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, 2021

Schedule of future lease payments of operating lease and finance lease


		2021			2022			2023			2024			2025
Operating lease payments (1)		$	749,909		$	382,727		$	382,841		$	376,855		$	384,719
Financing lease payments (2)			222,916			122,672			—			—			—

(1)	The weighted average discount rate as of March 31, 2021 for operating leases was 4.5%. Based on this rate, the future lease payments above include imputed interest of $198,394.

(2)	The weighted average discount rate as of March 31, 2021 for financing leases was 5.3%. Based on this rate, the future lease payments above include imputed interest of $15,850.

Schedule of lease cost


		2021			2020
Operating lease costs		$	271,517		$	309,195
Short term lease costs (1)			892,489			851,949
Financing lease costs:
Amortization of financing lease assets (2)			35,839			71,853
Interest on lease liabilities (3)			4,928			8,822

(1)	Amount included in Lease Operating Expenses

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense