Wizards of the Lost Kingdom (1985)

A brave boy and a great warrior seek the ring of ultimate power.

Simon, son of the king, must flee when the empire is overthrown by the evil Shurka. Schooled in the arts of magic, he must find the Ring of Magic and the Sword of Power and defeat the wizard who killed his father. He is joined in his quest by the swordmaster Kor, his faithful protector Gulfax, and the Forest Wizard Hurla.