Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 142

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 142
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6,757,841)(4,670,617)Production taxes(16,116,565)(18,135,336)(17,125,982)Depreciation, depletion, and amortization(98,702,843)(88,610,291)(55,740,767)General and administrative (exclusive of corporate overhead)(3,360,370)(2,839,401)(1,617,095)Income tax expense(37,493,250)(208,917)(12,502,187)Results of Oil and Natural Gas Producing Operations$123,768,040 $173,888,415 $206,067,514 

Costs Incurred in Oil and Gas Producing Activities

For the years Ended December 31,202420232022Payments to acquire oil and natural gas properties$2,210,826 $82,900,900 $179,387,490 Payments to explore oil and natural gas properties— — — Payments to develop oil and natural gas properties153,945,456 152,559,314 129,332,155 Total costs incurred$156,156,282 $235,460,214 $308,719,645 

Capitalized Costs

As of December 31,20242023Oil and natural gas properties, full cost methodProved properties1,809,309,848 1,663,548,249 Unproved properties— — Total oil and natural gas properties, full cost method1,809,309,848 1,663,548,249 Accumulated depletion of oil and natural gas properties(469,786,336)(373,280,583)Net oil and natural gas properties capitalized$1,339,523,512 $1,290,267,666 

Reserve Quantities Information – The following estimates of proved and proved developed reserve quantities and related standardized measure of discounted future net cash flow are estimates only, and do not purport to reflect realizable values or fair market values of the Company’s reserves. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries are more imprecise than those of producing oil and natural gas properties. Accordingly, these estimates are expected to change as future information becomes available. All of the Company’s reserves are located in the United States of America.

The proved reserves estimates shown herein for the years ended December 31, 2024, 2023