Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 202

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 202
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 Vice President, Exploration and Geosciences; and Vice President, General Counsel.

The Corporate Reserves department works closely with independent reserve engineers from CGA at each fiscal year end to ensure the integrity, accuracy, and timeliness of annual independent reserves estimates. These independently developed reserves estimates are presented to the Audit Committee. In addition to reviewing the independently developed reserve reports, the Audit Committee also meets with CGA annually at a minimum.

Summary of Oil and Natural Gas Properties and Projects

41

Acreage

The following table summarizes our gross and net developed and undeveloped acreage as of December 31, 2024 by region (net acreage is our percentage ownership of gross acreage). Acreage in which our interest is limited to royalty and overriding royalty interests is excluded, as it is de minimis. 

Developed AcreageUndeveloped AcreageTotal AcreageGrossNetGrossNetGrossNetCentral Basin Platform63,71256,6206,3364,02970,04860,649Northwest Shelf12,5728,72214,97911,54827,55120,270Total76,28465,34221,31515,57797,59980,919

Leases of undeveloped acreage will generally expire at the end of their respective primary terms unless production from such leasehold acreage has been established prior to expiration of such primary terms. If production is established on the acreage, the lease will generally remain in effect until the cessation of production from the acreage and is referred to in the industry as HBP. Leases of undeveloped acreage may terminate or expire as a result of not meeting certain drilling commitments, if any, or otherwise by not complying with the terms of a lease depending on the specific terms that are negotiated between the lessor and the lessee.

The following table sets forth our gross and net undeveloped acreage, as of December 31, 2024, under lease that will expire over the next three years unless (i) production is established on the lease or within a spacing unit of which the lease is participating, or (ii) the lease is renewed or extended prior to the relevant expiration dates:

Undeveloped Acreage202520262027GrossNetGrossNetGrossNetCentral Basin Platform6401152401081,223996Northwest Shelf7,0513,4502,1925241,627452Total7,6913,5652,