Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 205

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 205
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, in Bbls. The average natural gas sales price amounts above are calculated by dividing revenue from natural gas sales by the volume of natural gas sold, in Mcf. The average NGL sales price amounts above are calculated by dividing revenue from NGL sales by the volume of NGLs sold, in Bbls. The total average sales price amounts are calculated by dividing total revenues by total volume sold, in Boe. The average production costs above are calculated by dividing production costs by total production in Boe.

Productive Wells

The following table presents our ownership as of December 31, 2024 in productive oil and natural gas wells (a net well is our percentage ownership of a gross well). Approximately 99.8% of such wells are in the Permian Basin in Texas.

Oil WellsGas wellsTotal WellsGrossNetGrossNetGrossNet9147462117935763

44

Drilling Activities

During 2024, as operator, we drilled a total of 44.00 gross (43.94 net) wells. Of this, 5.00 gross (4.94 net) horizontal San Andres wells were in the Northwest Shelf  in Yoakum County (four 1.0-mile laterals and one 1.5-mile lateral) and 39.00 gross (39.00 net) wells were in the Central Basin Platform, of which seventeen were horizontal San Andres wells in Andrews County and Crane County, Texas (all 1.0-mile laterals) and 22.00 were vertical wells in Crane County, and Ector County, Texas. These wells were successful and there were no dry wells (1). 

The table below contains information regarding the number of operated wells drilled and/or participated in during the periods indicated.

For the year ended December 31,202420232022GrossNetGrossNetGrossNetExploratoryProductive——————Dry——————DevelopmentProductive (1)43.0042.9431.0029.7532.0031.35Dry——————TotalProductive43.0042.9431.0029.7532.0031.35Dry——————

(1) One of the 44.00 drilled wells has been drilled but not yet completed as of December 31, 2024.

The table below contains information regarding the number of non-operated wells drilled and participated in during the periods indicated.

For the year ended December 31,202420232022GrossNet