Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS & DIVESTITURES - Stronghold Acquisition - Preliminary allocation of total cost of acquisition to assets acquired and liabilities assumed (Details)

v3.22.2.2
ACQUISITIONS & DIVESTITURES - Stronghold Acquisition - Preliminary allocation of total cost of acquisition to assets acquired and liabilities assumed (Details) - USD ($)
 9 Months Ended
Aug. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Cash consideration:      
Cash paid by bank to Stronghold on closing   $ 121,392,455  
Fair value of assets acquired:      
Oil and natural gas properties   1,418,931,111 $ 883,844,745
Total Assets   1,251,310,893 684,157,329
Fair value of liabilities assumed:      
Asset retirement obligation   29,426,737 15,292,054
Total Liabilities   $ 607,281,499 $ 383,533,122
Stronghold Acquisition      
Consideration:      
Shares of Ring Common Stock issued 21,339,986    
Ring Common Stock price as of August 31, 2022 $ 3.24    
Common Stock Consideration $ 69,141,555    
Shares of Ring Preferred Stock issued 153,176    
Aggregate Liquidation Preference $ 153,176,000    
Conversion Price $ 3.60    
As-Converted Shares of Ring Common Stock 42,548,903    
Preferred Stock Consideration $ 137,858,446    
Cash consideration:      
Cash paid by bank to Stronghold on closing 121,392,455    
Deposit in escrow 46,500,000    
Cash paid for inventory and fixed assets acquired 4,527,103    
Cash paid for realized August oil derivative losses 1,777,925    
Cash consideration 174,197,483    
Fair value of deferred payment liability 14,511,688    
Fair value of consideration to be paid to seller 395,709,171    
Cash consideration 174,197,483    
Direct transaction costs 9,162,143    
Total consideration 404,871,314    
Fair value of assets acquired:      
Oil and natural gas properties 441,318,763    
Inventory and fixed assets 4,527,103    
Total Assets 445,845,866    
Fair value of liabilities assumed:      
Suspense liability 1,651,596    
Derivative liabilities, marked to market 24,784,406    
Asset retirement obligation 14,538,550    
Total Liabilities 40,974,552    
Total consideration $ 404,871,314