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SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) [Abstract]  
SHARE-BASED COMPENSATION
NOTE 11 — SHARE-BASED COMPENSATION
Share-based compensation expense charged against income for share-based awards during the three and six months ended June 30, 2026 and 2025 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations.
Three Months Ended
Six Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Share-based compensation expense from:
Employee stock options
$— $— $— $— 
Restricted stock unit grants
1,445,550 1,022,645 2,730,333 2,269,974 
Performance stock unit awards
704,046 329,194 944,071 772,823 
Total share-based compensation$2,149,596 $1,351,839 $3,674,404 $3,042,797 
In 2011, the Board of Directors (the "Board") of the Company approved and adopted a long-term incentive plan (the “2011 Plan”), which was subsequently approved and amended by the stockholders. As of June 30, 2026, there were no shares available for grant under the 2011 Plan.
In 2021, the Board and Company stockholders approved and adopted the Ring Energy, Inc. 2021 Omnibus Incentive Plan (as amended, the “2021 Plan”). The 2021 Plan provides that the Company may grant options, stock appreciation rights, restricted shares, restricted stock units, performance-based awards, other share-based awards, other cash-based awards, or any combination of the foregoing. As of June 30, 2026, there were 3,424,002 shares available for grant under the 2021 Plan.
In connection with the hiring of the Company’s Executive Vice President and Chief Financial Officer in February 2026, the Board approved inducement awards to the executive officer that are comprised of 317,460 (the “Inducement RSUs”) restricted stock units (“RSUs”) and 476,190 performance stock units (“PSUs”) (for which up to 952,380 shares may be earned) (the “Inducement PSUs”). The Inducement RSUs will vest in three equal annual installments beginning on March 5, 2027, subject to continued service through the applicable vesting date. The Inducement PSUs have a performance period of January 1, 2026 to December 31, 2028, subject to performance goals and continued service through December 31, 2028. These inducement awards were granted outside of the 2021 Plan; however, they have terms and conditions consistent with those set forth under the 2021 Plan and generally vest under the same respective vesting schedules as RSU and PSU awards granted under the 2021 Plan. The Inducement RSUs are included in the RSU award table below. The Inducement PSUs are included in the PSU award table below.
Employee Stock Options
A summary of the status of the stock options as of June 30, 2026 and 2025 and changes during the respective six month periods then ended are as follows:
OptionsWeighted-
Average
Exercise Price		Weighted-Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding, December 31, 202465,500$10.70 
Granted—— 
Forfeited—— 
Expired—— 
Exercised—— 
Outstanding, March 31, 202565,500$10.70 1.31 years$— 
Exercisable, March 31, 202565,500$10.70 1.31 years
Granted—— 
Forfeited—— 
Expired—— 
Exercised—— 
Outstanding, June 30, 202565,500$10.70 1.06 years$— 
Exercisable, June 30, 202565,500$10.70 1.06 years
Outstanding, December 31, 202551,000$10.18 
Granted—— 
Forfeited—— 
Expired—— 
Exercised—— 
Outstanding, March 31, 202651,000$10.18 0.52 years$— 
Exercisable, March 31, 202651,000$10.18 0.52 years
Granted—— 
Forfeited—— 
Expired(15,000)$6.42 
Exercised—— 
Outstanding, June 30, 202636,000$11.75 0.45 years$— 
Exercisable, June 30, 202636,000$11.75 0.45 years
The intrinsic values were calculated using the closing price on June 30, 2026 of $1.08 and the closing price on June 30, 2025 of $0.79. As of June 30, 2026, the Company had $0 of unrecognized compensation cost related to stock options.
Restricted Stock Units
A summary of the RSUs outstanding as of June 30, 2026 and 2025, respectively, and changes during the respective six month periods then ended are as follows:
Restricted Stock UnitsWeighted-
Average Grant
Date Fair Value
Outstanding, December 31, 20243,817,128 $1.70 
Granted3,691,373 1.31 
Forfeited or rescinded— — 
Vested(1,983,465)1.75 
Outstanding, March 31, 20255,525,036 $1.42 
Granted76,177 0.92 
Forfeited or rescinded(86,238)1.31 
Vested(41,834)2.12 
Outstanding, June 30, 20255,473,141$1.41 
Outstanding, December 31, 20254,912,110 $1.40 
Granted5,716,485 1.28 
Forfeited or rescinded(39,395)1.29 
Vested(2,400,525)1.46 
Outstanding, March 31, 20268,188,675 $1.29 
Granted25,000 1.33 
Forfeited or rescinded(79,768)1.28 
Vested(20,000)2.04 
Outstanding, June 30, 20268,113,907$1.29 
As of June 30, 2026, the Company had $6,944,824 of unrecognized compensation cost related to RSU grants that will be recognized over a weighted average period of 2.25 years. Grant activity for the six months ended June 30, 2026 was primarily RSU grants for the annual long-term incentive plan awards for employees.
Performance Stock Units
A summary of the PSUs outstanding as of June 30, 2026 and 2025, respectively, along with changes during the respective six month periods then ended are as follows:
Performance Stock UnitsWeighted-
Average Grant
Date Fair Value
Outstanding, December 31, 20241,891,892 $2.47 
Granted— — 
Forfeited or rescinded— — 
Vested— — 
Outstanding, March 31, 20251,891,892 $2.47 
Granted1,624,756 $0.93 
Forfeited or rescinded— $— 
Vested— $— 
Outstanding, June 30, 20253,516,648 $1.76 
Outstanding, December 31, 20252,209,991 $1.42 
Granted— — 
Forfeited or rescinded— — 
Vested— — 
Outstanding, March 31, 20262,209,991 $1.42 
Granted3,547,617 $2.18 
Forfeited or rescinded— $— 
Vested— $— 
Outstanding, June 30, 20265,757,608 $1.89 
As of June 30, 2026, the Company had $8,388,870 of unrecognized compensation cost related to the PSU awards that will be recognized over a weighted average period of 2.32 years.