**FORM 10-QSB**

 

**SECURITIES AND EXCHANGE            COMMISSION**

 

**Washington, D.C.            20549**

 

MARK ONE

 

|   | X     | QUARTERLY REPORT                            PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES |
|--------|---------------------------|-----------------------------------------------------------------------------------------------|

EXCHANGE ACT OF 1934

 

For thequarterly and three month period ended March 31, 2008

OR

|   | ___ | TRANSITION REPORT                            pursuant to section 13 or 15(d) of the Securities Exchange Act of                            1934 |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

FOR THE TRANSITION PERIOD FROM            _______ TO _______

 

Commission File Number:            1-100

 

**RING ENERGY,            INC.**

(Exact Name Of Registrant As            Specified In Its Charter)

 

| **_____****Nevada****_____** | **___****92374___** |
|------------------------------|---------------------|

| State of                            Incorporation | **301                            9th St. , Box 400, Suite 412** | Zip Code |
|---------------------------------------------------|-----------------------------------------------------------------|----------|

|   | **_______****Redlands, CA_________** |
|--------|--------------------------------------|

Address of principal executive            offices

 

| **________                            (909) 798-8394_________** | **____________****98-0495938_________** |
|-----------------------------------------------------------------|-----------------------------------------|

| Registrant’s                            telephone number, including area code | I.R.S. Employer                            Identification Number |
|-------------------------------------------------------------------------------------|------------------------------------------------------------------|

 

Securities registered pursuant to            Section 12(b) of the Act:

 

|   | **Common                            -** |
|--------|-----------------------------------------|

|   | **$0.001 Par                            Value** | **______________****None____________** |
|--------|-------------------------------------------------|----------------------------------------|

|   | Title of each                            class | Name of each                            exchange on which registered |
|--------|------------------------------------------------|----------------------------------------------------------------------|

 

Securities registered            pursuant to Section 12(g) of the Act:           **None**

 

Indicate by check mark whether the Registrant (1) has filed all reports            required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934            during the preceding 12 months (or for such shorter period that the Registrant has            required to file such reports), and (2) has been subject to such filing requirements            for the past 90            days.      X    Yes    ____             No

 

Indicate by check mark whether the Registrant is a shell company (as            defined in Rule 12 b-2 of the Exchange Act)    X    Yes    ____  No

             

There were 3,041,250 shares of common stock outstanding on April 25,            2008 of an authorized 75,000,000 shares.

             

|   | Transitional Small Business Disclosure                            Format. | ______ Yes | ___X___ No |
|--------|---------------------------------------------------------------------------|------------|------------|

 

----

 

**INDEX**

INDEX TO            INFORMATION INCLUDED IN THE QUARTERLY REPORT (FORM 10-Q) TO THE SECURITIESAND EXCHANGE            COMMISSION FOR THE THREE MONTHS ENDEDMARCH 31,            2008(UNAUDITED).

Page            Number

FORWARD-LOOKING            STATEMENTS AND RISKS

             
| PART I.        | UNAUDITED FINANCIAL                         INFORMATION                                                            |            |   |
|----------------|-------------------------------------------------------------------------------------------------------------------------|-----------------|--------|
|           |                                                                                                                    |            |   |
| Item 1.        | Unaudited Financial Statements                                                                                          | 3               |   |
| Item 2.        | Management's Discussion and Analysis of                        Financial Condition  and Results of Operations |  

 8 |   |
|           |                                                                                                                    |            |   |
| Item 3.        | Controls and Procedures                                                                                                 | 11              |   |
|           |                                                                                                                    |            |   |
| PART II.       | OTHER INFORMATION                                                                                                       | 12              |   |
|           |                                                                                                                    |            |   |
| Item 5.        | Material Subsequent Events                                                                                              | 12              |   |
| Item 6.        | Exhibits and Reports on Form 8-K                                                                                        | 12              |   |
|           |                                                                                                                    |            |   |
| Signatures     |                                                                                                                    | 13              |   |
| Certifications |                                                                                                                    |            |   |

             

______________________________________________________________

             

Forward-Looking            Statements

             

     Certain information included            in this report, other materials filed or to be filed by the Company with the Securities            and Exchange Commission (“SEC”), as well as information included in oral            statements or other written statements made or to be made by the Company, contain or            incorporate by reference certain statements (other than statements of historical or            present fact) that constitute “forward-looking statements” within the            meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities            Exchange Act of 1934.

     All            statements, other than statements of historical or present facts, that address            activities, events, outcomes or developments that the Company plans, expects, believes,            assumes, budgets, predicts, forecasts, estimates, projects, intends or anticipates (and            other similar expressions) will or may occur in the future are forward-looking            statements. These forward-looking statements are based on management’s current            belief, based on currently available information, as to the outcome and timing of            future events. When considering forward-looking statements, you should keep in mind the            cautionary statements in this Form 10-QSBand the Company’s Annual Report on            Form 10-KSBfor thefiscalyear endedSeptember 30, 2007. Such forward-looking            statements appear in a number of places and include statements with respect to, among            other things, such matters as: future capital, development and exploration expenditures            (includingthe amount and nature            thereof), for intended oil and gas activities, as well asintended capital formation.We caution you that these forward-looking            statements are subject to risks and uncertainties. These risks include but are not            limited to: general economic conditions, the Company’s ability to finance            acquisitions, oil and gas acquisition and development, the market price of oil and            natural gas, the risks associated with exploration, the Company’s            ability   to find,    acquire,   market,            developand

             

-2-

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produce            properties, operating hazards attendant to            the oil andnatural            gasbusiness, uncertainties in the estimation ofproved reserves and in the projection of            future rates of production and timing of development expenditures, the strength and            financial resources of the Company’s competitors, the Company’s ability to            find and retain skilled personnel, climatic conditions, labor relations, availability            and costof material and equipment, environmental            risks, the results of financing efforts, regulatory developments.

     Reserve            engineering is a subjective process of estimating underground accumulations of oil and            natural gas that cannot be measured in an exact way. The accuracy of any reserve            estimate depends on the quality of available data and the interpretation of that data            byreserveengineers. In addition, the results of            drilling, testing and production activities may justify revisions of estimates that            were made previously. If significant, these revisions could change the schedule of any            further production and/or development drilling. Accordingly, reserve estimates are            generally different from the quantities of oil and natural gas that are ultimately            recovered.

     In            addition, the Company is in a transition period, with the Company considering various            “going forward”opportunities thatmay materially alteritsfinancing, structure, andspecificbusinesswhich            ,may in turn, significantly affect            current estimates or projections.

     Should            one or more of the risks or uncertainties described above or elsewhere in this Form            10-QSBor presented in the            Company’s Annual Report on Form 10-KSBfor the year endedSeptember 30, 2007occur, or should underlying assumptions            prove incorrect, actual results and plans could differ materially from those expressed            in any forward-looking statements. We specifically disclaim all responsibility to            publicly update any information contained in a forward-looking statement or any            forward-looking statement in its entirety and therefore disclaim any resulting            liability for potentially related damages.

             

All            forward-looking statements attributable to us are expressly qualified in their entirety            by this cautionary statement.

**PART I.            UNAUDITED FINANCIAL INFORMATION**

**ITEM 1.            UNAUDITED FINANCIAL STATEMENTS**

     

     The            financial statements included herein have been prepared in conformity with generally            accepted accounting principles. The statements are unaudited but reflect all            adjustments, which, in the opinion of management, are necessary to fairly present the            Company’s financial position and results of operations. All such adjustments are            of a normal recurring nature.

             

-3-

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**     **
| **RING ENERGY,                        INC.**

(formerly Transglobal                        Mining Corp.                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A Pre-exploration                        Stage Company)                                                                                              |
| Balance                        Sheets                                                                                                                 |
|                                                                                                                                                  |
| ASSETS                                                                                                                                                |
|                                                                                                                                                  |   |   |   |
|                                                                                                                                                  | March 31, |   | September                        30, |
|                                                                                                                                                  | 2008 |   | 2007 |
|                                                                                                                                                  | (Unaudited) |   |   |
|                                                                                                                                                  |   |   |   |
| CURRENT                        ASSETS                                                                                                                 |   |   |   |
|                                                                                                                                                       |   |   |   |
| Cash                                                                                                                                                  | $                        23,630  |   | $                            734  |
| Prepaid                        expenses                                                                                                               | 100  |   | -  |
|                                                                                                                                                  |   |   |   |
| Total Current                        Assets                                                                                                           | 23,730  |   | 734  |
|                                                                                                                                                  |   |   |   |
| TOTAL ASSETS                                                                                                                                          | $                        23,730  |   | $                            734  |
|                                                                                                                                                  |   |   |   |
| LIABILITIES AND                        STOCKHOLDERS' EQUITY (DEFICIT)                                                                                 |
|                                                                                                                                                  |   |   |   |
| CURRENT                        LIABILITIES                                                                                                            |   |   |   |
|                                                                                                                                                  |   |   |   |
| Accounts payable and                        accrued liabilities                                                                                       | $                                 -  |   | $                          2,806  |
| Shareholder loan (Note                        3)                                                                                                      | 25,000  |   | -  |
| Related party loan                        (Note 3 and 4)                                                                                              | -  |   | 56,800  |
|                                                                                                                                                  |   |   |   |
| Total Current                        Liabilities                                                                                                      | 25,000  |   | 59,606  |
|                                                                                                                                                  |   |   |   |
| STOCKHOLDERS' EQUITY                        (DEFICIT)                                                                                                 |   |   |   |
|                                                                                                                                                  |   |   |   |
| Common stock                        authorized: 75,000,000 shares at $0.001                        par value; 3,041,250 shares issued and outstanding | 3,041  |   | 3,041  |
|                                                                                                                                                  |  |   |  |
| Additional paid-in                        capital                                                                                                     | 112,248  |   | 35,715  |
| Share subscriptions                        (Note 5)                                                                                                   | 60,000  |   | 60,000  |
| Deficit accumulated                        during the pre-exploration stage                                                                           | (176,559) |   | (157,628) |
|                                                                                                                                                  |   |   |   |
| Total Stockholders'                        Equity (Deficit)                                                                                           | (1,270) |   | (58,872) |
|                                                                                                                                                  |   |   |   |
| TOTAL LIABILITIES AND                        STOCKHOLDERS' EQUITY                                                                                     |   |   |   |
| (DEFICIT)                                                                                                                                             | $                        23,730  |   | $                             734  |
|                                                                                                                                                  |   |   |   |
|                                                                                                                                                  |   |   |   |

The accompanying            notes are an integral part of these financial statements.

