Ring Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

OIL AND NATURAL GAS PRODUCING ACTIVITIES

OIL AND NATURAL GAS PRODUCING ACTIVITIES

12 Months Ended

Dec. 31, 2020

OIL AND NATURAL GAS PRODUCING ACTIVITIES

OIL AND NATURAL GAS PRODUCING ACTIVITIES

NOTE 7 – OIL AND NATURAL GAS PRODUCING ACTIVITIES

Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration activities:


As of December 31,	2020		2019
Proved oil and natural gas properties	$	836,514,815	$	1,083,966,135
Financing lease asset subject to depreciation		858,513		858,513
Fixed assets subject to depreciation		1,520,890		1,465,551
Total capitalized costs		838,894,218		1,086,290,199
Accumulated depletion, depreciation and amortization		(200,111,658)		(157,074,044)

Net Capitalized Costs	$	638,782,560	$	929,216,155

Net Costs Incurred in Oil and Gas Producing Activities


For the years Ended December 31,	2020		2019
Payments for the Wishbone Acquisition	$	—	$	276,061,594
Payments to purchase oil and natural gas properties		1,317,313		3,400,411
Proceeds from divestiture of oil and natural gas properties		—		(8,547,074)
Payments to develop oil and natural gas properties		42,457,745		152,125,320
Payments to acquire or improve fixed assets subject to depreciation		55,339		—
Total Net Costs Incurred	$	43,830,397	$	423,040,251