Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 201

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 2
Chunk 201
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 data, well test data, production data, historical price and cost information, and property 

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ownership interests. This data was reviewed by various levels of our management for accuracy before consultation with our independent reserve engineers. This consultation included review of properties, assumptions, and available data. Internal reserve estimates were compared to those prepared by CGA to test the estimates and conclusions before the reserves were included in this Annual Report. The accuracy of the reserve estimates is dependent on many factors, including the following:

•the quality and quantity of available data and the engineering and geological interpretation of that data;

•estimates regarding the amount and timing of future costs, which could vary considerably from actual costs;

•the accuracy of economic assumptions; and

•the judgment of the personnel preparing the estimates.

Our Executive Vice President of Engineering and Corporate Strategy, Mr. Alex Dyes, is the technical professional primarily responsible for overseeing the preparation of our reserves estimates. He has a Bachelor of Science degree in Petroleum Engineering from the University of Texas with over 18 years of practical industry experience, including over 14 years of estimating and evaluating reserve information. He has been a member of the Society of Petroleum Engineers since 2013 and his qualifications meet or exceed the Society of Petroleum Engineers’ standard requirements to be a professionally qualified Reserve Estimator and Auditor.

We encourage ongoing professional education for our engineers and reservoir analysts on new technologies and industry advancements as well as refresher training on basic skill sets. In order to ensure the reliability of reserves estimates, our Corporate Reserves department follows comprehensive SEC-compliant internal controls and policies to determine, estimate, and report proved reserves including:

•confirming that we include reserves estimates for all properties owned and that they are based upon proper working and net revenue interests;

•ensuring the information provided by other departments within the Company, such as accounting, land, and operations is accurate;

•communicating, collaborating, and analyzing with technical personnel in our business units;

•comparing and reconciling the internally generated reserves estimates to those prepared by third parties; and

•utilizing experienced reservoir engineers or those under their direct supervision to prepare reserve estimates.

Each quarter, the Corporate Reserves team along with the Executive Vice President of Engineering and Corporate Strategy presents the status of the Company’s reserves to senior executives, and subsequently obtains approval of significant changes from key executives. Additionally, our five-year PUD development plan is reviewed and approved annually by the Company’s Chief Executive Officer; Chief Financial Officer; Executive Vice President of Engineering and Corporate Strategy; Vice President of Operations; Executive