 

-4-

             

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| **RING ENERGY,                        INC.**              |
|-----------------------------------------------------------|
| (formerly Transglobal                        Mining Corp. |
| (A Pre-exploration                        Stage Company)  |
| Statements of                        Operations           |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |   |   |   | From |
|                                                      |   |   |   |   |   |   |   |   | Inception on |
|                                                      |   |   |   |   |   |   |   |   | July 30, |
|                                                      | For the Three Months                        Ended |   | For the Six Months                        Ended |   | 2004 through |
|                                                      | March 31, |   | March 31, |   | March 31, |
|                                                      | 2008 |   | 2007 |   | 2008 |   | 2007 |   | 2008 |
|                                                      |   |   |   |   |   |   |   |   |   |
| REVENUES                                                  | $                                  -  |   | $                                  -  |   | $                                 -  |   | $                                 -  |   | $                                 -  |
|                                                      |   |   |   |   |   |   |   |   |   |
| EXPENSES                                                  |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |
| Accounting and legal                        fees          | 1,216  |   | 15,528  |   | 14,444  |   | 18,628  |   | 54,061  |
| Advertising and                        promotion          | -  |   | -  |   | -  |   | -  |   | 49,614  |
| Bank charges                                              | 115  |   | 18  |   | 159  |   | 50  |   | 600  |
| Interest                        expense                   | -  |   | 792  |   | 1,455  |   | 1,194  |   | 5,221  |
| Management                        fees                    | -  |   | 2,000  |   | -  |   | 6,000  |   | 26,400  |
| Mineral property                        costs             | -  |   | -  |   | -  |   | 3,953  |   | 6,557  |
| Office and                        miscellaneous           | - |   | 3,080  |   | -  |   | 4,339  |   | 8,351  |
| Postage and                        delivery               | 85  |   | -  |   | 85  |   | -  |   | 85  |
| Telephone                                                 | -  |   | 642  |   | -  |   | 1,670  |   | 3,925  |
| Transfer agent and                        filing fees     | 2,033  |   | 1,966  |   | 2,788  |   | 3,966  |   | 8,852  |
| Travel                                                    | -  |   | -  |   | -  |   | 2,488  |   | 4,976  |
| Write-off of website                        costs         | -  |   | -  |   | -  |   | -  |   | 7,917  |
|                                                      |   |   |   |   |   |   |   |   |   |
| NET LOSS FOR THE                        PERIOD            | $                           (3,449) |   | $ (24,026) |   | $ (18,931) |   | $ (42,288) |   | $ (176,559) |
|                                                      |   |   |   |   |   |   |   |   |   |
| BASIC LOSS PER                        SHARE               | $                             (0.00) |   | $                            (0.01) |   | $ (0.01) |   | $ (0.01) |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE                        NUMBER            |   |   |   |   |   |   |   |   |   |
| OF SHARES                        OUTSTANDING              | 3,041,250  |   | 3,041,250  |   | 3,041,250  |   | 3,041,250  |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |

The accompanying            notes are an integral part of these financial statements.

            -5- 

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| **RING ENERGY,                        INC.**                                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (formerly Transglobal                        Mining Corp.                                                                                                                 |
| (A Pre-exploration                        Stage Company)                                                                                                                  |
| Statements of                        Stockholders' Equity (Deficit)                                                                                                       |
| From Inception on July                        30, 2004 through March 31, 2008                                                                                             |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   | Deficit |   |   |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   | Accumulated |   |   |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   | During the |   |   |
|                                                                                                                                                                      |   |   |   |   | Additional |   | Share |   | Pre- |   |   |
|                                                                                                                                                                      | Common                        Shares |   | Paid-in |   | Subscriptions |   | Exploration |   |   |
|                                                                                                                                                                      | Shares |   | Amount |   | Capital |   | Received |   | Stage |   | Total |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Capital stock issued                        for                        services at $0.0012                                                                                | 1,666,667 |   | $ 1,667 |   | $ 333 |   | $                                  - |   | $                                  - |   | $                        2,000  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the                        period                                                                                                                            | - |   | - |   | - |   | - |   | (2,280) |   | (2,280) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2004                        and 2005                                                                                                                        | 1,666,667 |   | 1,667 |   | 333 |   | - |   | (2,280) |   | (280) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Capital stock issued                        for                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| cash at                        $0.024                                                                                                                                     | 1,374,583 |   | 1,374 |   | 31,616 |   | - |   | - |   | 32,990  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the                        year                                                                                                                              | - |   | - |   | - |   | - |   | (28,267) |   | (28,267) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| September 30,                        2006                                                                                                                                 | 3,041,250 |   | 3,041 |   | 31,949 |   | - |   | (30,547) |   | 4,443  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Imputed                        interest                                                                                                                                   | - |   | - |   | 3,766 |   | - |   | - |   | 3,766  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Share                        subscription                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| received                                                                                                                                                                  | - |   | - |   | - |   | 60,000 |   | - |   | 60,000  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the                        period                                                                                                                            | - |   | - |   | - |   | - |   | (127,081) |   | (127,081) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| September 30,                        2007                                                                                                                                 | 3,041,250 |   | 3,041 |   | 35,715 |   | 60,000 |   | (157,628) |   | (58,872) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Imputed                        interest                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| (Note 4)                        (unaudited)                                                                                                                               | - |   | - |   | 1,455 |   | - |   | - |   | 1,455  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Forgiveness of                        related                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| party debt (Note                        4)                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| (unaudited)                                                                                                                                                               | - |   | - |   | 75,078 |   | - |   | - |   | 75,078  |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the                        period                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| (unaudited)                                                                                                                                                               | - |   | - |   | - |   | - |   | (18,931) |   | (18,931) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| March 31,                        2008                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| (unaudited)                                                                                                                                                               | 3,041,250 |   | $ 3,041 |   | $ 112,248 |   | $ 60,000 |   | $ (176,559) |   | $ (1,270) |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| *Effective March 31,                        2008 the Company's shares were reverse split on a 1 new for 18 old basis.                        The number of shares issued, |
| par value and                        additional paid-in capital have been restated to reflect this reverse                        split                                   |   |   |   |   |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |

The accompanying            notes are an integral part of these financial statements.

-6-

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| **RING ENERGY,                        INC.**                         |
|----------------------------------------------------------------------|
| (formerly Transglobal                        Mining Corp.            |
| (A Pre-exploration                        Stage Company)             |
| Statements of Cash                        Flows                      |
| (Unaudited)                                                          |
|                                                                 |   |   |   |   |   |
|                                                                 |   |   |   |   | From |
|                                                                 |   |   |   |   | Inception on |
|                                                                 |   |   |   |   | July 30, |
|                                                                 | For the Six Months                        Ended |   | 2004 through |
|                                                                 | March 31, |   | March 31, |
|                                                                 | 2008 |   | 2007 |   | 2008 |
|                                                                 |   |   |   |   |   |
| CASH FLOWS FROM                        OPERATING ACTIVITIES          |   |   |   |   |   |
|                                                                 |   |   |   |   |   |
| Net loss                                                             | $ (18,931) |   | $ (42,288) |   | $ (176,559) |
| Adjustments to                        reconcile net loss to net cash |   |   |   |   |   |
| used by operating                        activities:                 |   |   |   |   |   |
| Interest                        expense                              | 1,455  |   | 1,194  |   | 5,221  |
| Management                        fees                               | -  |   | -  |   | 2,000  |
| Write-off of website                        costs                    | -  |   | -  |   | 7,917  |
| Changes in operating                        assets and liabilities:  |   |   |   |   |   |
| (Increase) in prepaid                        expenses                | (100) |   | -  |   | (100) |
| Increase (decrease) in                        accounts payable and   |   |   |   |   |   |
| accrued                        liabilities                           | (2,806) |   | (2,499) |   | -  |
|                                                                 |   |   |   |   |   |
| Net Cash Used by                        Operating Activities         | (20,382) |   | (43,593) |   | (161,521) |
|                                                                 |   |   |   |   |   |
| CASH FLOWS FROM                        INVESTING ACTIVITIES          |   |   |   |   |   |
|                                                                 |   |   |   |   |   |
| Website                        Costs                                 | -  |   | -  |   | (7,917) |
|                                                                 |   |   |   |   |   |
| Net Cash Used by                        Investing Activities         | -  |   | -  |   | (7,917) |
|                                                                 |   |   |   |   |   |
| CASH FLOWS FROM                        FINANCING ACTIVITIES          |   |   |   |   |   |
|                                                                 |   |   |   |   |   |
| Capital stock                        issued                          | -  |   | -  |   | 32,990  |
| Share subscriptions                        received                  | -  |   | -  |   | 60,000  |
| Proceeds from                        shareholder loan                | 25,000  |   | -  |   | 25,000  |
| Proceeds from related                        party loan              | 18,713  |   | 23,700 |   | 75,513  |
| Payments on related                        party loan                | (435) |   | -  |   | (435) |
|                                                                 |   |   |   |   |   |
| Net Cash Used by                        Financing Activities         | 43,278  |   | 23,700 |   | 193,068  |
|                                                                 |   |   |   |   |   |
| NET INCREASE (DECREASE)                        IN CASH               | 22,896  |   | (19,893) |   | 23,630  |
|                                                                 |   |   |   |   |   |
| CASH AT BEGINNING OF                        PERIOD                   | 734  |   | 21,849  |   | -  |
|                                                                 |   |   |   |   |   |
| CASH AT END OF                        PERIOD                         | $                        23,630  |   | $                        1,956  |   | $                        23,630  |
|                                                                 |   |   |   |   |   |
|                                                                 |   |   |   |   |   |
|                                                                 |   |   |   |   |   |

The accompanying            notes are an integral part of these financial statements.

             

-7-

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** ****RING ENERGY,            INC.**

(formerly Transglobal Mining            Corp.)            (A Pre-exploration Stage Company)

Notesto the Financial Statements            March 31, 2008 and December 31, 2007

NOTE 1            –     INTERIM REPORTING             

While information presented in the            accompanying interim financial statements is unaudited, it includes all adjustments,            which are, in the opinion of management, necessary to present fairly the financial            position, results of operations and cash flows for the interim period presented. All            adjustments are of a normal recurring nature. It is suggested that these interim            financial statements be read in conjunction with the Company’s September 30, 2007            financial statements. Operating results for the period ended March 31, 2008 are not            necessarily indicative of the results that can be expected for the year ending            September 30, 2008.

NOTE 2 –                 GOING CONCERN             

These financial statements have            been prepared in accordance with generally accepted accounting principles applicable to            a going concern, which assumes that the Company will be able to meet its obligations            and continue its operations for its next twelve months. Realization values may be            substantially different from carrying values as shown and these financial statements do            not give effect to adjustments that would be necessary to the carrying values and            classification of assets and liabilities should the Company be unable to continue as a            going concern. At March 31, 2008, the Company had not yet achieved profitable            operations, has accumulated losses of $176,559 since its inception, has a working            capital deficiency of $1,270 and expects to incur further losses in the development of            its business, all of which casts substantial doubt about the Company’s ability to            continue as a going concern. The Company’s ability to continue as a going concern            is dependent upon its ability to generate future profitable operations and/or to obtain            the necessary financing to meet its obligations and repay its liabilities arising from            normal business operations when they come due. Management has nor formal plan in place            to address this concern but considers that the Company will be able to obtain            additional funds by equity financing and/or related party advances, however there is no            assurance of additional funding being available.                          On March 20, 2008, 34 shareholders of the Company sold approximately 98% of the issued            and outstanding shares in the Company to a group of 49 shareholders who acquired            54,456,615 common shares from the selling group, 30,000,000 of which were restricted            securities held by the Company’s majority shareholder, Mr. Scott Elgood.                          At the time of the sale Mr. Elgood resigned as a director and the Company’s sole            officer and Robert “Steve” Owens, Robert Morely, and Michael F. Harland            were appointed to the board of directors, with Mr. Owens being the sole officer of the            Company.                          On March 20, 2008, the Company changed its name from Transglobal Mining Corp. to Ring            Energy, Inc. and effected 18:1 reverse stock split. Prior to the reverse split, there            were 54,742,500 shares issued and outstandingimssc after the split, there are now            3,041,250 shares deemed issued and outstanding.

             

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**     **

**RING ENERGY, INC.**

(formerly Transglobal Mining            Corp.)            (A Pre-exploration Stage Company)

Notesto the Financial Statements            March 31, 2008 and December 31, 2007

NOTE 3 –                 RELATED PARTY TRANSACTIONS                               The Company was charged the following by a director of            the Company:

             

             
|   |            |                                                                                                                                                                                                     |                                                                                                                                                                                       | From                                                                                                                                                                                  |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |            |                                                                                                                                                                                                     |                                                                                                                                                                                       | Inception on                                                                                                                                                                          |
|   |            |                                                                                                                                                                                                     |                                                                                                                                                                                       | July 30,                                                                                                                                                                              |
|   |            |   For the Six                                                                                                                                                                                  |  Months Ended                                                                                                                                                                         | 2004 through                                                                                                                                                                          |
|   |            | Mar                                                                                                                                                                                                      | ch                    31,                                                                                                      | March 31,                                                                                                                                                                             |
|   |            | 2008                                                                                                                                                                                                     | 2007                                                                                                                                                                                       | 2008                                                                                                                                                                                  |
|   |            |                                                                                                                                                                                                     |                                                                                                                                                                                       |                                                                                                                                                                                  |
|   | Management Fees |  $                                          -           |                          $                                             6,000 |                          $                                            26,400 |
|   |            |                                                                                                                                                                                                     |                                                                                                                                                                                       |                                                                                                                                                                                  |

                       

During the six months ended March            31, 2008 and 2007, two individuals advanced the Company $18,713 and $25,700,            respectively and the Company made payments on these loans totaling $435 and $0,            respectively.                          During the six months ended March 31, 2008, a shareholder advanced the Company            $25,000. The loan is unsecured, non-interest bearing and has no specific terms for            repayment.

NOTE 4 – NON-CASH            TRANSACTIONS             

Investing and financing activities            that do not have an impact on current cash flows are excluded from the statements of            cash flows.                          During the six months ended March 31, 2008, the Company recorded imputed interest            expense of $1,455 (2007:$1,194) (10%) to the former director of the Company. Additional            paid-in capital has been increased accordingly.                          During the six months ended March 31, 2008, two individuals forgave amounts due them            by the Company totaling $75,078. As these amounts owed were due to related parties,            additional paid-in capital has been increased accordingly.                          During the period July 30, 2004 (date of inception) to September 30, 2005, the Company            issued 1,666,667 common shares of the Company to a former director of the company for            $2,000.                          These transactions have been excluded from the statements of cash flows.

NOTE 5 –                 COMMITMENTS             

By a private placement agreement            dated April 30, 2007, the Company received subscriptions of $60,000 with the respect to            the issuance of 75,000 common shares at $0.80 per share.

             

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**RING ENERGY, INC.**

**NOTES TO UNAUDITED            CONDENSED FINANCIAL STATEMENTS**

*Basis of            Preparation*

     The            condensed financial statements for theperiodendedMarch 31,2008 inthis report have been prepared by the            Company without audit pursuant to the rules and regulations of the Securities and            Exchange Commission and reflect, in the opinion of the management, all adjustments            necessary to present fairly the results of the operations of the interim periods            presented herein. Certain information in footnote disclosures normally included in            financial statements prepared in accordance with accounting principles generally            accepted in the United States of America have been omitted pursuant to such rules and            regulations, although the Company believes the disclosures presented herein are            adequate to make the information presented not misleading. It is suggested that these            condensed financial statements be read in conjunction with the financial statements and            notes thereto included in the Company’s Annual Report on Form 10-KSBfor the year endedSeptember 30,2007,which report has been filed with the            Securities and Exchange Commission. The Annual Reportwill be availablefrom the Company’s website as            established, and online at the Securities and Exchange Commission website atwww.sec.gov/edgar.

**ITEM 2.                 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL            CONDITION AND RESULTS OF OPERATIONS**

*Overview*

     Thecompanywasoriginallyorganized as a NevadaCorporationof record on July 30, 2004 under the name            of Blanca Corp. The initial purpose of thecorporationwas to engage in mining operations. The            name of the corporation waschangedof record on April            18th, 2007 to Transglobal Mining Corp. In            March, 2008 incident to the following described majority share acquisition, the            name was again changed to Ring Energy, Inc.                               From its inception, the corporation intended to engage            in various mining development operations within the United States and Canada up to a            recent majority share acquisition, as subsequently reported. Itmaintained its principal place ofbusinessin Saskatoon, SK,Canada, prior to the recent majority share            acquisition. During 2006, thecompany “staked”a 405 hectare mineral claim in British            Columbia, Canada, but no longer has any interst in that claim. In 2007, thecompanyentered into various optionagreementsfor thedevelopmentof gold resources in China with China            Eastern Mining Corporation, but sinceabandonedthose interests. Also in 2007, the company            purchased 2,865 hectares of land for the purposes of uranium exploration in theSurpriseLake Area, of British Columbia, the            company has now abandoned those claims. As of the date of the majority share            acquisition in March, 2008, as subsequently described, the company ownership changed to            a new group of shareholders and newmanagementand directors were installed. At the time            of themajorityshare acquisition closing, and as a            condition to such closing, the company divested itself from all assets and liabilities,            such that thecompanyacquired as of the date of the majority            share acquisition was a true“shell”corporation.                               On or about March            20th, the company changed of record itsname in Nevada, to Ring Energy,            Inc.and intends to go forward            under that name with a newbusinesspurpose being theacquisition             and development of oil and gas properties            and the marketing of oil and gas products derived from those properties. It is not            presentlydeterminedexactly how the company will proceed to            acquire and develop oil and gas properties orwhether the interests acquired will be            primarily working interest or royalty interests or whether the company will be able to            acquire sufficient interest to act as an operator in any potential oil and gas            properties acquired. These future business activities and plans will besubsequentlydeterminedbytheboard of directors and will be discussed            on an ongoing basis with shareholders through thesubsequentperiodic public reports to be filed by the            company. At the present time,thereare no commitments, options or rights to            acquire any particular oil and gas properties and none of them have been identified for            acquisition to date.                               Also,incidentto the closing of the majority            shareacquisition, the companyapprovedby a majority shareholder consentresolutiona reverse split of eighteen-to-one (18:1)            of its issued shares, decreasing the issued and outstanding shares from 54,742,500 to            3,041,250 shares.Approximately83 shareholdersparticipatedin themajority share acquisition in which            54,456,615 shares wereacquired            from 34 shareholders by 49 new shareholders resulting in totalofapproximately 62 present            shareholdersin the            company.

             

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** **

*Summary of Current Events            –*

       As generally described above, the company            wasacquiredon March            20th, 2008 by a new group of majority            shareholders. Pursuant to theclosingof the majority shareacquisition,Mr. Robert“Steve”Owens (age 65) was appointed by the            resigning board as a chairman of the board, along with Mr. Robert J. Morley (age 62) as            a director and, Mr. Michael F. Harland (age 64) as a director. Mr. Steve Owens is            currently serving as the sole officer of the company in the capacity as a president/CEO            and treasurer/secretary.                               Biographicalinformationfor the new directors appointed to the            board, as described above, have been filed and made of record in the recent 8-K filing            by the company and will also be included in the next 10-K filing by the company, as            thenconstitute            d, in September, 2008.                               T            he company is currently trading on the OTCBB (Electronic Bulletin Board) under its            prior name“Transglobal Mining Corp.”,symbol TMNC, but anticipates shortly            approval of a new trading symbol under its current name.                               Thecompanyis presently in the process of completing            the offeringinformationnecessary toattemptaprivate placement offering for up to $1.5            million dollars and from which it intends to use the net proceeds to acquire anddevelopas yet undetermined oil and gas properties            and products. Until the completion of that accredited investor only privateplacementoffering, the company will have no            material assets and intends to repay its reorganizational loan from aprincipalshareholder in the amount of approximately            $25,000.                               

*Critical Accounting Policies and            Estimates*

     The            Company’s discussion and analysis of its financial condition and results of            operation are based upon financial statements, which have been prepared in accordance            with accounting principles generally accepted in the United States of America. The            preparation of these financial statements requires the Company to make estimates and            judgments that affect the reported amounts of assets and liabilities and disclosures of            contingent assets and liabilities at the date of the financial statements.                  The Companywillaccounts for its intendedoil andnatural gasproperties under thefull costmethod of accounting. Depletion,            depreciation and amortization of oil andnatural gasproperties and the periodic assessments            for impairment are based on underlying oil andnatural gasreserve estimates and future cash flows            using then current oil andnatural            gasprices combined with operating            and capital development costs. There are numerous uncertainties inherent in estimating            quantities of proved oil andnatural gasreserves and in projecting future rates of            production and timing of development expenditures.Historically, oil andnatural gasprices havealsoexperienced significant fluctuations and            have been particularly volatile in recent years. Price fluctuations can result from            variations in weather, levels of regional or national production and demand,            availability of transportation capacity to other regions of the country and various            other factors. Increases or decreases in oil andnatural gasprices received could have a significant            impact on future results.

*Liquidity and Capital            Resources*

     AtMarch 31, 2008, the Company hadminimalassetsof $23,730compared to current liabilities ofapproximately $25,000.The company currently has working capital            of approximately $23,730, no revenues and an accumulated deficit of approximately            $157,628.

     

During the second quarter            of the company’s current fiscal year,            ending March            31st, 2008, there were no            significant capital expenditures. The company had only the minimum amount of            capitalization as listed on its financial statements and did not attempt to engage in            any active business purposes, and 

             

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**     **

primarily devoted its            effort to the completion of the described majority share acquisition resulting in the            change ofmanagment, name, and business            purpose. These matters are more fully accounted for in the financialstatementappearing earlier in this            report.

     The Company            believes that an anticipated accredited investor only private placement offeringof $900,000 to $1,500,000will be sufficient to cover its working            capital requirements for the next 12 monthsand initiateits current oil and gasacquisitionactivities.In connection withundertakingany significant acquisition or            fundingofan exploratory or development drilling            program, additional debt or equity financingmaybe required, which may or may not be            available on terms that are acceptable to the Company. The completion of this intended            offering or other alternative financing, none of which can be assured, will be            necessary for the company to continue.

     While            certain costs are affected by the general level of inflation, factors unique to the oil            and natural gas industry result in independent price fluctuations. Over the past five            years, significant fluctuations have occurred in oil and natural gas prices. Although            it is particularly difficult to estimate future prices of oil and natural gas, price            fluctuations willhavea material effect on the            Company.

*Results of Operations*

*Three months            ended**March            31, 2008**compared to three            months ended**March 31,            2007.*

     In neither of the above            comparableperiod            s, did thecompanyhave any revenues or            income.

D            uring the 2007 period, the company had ongoing expenses which werefinancedfrom capital            contributions from one or more of its principal shareholders.             

     For            the comparable period of 2008, thecompanyhad lessexpenses, and most of theexpenseswhich were incurred were            paid by the selling shareholders involved in themajorityshare saletransaction            . Even though thecompanymay have been a            collateral beneficiary of some of those transactions, they did not involvedirectcompany expenditures or            costs. The remaining small residual amount of cash in thecompanyat the time of the            majority shareacquisition wasdistributed out to            thethenmanagementfor partial payment of            accrued salary or costs, sothat there were no assets            transferred in the company as of the majority share acquisitionclosing onMarch            20th, 2008.

*Six Months            ended**March            31, 2008**compared to the six            months ended**March 31,            2007**.*             *     *Thefinancialst            atements for the company asgenerallydescribed for the            quarterly period would have beensubstantiallythe same for the sixth            month period as the company did not have revenues or income during thatcomputableperiod. 

             

**ITEM****3****.****QUANTITATIVE AND            QUALITATIVE DISCLOSURES ABOUT MARKET RISK**             **     **Aspreviouslyoutlined above, the            companyis now            essentially a shell companyhaving been acquired in a            majority shareacquisitionand reorganized to an oil            and gas company under the name of Ring Energy, Inc. At the present time, the company            has no assets, revenues, or specific business purpose whichconstitutesa risk factor to anyone            wishing to participate in the company. The company does intend to go forward in the            near future with a private placement offering, the outcome of which cannot bewarrantedor assured to prospective            participants orinvestorsin the company.I            f the company is successful in completing itsintended privateplacementoffering, as generally            outlined above, there will remain certain risk as to whether suitable oil and gas            properties can be acquired on a commercially feasible basis. Additional risk may arise            from whether the company has sufficient capital to acquire anddevelopoil and gas properties            and to develop and market any product from those properties. There is also an            inherent risk in any oil and gas developmentprogramwhich may arise out of            such typical risk factors as the drilling of dry or non-commercial wells,completionproblems, and            fluctuations in oil and gas prices. There are also significant environmental risks in            oil and gas development, as well as significant government            regulation.  

