Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 198

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 198
---
78769 %$1,130,173 $952,561 $149,236 PUD24,797,35747,279,0518,876,69841,553,89731 %332,654 280,376 378,175 Total Proved:80,904,071149,817,16228,303,085134,176,684100 %$1,462,827 $1,232,936 $527,411 

Proved Reserves

As of December 31, 2024, we had approximately 134.2  MMBoe of proved reserves, consisting of approximately 60% oil, 19% natural gas, and 21% NGLs, as summarized in the table above. Our reserve estimates have not been filed with any Federal authority or agency (other than the SEC).

As of December 31, 2024, approximately 69% of the proved reserves were classified as PD and the remaining 31% were PUD.

As of December 31, 2024, our total proved reserves had a net pre-tax PV-10 value of approximately $1,462.8 million and a Standardized Measure of Discounted Future Net Cash Flows ("SMOG") of approximately $1,232.9 million. Approximately $1,130.2 million pre-tax PV-10 and $952.6 million SMOG, respectively, of total proved reserves are associated with the PD reserves, which is approximately 77% of the total proved reserves’ pre-tax PV-10 value. The remaining $332.7 million pre-tax PV-10 and $280.4 million SMOG, respectively, are associated with PUD reserves.

Proved Undeveloped Reserves

Our reserve estimates as of December 31, 2024 include approximately 41.6 MMBoe as PUDs. As of December 31, 2023, our reserve estimates included approximately 41.6 MMBoe as PUDs. In accordance with our December 31, 2024 year-end independent engineering reserve report, we plan to drill our PUD drilling locations within five years of original classification. Below is a description of the changes in our PUD reserves from December 31, 2023 to December 31, 2024.

Notable changes in proved undeveloped reserves for the year ended December 31, 2024 included the following:

•Conversions