Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 206

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 206
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GrossNetGrossNetExploratoryProductive——————Dry——————DevelopmentProductive——5.000.593.000.33Dry——————TotalProductive——5.000.593.000.33Dry——————

Present Activities

We had one operated well waiting on completion as of December 31, 2024.

Cost Information

We conduct our oil and natural gas activities entirely in the United States. As can be calculated from the table under “Production Prices and Production Costs”, our average production costs including lease operating expenses, gathering, transportation and transportation ("GTP") and ad valorem, per Boe, were $12.08 and $11.70 for the years ended December 31, 2024 and 2023, respectively. As shown in the aforementioned table, our average production taxes, per Boe, 

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were $2.24 and $2.74 for the years ended December 31, 2024 and 2023, respectively. These amounts are calculated by dividing our total production costs or total production taxes by our total volume sold, in Boe.

Costs incurred for property acquisition, exploration and development activities for the years ended December 31, 2024, 2023 and 2022 are shown below:

202420232022Payments to acquire oil and natural gas properties$2,210,826 $82,900,900 $179,387,490 Payments to explore oil and natural gas properties— — — Payments to develop oil and natural gas properties153,945,456 152,559,314 129,332,155 Total costs incurred$156,156,282 $235,460,214 $308,719,645 

Other Properties and Commitments

Effective January 1, 2021, the Company moved its corporate headquarters to The Woodlands, Texas. Prior to this, our principal offices were in Midland, Texas. Those offices now serve as an operations office.