Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 20

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 20
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 have been from operations, equity offerings and borrowings on the Credit Facility. During 2024, 2023, and 2022 we had net cash provided by operating activities of $194.4 million, $198.2 million, and $197.0 million, respectively. During the three years ended December 31, 2024, we financed $20.5 million through proceeds from the sale of common stock. During 2024, 2023, and 2022, the Company had a net repayment of $40.0 million, a net draw of $10.0 million, and a net draw of $125.0 million on the Credit Facility, respectively. We used cash to fund our capital expenditures and development aggregating $700.3 million over the three years ended December 31, 2024. Additionally, during 2024, 2023 and 2022, we used cash of $170.0 million, $215.0 million and $511.0 million, respectively, to reduce the outstanding balance on our Credit Facility. As of December 31, 2024, we had cash on hand of $1.9 million and negative working capital of $54.6 million, compared to cash on hand of $0.3 million and negative working capital of $57.9 million as of December 31, 2023 and cash on hand of $3.7 million and negative working capital of $78.6 million as of December 31, 2022.

Contractual Obligations. The Company maintains a Credit Facility which currently has a $600 million borrowing base. The outstanding balance on that Credit Facility as of December 31, 2024 was $385 million, which will require repayment or refinancing at or prior to maturity in August 2026.

The Company leases office spaces in The Woodlands, Texas and Midland, Texas. The Woodlands office was under a five-and-a-half-year lease beginning January 15, 2021; however, effective as of May 31, 2023, The Woodlands office sub-lease was terminated. On May 9, 2023, the Company entered into a 71-month (five years and 11-month) new lease for a larger amount of office space in The Woodlands, Texas. The Midland office lease was amended effective October 1, 2022, with the revised five-year lease ending September 30, 2027.

The Company has