Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 199

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 199
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 to developed. During the year ended December 31, 2024, we incurred costs of approximately $64.7 million to convert 33 properties from PUD to PD through development. These 33 properties produced 893 MBoe during the year ended December 31, 2024, and have reserves of  6,538 MBoe as of December 31, 2024.

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•Extensions. In 2024, extensions of 12.8 MMBoe were primarily the result of the successful operated drilling program in the Northwest Shelf and Central Basin Platform.

•Purchase of minerals in place. In 2024, we did not purchase any additional reserves.

•Sales of minerals in place. In 2024, we sold 0.1 MMBoe from the divestiture of certain oil and gas properties within the Central Basin Platform.

•Revision of previous estimates. In 2024, the negative revisions of prior reserves of 5.6 MMBoe consisted of a positive 0.2 MMBoe (4%) related to changes in price (including differentials and gathering related contract change that effects differentials) offset by a negative 5.8 MMBoe (104%) related to changes in performance and other economic factors.

The following table indicates projected reserves that we currently estimate will be converted from proved undeveloped to proved developed, as well as the estimated costs per year involved in such development. Our PUD reserves are part of a management adopted development plan that schedules PUD reserves to be developed within five years of initial disclosure as proved reserves. As of December 31, 2024, no material amount of proved undeveloped reserves were not scheduled to be converted to proved developed status within five years of when they were initially disclosed. 

Estimated Costs Related to Conversion of Proved Undeveloped Reserves to Proved Developed Reserves

YearEstimated OilReservesDeveloped (Bbl)Estimated GasReservesDeveloped (Mcf)Estimated NGLReservesDeveloped (Bbl)Total BoeEstimatedDevelopment Costs20259,654,2986,533,6101,631,66212,374,895$119,174,352 20266,405,07612,440,1412,262,32110,740,754101,542,20020274,796,87221,769,4333,283,96611,709,077107,656,84020283,941,1116,