as of December 31, 2024 which has been derived from our audited financial statements, and (b) the unaudited condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures by accounting principles generally accepted in the United States ("GAAP") and normally included in Annual Reports on Form 10-K have been omitted. Although management believes that our disclosures are adequate to make the information presented not misleading, these unaudited interim condensed financial statements should be read in conjunction with the Company's audited financial statements and related notes included in its most recent Annual Report on Form 10-K.

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Table of ContentsRING ENERGY, INC.CONDENSED BALANCE SHEETS(Unaudited)

March 31, 2025December 31, 2024ASSETSCurrent AssetsCash and cash equivalents$1,100,851 $1,866,395 Accounts receivable35,680,686 36,172,316 Joint interest billing receivables, net2,121,035 1,083,164 Derivative assets5,309,892 5,497,057 Inventory3,300,755 4,047,819 Prepaid expenses and other assets1,156,529 1,781,341 Total Current Assets48,669,748 50,448,092 Properties and EquipmentOil and natural gas properties, full cost method1,932,616,777 1,809,309,848 Financing lease asset subject to depreciation4,272,259 4,634,556 Fixed assets subject to depreciation3,359,292 3,389,907 Total Properties and Equipment1,940,248,328 1,817,334,311 Accumulated depreciation, depletion and amortization(496,993,139)(475,212,325)Net Properties and Equipment1,443,255,189 1,342,121,986 Operating lease asset1,753,693 1,906,264 Derivative assets5,020,380 5,473,375 Deferred financing costs6,911,264 8,149,757 Total Assets$1,505,610,274 $1,408,099,474 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent Li