FORM 10-Q Quarterly Report June 30 2013

0001078782-13-001559.txt : 20130813 0001078782-13-001559.hdr.sgml : 20130813 20130813160413 ACCESSION NUMBER: 0001078782-13-001559 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130813 DATE AS OF CHANGE: 20130813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RING ENERGY, INC. CENTRAL INDEX KEY: 0001384195 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980495938 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53920 FILM NUMBER: 131033117 BUSINESS ADDRESS: STREET 1: 6555 SOUTH LEWIS STREET CITY: TULSA STATE: OK ZIP: 74136 BUSINESS PHONE: 918-499-3880 MAIL ADDRESS: STREET 1: 6555 SOUTH LEWIS STREET CITY: TULSA STATE: OK ZIP: 74136 FORMER COMPANY: FORMER CONFORMED NAME: Transglobal Mining Corp. DATE OF NAME CHANGE: 20070425 FORMER COMPANY: FORMER CONFORMED NAME: Blanca Corp. DATE OF NAME CHANGE: 20061220 10-Q 1 f10q063013_10q.htm FORM 10-Q QUARTERLY REPORT JUNE 30, 2013 FORM 10-Q Quarterly Report June 30 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

X . QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2013

. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-53920

RING ENERGY, INC.

(Exact Name of registrant as specified in its charter)


Nevada	90-0406406
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)


6555 S. Lewis Street, Suite 200, Tulsa, OK	74136
(Address of principal executive offices)	(Zip Code)

(918) 499-3880

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X . No .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	.	Accelerated filer	.
Non-accelerated filer	. (Do not check if a smaller reporting company)	Smaller reporting company	X .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act). Yes . No X .

The registrant has one class of common stock of which 17,801,313 shares were outstanding at August 6, 2013.

INDEX

Ring Energy, Inc.

For the Quarter Ended June 30, 2013


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.	5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures About Market Risk	17
Item 4. Controls and Procedures	17

Part II – OTHER INFORMATION	18

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 6. Exhibits	18

SIGNATURES	19

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27H of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this report that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position, and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “intends,” “may,” “should,” “anticipates,” “expects,” “could,” “plans,” “estimates,” “projects,” “targets,” or comparable terminology or by discussions of strategy or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve risks and uncertainties that could significantly affect expected results, and actual future results could differ materially from those described in such forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this report and in our annual report on Form 10-K for the year ended December 31, 2012. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to:

declines or volatility in the prices we receive for our oil and natural gas;

our ability to raise additional capital to fund future capital expenditures;

our ability to generate sufficient cash flow from operations, borrowings or other sources to enable us to fully develop and produce our oil and natural gas properties;

general economic conditions, whether internationally, nationally or in the regional and local market areas in which we do business;

risks associated with drilling, including completion risks, cost overruns and the drilling of non-economic wells or dry holes;

uncertainties associated with estimates of proved oil and natural gas reserves;

the presence or recoverability of estimated oil and natural gas reserves and the actual future production rates and associated costs;

risks and liabilities associated with acquired companies and properties;

risks related to integration of acquired companies and properties;

potential defects in title to our properties;

cost and availability of drilling rigs, equipment, supplies, personnel and oilfield services;

geological concentration of our reserves;

environmental or other governmental regulations, including legislation of hydraulic fracture stimulation;

our ability to secure firm transportation for oil and natural gas we produce and to sell the oil and natural gas at market prices;

exploration and development risks;

management’s ability to execute our plans to meet our goals;

our ability to retain key members of our management team;

weather conditions;

actions or inactions of third-party operators of our properties;

costs and liabilities associated with environmental, health and safety laws;

our ability to find and retain highly skilled personnel;

operating hazards attendant to the oil and natural gas business;

competition in the oil and natural gas industry; and

the other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

Should our underlying assumptions prove incorrect or the consequences of the aforementioned risks worsen, actual results could differ materially from those expected.

Forward-looking statements speak only as to the date hereof. All such forward-looking statements and any subsequent written or oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the statements contained herein or referred to in this section and any other cautionary statements that may accompany such forward-looking statements. Except as otherwise required by applicable law, we disclaim any intention or obligation to update publicly or revise such statements whether as a result of new information, future events or otherwise.

There may also be other risks and uncertainties that we are unable to predict at this time or that we do not now expect to have a material adverse impact on our business.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related footnotes included in its most recent Annual Report on Form 10-K.

RING ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


		June 30,		December 31,
		2013		2012
ASSETS
Current Assets
Cash	$	18,431,920	$	5,404,167
Accounts receivable		463,921		417,965
Prepaid expenses and retainers		93,193		60,398
Total Current Assets		18,989,034		5,882,530
Properties and Equipment
Oil and natural gas properties subject to amortization		30,606,490		23,051,904
Office equipment		229,547		175,106
Total Properties and Equipment		30,836,037		23,227,010
Accumulated depreciation, depletion and amortization		(1,336,432)		(596,162)
Net Properties and Equipment		29,499,605		22,630,848
Total Assets	$	48,488,639	$	28,513,378

LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities
Accounts payable	$	2,031,052	$	1,191,431
Total Current Liabilities		2,031,052		1,191,431
Noncurrent Liabilities
Deferred income taxes		625,950		625,950
Asset retirement obligation		798,606		496,286
Total Noncurrent Liabilities		1,424,556		1,122,236
Stockholders' Equity (Deficit)
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding
		-		-
Common stock - $0.001 par value; 150,000,000 shares authorized; 17,801,313 shares and 14,166,011 shares outstanding, respectively
		17,801		14,166
Additional paid-in capital		52,854,721		32,169,363
Accumulated deficit		(7,839,491)		(5,983,818)
Total Stockholders' Equity (Deficit)		45,033,031		26,199,711
Total Liabilities and Stockholders' Equity (Deficit)	$	48,488,639	$	28,513,378

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


			For The Three Months				For The Six Months
			Ended June 30,				Ended June 30,
			2013		2012		2013		2012

Oil and Gas Revenues		$	1,291,579	$	342,522	$	2,443,536	$	670,525

Costs and Operating Expenses
	Oil and gas production costs		214,468		218,074		355,723		375,255
	Oil and gas production taxes		59,459		15,875		112,676		32,625
	Depreciation, depletion and amortization		396,662		94,707		740,270		175,835
	Accretion expense		11,824		4,762		23,277		9,524
	General and administrative expense		1,499,559		497,190		3,067,263		1,154,499

Total Costs and Operating Expenses			2,181,972		830,608		4,299,209		1,747,738

Other Income (Expense)
	Gain on derivative put options		-		40,720		-		93,408
	Interest expense		-		(94,011)		-		(187,846)

Net Other Expense			-		(53,291)		-		(94,438)

Net Loss		$	(890,393)	$	(541,377)	$	(1,855,673)	$	(1,171,651)

Basic Loss per Share		$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)
Diluted Loss per Share		$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


*For the Six Months Ended June 30,*			2013		2012
Cash Flows From Operating Activities
	Net loss	$	(1,855,673)	$	(1,171,651)
	Adjustments to reconcile net loss to net cash used in operating activities:

	Depreciation, depletion and amortization		740,270		175,835
	Accretion expense		23,277		9,524
	Share-based compensation		1,701,721		445,234
	Gain on derivative put options		-		(93,408)
	Changes in assets and liabilities:
	Accounts receivable		(45,956)		268
	Prepaid expenses		(32,795)		(77,706)
	Accounts payable		839,621		302,906
	Accrued compensation		-		(100,000)
	Net Cash Provided by (Used in) Operating Activities		1,370,465		(508,998)
Cash Flows from Investing Activities
	Payments to purchase oil and natural gas properties		(1,751,342)		(28,006)
	Payments to develop oil and natural gas properties		(5,524,201)		(474,085)
	Purchase of office equipment		(54,441)		(179,078)
	Net Cash Used in Investing Activities		(7,329,984)		(681,169)
Cash Flows From Financing Activities
	Proceeds from borrowings from Ring Energy, Inc.		-		1,150,000
	Proceeds from issuance of common stock		18,987,272		-
	Proceeds from issuance of common stock to Ring Energy, Inc. shareholders
			-		10,887,561
	Principal payments on revolving line of credit		-		(4,244,428)
	Net Cash Provided by Financing Activities		18,987,272		7,793,133
Net Increase in Cash			13,027,753		6,602,966
Cash at Beginning of Period			5,404,167		11,372
Cash at End of Period		$	18,431,920	$	6,614,338
Supplemental Cash Flow Information
	Cash paid for interest	$	-	$	93,471
Noncash Investing and Financing Activities
	Revision of asset retirement obligation estimate	$	211,691	$	-
	Asset retirement obligation incurred during development		67,352		-
	Issuance of common stock to Ring Energy, Inc. shareholders	$	-	$	13,095,369
	Accounts payable assumed		-		9,893
	Less: Elimination of note payable to Ring Energy, Inc.		-		(2,003,122)
	Less: Prepaid expenses acquired		-		(26,942)
	Less: Property and equipment acquired		-		(187,637)
	Proceeds from issuance of common stock to Ring Energy, Inc. shareholders
		$	-	$	10,887,561

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Condensed Financial Statements – The accompanying condensed consolidated financial statements prepared by Ring Energy, Inc. and its subsidiary (the “Company” or “Ring”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013.

Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K.

Organization and Nature of Operations – The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.

Consolidation – The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford Energy, Inc. (“Stanford”) for all periods presented and the consolidated operations and cash flows of Ring Energy, Inc. from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.

Concentration of Credit Risk and Major Customer – The Company had cash in excess of federally insured limits at June 30, 2013. During the six months ended June 30, 2013, sales to one customer represented 95% of the Company’s oil and gas revenues. At June 30, 2013, this customer made up 91% of the Company’s accounts receivable.

Oil and Gas Properties – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with the acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization.

All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2013 was $396,662 and $740,270, respectively, based on depletion at the rate of $23.33 per barrel of oil equivalent compared to $94,707 and $175,835, respectively, for the three and six months ended June 30, 2012, based on depletion at the rate of $19.87 per barrel of oil equivalent. These amounts include $13,902 and $25,406, respectively, of depreciation for the three and six months ended June 30, 2013 compared to $10,850 and $21,001 of depreciation for the three and six months ended June 30, 2012, respectively.

In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Office Equipment – Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation – The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Revenue Recognition – The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.

Share-Based Employee Compensation – The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Share-Based Compensation to Non-Employees – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete.

Recent Accounting Pronouncements – The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations.

Basic and Diluted Loss per Share – Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

NOTE 2 – LOSS PER SHARE INFORMATION


		For The Three Months				For The Six Months
		Ended June 30,				Ended June 30,
		2013		2012		2013		2012
Net Loss	$	(890,393)	$	(541,377)	$	(1,855,673)	$	(1,171,651)
Basic Weighted-Average Shares Outstanding		14,350,284		3,584,611		14,290,060		3,512,306
Effect of dilutive securities:
Stock options		-		-		-		-
Diluted Weighted-Average Shares Outstanding		14,350,284		3,584,611		14,290,060		3,512,306
Basic Loss per Share	$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)
Diluted Loss per Share	$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)

Stock options to purchase 2,562,500 shares of common stock were excluded from the computation of diluted loss per share during the three and six months ended June 30, 2013 as their effect would have been anti-dilutive. Stock options to purchase 1,125,000 shares of common stock were excluded from the computation of diluted loss per share during the three and six months ended June 30, 2012 as their effect would have been anti-dilutive.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 3 – REVOLVING LINE OF CREDIT

In May 2012, May 2013 and August 2013, the Company extended a credit agreement with a bank that provides for a revolving line of credit of up to $10 million for borrowings and letters of credit. As of June 30, 2013, no amounts were outstanding and $9,855,000 was available to be drawn on the line of credit. The credit agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfers or sales of assets, distributions or dividends and merger or consolidation activity. The facility has an interest rate of the bank’s prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%. The maturity date on the note was extended to April 10, 2014. Two of the Company’s stockholders are jointly and severally obligated for outstanding borrowings under the credit facility.

