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)

6 Months Ended

Jun. 30, 2020

Schedule of future lease payments of operating lease and finance lease


		2020			2021			2022
Operating lease payments (1)		$	618,389		$	708,392		$	—
Financing lease payments (2)			155,603			311,206			132,499

(1)	The weighted average discount rate as of June 30, 2020 for operating leases was 4.49%. Based on this rate, the future lease payments above include imputed interest of $40,995.

(2)	The weighted average discount rate as of June 30, 2020 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $30,131.

Schedule of lease cost


		2020			2019
Operating lease costs		$	581,258		$	256,350
Short term lease costs (1)			2,142,077			307,518
Financing lease costs:
Amortization of financing lease assets (2)			143,706			25,956
Interest on lease liabilities (3)			16,850			4,029

(1)	Amount included in Oil and gas production costs

(2)	Included as a component of Depreciation, depletion and amortization

(3)	Included as a component of Interest expense