Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 84

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 84
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 in the reserve report by examining historical conversion rates and support for the Company’s ability to fund and intent to develop the proved undeveloped properties; and 

◦We applied analytical procedures to production forecasts in the reserve report by comparing to historical actual results. 

/s/ GRANT THORNTON LLP

We have served as the Company’s auditor since 2021.

Houston, Texas

March 5, 2025

F-3

Table of ContentsRING ENERGY, INC.BALANCE SHEETS

As of December 31,20242023ASSETSCurrent AssetsCash and cash equivalents$1,866,395 $296,384 Accounts receivable36,172,316 38,965,002 Joint interest billing receivables, net1,083,164 2,422,274 Derivative assets5,497,057 6,215,374 Inventory4,047,819 6,136,935 Prepaid expenses and other assets1,781,341 1,874,850 Total Current Assets50,448,092 55,910,819 Properties and EquipmentOil and natural gas properties, full cost method1,809,309,848 1,663,548,249 Financing lease asset subject to depreciation4,634,556 3,896,316 Fixed assets subject to depreciation3,389,907 3,228,793 Total Properties and Equipment1,817,334,311 1,670,673,358 Accumulated depreciation, depletion and amortization(475,212,325)(377,252,572)Net Properties and Equipment1,342,121,986 1,293,420,786 Operating lease asset1,906,264 2,499,592 Derivative assets5,473,375 11,634,714 Deferred financing costs8,149,757 13,030,481 Total Assets$1,408,099,474 $1,376,496,392 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent LiabilitiesAccounts payable$95,729,261 $104,064,124 Income tax liability328,985 — Financing lease liability906,119 956,254 Operating lease liability648,204 568,176 Derivative liabilities6,410,547 7,520,336 Notes payable496,397 533,734 Asset retirement obligations