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, 2019

Schedule of future lease payments of operating lease and finance lease


		2019			2020			2021			2022
Operating lease payments ⁽¹⁾		$	256,350		$	42,725		$	—		$	—
Financing lease payments ⁽²⁾			115,783			231,565			231,565			88,478

(1)	The weighted average discount rate as of June 30, 2019 for operating leases was 5.01%. Based on this rate, the future lease payments above include imputed interest of $4,980.

(2)	The weighted average discount rate as of June 30, 2019 for financing leases was 5.28%. Based on this rate, the future lease payments above included imputed interest of $53,710.

Schedule of lease cost


		2019
Operating lease costs		$	256,350
Short term lease costs (1)			307,518
Financing lease costs:
Amortization of financing lease assets (2)			25,956
Interest on lease liabilities (3)			4,029

(1)	Amount included in Oil and gas production costs

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense