Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 145

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 145
---
 year82,141,277146,396,32223,218,564129,759,229  Proved Developed at beginning of year57,012,137106,399,05015,332,80490,078,116Proved Undeveloped at beginning of year31,692,60651,471,3997,772,85448,044,027Proved Developed at end of year56,029,03999,896,02215,449,90788,128,284Proved Undeveloped at end of year26,112,23846,500,3007,768,65741,630,945

(1) Oil reserves are stated in barrels; natural gas reserves are stated in thousand cubic feet; NGL reserves are stated in 

barrels.

Revisions represent changes in previous reserves estimates, either upward or downward, resulting from new information normally obtained from development drilling and production history or resulting from a change in economic factors, such as commodity prices, operating costs or development costs.

Notable changes in proved reserves for the year ended December 31, 2024 included the following:

•Extensions. In 2024, extensions of 16.0 MMBoe were primarily the result of the successful operated drilling program in the Northwest Shelf and Central Basin Platform.

•Purchase of minerals in place. In 2024, the Company did not purchase any additional reserves.

•Sales of minerals in place. In 2024, the Company sold 1.2 MMBoe from the divestiture of certain oil and gas properties,  including vertical wells and associated facilities, within the Central Basin Platform in Andrews and Gaines Counties.

•Revision of previous estimates. In 2024, the negative revisions of prior reserves of 3.2 MMBoe consisted of a positive 0.2 MMBoe related to changes in price (including differentials and gathering related contract change that effects differentials), offset by a negative 3.4 MMBoe related to changes in performance and other economic factors.

Standardized Measure of Discounted Future Net Cash Flows – The standardized measure of discounted future net cash flows is computed by applying the price according to the SEC guidelines for oil and natural gas to the estimated future production of proved oil and natural gas reserves, less estimated future expenditures (based on year-end costs) to be incurred in developing and producing the proved reserves, less estimated future income tax expenses (based on year-end statutory tax rates) to be incurred on