Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 71

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 respectively, and changes during the respective three month periods then ended are as follows:Restricted Stock UnitsWeighted-Average GrantDate Fair ValueOutstanding, December 31, 20233,148,226 $2.40 Granted2,647,970 1.30 Forfeited or rescinded(26,802)1.30 Vested(1,342,112)2.35 Outstanding, March 31, 20244,427,282 $1.77 Outstanding, December 31, 20243,817,128 $1.70 Granted3,691,373 1.31 Forfeited or rescinded— — Vested(1,983,465)1.75 Outstanding, March 31, 20255,525,036 $1.42 As of March 31, 2025, the Company had $5,835,740 of unrecognized compensation cost related to RSU grants that will be recognized over a weighted average period of 2.35 years. Grant activity for the three months ended March 31, 2025 was primarily RSU for the annual long-term incentive plan awards for employees.Performance Stock UnitsA summary of the status of the performance stock unit ("PSU") grants as of March 31, 2025 and 2024, respectively, along with changes during the respective three month periods then ended are as follows:Performance Stock UnitsWeighted-Average GrantDate Fair ValueOutstanding, December 31, 20232,022,378 $3.11 Granted— — Forfeited or rescinded— — Vested— — Outstanding, March 31, 20242,022,378 $3.11 Outstanding, December 31, 20241,891,892 $2.47 Granted— — Forfeited or rescinded— — Vested— — Outstanding, March 31, 20251,891,892 $2.47 

As of March 31, 2025, the Company had $2,644,746 of unrecognized compensation cost related to the PSU awards that will be recognized over a weighted average period of 1.38 years. 

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NOTE 12 — COMMITMENTS AND CONTINGENCIESStandby Letters of Credit – A commercial bank previously issued standby letters of credit on behalf of the