Item 5. Market for Registrant’s Common Equity
Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for our Common Stock
Our common stock is listed on the NYSE American under the trading symbol “REI.”
Performance Graph
The following graph compares the cumulative 5-year total return attained by stockholders on Ring’s common stock relative to the cumulative total returns of the S&P 500 index and that of a selected peer group, named below. The graph assumes a $100 investment at the closing price on December 31, 2015, and reinvestment of dividends on the date of payment without commission. This table is not intended to forecast future performance of our common stock.
*
The peer group consists of: Callon Petroleum Company, Earthstone Energy, Inc., Laredo Petroleum, Inc., Abraxas Petroleum Corporation and Contango Oil & Gas Company, all of which are in the oil and natural gas exploration and production industry.
The performance graph above is furnished and not filed for purposes of Section 18 of the Exchange Acts and will not be incorporated by reference into any registration filed under the Securities Act unless specifically identified therein as being incorporated by reference. The performance graph is not solicitation material subject to Regulation 14A.
Record Holders
As of March 1, 2021, there are approximately 21,632 holders of record of our common stock.
Dividend Policy
We do not currently anticipate paying any cash dividends on our common stock. We currently intend to retain future earnings, if any, to pay down debt and finance the expansion of our business. Our future dividend policy is within the discretion of our Board of Directors and will depend upon various factors, including our business, financial condition, results of operations, capital requirements and investment opportunities. In addition, our current credit facility prohibits us from paying dividends.
37
Table of Contents
Recent Sales of Unregistered Securities and Use of Proceeds from Registered Securities
None
Issuer Repurchases
We did not make any repurchases of our equity securities during the year ending December 31, 2020.
Item 6: Selected Financial Data
The selected financial information set forth below is derived from our balance sheets and statements of operations as of and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016. The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and related notes thereto included in this Annual Report.
For the years ended December 31,
2020
2019
2018
2017
2016
Statement of Operations Data:
Revenues
$
113,025,138
$
195,702,831
$
120,065,361
$
66,699,700
$
30,850,248
Cost of revenues
42,196,963
57,626,604
33,433,082
19,130,924
11,372,420
Depreciation, depletion and amortization
43,010,660
56,204,269
39,024,886
20,517,780
11,483,314
Ceiling test impairment
277,501,943
—
14,172,309
—
56,513,016
Accretion
906,616
943,707
606,459
567,968
487,182
Operating lease expense
1,196,372
925,217
—
—
—
General and administrative
16,874,050
19,866,706
12,867,686
10,515,887
8,027,077
Net income (loss)
(253,411,828)
29,496,551
8,999,760
1,753,869
(37,637,687)
Basic income (loss) per common share
$
3.48
$
0.44
$
0.15
$
0.03
$
(0.97)
Diluted income (loss) per common share
$
3.48
$
0.44
$
0.15
$
0.03
$
(0.97)
As of December 31,
2020
2019
2018
2017
2016
Balance Sheet Data:
Current assets
$
20,799,890
$
38,708,541
$
16,844,257
$
29,123,924
$
75,220,915
Oil and gas properties subject to amortization
836,514,815
1,083,966,135
641,121,398
433,591,134
250,133,965
Total assets
663,456,197
973,006,148
567,065,659
414,102,486
307,597,399
Total current liabilities
36,941,737
59,092,554
51,910,432
48,443,449
9,099,391
Total long-term liabilities
331,748,647
390,403,661
52,555,797
9,055,697
7,957,035
Total Stockholders Equity
294,765,813
523,509,933
462,599,430
356,603,340
290,540,973
38
Table of Contents