NOTE 4 – ASSET RETIREMENT OBLIGATION

The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred upon each of the acquisitions or at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates, which rates were from 6.12% to 7.62% per annum. Changes in the asset retirement obligation were as follows:


Balance, December 31, 2012	$	496,286
Revision of estimate		211,691
Liabilities incurred		67,352
Accretion expense		23,277
Balance, June 30, 2013	$	798,606

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock Issued in Offerings – In January 2013, the Company issued 100,000 shares of common stock, for cash of $450,000, or $4.50 per share, in a private placement offering.

In June 2013, the Company completed a private placement offering of 3,528,580 shares of common stock, for gross proceeds of $19,407,190, or $5.50 per share. Net proceeds from the offering, after offering costs, totaled approximately $18,537,272.

Common Stock Issued in Option Exercise – In January 2013, the Company issued 6,722 shares of common stock pursuant to the cashless exercise of 10,000 options that had an exercise price of $2.00 per share.

NOTE 6 – EMPLOYEE STOCK OPTIONS

Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2013 was $885,958 and $1,701,721, respectively, as compared to $154,348 and $445,234, respectively, for the three and six months ended June 30, 2012. These amounts are included in general and administrative expense in the accompanying financial statements.

In 2011, Stanford’s Board of Directors and stockholders approved and adopted a long-term incentive plan which allows for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares. As of June 30, 2013, there were 2,427,500 shares remaining eligible for issuance under the plan

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 6 – EMPLOYEE STOCK OPTIONS (continued)

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Dow Jones U.S. Oil and Gas Index. The Company uses the simplified method for estimating the expected term for options granted. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Company’s anticipated cash dividend over the expected life of the stock options. The following are the assumptions used to determine the fair value of options granted during the six months ended June 30, 2013:


Expected volatility		128% - 138%
Weighted-average volatility		137%
Expected dividends		0
Expected term (in years)		6.5
Risk-free interest rate		0.76% - 1.49%

No options were granted during the six months ended June 30, 2012.

A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:


				Weighted-
			Weighted-	Average
			Average	Remaining		Aggregate
			Exercise	Contractual		Intrinsic
	Shares		Price	Term		Value
Outstanding, December 31, 2012	1,125,000	$	2.37
Granted	1,585,000		4.66
Forfeited	(137,500)		2.55
Exercised	(10,000)		2.00
Outstanding, June 30, 2013	2,562,500	$	3.78	9.0 Years	$	12,283,140
Exercisable, June 30, 2013	212,500	$	2.12	6.5 Years	$	1,411,500

The weighted-average grant-date fair value of options granted during 2013 was $4.20 per share. As of June 30, 2013, there was approximately $6,051,047 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.7 years. The aggregate intrinsic values were determined based on the $8.76 market value of the Company’s common stock on June 28, 2013.

NOTE 7 – CONTINGENCIES AND COMMITMENTS

Standby Letters of Credit – A commercial bank issued standby letters of credit on behalf of the Company to the states of Texas and Kansas totaling $145,000 to allow the Company to do business in those states. The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank. The terms of these letters of credit are extended for a term of one year at a time. The Company intends to renew the standby letters of credit for as long as the Company does business in the states of Texas and Kansas. No amounts have been drawn under the standby letters of credit.

NOTE 8 – SUBSEQUENT EVENTS

Subsequent to June 30, 2013, the company extended the existing $10 million revolving line of credit through April 10, 2014. All other terms and conditions remained the same.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations analyzes the major elements of our balance sheets and statements of income. This section should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012, and our interim unaudited financial statements and accompanying notes to these financial statements.

Stanford Energy, Inc., a Texas corporation, was formed in 2007. On June 28, 2012, Stanford consummated a stock-for-stock exchange with Ring Energy, Inc. Stanford was determined to be the accounting acquirer in this transaction, and therefore, the historical financial statements presented are those of Stanford. During 2012 but prior to the consummation of the stock-for-stock exchange, Ring completed two acquisitions of undeveloped acreage that are offsetting the assets held by Stanford and which are complimentary.

Results of Operations – For the Three Months Ended June 30, 2013 and 2012

Oil and natural gas sales. For the three months ended June 30, 2013, oil and natural gas sales revenue increased $949,057 to $1,291,579, compared to $342,522 for the same period during 2012. Oil sales increased $930,014 and natural gas sales increased $19,043. The increases were the result of higher production, which occurred primarily as a result of acquisitions and drilling completed during 2012. For the three months ended June 30, 2013, oil sales volume increased 10,257 barrels to 14,261 barrels, compared to 4,004 barrels for the same period in 2012. The average realized per barrel oil price increased 5% from $84.81 for the three months ended June 30, 2012 to $89.02 for the three months ended June 30, 2013. For the three months ended June 30, 2013, gas sales volume increased 6,480 thousand cubic feet (MCF) to 7,092 MCF, compared to 612 MCF for the same period in 2012. The average realized natural gas price per MCF decreased 36% from $4.86 for the three months ended June 30, 2012 to $3.10 for the three months ended June 30, 2013.

Oil and gas production costs. Our lease operating expenses (LOE) decreased from $218,074 or $53.11 per barrel of oil equivalent (BOE) for the three months ended June 30, 2012 to $214,468 or $13.89 per BOE for the three months ended June 30, 2013. In total, lease operating expenses remained approximately the same despite acquisitions and development between the periods. On a per BOE basis lease, operating expenses were lower as a result of significantly higher production resulting from acquisitions and development.

Production taxes. Production taxes as a percentage of oil and natural gas sales were 5% during the three months ended June 30, 2012 and remained steady at 5% for the three months ended June 30, 2013. These rates are expected to stay relatively steady unless we make acquisitions in other states with differing production tax rates or the state of Texas or Kansas change their production tax rates.

Depreciation, depletion and amortization. Our depreciation, depletion and amortization expense increased by $301,955 to $396,662 for the three months ended June 30, 2013, compared to $94,707 during the same period in 2012. The increase was the result of higher production volume and an increase in the average depletion rate from $19.87 per BOE during the three months ended June 30, 2012 to $23.33 per BOE during the three months ended June 30, 2013.

General and administrative expenses. General and administrative expenses increased by $1,002,369 to $1,499,559 for the three months ended June 30, 2013, compared to $497,190 during the same period in 2012. The increase was primarily the result of an increase in stock-based compensation expenses from $154,348 for the three months ended June 30, 2012 to $885,958 for the three months ended June 30, 2013, and employee and contract staff compensation.

Interest expense. Interest expense decreased by $94,011 to $0 for the three months ended June 30, 2013, compared to the same period in 2012. The decrease was due outstanding debt during the period in 2012 and no debt outstanding during the same period in 2013.

Net loss. For the three months ended June 30, 2013, there was a net loss of $890,393, as compared to a net loss of $541,377 for the three months ended June 30, 2012. The primary reasons for this increase were increased stock-based and cash-based compensation expenses.

Results of Operations – For the Six Months Ended June 30, 2013 and 2012

Oil and natural gas sales. For the six months ended June 30, 2013, oil and natural gas sales revenue increased $1,773,011 to $2,443,536, compared to $670,525 for the same period during 2012. Oil sales increased $1,747,380 and natural gas sales increased $25,631. The increases were the result of higher production, which occurred primarily as a result of acquisitions and drilling completed during 2012. For the six months ended June 30, 2013, oil sales volume increased 21,239 barrels to 28,506 barrels, compared to 7,267 barrels for the same period in 2012. The average realized per barrel oil price decreased 7% from $90.64 for the six months ended June 30, 2012 to $84.41 for the six months ended June 30, 2013. For the six months ended June 30, 2013, gas sales volume increased 9,699 thousand cubic feet (MCF) to 12,849 MCF, compared to 3,150 MCF for the same period in 2012. The average realized natural gas price per MCF decreased 22% from $3.73 for the six months ended June 30, 2012 to $2.91 for the six months ended June 30, 2013.

Oil and gas production costs. Our lease operating expenses (LOE) decreased from $375,255 or $48.15 per barrel of oil equivalent (BOE) for the six months ended June 30, 2012 to $355,723 or $11.61 per BOE for the six months ended June 30, 2013. In total, lease operating expenses remained approximately the same despite acquisitions and development between the periods. On a per BOE basis lease, operating expenses were lower as a result of significantly higher production resulting from acquisitions and development.

Production taxes. Production taxes as a percentage of oil and natural gas sales were 5% during the six months ended June 30, 2012 and remained steady at 5% for the six months ended June 30, 2013. These rates are expected to stay relatively steady unless we make acquisitions in other states with differing production tax rates or the state of Texas or Kansas change their production tax rates.

Depreciation, depletion and amortization. Our depreciation, depletion and amortization expense increased by $564,435 to $740,270 for the six months ended June 30, 2013, compared to $175,835 during the same period in 2012. The increase was the result of higher production volume and an increase in the average depletion rate from $19.87 per BOE during the six months ended June 30, 2012 to $23.33 per BOE during the six months ended June 30, 2013.

General and administrative expenses. General and administrative expenses increased by $1,912,764 to $3,067,263 for the six months ended June 30, 2013, compared to $1,154,499 during the same period in 2012. The increase was primarily the result of an increase in stock-based compensation expenses from $445,234 for the six months ended June 30, 2012 to $1,701,721 for the six months ended June 30, 2013, and employee and contract staff compensation.

Interest expense. Interest expense decreased by $187,846 to $0 for the six months ended June 30, 2013, compared to the same period in 2012. The decrease was due outstanding debt during the period in 2012 and no debt outstanding during the same period in 2013.

Net loss. For the six months ended June 30, 2013, there was a net loss of $1,855,673, as compared to net loss of $1,171,651 for the six months ended June 30, 2012. The primary reasons for this increase were increased stock-based and cash-based compensation expenses.

Capital Resources and Liquidity

As shown in the financial statements for the six months ended June 30, 2013, the Company had cash on hand of $18,431,920, compared to $5,404,167 as of December 31, 2012. The Company had net cash from operating activities for the six months ended June 30, 2013 of $1,370,465, compared to negative cash from operating activities of $508,998 for the same period of 2012. Another significant source of cash inflow during the six months ended June 30, 2013 was $18,987,272 proceeds from issuance of common stock. During the same period in 2012, other significant cash inflows were proceeds from borrowings by the Company of $1,150,000 and proceeds from issuance of common stock to Ring Energy, Inc. shareholders of $10,887,561. The most significant cash outflows during the six months ended June 30, 2013 and 2012 were capital expenditures of $7,329,984 and $681,169, respectively and payments on credit line of $4,244,428 during 2012.

To the extent possible, we intend to acquire producing properties and/or developed undrilled properties rather than exploratory properties. We do not intend to limit our evaluation to any one state. We presently have no intention to evaluate off-shore properties or properties located outside of the United States of America.

The pursuit of and acquisition of additional oil and gas properties may again require substantially greater capital than we currently have available, and obtaining additional capital would require that we enter into the sale of either short-term or long-term notes payable or the sale of our common stock. Furthermore, it may be necessary for us to retain outside consultants and others in our endeavors to locate desirable oil and gas properties. The cost to retain one or more consultants or a firm specializing in the purchase/sale of oil and gas properties will have an impact on our financial position and will impact our future cash flows.

The process of acquiring one or more additional oil and gas properties will impact our financial position and reduce our cash position. The types of costs that we may incur include travel costs relating to meeting with individuals instrumental to our acquisition of one or more oil and gas properties, obtaining petroleum engineer reports relative to the oil and gas properties that we are investigating, legal fees associated with any such acquisitions including title reports, and accounting fees relative to obtaining historical information regarding such oil and gas properties. Even though we may incur such costs, there is no assurance that we will ultimately be able to consummate a transaction resulting in our acquisition of an oil and/or gas property.

Off-balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements, and it is not anticipated that the Company will enter into any off-balance sheet arrangements.

Disclosures About Market Risks

Like other natural resource producers, the Company faces certain unique market risks. The most salient risk factors are the volatile prices of oil and gas, operational risks, ability to integrate properties and businesses, and certain environmental concerns and obligations.

Oil and Gas Prices

The price we receive for our oil and natural gas will heavily influence our revenue, profitability, access to capital and future rate of growth. Oil and natural gas are commodities and, therefore, their prices are subject to wide fluctuations in response to relatively minor changes in supply and demand. The prices we receive for our production depend on numerous factors beyond our control. These factors include the following: worldwide and regional economic conditions impacting the global supply and demand for oil and natural gas; the price and quantity of imports of foreign oil and natural gas; the level of global oil and natural gas inventories; localized supply and demand fundamentals; the availability of refining capacity; price and availability of transportation and pipeline systems with adequate capacity; weather conditions and natural disasters; governmental regulations; speculation as to the future price of oil and the speculative trading of oil and natural gas futures contracts; price and availability of competitors’ supplies of oil and natural gas; energy conservation and environmental measures; technological advances affecting energy consumption; the price and availability of alternative fuels and energy sources; and domestic and international drilling activity.

Because domestic demand for oil and gas exceeds supply, we believe there is little risk that all current production will not be sold at relatively fixed prices. To this extent, Ring does not see itself as directly competitive with other producers and does not believe there is any significant risk that the Company will not sell all production at current prices with a reasonable profit margin. The risk of domestic overproduction at current prices is not deemed significant. The primary competitive risks would come from falling international prices which could render current production uneconomical.

Transportation of Oil and Natural Gas

Ring is presently committed to use the services of the existing gatherers in its present areas of production. This gives to such gatherers certain short term relative monopolistic powers to set gathering and transportation costs. Obtaining the services of an alternative gathering company would require substantial additional costs since an alternative gatherer would be required to lay new pipeline and/or obtain new rights-of-way.

Competition in the Oil and Natural Gas Industry

We operate in a highly competitive environment for developing and acquiring properties, marketing oil and natural gas and securing equipment and trained personnel. As a relatively small oil and natural gas company, many large producers possess and employ financial, technical and personnel resources substantially greater than ours. Those companies may be able to develop and acquire more prospects and productive properties than our financial or personnel resources permit. It is also significant that more favorable prices can usually be negotiated for larger quantities of oil and/or gas product, such that Ring views itself as having a price disadvantage compared to larger producers.

Retention of Key Personnel

We depend to a large extent on the services of our officers. These individuals have extensive experience in the energy industry, as well as expertise in evaluating and analyzing producing oil and natural gas properties and drilling prospects, maximizing production from oil and natural gas properties and developing and executing financing strategies. The loss of any of these individuals could have a material adverse effect on our operations and business prospects. Our success may be dependent on our ability to continue to retain and utilize skilled executive and technical personnel.

Environmental and Regulatory Risks

Our business and operations are subject to and impacted by a wide array of federal, state, and local laws and regulations on the exploration for and development, production, and marketing of oil and natural gas, the operation of oil and natural gas wells, taxation, and environmental and safety matters. Many laws and regulations require drilling permits and govern the spacing of wells, rates of production, prevention of waste and other matters. From time to time, regulatory agencies have imposed price controls and limitations on production in order to conserve supplies of oil and natural gas. In addition, the production, handling, storage, transportation and disposal of oil and natural gas, byproducts thereof and other substances and materials produced or used in connection with oil and natural gas operations are subject to regulation under federal, state and local laws and regulations.

Currently, federal regulations provide that drilling fluids, produced waters and other wastes associated with the exploration, development or production of oil and natural gas are exempt from regulation as “hazardous waste.” From time to time, legislation has been proposed to eliminate or modify this exemption. Should the exemption be modified or eliminated, wastes associated with oil and natural gas exploration and production would be subject to more stringent regulation. On the federal level, operations on our properties may be subject to various federal statutes, including the Natural Gas Act, the Comprehensive Environmental Response, Compensation and Liability Act, the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, the Clean Air Act, the Federal Water Pollution Control Act and the Oil Pollution Act, as well as by regulations promulgated pursuant to these actions.

Historically, most of the environmental regulation of oil and gas production has been left to state regulatory boards or agencies in those jurisdictions where there is significant gas and oil production, with limited direct regulation by such federal agencies as the Environmental Protection Agency. However, while the Company believes this generally to be the case for its production activities in Texas and Kansas, it should be noted that there are various Environmental Protection Agency regulations which would govern significant spills, blow-outs, or uncontrolled emissions. In Texas, specific oil and gas regulations exist related to the drilling, completion and operations of wells, as well as disposal of waste oil. There are also procedures incident to the plugging and abandonment of dry holes or other non-operational wells, all as governed by the Texas Railroad Commission, Oil and Gas Division and the Kansas Corporation Commission, Oil and Gas Conservation Division.

Hydraulic fracturing is an important and common practice that is used to stimulate production of hydrocarbons from tight formations. The process involves the injection of water, sand and chemicals under pressure into formations to fracture the surrounding rock and stimulate production. The process is typically regulated by state oil and gas commissions. However, the Environmental Protection Agency has asserted federal regulatory authority over certain hydraulic fracturing practices. Also, legislation has been introduced, but not enacted, in Congress to provide for federal regulation of hydraulic fracturing and to require disclosure of the chemicals used in the fracturing process. Certain states, including Texas, and municipalities have adopted, or are considering adopting, regulations that have imposed, or that could impose, more stringent permitting, disclosure, disposal and well construction requirements on hydraulic fracturing operations.

Compliance with these regulations may constitute a significant cost and effort for Ring. No specific accounting for environmental compliance has been maintained or projected by Ring to date. Ring does not presently know of any environmental demands, claims, or adverse actions, litigation or administrative proceedings in which it or the acquired properties are involved or subject to or arising out of its predecessor operations.

In the event of a breach of environmental regulations, these environmental regulatory agencies have a broad range of alternative or cumulative remedies including: ordering a cleanup of any spills or waste material and restoration of the soil or water to conditions existing prior to the environmental violation; fines; or enjoining further drilling, completion or production activities. In certain egregious situations, the agencies may also pursue criminal remedies against the Company or its principals.

Changes in regulations and laws relating to the oil and natural gas industry could result in our operations being disrupted or curtailed by government authorities. For example, oil and natural gas exploration and production may become less cost effective and decline as a result of increasingly stringent environmental requirements (including land use policies responsive to environmental concerns and delays or difficulties in obtaining environmental permits). A decline in exploration and production, in turn could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required of smaller reporting company.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

Our management, with the participation of Kelly W. Hoffman, our principal executive officer and William R. Broaddrick, our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, Mssrs. Hoffman and Broaddrick concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting

There has been no change in our internal control over financial reporting, as defined in Rules 13a-15(f) of the Exchange Act, during our most recent fiscal quarter ended June 30, 2013, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On January 2, 2013, the Company sold 100,000 common shares at $4.50 per share to Mr. Daniel Wilson for gross proceeds of $450,000. Mr. Wilson was an accredited investor at the time of the sale. Mr. Wilson is the Vice President of Operations of the Company. The shares were sold without registration under the Securities Act by reason of the exemption from registration afforded by the provisions of Section 4(a)(5) and/or Section 4(a)(2) thereof, and Rule 506 promulgated thereunder, as a transaction by an issuer not involving any public offering. No selling commissions were paid in connection with the sale of the shares.

During the quarter ended June 30, 2013, the Company sold 3,528,580 common shares at $5.50 per share to 187 accredited investors for gross proceeds of $19,407,190. Each of the investors was an accredited investor at the time of the sale. The shares were sold without registration under the Securities Act by reason of the exemption from registration afforded by the provisions of Section 4(a)(5) and/or Section 4(a)(2) thereof, and Rule 506 promulgated thereunder, as a transaction by an issuer not involving any public offering. Sales commissions in the amount of $867,109 were paid in connection with the unregistered sale of such common stock.

Item 6. Exhibits

Exhibit Number

Description

31.1

Rule 13a-14(a) Certification by Chief Executive Officer

31.2

Rule 13a-14(a) Certification by Chief Financial Officer

32.1

Section 1350 Certification by Chief Exective Officer

32.2

Section 1350 Certification by Chief Financial Officer

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XBRL Instance Document

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XBRL Taxonomy Extension Schema Document

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XBRL Taxonomy Extension Calculation Linkbase Document

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XBRL Taxonomy Extension Definition Linkbase Document

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XBRL Taxonomy Extension Label Linkbase Document

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XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Ring Energy, Inc.

Date: August 12, 2013

By: /s/ Kelly W. Hoffman

Kelly W. Hoffman

(Principal Executive Officer)

Date: August 12, 2013

By: /s/ William R. Broaddrick

William R. Broaddrick

(Principal Financial Officer)

EX-31.1 2 f10q063013_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATION Exhibit 31.1 Section 302 Certification

Exhibit 31.1

CERTIFICATIONS

I, Kelly W. Hoffman, certify that:

I have reviewed this Form 10-Q for the quarter ended June 30, 2013, of Ring Energy, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 12, 2013

/s/ Kelly W. Hoffman

Kelly W. Hoffman, CEO

(Principal Executive Officer)

EX-31.2 3 f10q063013_ex31z2.htm EXHIBIT 31.2 SECTION 302 CERTIFICATION Exhibit 31.2 Section 302 Certification

Exhibit 31.2

CERTIFICATIONS

I, William R. Broaddrick, certify that:

I have reviewed this Form 10-Q for the quarter ended June 30, 2013, of Ring Energy, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 12, 2013

/s/ William R. Broaddrick

William R. Broaddrick, CFO

(Principal Financial Officer)

EX-32.1 4 f10q063013_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATION Exhibit 32.1 Section 906 Certification

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Ring Energy, Inc. (the “Company”) on Form 10-Q for the three months ended June 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer and financial officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2013

/s/ Kelly W. Hoffman

Kelly W. Hoffman

(Principal Executive Officer)

EX-32.2 5 f10q063013_ex32z2.htm EXHIBIT 32.2 SECTION 906 CERTIFICATION Exhibit 32.2 Section 906 Certification

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2013

/s/ William R. Broaddrick

William R. Broaddrick

(Principal Financial Officer)

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NOTE 1 BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES   Condensed Financial Statements The accompanying condensed consolidated financial statements prepared by Ring Energy, Inc. and its subsidiary (the Company or Ring) have not been audited by an independent registered public accounting firm.  In the opinion of the Companys management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013.   Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Companys 2012 Annual Report on Form 10-K.   Organization and Nature of Operations The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Companys oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Companys financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.   Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Companys future results of operations.   Consolidation The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford Energy, Inc. (Stanford) for all periods presented and the consolidated operations and cash flows of Ring Energy, Inc. from June 28, 2012.  All significant intercompany balances and transactions have been eliminated in consolidation.   Concentration of Credit Risk and Major Customer The Company had cash in excess of federally insured limits at June 30, 2013. During the six months ended June 30, 2013, sales to one customer represented 95% of the Companys oil and gas revenues.  At June 30, 2013, this customer made up 91% of the Companys accounts receivable.   Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas properties.  Under this method, all costs associated with the acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs.  Capitalized costs are categorized either as being subject to amortization or not subject to amortization.   All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2013 was $396,662 and $740,270, respectively, based on depletion at the rate of $23.33 per barrel of oil equivalent compared to $94,707 and $175,835, respectively, for the three and six months ended June 30, 2012, based on depletion at the rate of $19.87 per barrel of oil equivalent. These amounts include $13,902 and $25,406, respectively, of depreciation for the three and six months ended June 30, 2013 compared to $10,850 and $21,001 of depreciation for the three and six months ended June 30, 2012, respectively.   In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.   Office Equipment Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service.  Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.   Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (ARO) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized.  Thereafter, this liability is accreted up to the final estimated retirement cost.  An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Companys ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.   Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers.  At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Companys estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.   Share-Based Employee Compensation The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6.  The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.   Share-Based Compensation to Non-Employees The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipients performance is complete.   Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Companys financial condition or the results of operations.   Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.  Diluted loss per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive.  The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

NOTE 2 LOSS PER SHARE INFORMATION   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="687" style='width:515.3pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="163" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:122.4pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> For The Three Months</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="176" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:132pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> For The Six Months</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="163" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:122.4pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Ended June 30,</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="176" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:132pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Ended June 30,</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2013</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2012</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2013</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2012</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="114" colspan="2" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:85.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Net Loss</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (890,393)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (541,377)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (1,855,673)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (1,171,651)</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Basic Weighted-Average Shares Outstanding</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,350,284</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,584,611</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,290,060</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,512,306</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="210" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:157.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Effect of dilutive securities:</td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="114" colspan="2" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:85.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Stock options</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Diluted Weighted-Average Shares Outstanding</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,350,284</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,584,611</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,290,060</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,512,306</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Basic Loss per Share</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.06)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.15)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.13)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.33)</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="210" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:157.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Diluted Loss per Share</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.06)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.15)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.13)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.33)</td></tr></table></div>   Stock options to purchase 2,562,500 shares of common stock were excluded from the computation of diluted loss per share during the three and six months ended June 30, 2013 as their effect would have been anti-dilutive.  Stock options to purchase 1,125,000 shares of common stock were excluded from the computation of diluted loss per share during the three and six months ended June 30, 2012 as their effect would have been anti-dilutive.

NOTE 3 REVOLVING LINE OF CREDIT   In May 2012, May 2013 and August 2013, the Company extended a credit agreement with a bank that provides for a revolving line of credit of up to $10 million for borrowings and letters of credit. As of June 30, 2013, no amounts were outstanding and $9,855,000 was available to be drawn on the line of credit.  The credit agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfers or sales of assets, distributions or dividends and merger or consolidation activity.  The facility has an interest rate of the banks prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%.  The maturity date on the note was extended to April 10, 2014. Two of the Companys stockholders are jointly and severally obligated for outstanding borrowings under the credit facility.

NOTE 4 ASSET RETIREMENT OBLIGATION   The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled.  The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred upon each of the acquisitions or at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates, which rates were from 6.12% to 7.62% per annum.  Changes in the asset retirement obligation were as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="354" style='width:265.75pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Balance, December 31, 2012</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 496,286</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Revision of estimate</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 211,691</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Liabilities incurred</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 67,352</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Accretion expense</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 23,277</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> Balance, June 30, 2013</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> 798,606</td></tr></table></div>

NOTE 5 STOCKHOLDERS EQUITY   Common Stock Issued in Offerings In January 2013, the Company issued 100,000 shares of common stock, for cash of $450,000, or $4.50 per share, in a private placement offering.   In June 2013, the Company completed a private placement offering of 3,528,580 shares of common stock, for gross proceeds of $19,407,190, or $5.50 per share.  Net proceeds from the offering, after offering costs, totaled approximately $18,537,272.   Common Stock Issued in Option Exercise In January 2013, the Company issued 6,722 shares of common stock pursuant to the cashless exercise of 10,000 options that had an exercise price of $2.00 per share.

NOTE 6 EMPLOYEE STOCK OPTIONS   Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2013 was $885,958 and $1,701,721, respectively, as compared to $154,348 and $445,234, respectively, for the three and six months ended June 30, 2012.  These amounts are included in general and administrative expense in the accompanying financial statements.   In 2011, Stanfords Board of Directors and stockholders approved and adopted a long-term incentive plan which allows for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares.  As of June 30, 2013, there were 2,427,500 shares remaining eligible for issuance under the plan.   The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Dow Jones U.S. Oil and Gas Index. The Company uses the simplified method for estimating the expected term for options granted. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Companys anticipated cash dividend over the expected life of the stock options. The following are the assumptions used to determine the fair value of options granted during the six months ended June 30, 2013:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="327" style='width:245pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 128% - 138%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-average volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 137%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected dividends</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected term (in years)</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Risk-free interest rate</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0.76% - 1.49%</td></tr></table></div>   No options were granted during the six months ended June 30, 2012.    A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="590" style='width:442.35pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Remaining</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Aggregate</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercise</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Contractual</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Intrinsic</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Shares</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Price</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Term</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Value</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, December 31, 2012</td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,125,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.37</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Granted</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,585,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 4.66</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Forfeited</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (137,500)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.55</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercised</td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (10,000)</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.00</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2,562,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3.78</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 9.0 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 12,283,140</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercisable, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 212,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.12</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,411,500</td></tr></table></div>   The weighted-average grant-date fair value of options granted during 2013 was $4.20 per share. As of June 30, 2013, there was approximately $6,051,047 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.7 years. The aggregate intrinsic values were determined based on the $8.76 market value of the Companys common stock on June 28, 2013.

NOTE 7 CONTINGENCIES AND COMMITMENTS   Standby Letters of Credit A commercial bank issued standby letters of credit on behalf of the Company to the states of Texas and Kansas totaling $145,000 to allow the Company to do business in those states.  The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank.  The terms of these letters of credit are extended for a term of one year at a time.  The Company intends to renew the standby letters of credit for as long as the Company does business in the states of Texas and Kansas. No amounts have been drawn under the standby letters of credit.

NOTE 8 SUBSEQUENT EVENTS   Subsequent to June 30, 2013, the company extended the existing $10 million revolving line of credit through April 10, 2014. All other terms and conditions remained the same.

Condensed Financial Statements The accompanying condensed consolidated financial statements prepared by Ring Energy, Inc. and its subsidiary (the Company or Ring) have not been audited by an independent registered public accounting firm.  In the opinion of the Companys management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013.   Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Companys 2012 Annual Report on Form 10-K.

Organization and Nature of Operations The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Companys oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Companys financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Companys future results of operations.

Consolidation The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford Energy, Inc. (Stanford) for all periods presented and the consolidated operations and cash flows of Ring Energy, Inc. from June 28, 2012.  All significant intercompany balances and transactions have been eliminated in consolidation.

Concentration of Credit Risk and Major Customer The Company had cash in excess of federally insured limits at June 30, 2013. During the six months ended June 30, 2013, sales to one customer represented 95% of the Companys oil and gas revenues.  At June 30, 2013, this customer made up 91% of the Companys accounts receivable. Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas properties.  Under this method, all costs associated with the acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs.  Capitalized costs are categorized either as being subject to amortization or not subject to amortization.   All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2013 was $396,662 and $740,270, respectively, based on depletion at the rate of $23.33 per barrel of oil equivalent compared to $94,707 and $175,835, respectively, for the three and six months ended June 30, 2012, based on depletion at the rate of $19.87 per barrel of oil equivalent. These amounts include $13,902 and $25,406, respectively, of depreciation for the three and six months ended June 30, 2013 compared to $10,850 and $21,001 of depreciation for the three and six months ended June 30, 2012, respectively.   In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.   Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers.  At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Companys estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Companys financial condition or the results of operations.

Office Equipment Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service.  Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (ARO) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized.  Thereafter, this liability is accreted up to the final estimated retirement cost.  An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Companys ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Share-Based Employee Compensation The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6.  The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Share-Based Compensation to Non-Employees The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipients performance is complete.

Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.  Diluted loss per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive.  The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

<div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="687" style='width:515.3pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="163" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:122.4pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> For The Three Months</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="176" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:132pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> For The Six Months</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="163" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:122.4pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Ended June 30,</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="176" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:132pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Ended June 30,</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2013</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2012</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2013</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2012</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="114" colspan="2" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:85.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Net Loss</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (890,393)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (541,377)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (1,855,673)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (1,171,651)</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Basic Weighted-Average Shares Outstanding</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,350,284</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,584,611</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,290,060</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,512,306</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="210" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:157.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Effect of dilutive securities:</td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="114" colspan="2" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:85.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Stock options</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Diluted Weighted-Average Shares Outstanding</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,350,284</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,584,611</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,290,060</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,512,306</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Basic Loss per Share</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.06)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.15)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.13)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.33)</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="210" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:157.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Diluted Loss per Share</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.06)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.15)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.13)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.33)</td></tr></table></div>

<div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="354" style='width:265.75pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Balance, December 31, 2012</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 496,286</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Revision of estimate</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 211,691</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Liabilities incurred</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 67,352</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Accretion expense</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 23,277</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> Balance, June 30, 2013</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> 798,606</td></tr></table></div>

A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="590" style='width:442.35pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Remaining</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Aggregate</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercise</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Contractual</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Intrinsic</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Shares</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Price</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Term</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Value</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, December 31, 2012</td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,125,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.37</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Granted</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,585,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 4.66</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Forfeited</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (137,500)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.55</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercised</td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (10,000)</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.00</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2,562,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3.78</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 9.0 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 12,283,140</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercisable, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 212,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.12</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,411,500</td></tr></table></div>   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="327" style='width:245pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 128% - 138%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-average volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 137%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected dividends</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected term (in years)</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Risk-free interest rate</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0.76% - 1.49%</td></tr></table></div> 5 7 0.9500 0.9100 396662 740270 94707 175835 23.33 19.87 13902 25406 10850 21001 0.1000 -890393 -541377 -1855673 -1171651 14350284 3584611 14290060 3512306 0 0 0 0 14350284 3584611 14290060 3512306 -0.06 -0.15 -0.13 -0.33 -0.06 -0.15 -0.13 -0.33 2665000 1125000 2665000 1125000

1291579

342522

2443536

670525

214468

218074

355723

375255

59459

15875

112676

32625

396662

94707

740270

175835

11824

4762

23277

9524

1499559

497190

3067263

1154499

2181972

830608

4299209

1747738

0 40720 0 93408

-94011

-187846

-53291

-94438

-890393

-541377

-1855673

-1171651

-0.06 -0.15 -0.13 -0.33 -0.06 -0.15 -0.13 -0.33 10000000 9855000 0.0020 0.0075 0.0400 0.0612 0.0762 100000 3528580 4.50 5.50 450000 19407190 450000 18537272 6722 10000 2.00 885958 154348 1701721 445234 4.20 6051047 2.7 8.76 1.2800 1.3800 1.3700 6.5 0 0.0076 0.0149 2500000 5000000 2427500 145000 496286 211691 67352 23277 798606 10000000 1125000 2.37 0 0 1585000 4.66 0 0 -137500 2.55 0 0 -10000 2 0 0 2562500 3.78 9 12283140 212500 2.12 6.5 1411500 10-Q 2013-06-30 false RING ENERGY, INC. 0001384195 --12-31 17801313 Smaller Reporting Company Yes No No 2013 Q2 0001384195 2013-01-01 2013-06-30 0001384195 2013-08-06 0001384195 2013-06-30 0001384195 2012-12-31 0001384195 2013-04-01 2013-06-30 0001384195 2012-04-01 2012-06-30 0001384195 2012-01-01 2012-06-30 0001384195 2011-12-31 0001384195 2012-06-30 0001384195 fil:AssetRetirementObligationMember 2012-12-31 0001384195 fil:AssetRetirementObligationMember 2013-06-30 0001384195 2013-01-31 0001384195 fil:SharesMember 2012-12-31 0001384195 fil:WeightedAverageExercisePriceMember 2012-12-31 0001384195 fil:WeightedAverageRemainingContractualTermMember 2012-12-31 0001384195 fil:SharesMember 2013-06-30 0001384195 fil:WeightedAverageExercisePriceMember 2013-06-30 0001384195 fil:WeightedAverageRemainingContractualTermMember 2013-06-30 0001384195 fil:AssetRetirementObligationMember 2013-01-01 2013-06-30 0001384195 fil:SharesMember 2013-01-01 2013-06-30 0001384195 fil:WeightedAverageExercisePriceMember 2013-01-01 2013-06-30 0001384195 fil:WeightedAverageRemainingContractualTermMember 2013-01-01 2013-06-30 0001384195 fil:AggregateIntrinsicValueMember 2012-12-31 0001384195 fil:AggregateIntrinsicValueMember 2013-01-01 2013-06-30 0001384195 fil:AggregateIntrinsicValueMember 2013-06-30 shares iso4217:USD iso4217:USD shares pure EX-101.CAL 7 rnge-20130630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 rnge-20130630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 rnge-20130630_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Outstanding1 Outstanding1 Number of stock options issued and outstanding as at the end of the balance sheet date. Fair value of options per share The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Net proceeds after offering costs Net proceeds after offering costs REVOLVING LINE OF CREDIT {2} REVOLVING LINE OF CREDIT Cash at End of Period Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. Payments to purchase oil and natural gas properties Changes in assets and liabilities: General and administrative expense includes the share-based compensation of [Abstract] Depreciation, depletion and amortization. Interest expense Oil and gas production taxes Asset retirement obligation Current Liabilities Amendment Flag Granted. Number of shares related to Restricted Stock Award forfeited during the period. Weighted Average Remaining contractual Term Issuance of common stock through grant of qualified stock options amendment approved in 2013 Issuance of common stock through grant of qualified stock options amendment approved in 2013 The aggregate intrinsic value was determined based on market value of the Company's common stock on June 28, 2013 The aggregate intrinsic value was determined based on market value of the Company's common stock on June 28, 2013 Non usage commitment fees % p.a. Non usage commitment fees % p.a. Share-Based Compensation to Non-Employees ASSET RETIREMENT OBLIGATION {1} ASSET RETIREMENT OBLIGATION REVOLVING LINE OF CREDIT {1} REVOLVING LINE OF CREDIT Gain on derivative put options Increase in the fair value of the derivative or group of derivatives included in earnings in the period. Minimum Risk free interest rate The minimum risk-free interest rate assumption that is used in valuing an option on its own shares. Dividend yield Dividend yield Annual credit adjusted risk free discount rate Maximum Annual credit adjusted risk free discount rate Maximum Diluted Loss per Share,. Diluted Loss per Share,. Weighted-average assumptions used for options granted Table text block for weighted-average assumptions used for options granted Asset Retirement Obligation {1} Asset Retirement Obligation Accounts receivable. Depreciation, depletion and amortization Total Stockholders' Equity (Deficit) Capital Units [Member] Balance., Balance., Assets opening balance Balance., EMPLOYEE STOCK OPTIONS Issue of common shares private placement offering Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Office equipment maximum useful life Office equipment maximum useful life Concentration of Credit Risk and Major Customer Disclosure of accounting policy regarding concentration of credit risk and accounts receivable Consolidation Revision of asset retirement obligation estimate Payments to develop oil and natural gas properties Common stock - $0.001 par value; 150,000,000 shares authorized; 17,801,313 shares and 14,166,011 shares outstanding, respectively Office equipment Gross amount, as of the balance sheet date, of long-lived, depreciable assets used in the production process to products and office equipment Entity Filer Category Parent [Member] Accumulated Other Comprehensive Income (Loss) [Member] Balance1 Balance1 Closing balance of the asset Statement {1} Statement Weighted average period in years Weighted average period in years Exercise of cashless options (number of options) Exercise of cashless options (number of options) Office Equipment Purchase of office equipment Basic Loss per Share The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period Total Noncurrent Liabilities Accounts payable Net Properties and Equipment Common Stock [Member] Exercisable Exercisable The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Shares remaining eligible for issuance under the said plan Issuance of common stock through grant of qualified stock options amendment approved in 2013 Longterm Incentvie Plan Company extended a credit agreement with a bank that provides for a revolving line of credit of Company extended a credit agreement with a bank that provides for a revolving line of credit of Basis Of Presentation And Significant Accounting Policies Concentration of Credit Risk and Major Customer EMPLOYEE STOCK OPTIONS (Tables) Condensed Consolidated Financial Statements SUBSEQUENT EVENTS: Supplemental Cash Flow Information Net Cash Provided by Financing Activities LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Document Fiscal Year Focus Aggregate Intrinsic Value Statement, Equity Components Extended the existing line of credit through April 10, 2014 Extended the existing line of credit through April 10, 2014 CONTINGENCIES AND COMMITMENTS Maximum Risk free interest rate The minimum risk-free interest rate assumption that is used in valuing an option on its own shares. Interest rate of the bank's prime rate plus Interest rate of the bank's prime rate plus Depreciation expenses on oil & Gas properties Depreciation expenses on oil & Gas properties Basis Of Presentation And Significant Accounting Policies Oil and Gas Properties Percentage of Receivable from one major customer [Abstract] ASSET RETIREMENT OBLIGATION EARNINGS PER SHARE INFORMATION Less: Property and equipment acquired Gain on derivative put options. General and administrative expense Oil and gas production costs Additional paid-in capital Deferred income taxes Entity Well-known Seasoned Issuer Revision of estimate, Any changes made during the period to the evaluation or calculation of the estimated quantity of oil or gas in proved reserves. STOCKHOLDERS' EQUEETY - COMMON STOCK ISSUED IN OFFERINGS Stock options,. Diluted Loss per Share,. Effect of dilutive securities: Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Depletion at the rate per barrel Depletion at the rate per barrel Oil and Gas Properties Disclosure of accounting policy regarding accounting method for oil and gas properties, asset retirement obligation and depletion. EARNINGS PER SHARE INFORMATION {1} EARNINGS PER SHARE INFORMATION Issuance of common stock to Ring Energy, Inc. shareholders The cash inflow from the additional capital contribution to the entity. Net Increase in Cash Common Stock, shares outstanding Accumulated deficit Entity Public Float Additional Paid-in Capital [Member] Summary of the stock option activity and changes during the period Compensation expenses charged against income for share based awards included in general and administrative expenses Compensation expenses charged against income for share based awards included in general and administrative expenses Shares of common stock excluded from the computation of diluted loss per share as their effect would have been anti-dilutive. Shares of common stock excluded from the computation of diluted loss per share as their effect would have been anti-dilutive. Net income details The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. EARNINGS (LOSS) PER SHARE INFORMATION (Tables) STOCKHOLDERS' EQUITY {1} STOCKHOLDERS' EQUITY ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {1} ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Less: Prepaid expenses acquired Carrying amount as of the balance sheet date of expenditures made, not otherwise specified in the taxonomy, in advance of the timing of recognition of expenses which are expected to be charged against earnings within one year or the normal operating cycle, if longer. Accretion expense. Accretion expense Costs and Operating Expenses Oil and Gas Revenues Revenues {1} Revenues Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding Total Current Assets Document Period End Date Retained Earnings [Member] Exercised. The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Shares Unrecognized compensation costs related to stock options Unrecognized compensation costs related to stock options Amount availbe to be drawn on line of credit Estimated present value of future net revenues from proved reserves, discounted at a an interest rate % Estimated present value of future net revenues from proved reserves, discounted at a an interest rate % Changes in Asset Retirement Obligations Share-Based Compensation Subsequent Events Proceeds from borrowings from Ring Energy, Inc. The cash inflow from a borrowing made from Federal Home Loan Bank. 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Adjustments to reconcile net loss to net cash used in operating activities: Other Income (Expense) Preferred Stock, par value Parentheticals Total Current Liabilities Total Properties and Equipment Cash Document Fiscal Period Focus Document and Entity Information Standby letters of creidt issued by commercial banks in the states of Texas and Kansas Standby letters of creidt issued by commercial banks in the states of Texas and Kansas Maximum Expected Volatality The maxiimum expected rate of volatality assumption that is used in valuing an option on its own shares. Common shares per share value Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. COMMON STOCK ISSUED IN OFFERINGS LOSS PER SHARE INFORMATION Basis Of Presentation And Significant Accounting Policies Office Equipment COMMITMENTS AND CONTINGENT LIABILITIES {1} COMMITMENTS AND CONTINGENT LIABILITIES EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN Noncash Investing and Financing Activities Accrued compensation. Total Liabilities and Stockholders' Equity (Deficit) Current Assets Entity Voluntary Filers Liabilities incurred Amount of asset retirement obligations incurred during the period. Statement Weighted average grant date fair value of options granted Compensation expenses charged against income for share based awards included in general and administrative expenses [Abstract] Shares of common stock issued pursuant to cashless exercise of options Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Diluted Weighted-Average Shares Outstanding The weighted average number of shares or units and dilutive common stock or unit equivalents outstanding in the calculation of proforma diluted earnings per share (earnings per unit), which is commonly presented in initial public offerings based on the terms of the offering. Stock option activity and changes Tabular summary of changes in outstanding options with exercise price, disclosure of options exercisable at the end of the periods disclosed and of the weighted average fair value of options granted during the periods. Revenue Recognition Disclosure of accounting policy for revenue recognition. Use of Estimates BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) Accounts payable assumed. The fair value of liabilities assumed in Noncash investing or financing activities. Cash Flows From Operating Activities Total Costs and Operating Expenses Common Stock, shares issued Oil and natural gas properties subject to amortization Entity Registrant Name Outstanding, Outstanding, Number of stock options issued and outstanding as of the balance sheet date. Outstanding, SUBSEQUENT EVENTS Issuance of common stock through grant of qualified stock options approved in 2011 Issuance of common stock through grant of qualified stock options approved in 2011 Gross proceeds Gross Proceeds ASSET RETIREMENT OBLIGATION (Tables) Cash paid for interest Cash at Beginning of Period Cash at Beginning of Period Proceeds from issuance of common stock to Ring Energy, Inc. Shareholders The cash inflow from the additional capital contribution to the entity. Cash Flows From Financing Activities Accounts payable. 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As of June 30, 2013, no amounts were outstanding and $9,855,000 was available to be drawn on the line of credit.  The credit agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfers or sales of assets, distributions or dividends and merger or consolidation activity.  The facility has an interest rate of the banks prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%.  The maturity date on the note was extended to April 10, 2014. 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The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013.   Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Companys 2012 Annual Report on Form 10-K.   Organization and Nature of Operations The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Companys oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Companys financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.   Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Companys future results of operations.   Consolidation The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford Energy, Inc. (Stanford) for all periods presented and the consolidated operations and cash flows of Ring Energy, Inc. from June 28, 2012.  All significant intercompany balances and transactions have been eliminated in consolidation.   Concentration of Credit Risk and Major Customer The Company had cash in excess of federally insured limits at June 30, 2013. During the six months ended June 30, 2013, sales to one customer represented 95% of the Companys oil and gas revenues.  At June 30, 2013, this customer made up 91% of the Companys accounts receivable.   Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas properties.  Under this method, all costs associated with the acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs.  Capitalized costs are categorized either as being subject to amortization or not subject to amortization.   All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2013 was $396,662 and $740,270, respectively, based on depletion at the rate of $23.33 per barrel of oil equivalent compared to $94,707 and $175,835, respectively, for the three and six months ended June 30, 2012, based on depletion at the rate of $19.87 per barrel of oil equivalent. These amounts include $13,902 and $25,406, respectively, of depreciation for the three and six months ended June 30, 2013 compared to $10,850 and $21,001 of depreciation for the three and six months ended June 30, 2012, respectively.   In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.   Office Equipment Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service.  Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.   Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (ARO) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized.  Thereafter, this liability is accreted up to the final estimated retirement cost.  An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Companys ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.   Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers.  At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Companys estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.   Share-Based Employee Compensation The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6.  The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.   Share-Based Compensation to Non-Employees The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipients performance is complete.   Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Companys financial condition or the results of operations.   Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.  Diluted loss per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive.  The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the basis of presentation and significant accounting policies concepts. 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EMPLOYEE STOCK OPTIONS (Tables)

6 Months Ended

Jun. 30, 2013

EMPLOYEE STOCK OPTIONS (Tables)

Stock option activity and changes

A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:

				Weighted-
			Weighted-	Average
			Average	Remaining		Aggregate
			Exercise	Contractual		Intrinsic
	Shares		Price	Term		Value
Outstanding, December 31, 2012	1,125,000	$	2.37
Granted	1,585,000		4.66
Forfeited	(137,500)		2.55
Exercised	(10,000)		2.00
Outstanding, June 30, 2013	2,562,500	$	3.78	9.0 Years	$	12,283,140
Exercisable, June 30, 2013	212,500	$	2.12	6.5 Years	$	1,411,500

Weighted-average assumptions used for options granted

Expected volatility		128% - 138%
Weighted-average volatility		137%
Expected dividends		0
Expected term (in years)		6.5
Risk-free interest rate		0.76% - 1.49%

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CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED (USD $)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues {1}
Oil and Gas Revenues	$ 1,291,579	$ 342,522	$ 2,443,536	$ 670,525
Costs and Operating Expenses
Oil and gas production costs	214,468	218,074	355,723	375,255
Oil and gas production taxes	59,459	15,875	112,676	32,625
Depreciation, depletion and amortization	396,662	94,707	740,270	175,835
Accretion expense	11,824	4,762	23,277	9,524
General and administrative expense	1,499,559	497,190	3,067,263	1,154,499
Total Costs and Operating Expenses	2,181,972	830,608	4,299,209	1,747,738
Other Income (Expense)
Gain on derivative put options	0	40,720	0	93,408
Interest expense	0	(94,011)	0	(187,846)
Net Other Expense	0	(53,291)	0	(94,438)
Net Loss	$ (890,393)	$ (541,377)	$ (1,855,673)	$ (1,171,651)
Basic Loss per Share	$ (0.06)	$ (0.15)	$ (0.13)	$ (0.33)
Diluted Loss per Share	$ (0.06)	$ (0.15)	$ (0.13)	$ (0.33)

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STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2013

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock Issued in Offerings – In January 2013, the Company issued 100,000 shares of common stock, for cash of $450,000, or $4.50 per share, in a private placement offering.

Common Stock Issued in Option Exercise – In January 2013, the Company issued 6,722 shares of common stock pursuant to the cashless exercise of 10,000 options that had an exercise price of $2.00 per share.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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+ Details

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STOCKHOLDERS' EQUEETY - COMMON STOCK ISSUED IN OFFERINGS (DETAILS) (USD $)	Jun. 30, 2013	Jan. 31, 2013
COMMON STOCK ISSUED IN OFFERINGS
Issue of common shares private placement offering	3,528,580	100,000
Common shares per share value	$ 5.50	$ 4.50
Gross proceeds	$ 19,407,190	$ 450,000
Net proceeds after offering costs	$ 18,537,272	$ 450,000
Shares of common stock issued pursuant to cashless exercise of options		6,722
Exercise of cashless options (number of options)		10,000
Exercise price per share		$ 2.00

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Basis Of Presentation And Significant Accounting Policies Concentration of Credit Risk and Major Customer (Details)	3 Months Ended
	Jun. 30, 2013
Basis Of Presentation And Significant Accounting Policies Concentration of Credit Risk and Major Customer
Percentage of sales to one major customer	95.00%
Percentage of Receivable from one major customer	91.00%

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Weighted-average assumptions used to determine the fair value of options granted (Details)	6 Months Ended
	Jun. 30, 2013
Weighted-average assumptions used to determine the fair value of options granted
Minimum Expected Volatility	128.00%
Maximum Expected Volatality	138.00%
Weighted average volatality	137.00%
Expected life (years)	6.5
Dividend yield	0.00%
Minimum Risk free interest rate	0.76%
Maximum Risk free interest rate	1.49%

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Weighted average grant date fair value of options granted (Details) (USD $)	Jun. 30, 2013
Weighted average grant date fair value of options granted
Fair value of options per share	$ 4.20
Unrecognized compensation costs related to stock options	$ 6,051,047
Weighted average period in years	2.7
The aggregate intrinsic value was determined based on market value of the Company's common stock on June 28, 2013	$ 8.76

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Changes in the asset retirement obligation were as follows: (Details) (Asset Retirement obligation, USD $)	Asset Retirement obligation USD ($)
Balance., at Dec. 31, 2012	$ 496,286
Revision of estimate,	211,691
Liabilities incurred	67,352
Accretion expense,	23,277
Balance1 at Jun. 30, 2013	$ 798,606

XML 27 R9.xml IDEA: ASSET RETIREMENT OBLIGATION 2.4.0.8000090 - Disclosure - ASSET RETIREMENT OBLIGATIONtruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_AssetRetirementObligationsAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0ASSET RETIREMENT OBLIGATION2false 2us-gaap_AssetRetirementObligationDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00NOTE 4 ASSET RETIREMENT OBLIGATION   The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled.  The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred upon each of the acquisitions or at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates, which rates were from 6.12% to 7.62% per annum.  Changes in the asset retirement obligation were as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="354" style='width:265.75pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Balance, December 31, 2012</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 496,286</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Revision of estimate</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 211,691</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Liabilities incurred</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 67,352</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Accretion expense</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 23,277</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> Balance, June 30, 2013</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> 798,606</td></tr></table></div>  falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0ASSET RETIREMENT OBLIGATIONfalseASSET RETIREMENT OBLIGATIONUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.ringenergy.com/20130630/role/idr_DisclosureASSETRETIREMENTOBLIGATION12 XML 28 R12.xml IDEA: COMMITMENTS AND CONTINGENT LIABILITIES 2.4.0.8000120 - Disclosure - COMMITMENTS AND CONTINGENT LIABILITIEStruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_CommitmentAndContingenciesAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0COMMITMENTS AND CONTINGENT LIABILITIES2false 2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00NOTE 7 CONTINGENCIES AND COMMITMENTS   Standby Letters of Credit A commercial bank issued standby letters of credit on behalf of the Company to the states of Texas and Kansas totaling $145,000 to allow the Company to do business in those states.  The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank.  The terms of these letters of credit are extended for a term of one year at a time.  The Company intends to renew the standby letters of credit for as long as the Company does business in the states of Texas and Kansas. No amounts have been drawn under the standby letters of credit.  falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0COMMITMENTS AND CONTINGENT LIABILITIESfalseCOMMITMENTS AND CONTINGENT LIABILITIESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.ringenergy.com/20130630/role/idr_DisclosureCOMMITMENTSANDCONTINGENTLIABILITIES12 XML 29 R25.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS (DETAILS) (USD $)	3 Months Ended		6 Months Ended
EMPLOYEE STOCK OPTIONS (DETAILS) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
EMPLOYEE STOCK OPTIONS
Compensation expenses charged against income for share based awards included in general and administrative expenses	$ 885,958	$ 154,348	$ 1,701,721	$ 445,234

XML 30 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2013

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

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REVOLVING LINE OF CREDIT

6 Months Ended

Jun. 30, 2013

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT

NOTE 3 – REVOLVING LINE OF CREDIT

XML 32 R11.xml IDEA: EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN 2.4.0.8000110 - Disclosure - EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLANtruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_CompensationRelatedCostsShareBasedPaymentsAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN2false 2us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00NOTE 6 EMPLOYEE STOCK OPTIONS   Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2013 was $885,958 and $1,701,721, respectively, as compared to $154,348 and $445,234, respectively, for the three and six months ended June 30, 2012.  These amounts are included in general and administrative expense in the accompanying financial statements.   In 2011, Stanfords Board of Directors and stockholders approved and adopted a long-term incentive plan which allows for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares.  As of June 30, 2013, there were 2,427,500 shares remaining eligible for issuance under the plan.   The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Dow Jones U.S. Oil and Gas Index. The Company uses the simplified method for estimating the expected term for options granted. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Companys anticipated cash dividend over the expected life of the stock options. The following are the assumptions used to determine the fair value of options granted during the six months ended June 30, 2013:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="327" style='width:245pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 128% - 138%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-average volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 137%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected dividends</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected term (in years)</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Risk-free interest rate</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0.76% - 1.49%</td></tr></table></div>   No options were granted during the six months ended June 30, 2012.    A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="590" style='width:442.35pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Remaining</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Aggregate</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercise</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Contractual</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Intrinsic</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Shares</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Price</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Term</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Value</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, December 31, 2012</td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,125,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.37</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Granted</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,585,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 4.66</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Forfeited</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (137,500)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.55</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercised</td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (10,000)</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.00</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2,562,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3.78</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 9.0 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 12,283,140</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercisable, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 212,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.12</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,411,500</td></tr></table></div>   The weighted-average grant-date fair value of options granted during 2013 was $4.20 per share. As of June 30, 2013, there was approximately $6,051,047 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.7 years. The aggregate intrinsic values were determined based on the $8.76 market value of the Companys common stock on June 28, 2013.  falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLANfalseEMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLANUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.ringenergy.com/20130630/role/idr_DisclosureEMPLOYEESTOCKOPTIONSANDRESTRICTEDSTOCKAWARDPLAN12 XML 33 R11.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN

6 Months Ended

Jun. 30, 2013

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN

NOTE 6 – EMPLOYEE STOCK OPTIONS

Expected volatility		128% - 138%
Weighted-average volatility		137%
Expected dividends		0
Expected term (in years)		6.5
Risk-free interest rate		0.76% - 1.49%

No options were granted during the six months ended June 30, 2012.

A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:

				Weighted-
			Weighted-	Average
			Average	Remaining		Aggregate
			Exercise	Contractual		Intrinsic
	Shares		Price	Term		Value
Outstanding, December 31, 2012	1,125,000	$	2.37
Granted	1,585,000		4.66
Forfeited	(137,500)		2.55
Exercised	(10,000)		2.00
Outstanding, June 30, 2013	2,562,500	$	3.78	9.0 Years	$	12,283,140
Exercisable, June 30, 2013	212,500	$	2.12	6.5 Years	$	1,411,500

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

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+ Details

XML 34 R14.xml IDEA: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) 2.4.0.8000140 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)2false 2us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Condensed Financial Statements The accompanying condensed consolidated financial statements prepared by Ring Energy, Inc. and its subsidiary (the Company or Ring) have not been audited by an independent registered public accounting firm.  In the opinion of the Companys management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013.   Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Companys 2012 Annual Report on Form 10-K.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Condensed Consolidated Financial Statements3false 2us-gaap_NatureOfOperationsus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Organization and Nature of Operations The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Companys oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Companys financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6003-108592 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Organanization and Nature of Operations4false 2us-gaap_UseOfEstimatesus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Companys future results of operations.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6132-108592 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6061-108592 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 11, 14 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Use of Estimates5false 2us-gaap_ConsolidationPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Consolidation The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford Energy, Inc. (Stanford) for all periods presented and the consolidated operations and cash flows of Ring Energy, Inc. from June 28, 2012.  All significant intercompany balances and transactions have been eliminated in consolidation.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 97-2 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph k -Article 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 5, 6, 16-19 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 46 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02, 03 -Article 3A Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 96-16 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a(2) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2197480 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.3A-02) -URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 40 -Section 45 -URI http://asc.fasb.org/section&trid=2197723 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196966 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2197087 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570 false0Consolidation6false 2fil_ConcentrationOfCreditRiskAndMajorCustomerPolicyTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Concentration of Credit Risk and Major Customer The Company had cash in excess of federally insured limits at June 30, 2013. During the six months ended June 30, 2013, sales to one customer represented 95% of the Companys oil and gas revenues.  At June 30, 2013, this customer made up 91% of the Companys accounts receivable.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy regarding concentration of credit risk and accounts receivableNo definition available.false0Concentration of Credit Risk and Major Customer7false 2fil_OilAndGasPropertiesPolicyTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas properties.  Under this method, all costs associated with the acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs.  Capitalized costs are categorized either as being subject to amortization or not subject to amortization.   All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2013 was $396,662 and $740,270, respectively, based on depletion at the rate of $23.33 per barrel of oil equivalent compared to $94,707 and $175,835, respectively, for the three and six months ended June 30, 2012, based on depletion at the rate of $19.87 per barrel of oil equivalent. These amounts include $13,902 and $25,406, respectively, of depreciation for the three and six months ended June 30, 2013 compared to $10,850 and $21,001 of depreciation for the three and six months ended June 30, 2012, respectively.   In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.  falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy regarding accounting method for oil and gas properties, asset retirement obligation and depletion.No definition available.false0Oil and Gas Properties8false 2us-gaap_PlantRetirementAndAbandonmentPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Office Equipment Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service.  Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for plant retirement and for abandonment (under construction or in use) in regulated industries when abandonment becomes probable. Any difference between the new asset and the asset cost is recognized as a loss in the income statement. May also indicate the discount rate used in the calculation of present value of recoverable abandoned assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 360 -Section 35 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6500292&loc=d3e45591-110387 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 360 -Section 35 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6500292&loc=d3e45573-110387 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 360 -Section 35 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6500292&loc=d3e45555-110387 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 87-2 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 90 -Paragraph 3, 7 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Office Equipment9false 2us-gaap_AssetRetirementObligationsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (ARO) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized.  Thereafter, this liability is accreted up to the final estimated retirement cost.  An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Companys ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for determining amounts to accrue and charge against earnings so as to satisfy legal obligations associated with the retirement (through sale, abandonment, recycling, or disposal in some other manner) of a tangible long-lived asset that result from the acquisition, construction, or development and (or) the normal operation of a long-lived asset. This accounting policy disclosure excludes obligations arising 1) in connection with leased property, whether imposed by a lease agreement or by a party other than the lessor, that meet the definition of either minimum lease payments or contingent rentals; 2) solely from a plan to sell or otherwise dispose of a long-lived asset and 3) from certain environmental remediation liabilities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 2, 3, 11, 13, 14, 15, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 47 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Asset Retirement Obligation10false 2fil_RevenueRecognitionPoliciesTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers.  At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Companys estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for revenue recognition.No definition available.false0Revenue Recognition11false 2us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Share-Based Employee Compensation The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6.  The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(f) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2228939 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 06-11 -Paragraph 7 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Share-Based Compensation12false 2us-gaap_CompensationRelatedCostsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Share-Based Compensation to Non-Employees The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipients performance is complete.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(f(1)) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 9, 11, 12, 13 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 4, 9-15, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Share-Based Compensation to Non-Employees13false 2fil_RecentAccountingPronouncementsPolicyTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Companys financial condition or the results of operations.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the Recent Accounting Pronouncements of the entity during the period.No definition available.false0Recently Adopted Accounting Pronouncement14false 2us-gaap_EarningsPerSharePolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.  Diluted loss per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive.  The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144384 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false2Common stock - $0.001 par value; 150,000,000 shares authorized; 17,801,313 shares and 14,166,011 shares outstanding, respectively23false 4us-gaap_AdditionalPaidInCapitalus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse5285472152854721falsefalsefalse2truefalsefalse3216936332169363falsefalsefalsexbrli:monetaryItemTypemonetaryExcess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. 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ASSET RETIREMENT OBLIGATION

6 Months Ended

Jun. 30, 2013

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

NOTE 4 – ASSET RETIREMENT OBLIGATION

Balance, December 31, 2012	$	496,286
Revision of estimate		211,691
Liabilities incurred		67,352
Accretion expense		23,277
Balance, June 30, 2013	$	798,606

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References+ Details

XML 37 R28.htm IDEA: XBRL DOCUMENT

CONTINGENCIES AND COMMITMENTS (Details) (USD $)	Jun. 30, 2013
CONTINGENCIES AND COMMITMENTS
Standby letters of creidt issued by commercial banks in the states of Texas and Kansas	$ 145,000

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Summary of the stock option activity and changes during the period (Details)	Shares	Weighted Average Exercise Price	Weighted Average Remaining contractual Term	Aggregate Intrinsic Value
Outstanding, at Dec. 31, 2012	1,125,000	2.37	0	0
Granted.	1,585,000	4.66	0	0
Forfeited.	(137,500)	2.55	0	0
Exercised.	(10,000)	2	0	0
Exercisable at Jun. 30, 2013	212,500	2.12	6.5	1,411,500
Outstanding1 at Jun. 30, 2013	2,562,500	3.78	9	12,283,140

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Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585 false2Share-based compensation.7false 3us-gaap_DerivativeGainLossOnDerivativeNetus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse-93408-93408falsefalsefalsexbrli:monetaryItemTypemonetaryNet Increase or Decrease in the fair value of the derivative or group of derivatives included in earnings.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 false2Gain on derivative put options.8true 2fil_ChangesInAssetsAndLiabilitiesAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Changes in assets and liabilities:9false 3us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssetsus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-45956-45956falsefalsefalse2truefalsefalse268268falsefalsefalsexbrli:monetaryItemTypemonetaryThe increase (decrease) during the reporting period in the total amount of receivables from all parties and other operating assets not separately disclosed in the statement of cash flows.No definition available.false2Accounts receivable.10false 3us-gaap_IncreaseDecreaseInPrepaidExpenseus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-32795-32795falsefalsefalse2truefalsefalse-77706-77706falsefalsefalsexbrli:monetaryItemTypemonetaryThe increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585 false2Prepaid expenses.11false 3us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilitiesus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse839621839621falsefalsefalse2truefalsefalse302906302906falsefalsefalsexbrli:monetaryItemTypemonetaryThe increase (decrease) during the reporting period in the aggregate amount of obligations incurred but not paid and other operating obligations not separately disclosed in the statement of cash flows.No definition available.false2Accounts payable.12false 3us-gaap_IncreaseDecreaseInOtherAccruedLiabilitiesus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse-100000-100000falsefalsefalsexbrli:monetaryItemTypemonetaryThe increase (decrease) during the reporting period in other expenses incurred but not yet paid.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585 false2Accrued compensation.13false 3us-gaap_NetCashProvidedByUsedInOperatingActivitiesus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse13704651370465falsefalsefalse2truefalsefalse-508998-508998falsefalsefalsexbrli:monetaryItemTypemonetaryThe net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. 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Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585 false2Net Cash Provided by (Used in) Operating Activities14false 3us-gaap_PaymentsToAcquireOilAndGasPropertyus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-1751342-1751342falsefalsefalse2truefalsefalse-28006-28006falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Payments to purchase oil and natural gas properties15false 3us-gaap_PaymentsToExploreAndDevelopOilAndGasPropertiesus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-5524201-5524201falsefalsefalse2truefalsefalse-474085-474085falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash outflow for exploration and development of oil and gas properties. It includes cash payments related to development of oil and gas wells drilled at previously untested geologic structures (to determine the presence of oil or gas) and wells drilled at sites where the presence of oil or gas has already been established (to extract the oil or gas).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Payments to develop oil and natural gas properties16false 3us-gaap_PaymentsToAcquireMachineryAndEquipmentus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-54441-54441falsefalsefalse2truefalsefalse-179078-179078falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash outflow for acquisition of machinery and equipment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Purchase of office equipment17false 3us-gaap_NetCashProvidedByUsedInInvestingActivitiesus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-7329984-7329984falsefalsefalse2truefalsefalse-681169-681169falsefalsefalsexbrli:monetaryItemTypemonetaryThe net cash inflow or outflow from investing activity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Net Cash Used in Investing Activities18true 2us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Cash Flows From Financing Activities19false 3fil_ProceedsFromBorrowingsFromRingEnergyIncfil_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse11500001150000falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash inflow from a borrowing made from Federal Home Loan Bank.No definition available.false2Proceeds from borrowings from Ring Energy, Inc.20false 3us-gaap_ProceedsFromIssuanceOfCommonStockus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1898727218987272falsefalsefalse2truefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash inflow from the additional capital contribution to the entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Proceeds from issuance of common stock21false 3fil_ProceedsFromIssuanceOfCommonStockToRingEnergyIncShareholders1fil_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse1088756110887561falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash inflow from the additional capital contribution to the entity.No definition available.false2Proceeds from issuance of common stock to Ring Energy, Inc. Shareholders22false 3us-gaap_RepaymentsOfLongTermLinesOfCreditus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse-4244428-4244428falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Principal payments on revolving line of credit23false 3us-gaap_NetCashProvidedByUsedInFinancingActivitiesus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1898727218987272falsefalsefalse2truefalsefalse77931337793133falsefalsefalsexbrli:monetaryItemTypemonetaryThe net cash inflow or outflow from financing activity for the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Net Cash Provided by Financing Activities24false 3us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1302775313027753falsefalsefalse2truefalsefalse66029666602966falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Excludes cash and cash equivalents within disposal group and discontinued operation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Cash at Beginning of Period26false 3fil_CashAtEndOfPeriodfil_falsedebitdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1843192018431920falsefalsefalse2truefalsefalse66143386614338falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false2Cash paid for interest29true 2us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Noncash Investing and Financing Activities30false 3us-gaap_AssetRetirementObligationRevisionOfEstimateus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse211691211691falsefalsefalse2truefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of the Increase or Decrease in the amount of the asset retirement obligation during the current period for changes in the amount or timing of the estimated cash flows associated with the settlement of the obligation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(4) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -Subparagraph c(4) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Balance Sheets Parentheticals (USD $)	Jun. 30, 2013	Dec. 31, 2012
Parentheticals
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	50,000,000	50,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	150,000,000	150,000,000
Common Stock, shares issued	17,801,313	14,166,011
Common Stock, shares outstanding	17,801,313	14,166,011

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2013
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
Condensed Consolidated Financial Statements	*Condensed Financial Statements* – The accompanying condensed consolidated financial statements prepared by Ring Energy, Inc. and its subsidiary (the “Company” or “Ring”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K.
Organanization and Nature of Operations	*Organization and Nature of Operations –* The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.
Use of Estimates	*Use of Estimates* – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.
Consolidation	*Consolidation* – The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford Energy, Inc. (“Stanford”) for all periods presented and the consolidated operations and cash flows of Ring Energy, Inc. from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.
Concentration of Credit Risk and Major Customer	*Concentration of Credit Risk and Major Customer* – The Company had cash in excess of federally insured limits at June 30, 2013. During the six months ended June 30, 2013, sales to one customer represented 95% of the Company’s oil and gas revenues. At June 30, 2013, this customer made up 91% of the Company’s accounts receivable.
Oil and Gas Properties	*Oil and Gas Properties* – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with the acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2013 was $396,662 and $740,270, respectively, based on depletion at the rate of $23.33 per barrel of oil equivalent compared to $94,707 and $175,835, respectively, for the three and six months ended June 30, 2012, based on depletion at the rate of $19.87 per barrel of oil equivalent. These amounts include $13,902 and $25,406, respectively, of depreciation for the three and six months ended June 30, 2013 compared to $10,850 and $21,001 of depreciation for the three and six months ended June 30, 2012, respectively. In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.
Office Equipment	*Office Equipment* – Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.
Asset Retirement Obligation	*Asset Retirement Obligation* – The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.
Revenue Recognition	*Revenue Recognition* – The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.
Share-Based Compensation	*Share-Based Employee Compensation* – The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.
Share-Based Compensation to Non-Employees	*Share-Based Compensation to Non-Employees* – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete.
Recently Adopted Accounting Pronouncement	*Recent Accounting Pronouncements* – The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations.
Earnings Per Share .	*Basic and Diluted Loss per Share* – Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

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CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $)	Jun. 30, 2013	Jun. 30, 2012
Cash Flows From Operating Activities
Net loss,	$ (1,855,673)	$ (1,171,651)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization.	740,270	175,835
Accretion expense.	23,277	9,524
Share-based compensation.	1,701,721	445,234
Gain on derivative put options.	0	(93,408)
Changes in assets and liabilities:
Accounts receivable.	(45,956)	268
Prepaid expenses.	(32,795)	(77,706)
Accounts payable.	839,621	302,906
Accrued compensation.	0	(100,000)
Net Cash Provided by (Used in) Operating Activities	1,370,465	(508,998)
Payments to purchase oil and natural gas properties	(1,751,342)	(28,006)
Payments to develop oil and natural gas properties	(5,524,201)	(474,085)
Purchase of office equipment	(54,441)	(179,078)
Net Cash Used in Investing Activities	(7,329,984)	(681,169)
Cash Flows From Financing Activities
Proceeds from borrowings from Ring Energy, Inc.	0	1,150,000
Proceeds from issuance of common stock	18,987,272	0
Proceeds from issuance of common stock to Ring Energy, Inc. Shareholders	0	10,887,561
Principal payments on revolving line of credit	0	(4,244,428)
Net Cash Provided by Financing Activities	18,987,272	7,793,133
Net Increase in Cash	13,027,753	6,602,966
Cash at Beginning of Period	5,404,167	11,372
Cash at End of Period	18,431,920	6,614,338
Supplemental Cash Flow Information
Cash paid for interest	0	93,471
Noncash Investing and Financing Activities
Revision of asset retirement obligation estimate	211,691	0
Asset retirement obligation incurred during development	67,352	0
Issuance of common stock to Ring Energy, Inc. shareholders	0	13,095,369
Accounts payable assumed.	0	9,893
Less: Elimination of note payable to Ring Energy, Inc.	0	(2,003,122)
Less: Prepaid expenses acquired	0	(26,942)
Less: Property and equipment acquired	0	(187,637)
Proceeds from issuance of common stock to Ring Energy, Inc. Shareholders	$ 0	$ 10,887,561

