Ring Energy Files Q3 2024 10-Q

TL;DR

Ring Energy's Q3 2024 10-Q is in. Check financials.

AI Summary

Ring Energy, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Transglobal Mining Corp. and Blanca Corp., is an oil and gas producer. The filing details financial performance and operational updates for the third quarter of 2024.

Why It Matters

This filing provides investors with the latest financial and operational data for Ring Energy, crucial for understanding the company's performance in the volatile oil and gas market.

Risk Assessment

Risk Level: medium — As an oil and gas company, Ring Energy is subject to commodity price volatility and operational risks inherent in the industry.

Key Numbers

• 20240930 — Period End Date (Quarterly reporting period)
• 20241106 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• RING ENERGY, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• Transglobal Mining Corp. (company) — Former Company Name
• Blanca Corp. (company) — Former Company Name
• 1725 HUGHES LANDING BLVD. SUITE 900 (address) — Business Address
• THE WOODLANDS, TX 77380 (address) — Business Address City, State, Zip

FAQ

Key Financial Figures

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

Filing Documents

• rei-20240930.htm (10-Q) — 2008KB
• q32024ex311-rule13ax14acer.htm (EX-31.1) — 9KB
• q32024ex312-rule13ax14acer.htm (EX-31.2) — 9KB
• q32024ex321-section1350cer.htm (EX-32.1) — 4KB
• q32024ex322-section1350cer.htm (EX-32.2) — 4KB
• 0001628280-24-045791.txt ( ) — 10054KB
• rei-20240930.xsd (EX-101.SCH) — 70KB
• rei-20240930_cal.xml (EX-101.CAL) — 90KB
• rei-20240930_def.xml (EX-101.DEF) — 310KB
• rei-20240930_lab.xml (EX-101.LAB) — 806KB
• rei-20240930_pre.xml (EX-101.PRE) — 549KB
• rei-20240930_htm.xml (XML) — 1751KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1: Condensed Financial Statements 5 Notes to the Condensed Financial Statements 11 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 32 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4:

Controls and Procedures

Controls and Procedures 48

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 48 Item 1A:

Risk Factors

Risk Factors 48 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3: Defaults Upon Senior Securities 49 Item 4: Mine Safety Disclosures 49 Item 5: Other Information 49 Item 6: Exhibits 49

SIGNATURES

SIGNATURES 50 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) September 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ — $ 296,384 Accounts receivable 36,394,451 38,965,002 Joint interest billing receivables, net 1,343,801 2,422,274 Derivative assets 8,375,984 6,215,374 Inventory 4,627,980 6,136,935 Prepaid expenses and other assets 2,076,896 1,874,850 Total Current Assets 52,819,112 55,910,819 Properties and Equipment Oil and natural gas properties, full cost method 1,770,078,718 1,663,548,249 Financing lease asset subject to depreciation 4,192,099 3,896,316 Fixed assets subject to depreciation 3,389,907 3,228,793 Total Properties and Equipment 1,777,660,724 1,670,673,358 Accumulated depreciation, depletion and amortization ( 450,913,685 ) ( 377,252,572 ) Net Properties and Equipment 1,326,747,039 1,293,420,786 Operating lease asset 2,057,096 2,499,592 Derivative assets 8,735,674 11,634,714 Deferred financing costs 9,406,089 13,030,481 Total Assets $ 1,399,765,010 $ 1,376,496,392 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 90,143,13

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View this 10-Q filing on SEC EDGAR