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)

3 Months Ended

Mar. 31, 2020

Schedule of future lease payments of operating lease and finance lease


		2020			2021			2022
Operating lease payments (1)		$	927,584		$	708,392		$	—
Financing lease payments (2)			233,405			311,206			132,499

(1)	The weighted average discount rate as of March 31, 2020 for operating leases was 4.49%. Based on this rate, the future lease payments above include imputed interest of $57,982.

(2)	The weighted average discount rate as of March 31, 2020 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $38,159.

Schedule of lease cost


		2020			2019
Operating lease costs		$	309,195		$	128,175
Short term lease costs (1)			851,949			153,759
Financing lease costs:
Amortization of financing lease assets (2)			71,853			—
Interest on lease liabilities (3)			8,822			—

(1)	Amount included in Oil and gas production costs

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense