Instructables
Picture of Annular (Ring) Paper Plane
This paper plane is a bit unusual in that it is based on a NASA ring wing concept.

Step 1: Fold 1

Picture of Fold 1
Starting with scrap paper (typing, notebook, etc) fold the paper diagonally across the corners. You will also find that folding to a diagonal point or spacing it a bit wider adds variety to your final aircraft.

Step 3: Fold 3

Here’s where variety really steps in…you can curl the wing over the edge of your work surface to ease the wing into an annular shape and insert one wing tip into the other, tape or staple it and have a true annular wing craft.

You are also welcome to simply make it curved…bend it into a ‘W’, invert it and make a bat or manta ray shape, etc, etc, etc

Step 4: How to fly

To fly your wing, hold the back edge with thumb underneath and 2 or three fingers on top and toss forward with a gentle overhand motion.

http://www.youtube.com/watch?v=sdS9OdF3014

Your craft should glide 20 feet quite easily. It may take some tweaking of the trailing edge, curvature or other aspects to get your best flights!

Experiment and ENJOY!
 
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An interesting design. I tried a similar concept with my Vortex paper airplane. 
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I saw your design. simple and elegant...you can shape them octagonal, rectangle, square, etc. 'tweaking' definitely helps!