Exhibit 10.1

ASSIGNMENT OF OIL, GAS AND MINERAL LEASES

THAT, Patriot Royalty and Land, LLC, a Texas limited liability company, whose address is 306 W. Wall, Suite 1215, Midland, Texas 79701 (hereinafter referred to as “Assignor”) is the owner of the Oil, Gas and Mineral Leases described on Exhibit “A” attached hereto and made a part hereof (hereinafter referred to as the “Subject Leases”) and covering the following described lands:

W/2 W/2, Section 6, Block A-35, Public School Land Survey, Andrews County, Texas and containing 161.4 acres of land, more or less.

NOW, THEREFORE, for and in consideration of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration in hand paid, the receipt and sufficiency of which are hereby acknowledged and confessed, Assignor does hereby GRANT, BARGAIN, SELL, TRANSFER, ASSIGN and CONVEY, subject to the reservations, conditions and limitations hereinafter set forth, all of Assignor’s right, title, and interest, in and to the Subject Leases and rights thereunder to Ring Energy, Inc., a Nevada corporation, whose address is 18 ¹⁄₂ East State Street, Redlands, CA 92373 (hereinafter referred to as “Assignee”).

This assignment is made and accepted subject to all of the terms and conditions of the Subject Leases and to the terms and conditions contained in that certain unrecorded Letter Agreement dated February 27, 2012, by and between Assignor and Assignee herein.

TO HAVE AND TO HOLD the Subject Leases together with all and singular the rights and appurtenances thereto in anywise belonging, unto said Assignee, its successors and assigns.

This assignment shall be binding upon and inure to the benefit of Assignor and Assignee, and their respective successors and assigns, forever. This assignment is made and executed by Assignor and accepted by Assignee without warranty of title, either express or implied.

IN WITNESS WHEREOF, this Assignment is executed this      day of April, 2012.

ASSIGNOR:

This instrument was acknowledged before me on this      day of April, 2012, by Tyler Yenzer, Vice President of PATRIOT ROYALTY AND LAND, LLC, a Texas limited liability company on behalf of said limited liability company.

This instrument was acknowledged before me on this 9^th day of April, 2012, by Denny W. Nestripke, Chairman of RING ENERGY, INC, a Nevada corporation, on behalf of said corporation.

EXHIBIT “A”

Attached to and made a part of that certain Assignment of Oil, Gas and Mineral Leases by and between Patriot Royalty and Land, LLC, as Assignor, and Ring Energy, Inc., as Assignee.