                 

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     Should            the company be successful in its private placement offering, it may still not be            sufficientlycapitalizedto acquire or develop oil            and gas properties on a commercial basis. All of these factors should beconsideredby anyoneparticipatingin or investing in the            company.

**ITEM****4****. CONTROLS AND PROCEDURES**

*Evaluation of Disclosure Controls and            Procedures*

     

As ofMay 1, 2008, our Chief Executive            Officer and Chief Financial Officer (the“Certifying            Officers”)            conducted evaluations of our disclosure controls and procedures. As defined under            Sections 13a-15(e) and 15d-15(e) of the Exchange Act,the term “disclosure            controls and procedures” means controls and other procedures of an issuer that            are designed to ensure that information required to be disclosed by the issuer in the            reports that it files or submits under the Exchange Act is recorded, processed,            summarized and reported, within the time periods specified in the SEC’s rules and            forms. Disclosure controls and procedures include, without limitation, controls and            procedures designed to ensure that information required to be disclosed by an issuer in            the reports that it files or submits under the Exchange Act is accumulated and            communicated to the issuer’s management, including the Certifying Officers, to            allow timely decisions regarding required disclosure. Based on this evaluation, the            Certifying Officer has concluded that our disclosurecontrols and procedures            wereeffective to ensure            that material information is recorded, processed, summarized and reported by our            management on a timely basis in order to comply with our disclosure obligations under            the Exchange Act, and the rules and regulations promulgated thereunder.

*Changes in Internal Controls Over            Financials Reporting*

     Further            there have been no changes in the Company’s internal control over financial            reporting during the most recent fiscal quarter that have materially affected, or are            reasonably likely to materially affect, the Company’s internal control over            financial reporting.

**PART            II.     OTHER INFORMATION**             

**ITEM 1. LEGAL            PROCEEDINGS                               **Thecompanyhas not engaged in any            legal proceedings at the present time.

**ITEM 2. UNREGISTERED            SALES OF EQUITY, SECURITIES, AND USE OF PROCEEDS             **

     The company did not issue            any shares during the second quarter ending March            31st, 2008. A group of the            majorityshareholders did transfer            their share ownership in the company, as previously described, but this did not involve            or required any issuance of shares by the company, nor create any proceeds for            thecompany.                               Thecompanyis tentatively planning            on engaging in an accredited investor only private placement offering as generally            described above during the third fiscal quarter and will report the results of such            private placement offering in its regular periodic reports.

**ITEM 3. DEFAULTS OF            UPON SENIOR SECURITIES             **

     The company has no senior            securities and hence no defaults in any such senior securities.

             

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**ITEM 4. SUBMISSION OF            MATTERS TO A VOTE OF SECURITIES HOLDERS**

     During the second quarter            ending March            31st            , 2008, the majority shareholders of the company subsequent tothe majority share            acquisitionagreed            ,pursuant to a            majority shareholder consent resolution under Nevada law,to change the name of the            corporation to Ring Energy, Inc. and to authorize a 18:1 reverse stock split of the            issued and outstanding shares. Because these matters were approved by amajorityshareholder consent            resolution, there was norequirementof shareholder notice or            meeting under Nevada law. The results of the shareholder actions werereported above under the            Description of the Majority Share Acquisition.

**ITEM****5****.****SUBSEQUENT            EVENTS**

     The            company has included as part of this report, variousmaterialevents that occurred or            are anticipated to occur shortly after the end of the reporting period on March 31,            2008. The most significant being the intended private placementoffering and anticipated            oil and gas activities.             

**ITEM 6. EXHIBITS AND            REPORTS ON FORM 8-K**

(a)     Exhibits            – The following documents are filed as exhibits to this Quarterly Report on Form            10-Q:

31.1 Certification of            Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.            *

31.2 Certification            ofActingChief Financial Officer            pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *

32.1 Certification of            Chief Executive Officer, dated May 12, 2006, pursuant to 18 U.S.C. Section 1350, as            adopted to Section 906 of the Sarbanes-Oxley Act of 2002. *

32.2 Certification of            ActingChief            Financial Officer, datedMay 12, 2006, pursuant to            18 U.S.C. Section 1350, as adopted to Section 906 of the Sarbanes-Oxley Act of 2002.            *

**     Filed            herewith*
> 
(b)The following reports                on Form 8-Kis                with Exhibitswere filed by                Registrant duringor related tothe quarter                endedMarch                31, 2008**:

> 
 8-K Report                filed March                20th, 2008 describing the                majority share acquisition and new

 management. 

8-K Report filed April            14th, 2008 (and reported            herein as a subsequent event) describing reorganization of the company after themajorityshare acquisition and the            new principal shareholders.

SIGNATURES

Pursuant to the            requirements of the Securities Exchange Act of 1934, Registrant has duly caused this            report to be signed on its behalf by the undersigned thereunto duly            authorized.

             

             

             
|   | RING ENERGY, INC. |
|--------|-------------------|

 

 

| Date: May 8, 2007 | By: | /s/ Robert “Steve”                            Owens |
|-------------------|-----|-----------------------------------------------------------------|

|   | Robert “Steve” Owens

                            President/CEO

                            Acting Chief Financial Officer |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

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