Company: REI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001384195-25-000018
Chunk: 183

Company: RING ENERGY, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 7
Chunk 183
---
 net realized price of $7.66 for the same period in 2024.

43

Oil, Natural Gas, and Natural Gas Liquids Revenues for the Nine Months Ended September 30, 2025 and 2024

For the Nine Months EndedSeptember 30, 2025September 30, 2024Change% ChangeNet sales:Oil$238,168,279 $282,000,446 $(43,832,167)(16)%Natural gas(4,794,987)(7,650,645)2,855,658 37 %Natural gas liquids6,922,010 8,537,067 (1,615,057)(19)%Total sales$240,295,302 $282,886,868 $(42,591,566)(15)%Net production:Oil (Bbls)3,633,739 3,673,356 (39,617)(1)%Natural gas (Mcf)5,172,603 4,739,881 432,722 9 %Natural gas liquids (Bbls)1,009,881 919,225 90,656 10 %Total production (Boe)(1)5,505,721 5,382,561 123,160 2 %Average sales price:Oil (per Bbl)$65.54 $76.77 $(11.23)(15)%Natural gas (per Mcf)(0.93)(1.61)0.68 42 %Natural gas liquids (Bbl)6.85 9.29 (2.44)(26)%Total per Boe$43.64 $52.56 $(8.92)(17)%

(1) Boe is calculated using six Mcf of natural gas as the equivalent of one barrel of oil.

Oil sales. Oil sales decreased approximately $43.8 million from $282.0 million to $238.2 million, with a price variance of $(40.8) million from a decrease in the average realized price per barrel from $76.77 to $65.54 as well as a volume variance of $(3.0) million due to a decrease in sales volume from 3,673,356 barrels to 3,633,739 barrels. The decrease in volume of 39,617 barrels consisted of two components: an increase in volumes of 299,770 was due to the Lime