Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 112

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 112
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695,791 1,292,582 2,040,181 Performance stock units603,867 438,818 248,206 Common warrants40,039 3,044,307 18,118,722 Diluted Weighted-Average Shares Outstanding200,277,380 195,364,850 141,754,668 Basic Earnings per Share$0.34 $0.55 $1.14 Diluted Earnings per Share$0.34 $0.54 $0.98 The following table presents the securities which were excluded from the Company's computation of diluted earnings (loss) per share for the years ended December 31, 2024, 2023 and 2022, as their effect would have been anti-dilutive.202420232022Antidilutive securities:Stock options to purchase common stock66,511264,96670,500Unvested restricted stock units32,23156,15313,512Unvested performance stock units1,260,5951,445,804814,255 

NOTE 5 — ACQUISITIONS & DIVESTITURESStronghold AcquisitionOn July 1, 2022, Ring, as buyer, and Stronghold Energy II Operating, LLC, a Delaware limited liability company (“Stronghold OpCo”) and Stronghold Energy II Royalties, LP, a Delaware limited partnership (“Stronghold RoyaltyCo”, together with Stronghold OpCo, collectively, “Stronghold”), as seller, entered into a purchase and sale agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, Ring acquired (the “Stronghold Acquisition”) interests in oil and gas leases and related property of Stronghold consisting of approximately 37,000 net acres located in the Central Basin Platform of the Texas Permian Basin. On August 31, 2022, Ring completed the Stronghold Acquisition.The fair value of consideration paid to Stronghold was approximately $394.0 million, of which $165.9 million, net of customary purchase price adjustments, was paid in cash at closing, $15.0 million was payable in cash after the six-month anniversary of the closing date of the Stronghold Acquisition. Shortly after closing, approximately $4.5 million was paid for inventory and vehicles and approximately $1.8 million was paid for August oil derivative settlements for certain novated hedges. The cash portion of the consideration was funded primarily from borrowings