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, 2022

Schedule of future lease payments of operating lease and finance lease


		2022			2023			2024			2025			2026
Operating lease payments⁽¹⁾		$	261,845		$	356,991		$	376,855		$	384,719		$	110,096
Financing lease payments⁽²⁾			210,916			213,530			142,354			—			—

(1)	The weighted average discount rate as of March 31, 2022 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $132,892. The weighted average remaining term of operating leases was 4.05 years.

(2)	The weighted average discount rate as of March 31, 2022 for financing leases was 4.11%. Based on this rate, the future lease payments above include imputed interest of $25,337. The weighted average remaining term of financing leases was 2.18 years.

Schedule of lease cost


		Three months ended
		March 31,
		2022			2021
Operating lease costs		$	83,590		$	271,517
Short term lease costs ⁽¹⁾			715,803			892,489
Financing lease costs:
Amortization of financing lease assets ⁽²⁾			116,615			35,839
Interest on lease liabilities ⁽³⁾			6,513			4,928

(1)	Amount included in Lease operating expenses

(2)	Amount included in Depreciation, depletion and amortization

(3)	Amount included in Interest expense