Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 134

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 134
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, and one for $2,000,000, an RRC required blanket plugging extension bond, each with zero collateral requirements. The term for these two surety bonds ends on July 1, 2025 and they can be renewed at that time. As of December 31, 2024, the Company had $2,275,000 in total surety bonds.  

NOTE 14 — INCOME TAXESFor the years ended December 31, 2024, 2023, and 2022, components of our provision for income taxes are as follows:Provision for Income Taxes:202420232022Federal deferred tax$19,096,010 $(901,522)$6,437,680 State current tax401,197 72,213 — State deferred tax943,747 954,551 1,971,044 Provision for Income Taxes$20,440,954 $125,242 $8,408,724 The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the  provision for income taxes:Rate Reconciliation:202420232022Pre-tax book income (1)$87,911,268 $104,917,670 $147,043,749 Tax at federal statutory rate$18,461,366 $22,032,711 $30,879,187 Excess tax benefit from stock option exercises and restricted stock vesting104,344 478,304 (312,268)Adjust prior estimates to tax return69,654 (474,617)214,740 States taxes, net of federal benefit1,008,096 1,122,782 1,443,145 Valuation allowance— (24,182,975)(24,151,242)Non-deductible expenses and other797,494 1,149,037 335,162 Provision for Income Taxes$20,440,954 $125,242 $8,408,724 (1) Amount in the year ended December 31, 2023 represented pre-tax book income, net of income taxes paid. 

F-36

The Company's deferred tax position reflects the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. The net deferred taxes consisted of the following as of December 31, 2024 and 2023