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

Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of future lease payments of operating lease and finance lease


		2022			2023			2024			2025			2026
Operating lease payments ₍₁₎		$	349,127		$	356,991		$	376,855		$	384,719		$	110,096
Financing lease payments ₍₂₎			336,206			213,530			142,354			—			—

(1)	The weighted average discount rate as of December 31, 2021 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $148,701. The weighted average remaining term of operating leases was 4.3 years.

(2)	The weighted average discount rate as of December 31, 2021 for financing leases was 4.22%. Based on this rate, the future lease payments above include imputed interest of $31,850. The weighted average remaining term of financing leases was 2.23 years.

Schedule of lease cost




		2021
Operating lease costs		$	523,487
Short term lease costs ₍₁₎		$	4,161,540
Financing lease costs:
Amortization of financing lease assets ₍₂₎		$	307,936
Interest on lease liabilities ₍₃₎		$	22,088

(1)	Amount included in Lease operating expenses

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense