Ring Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document And Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
Notes Details

ACQUISITIONS & DIVESTITURES

ACQUISITIONS & DIVESTITURES	3 Months Ended
Mar. 31, 2021
ACQUISITIONS & DIVESTITURES
ACQUISITIONS & DIVESTITURES	NOTE 5 – ACQUISITIONS & DIVESTITURES The Company entered into a Purchase, Sale and Exchange Agreement dated February 1, 2021, effective January 1, 2021, with Vin Fisher Operating, Inc. covering the sale and exchange of certain oil and gas interests in Andrews County, Texas. After the sale and transfer of wells and leases between the two parties, the Company also received a net value consideration in cash of $2,000,000 and reduced the Company’s asset retirement obligations by $2,934,126 for the properties sold and added $662,705 of asset retirement obligations for the wells acquired.

ACQUISITIONS & DIVESTITURES

3 Months Ended

Mar. 31, 2021

ACQUISITIONS & DIVESTITURES

ACQUISITIONS & DIVESTITURES

NOTE 5 – ACQUISITIONS & DIVESTITURES

The Company entered into a Purchase, Sale and Exchange Agreement dated February 1, 2021, effective January 1, 2021, with Vin Fisher Operating, Inc. covering the sale and exchange of certain oil and gas interests in Andrews County, Texas. After the sale and transfer of wells and leases between the two parties, the Company also received a net value consideration in cash of $2,000,000 and reduced the Company’s asset retirement obligations by $2,934,126 for the properties sold and added $662,705 of asset retirement obligations for the wells acquired.