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 (Tables)

OIL AND NATURAL GAS PRODUCING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

OIL AND NATURAL GAS PRODUCING ACTIVITIES

Schedule of capitalized costs relating to Oil and Natural Gas producing 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

Schedule of net costs incurred in Oil and Gas producing activities

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