XML 49 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current Assets
Cash	$ 18,431,920	$ 5,404,167
Accounts receivable	463,921	417,965
Prepaid expenses and retainers	93,193	60,398
Total Current Assets	18,989,034	5,882,530
Properties and Equipment
Oil and natural gas properties subject to amortization	30,606,490	23,051,904
Office equipment	229,547	175,106
Total Properties and Equipment	30,836,037	23,227,010
Accumulated depreciation, depletion and amortization	(1,336,432)	(596,162)
Net Properties and Equipment	29,499,605	22,630,848
Total Assets	48,488,639	28,513,378
Current Liabilities
Accounts payable	2,031,052	1,191,431
Total Current Liabilities	2,031,052	1,191,431
Noncurrent Liabilities
Deferred income taxes	625,950	625,950
Asset retirement obligation	798,606	496,286
Total Noncurrent Liabilities	1,424,556	1,122,236
Stockholders' Equity (Deficit)
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - $0.001 par value; 150,000,000 shares authorized; 17,801,313 shares and 14,166,011 shares outstanding, respectively	17,801	14,166
Additional paid-in capital	52,854,721	32,169,363
Accumulated deficit	(7,839,491)	(5,983,818)
Total Stockholders' Equity (Deficit)	45,033,031	26,199,711
Total Liabilities and Stockholders' Equity (Deficit)	$ 48,488,639	$ 28,513,378

XML 50 R7.xml IDEA: EARNINGS PER SHARE INFORMATION 2.4.0.8000070 - Disclosure - EARNINGS PER SHARE INFORMATIONtruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_EarningsPerShareAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0EARNINGS PER SHARE INFORMATION2false 2us-gaap_EarningsPerShareTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00NOTE 2 LOSS PER SHARE INFORMATION   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="687" style='width:515.3pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="163" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:122.4pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> For The Three Months</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="176" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:132pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> For The Six Months</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="163" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:122.4pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Ended June 30,</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="176" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:132pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Ended June 30,</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2013</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2012</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2013</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2012</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="114" colspan="2" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:85.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Net Loss</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (890,393)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (541,377)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (1,855,673)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (1,171,651)</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Basic Weighted-Average Shares Outstanding</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,350,284</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,584,611</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,290,060</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,512,306</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="210" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:157.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Effect of dilutive securities:</td> <td valign="bottom" width="96" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="114" colspan="2" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:85.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Stock options</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> -</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Diluted Weighted-Average Shares Outstanding</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,350,284</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,584,611</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 14,290,060</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3,512,306</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="306" colspan="4" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:229.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Basic Loss per Share</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.06)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.15)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.13)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.33)</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="210" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:157.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Diluted Loss per Share</td> <td valign="bottom" width="96" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:72pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.06)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="68" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.15)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.13)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="77" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:58.1pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  (0.33)</td></tr></table></div>   Stock options to purchase 2,562,500 shares of common stock were excluded from the computation of diluted loss per share during the three and six months ended June 30, 2013 as their effect would have been anti-dilutive.  Stock options to purchase 1,125,000 shares of common stock were excluded from the computation of diluted loss per share during the three and six months ended June 30, 2012 as their effect would have been anti-dilutive.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for earnings per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 false0EARNINGS PER SHARE INFORMATIONfalseEARNINGS PER SHARE INFORMATIONUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.ringenergy.com/20130630/role/idr_DisclosureEARNINGSPERSHAREINFORMATION12 XML 51 R17.xml IDEA: EMPLOYEE STOCK OPTIONS (Tables) 2.4.0.8000170 - Disclosure - EMPLOYEE STOCK OPTIONS (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_CompensationRelatedCostsShareBasedPaymentsTablesAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0EMPLOYEE STOCK OPTIONS (Tables)2false 2fil_StockOptionActivityAndChangesfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00A summary of the stock option activity as of June 30, 2013 and changes during the six months then ended is as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="590" style='width:442.35pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Average</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Remaining</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Aggregate</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercise</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Contractual</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Intrinsic</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Shares</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Price</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Term</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Value</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, December 31, 2012</td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,125,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.37</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Granted</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,585,000</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 4.66</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Forfeited</td> <td valign="bottom" width="64" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (137,500)</td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.55</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="67" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:50.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercised</td> <td valign="bottom" width="64" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:48pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.95pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> (10,000)</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.00</td> <td valign="bottom" width="18" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="21" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="85" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Outstanding, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2,562,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 3.78</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 9.0 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 12,283,140</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="216" colspan="3" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:162.2pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Exercisable, June 30, 2013</td> <td valign="bottom" width="72" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:54.05pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 212,500</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="74" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:55.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 2.12</td> <td valign="bottom" width="18" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:13.3pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="83" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:62.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5 Years</td> <td valign="bottom" width="21" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:15.8pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="85" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:63.45pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 1,411,500</td></tr></table></div>  falsefalsefalsenonnum:textBlockItemTypenaTabular summary of changes in outstanding options with exercise price, disclosure of options exercisable at the end of the periods disclosed and of the weighted average fair value of options granted during the periods.No definition available.false0Stock option activity and changes3false 2fil_WeightedAverageAssumptionsUsedForOptionsGrantedfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="327" style='width:245pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 128% - 138%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Weighted-average volatility</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 137%</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected dividends</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Expected term (in years)</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 6.5</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="211" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:158pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Risk-free interest rate</td> <td valign="bottom" width="19" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:14pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="97" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:73pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 0.76% - 1.49%</td></tr></table></div>falsefalsefalsenonnum:textBlockItemTypenaTable text block for weighted-average assumptions used for options grantedNo definition available.false0Weighted-average assumptions used for options grantedfalseEMPLOYEE STOCK OPTIONS (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.ringenergy.com/20130630/role/idr_DisclosureEMPLOYEESTOCKOPTIONSTables13 XML 52 R16.xml IDEA: ASSET RETIREMENT OBLIGATION (Tables) 2.4.0.8000160 - Disclosure - ASSET RETIREMENT OBLIGATION (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001384195duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_AssetRetirementObligationsTableAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0ASSET RETIREMENT OBLIGATION (Tables)2false 2us-gaap_ScheduleOfAssetRetirementObligationsTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="354" style='width:265.75pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Balance, December 31, 2012</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> $</td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 496,286</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Revision of estimate</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 211,691</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Liabilities incurred</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 67,352</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> Accretion expense</td> <td valign="bottom" width="22" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:16.5pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'>  </td> <td valign="bottom" width="87" style='border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:65pt;padding-right:5.4pt;height:7.2pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0cm'> 23,277</td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="246" style='border-bottom:windowtext 1pt solid;border-left:#f0f0f0;padding-bottom:0cm;background-color:transparent;padding-left:5.4pt;width:184.25pt;padding-right:5.4pt;height:7.2pt;border-top:windowtext 1pt solid;border-right:#f0f0f0;padding-top:0cm'> Balance, June 30, 2013</td> <td valign="bottom" width="22" 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Longterm Incentvie Plan (Details)	Jun. 30, 2013
Longterm Incentvie Plan
Issuance of common stock through grant of qualified stock options approved in 2011	2,500,000
Issuance of common stock through grant of qualified stock options amendment approved in 2013	5,000,000
Shares remaining eligible for issuance under the said plan	2,427,500

XML 57 R23.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATION (Details)	Jun. 30, 2013
ASSET RETIREMENT OBLIGATION
Annual credit adjusted risk free discount rate Minimum	6.12%
Annual credit adjusted risk free discount rate Maximum	7.62%

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2013

SUBSEQUENT EVENTS:

Subsequent Events

NOTE 8 – SUBSEQUENT EVENTS

Subsequent to June 30, 2013, the company extended the existing $10 million revolving line of credit through April 10, 2014. All other terms and conditions remained the same.

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SUBSEQUENT EVENTS (DETAILS) (USD $)	Jun. 30, 2013
SUBSEQUENT EVENTS
Extended the existing line of credit through April 10, 2014	$ 10,000,000

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ASSET RETIREMENT OBLIGATION (Tables)

6 Months Ended

Jun. 30, 2013

ASSET RETIREMENT OBLIGATION (Tables)

Changes in Asset Retirement Obligations

Balance, December 31, 2012	$	496,286
Revision of estimate		211,691
Liabilities incurred		67,352
Accretion expense		23,277
Balance, June 30, 2013	$	798,606

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COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 2013

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 7 – CONTINGENCIES AND COMMITMENTS

- Definition

The entire disclosure for commitments and contingencies.

+ References

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EARNINGS PER SHARE INFORMATION

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE INFORMATION

EARNINGS PER SHARE INFORMATION

NOTE 2 – LOSS PER SHARE INFORMATION

		For The Three Months				For The Six Months
		Ended June 30,				Ended June 30,
		2013		2012		2013		2012
Net Loss	$	(890,393)	$	(541,377)	$	(1,855,673)	$	(1,171,651)
Basic Weighted-Average Shares Outstanding		14,350,284		3,584,611		14,290,060		3,512,306
Effect of dilutive securities:
Stock options		-		-		-		-
Diluted Weighted-Average Shares Outstanding		14,350,284		3,584,611		14,290,060		3,512,306
Basic Loss per Share	$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)
Diluted Loss per Share	$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)

- Definition

The entire disclosure for earnings per share.

+ References+ Details

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Basis Of Presentation And Significant Accounting Policies Oil and Gas Properties (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Basis Of Presentation And Significant Accounting Policies Oil and Gas Properties
Amortization expense on oil & Gas properties	$ 396,662	$ 740,270	$ 94,707	$ 175,835
Depletion at the rate per barrel	23.33	19.87	23.33	19.87
Depreciation expenses on oil & Gas properties	$ 13,902	$ 25,406	$ 10,850	$ 21,001
Estimated present value of future net revenues from proved reserves, discounted at a an interest rate %	10.00%

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EARNINGS (LOSS) PER SHARE INFORMATION (Tables)

6 Months Ended

Jun. 30, 2013

EARNINGS (LOSS) PER SHARE INFORMATION (Tables)

Earnings (Loss) Per Share Information

		For The Three Months				For The Six Months
		Ended June 30,				Ended June 30,
		2013		2012		2013		2012
Net Loss	$	(890,393)	$	(541,377)	$	(1,855,673)	$	(1,171,651)
Basic Weighted-Average Shares Outstanding		14,350,284		3,584,611		14,290,060		3,512,306
Effect of dilutive securities:
Stock options		-		-		-		-
Diluted Weighted-Average Shares Outstanding		14,350,284		3,584,611		14,290,060		3,512,306
Basic Loss per Share	$	(0.06)	$	(0.15)	$	(0.13)	$	(0.33)
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REVOLVING LINE OF CREDIT (Details) (USD $)	Jun. 30, 2013
REVOLVING LINE OF CREDIT {2}
Company extended a credit agreement with a bank that provides for a revolving line of credit of	$ 10,000,000
Amount availbe to be drawn on line of credit	$ 9,855,000
Non usage commitment fees % p.a.	0.20%
Interest rate of the bank's prime rate plus	0.75%
Interest being charged to be not less than	4.00%

Basis Of Presentation And Significant Accounting Policies Office Equipment (Details)	Jun. 30, 2013
Basis Of Presentation And Significant Accounting Policies Office Equipment
Office equipment minimum useful life	5
Office equipment maximum useful life	7

XML 78 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2013	Aug. 06, 2013
Document and Entity Information
Entity Registrant Name	RING ENERGY, INC.
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		17,801,313
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

XML 79 R21.htm IDEA: XBRL DOCUMENT

LOSS PER SHARE INFORMATION (Details) (USD $)	3 Months Ended		6 Months Ended
LOSS PER SHARE INFORMATION (Details) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
LOSS PER SHARE INFORMATION
Net income details	$ (890,393)	$ (541,377)	$ (1,855,673)	$ (1,171,651)
Basic Weighted-Average Shares Outstanding	14,350,284	3,584,611	14,290,060	3,512,306
Stock options,.	0	0	0	0
Diluted Weighted-Average Shares Outstanding	14,350,284	3,584,611	14,290,060	3,512,306
Basic Loss per Share,.	$ (0.06)	$ (0.15)	$ (0.13)	$ (0.33)
Diluted Loss per Share,.	$ (0.06)	$ (0.15)	$ (0.13)	$ (0.33)
Shares of common stock excluded from the computation of diluted loss per share as their effect would have been anti-dilutive.	2,665,000	1,125,000	2,665,000	1,125,000