Company: REI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001384195-25-000018
Chunk: 181

Company: RING ENERGY, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 7
Chunk 181
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September 30, 2024Change% ChangeNet sales:Oil$78,884,753 $90,416,363 $(11,531,610)(13)%Natural gas(2,253,323)(3,859,603)1,606,280 42 %Natural gas liquids1,969,906 2,687,623 (717,717)(27)%Total sales$78,601,336 $89,244,383 $(10,643,047)(12)%Net production:Oil (Bbls)1,226,537 1,214,788 11,749 1 %Natural gas (Mcf)1,853,599 1,705,027 148,572 9 %Natural gas liquids (Bbls)377,141 350,975 26,166 7 %Total production (Boe)(1)1,912,611 1,849,934 62,677 3 %Average sales price:Oil (per Bbl)$64.32 $74.43 $(10.11)(14)%Natural gas (per Mcf)(1.22)(2.26)1.04 46 %Natural gas liquids (Bbl)5.22 7.66 (2.44)(32)%Total per Boe$41.10 $48.24 $(7.14)(15)%

(1) Boe is calculated using six Mcf of natural gas as the equivalent of one barrel of oil.

Oil sales. Oil sales decreased approximately $11.5 million from $90.4 million to $78.9 million, driven by a price variance of $(12.4) million from a decrease in the average realized price per barrel from $74.43 to $64.32. This was offset by a volume variance of $0.9 million from an increase in sales volume from 1,214,788 barrels to 1,226,537 barrels. The increase in volume of 11,749 barrels consisted of two components: an increase in volumes of 145,893 barrels was due to the wells acquired in the Lime Rock Acquisition (which closed at the end of March 2025), and a decrease of 134,144 was attributed to natural production declines from our legacy assets. The decreased average realized price per barrel was primarily a result of lower oil prices.

Natural gas sales. Natural gas sales increased approximately