Ring Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

LEASES (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of future lease payments of operating lease and finance lease


		2020			2021			2022
Operating lease payments (1)		$	309,195		$	708,392		$	—
Financing lease payments (2)			77,802			311,206			132,499

(1)	The weighted average discount rate as of September 30, 2020 for operating leases was 4.49%. Based on this rate, the future lease payments above include imputed interest of $27,432.

(2)	The weighted average discount rate as of September 30, 2020 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $27,752.

Schedule of lease cost


		2020			2019
Operating lease costs		$	876,889		$	384,525
Short term lease costs (1)			3,347,484			461,277
Financing lease costs:
Amortization of financing lease assets (2)			215,560			98,868
Interest on lease liabilities (3)			24,022			15,019

(1)	Amount included in Oil and gas production costs

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense