Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
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Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
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Item 1. Condensed Financial Statements

The following (a) condensed balance sheet as of December 31, 2024 which has been derived from our audited financial statements, and (b) the unaudited condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures by accounting principles generally accepted in the United States ("GAAP") and normally included in Annual Reports on Form 10-K have been omitted. Although management believes that our disclosures are adequate to make the information presented not misleading, these unaudited interim condensed financial statements should be read in conjunction with the Company's audited financial statements and related notes included in its most recent Annual Report on Form 10-K.

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Table of ContentsRING ENERGY, INC.CONDENSED BALANCE SHEETS(Unaudited)

June 30, 2025December 31, 2024ASSETSCurrent AssetsCash and cash equivalents$— $1,866,395 Accounts receivable38,729,543 36,172,316 Joint interest billing receivables, net781,362 1,083,164 Derivative assets14,815,235 5,497,057 Inventory5,384,553 4,047,819 Prepaid expenses and other assets2,716,824 1,781,341 Total Current Assets62,427,517 50,448,092 Properties and EquipmentOil and natural gas properties, full cost method1,949,768,881 1,809,309,848 Financing lease asset subject to depreciation3,712,233 4,634,556 Fixed assets subject to depreciation3,494,678 3,389,907 Total Properties and Equipment1,956,975,792 1,817,334,311 Accumulated depreciation, depletion and amortization(521,741,945)(475,212,325)Net Properties and Equipment1,435,233,847 1,342,121,986 Operating lease asset1,599,335 1,906,264 Derivative assets6,613,480 5,473,375 Deferred financing costs10,456,692 8,149,757 Total Assets$1,516,330,871 $1,408,099,474 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent LiabilitiesAccounts payable$82,