Ring Energy, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ring Energy, Inc. has filed its Q1 2024 10-Q report detailing financial performance and operational updates.</b>

AI Summary

RING ENERGY, INC. (REI) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Ring Energy, Inc. filed a 10-Q with the SEC on May 6, 2024, for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is Crude Petroleum & Natural Gas extraction. Ring Energy, Inc. was formerly known as Transglobal Mining Corp. and Blanca Corp. The filing includes references to derivative assets and liabilities, both current and noncurrent.

Why It Matters

For investors and stakeholders tracking RING ENERGY, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for assessing the company's current performance and future outlook. The inclusion of details on derivative assets and liabilities suggests the company is actively managing commodity price risks, which is a key factor in the oil and gas industry.

Risk Assessment

Risk Level: low — RING ENERGY, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately alarming financial or operational red flags.

Analyst Insight

Review the detailed financial statements and management's discussion within the 10-Q to understand Ring Energy's Q1 2024 performance and identify any specific operational or financial trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 1311 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• NV — State of Incorporation (STATE OF INCORPORATION)
• 77380 — ZIP Code (BUSINESS ADDRESS)
• 281-397-3699 — Business Phone (BUSINESS PHONE)
• 2007-04-25 — Name Change Date (DATE OF NAME CHANGE)
• 2006-12-20 — Name Change Date (DATE OF NAME CHANGE)

Key Players & Entities

• RING ENERGY, INC. (company) — FILER
• REI (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-06 (date) — FILED AS OF DATE
• NV (jurisdiction) — STATE OF INCORPORATION
• The Woodlands (location) — CITY
• TX (location) — STATE
• Transglobal Mining Corp. (company) — FORMER COMPANY
• Blanca Corp. (company) — FORMER COMPANY

FAQ

Industry Context

Ring Energy, Inc. operates in the Crude Petroleum & Natural Gas industry, focusing on the exploration, development, and production of oil and gas reserves.

Regulatory Implications

As a publicly traded company, Ring Energy, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow statement) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Examine any disclosures related to significant contracts, risks, or legal proceedings mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and operations during the quarter.)

Derivative Assets/Liabilities

Financial instruments whose value is derived from an underlying asset, index, or rate. (Indicates the company's use of hedging strategies to manage financial risks, particularly relevant in volatile commodity markets.)

Year-Over-Year Comparison

This filing represents the first quarterly report for Ring Energy, Inc. in the fiscal year 2024, providing an update compared to previous periods.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 REI NYSE American Indicate by check m

Filing Documents

• rei-20240331.htm (10-Q) — 1464KB
• q12024ex311-rule13ax14acer.htm (EX-31.1) — 9KB
• q12024ex312-rule13ax14acer.htm (EX-31.2) — 9KB
• q12024ex321-section1350cer.htm (EX-32.1) — 4KB
• q12024ex322-section1350cer.htm (EX-32.2) — 4KB
• 0001628280-24-020695.txt (&nbsp;) — 8492KB
• rei-20240331.xsd (EX-101.SCH) — 67KB
• rei-20240331_cal.xml (EX-101.CAL) — 85KB
• rei-20240331_def.xml (EX-101.DEF) — 293KB
• rei-20240331_lab.xml (EX-101.LAB) — 766KB
• rei-20240331_pre.xml (EX-101.PRE) — 520KB
• rei-20240331_htm.xml (XML) — 1362KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1: Condensed Financial Statements 5 Notes to the Condensed Financial Statements 13 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4:

Controls and Procedures

Controls and Procedures 41

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 41 Item 1A:

Risk Factors

Risk Factors 41 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3: Defaults Upon Senior Securities 42 Item 4: Mine Safety Disclosures 42 Item 5: Other Information 42 Item 6: Exhibits 42

SIGNATURES

SIGNATURES 43 2 Table of Contents

Forward Looking Statements

Forward Looking Statements This Quarterly Report on Form 10-Q (herein, "Quarterly Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this Quarterly Report regarding our strategy, future operations, financial position, estimated revenues and expenses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words "may," "will," "could," "would," "should," "believe," "anticipate," "intend," "estimate," "expect," "plan," "pursue," "target," "continue," "potential," "guidance," "project" or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this Quarterly Report. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. We are making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated. Such factors include: declines or volatility in the prices we receive for our oil and natural gas; our ability to raise additional capital to fund future capital expenditures; our ability to generate sufficient net cash provided by operating activities, borrowings or other sources to enable us to fully develop and produce our oil and natural gas properties; general economic conditions, whether internationally, nationally or in

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements The following (a) condensed balance sheet as of December 31, 2023 which has been derived from our audited financial statements, and (b) the unaudited condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures by accounting principles generally accepted in the United States ("GAAP") and normally included in Annual Reports on Form 10-K have been omitted. Although management believes that our disclosures are adequate to make the information presented not misleading, these unaudited interim condensed financial statements should be read in conjunction with the Company's audited financial statements and related notes included in its most recent Annual Report on Form 10-K. 5 Table of Contents RING ENERGY, INC. CONDENSED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 1,376,075 $ 296,384 Accounts receivable 44,392,621 38,965,002 Joint interest billing receivables, net 1,857,241 2,422,274 Derivative assets 3,704,446 6,215,374 Inventory 5,965,519 6,136,935 Prepaid expenses and other assets 1,371,146 1,874,850 Total Current Assets 58,667,048 55,910,819 Properties and Equipment Oil and natural gas properties, full cost method 1,700,133,519 1,663,548,249 Financing lease asset subject to depreciation 4,151,171 3,896,316 Fixed assets subject to depreciation 3,353,730 3,228,793 Total Properties and Equipment 1,707,638,420 1,670,673,358 Accumulated depreciation, depletion and amortization ( 400,876,225 ) ( 377,252,572 ) Net Properties and Equipment 1,306,762,195 1,293,420,786 Operating lease asset 2,353,647 2,499,592 Derivative assets 5,092,176 11,634,714 Deferred financing costs 11,808,874 13,030,481 Total Assets $ 1,384,683,940 $ 1,376,496,392 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 99,1

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View this 10-Q filing on SEC EDGAR