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)

6 Months Ended

Jun. 30, 2021

Schedule of future lease payments of operating lease and finance lease


		2021			2022			2023			2024			2025
Operating lease payments (1)		$	106,263		$	349,127		$	356,991		$	376,855		$	384,719
Financing lease payments (2)			147,811			122,676			—			—			—

(1)	The weighted average discount rate as of June 30, 2021 for operating leases was 4.5%. Based on this rate, the future lease payments above include imputed interest of $181,985.

(2)	The weighted average discount rate as of June 30, 2021 for financing leases was 5.3%. Based on this rate, the future lease payments above include imputed interest of $7,043.

Schedule of lease cost


		Three months ended June 30,						Six months ended June 30,
		2021			2020			2021			2020
Operating lease costs		$	84,790		$	272,063		$	356,307		$	581,258
Short term lease costs (1)			1,046,025			1,290,128			1,938,514			2,142,077
Financing lease costs:
Amortization of financing lease assets (2)			68,625			71,853			104,464			143,706
Interest on lease liabilities (3)			4,078			8,028			9,006			16,850

(1)	Amount included in Oil and gas production costs

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense