rei-20231102

Exhibit 99.1

RING ENERGY ANNOUNCES THIRD QUARTER 2023 RESULTS AND UPDATES FOURTH QUARTER 2023 GUIDANCE

~ Matches Record for Generating Quarterly Adjusted EBITDA ~

~ Benefiting from Solid Industry Backdrop, Targeted Capital Spending Program and Recently Completed Acquisition ~

~ Closed on Sale of Non-Core Operated New Mexico Assets on September 27, 2023 ~

The Woodlands, TX – November 2, 2023 – Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the third quarter of 2023. In addition, the Company updated its guidance for the fourth quarter of 2023 and announced the successful sale of its non-core operated New Mexico properties that closed on September 27, 2023.

Third Quarter 2023 Highlights

•Closed on the previously announced acquisition of the Founders Oil & Gas IV, LLC (“Founders” and the “Founders Acquisition”) assets on August 15, 2023. The total cash paid was $50.0 million, which was net of preliminary purchase price adjustments, plus a remaining deferred cash payment estimated to be approximately $11.9 million due in December 2023;

•Grew average sales volumes to 17,509 barrels of oil equivalent per day (“Boe/d”) (69% oil) from 17,271 Boe/d (69% oil) for the second quarter of 2023;

◦Positively impacting sequential quarterly sales volumes was the Founders Acquisition and the continued success of the Company’s 2023 development program;

◦Partially offsetting the overall increase in sales volumes from the second quarter of 2023 were several unanticipated and temporary downtime events at certain third-party natural gas processing facilities affecting natural gas and natural gas liquids (“NGLs”) sales, and downtime due to a tank battery fire that led to a three week outage of oil, natural gas, and associated NGLs sales at that battery;

◦The Company exited the third quarter of 2023 at a production rate in excess of 19,000 Boe/d;

•Reported a net loss of $7.5 million, or $(0.04) per diluted share, in the third quarter of 2023, versus net income of $28.8 million, or $0.15 per diluted share, in the second quarter of 2023;

◦Third quarter 2023 included a loss on derivative contracts of $39.2 million, while second quarter 2023 included a gain on derivative contracts of $3.3 million;

◦Third quarter 2023 also included a benefit from income taxes of $3.4 million, while second quarter 2023 included a benefit for income taxes of $6.4 million;

•Achieved Adjusted Net Income1 of $26.3 million, or $0.13 per diluted share, for the third quarter of 2023 versus $28.0 million, or $0.14 per diluted share, in the second quarter of 2023;

•Generated record Adjusted EBITDA1 of $58.6 million for the third quarter of 2023 — a 10% increase from $53.5 million in the second quarter of 2023, matching the record set in this year’s first quarter;

•Increased Net Cash Provided by Operating Activities by 28% to $55.4 million in the third quarter of 2023 from $43.4 million in the second quarter;

•Produced Adjusted Free Cash Flow1 of $6.1 million versus $12.6 million in the second quarter of 2023, remaining cash flow positive for the 16th consecutive quarter;

•Ended the third quarter of 2023 with $428.0 million in outstanding borrowings on the Company’s credit facility, including a pay-down of $19.0 million net of the $50.0 million borrowed to fund the Founders Acquisition;

◦Liquidity as of September 30, 2023 was $171.4 million and the Leverage Ratio2 was 1.69x;

•Stepped up the 2023 development program in the third quarter with the drilling of 11 wells and the completion of eight wells, of which five wells came online late in the period,

1A non-GAAP financial measure; see “Non-GAAP Financial Information” section in this release for more information including reconciliations to the most comparable GAAP measures.

2 Refer to the “Non-GAAP Information” section in this release for calculation of the Leverage Ratio based on our Credit Agreement. The Leverage Ratio of 1.69x includes an estimated $11.9 million deferred cash payment due in December 2023 for the Founders Acquisition, which is $15.0 million less anticipated purchase price adjustments. Excluding the deferred payment in the calculation results in a Leverage Ratio of 1.64x.

that are expected to positively impact the fourth quarter. As a result, capital expenditures increased to $42.4 million from $31.6 million in the second quarter;

•Completed the sale of its non-core operated New Mexico assets to a private buyer on September 27, 2023 for $4.5 million (the “New Mexico Asset Transaction”) resulting in net proceeds of approximately $3.8 million; and

•Updated guidance for the fourth quarter of 2023 based on the Company’s outlook for sales volumes, operating expenses and capital spending.

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “Our third quarter results benefited from an improved overall oil and gas commodity pricing environment and the impact of the Founders Acquisition. This backdrop helped drive record Adjusted EBITDA, which was a 10% increase over the second quarter despite the unanticipated and temporary downtime events that modestly lowered sales below previous guidance. Another indicator of our success during the third quarter was our repayment of $19 million in debt excluding borrowings associated with funding the Founders Acquisition.”

Mr. McKinney concluded, “Looking to the balance of the year and into 2024, we anticipate the current pricing environment continuing, benefiting from our stepped up third quarter capital spending program, and realizing a full quarter’s production from the Founders Acquisition. This should lead to a strong fourth quarter and position us for an excellent start to the new year. We will continue to remain focused on improving our balance sheet and the pursuit of accretive acquisitions. We intend to achieve both through the proper allocation of our excess cash from operations, the sale of additional non-core assets, and the continued discipline and diligence associated with evaluating potential acquisition candidates. The recent dispositions of our Delaware Basin and New Mexico assets are examples of our commitment in this regard, with the net proceeds from both transactions used to further pay down debt. In short, executing on our value focused proven strategy and reducing debt should position us to return capital to our stockholders in the future.”

Financial Overview: For the third quarter of 2023, the Company reported a net loss of $(7.5) million, or $(0.04) per diluted share, which included a $33.9 million before-tax non-cash unrealized commodity derivative loss, $2.2 million in before-tax share-based compensation, and $(0.2) million in before-tax transaction related costs. The Company’s Adjusted Net Income (which excludes the after-tax impact of the adjustments) was $26.3 million, or $0.13 per diluted share. In the second quarter of 2023, the Company reported net income of $28.8 million, or

$0.15 per diluted share, which included a $3.1 million before-tax non-cash unrealized commodity derivative gain, $2.3 million for before-tax share-based compensation, and $0.2 million in before-tax transaction related costs. The Company’s Adjusted Net Income for the second quarter of 2023 was $28.0 million, or $0.14 per diluted share. For the third quarter of 2022, Ring reported net income of $75.1 million, or $0.49 per diluted share, which included a $47.7 million before-tax non-cash unrealized commodity derivative gain, $1.5 million in before-tax share-based compensation, and $1.1 million in before-tax transaction related costs. Adjusted Net Income in the third quarter of 2022 was $32.5 million, or $0.21 per diluted share.

Adjusted EBITDA grew 10% to $58.6 million for the third quarter of 2023 from $53.5 million for the second quarter of 2023, and 5% higher than $56.0 million for the third quarter of 2022. Third quarter 2023 Adjusted EBITDA tied the quarterly record results posted in this year’s first quarter.

Adjusted Free Cash Flow for the third quarter of 2023 was $6.1 million versus $12.6 million for the second quarter of 2023. Included was capital spending of $42.4 million in the third quarter compared to $31.6 million in the second quarter, with the increase in capital spending partially offset by the previously discussed 10% increase in Adjusted EBITDA.

Adjusted Cash Flow from Operations was $48.5 million for the third quarter of 2023 compared to $44.0 million for the second quarter of 2023 — a 10% sequential increase.

Adjusted Net Income, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted Cash Flow from Operations are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Information.”

Sales Volumes, Prices and Revenues: Sales volumes for the third quarter of 2023 were 17,509 Boe/d (69% oil, 16% natural gas and 15% NGLs), or 1,610,857 Boe, compared to 17,271 Boe/d (69% oil, 16% natural gas and 15% NGLs), or 1,571,668 Boe, for the second quarter of 2023, with third quarter 2023 sales volumes partially benefiting from the Founders Acquisition and impacted by unanticipated and temporary downtime events. In the third quarter of 2022, sales volumes were 13,278 Boe/d (76% oil, 13% natural gas and 11% NGLs), or 1,221,616 Boe. Third quarter 2023 sales volumes were comprised of 1,106,531 barrels (“Bbls”) of oil, 1,567,104 thousand cubic feet (“Mcf”) of natural gas and 243,142 Bbls of NGLs.

For the third quarter of 2023, the Company realized an average sales price of $81.69 per barrel of crude oil, $0.36 per Mcf of natural gas and $11.22 per barrel of NGLs. The combined average

realized sales price for the period was $58.16 per Boe, up 15% versus $50.49 per Boe for the second quarter of 2023, and down 25% from $77.28 per Boe in the third quarter of 2022. The average oil price differential the Company experienced from NYMEX WTI futures pricing in the third quarter of 2023 was a negative $0.78 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $2.45 per Mcf.

Revenues were $93.7 million for the third quarter of 2023 compared to $79.3 million for the second quarter of 2023 and $94.4 million for the third quarter of 2022. The 18% increase in third quarter 2023 revenues from the second quarter of 2023 was driven by higher realized pricing and sales volumes.

Lease Operating Expense (“LOE”): LOE, which includes expensed workovers and facilities maintenance, was $18.0 million, or $11.18 per Boe, in the third quarter of 2023 versus $15.9 million, or $10.14 per Boe, in the second quarter of 2023. Although $18.0 million in LOE was as budgeted, LOE per Boe for the third quarter of 2023 was slightly above guidance due to lower sales volumes related to the unanticipated and temporary downtime events previously discussed. LOE for the third quarter of 2022 was $13.0 million, or $10.67 per Boe. Contributing to the increase in absolute LOE from the second quarter was the additional expenses from the newly acquired properties and increased expensed workover activity.

Gathering, Transportation and Processing (“GTP”) Costs: As previously disclosed, due to a contractual change effective May 1, 2022, the Company no longer maintains ownership and control of natural gas through processing. As a result, GTP costs are now reflected as a reduction to the natural gas sales price and not as an expense item.

Ad Valorem Taxes: Ad valorem taxes were $1.10 per Boe for the third quarter of 2023 compared to $1.06 per Boe in the second quarter of 2023 and $0.98 per Boe for the third quarter of 2022.

Production Taxes: Production taxes were $2.95 per Boe in the third quarter of 2023 compared to $2.55 per Boe in the second quarter of 2023 and $3.74 per Boe in third quarter of 2022. Production taxes ranged between 4.8% to 5.1% of revenue for all three periods.

Depreciation, Depletion and Amortization (“DD&A”) and Asset Retirement Obligation Accretion: DD&A was $13.65 per Boe in the third quarter of 2023 versus $13.23 per Boe for the second quarter of 2023 and $11.73 per Boe in the third quarter of 2022. Asset retirement

obligation accretion was $0.22 per Boe in the third quarter of 2023 compared to $0.23 per Boe for the second quarter of 2023 and $0.20 per Boe in the third quarter of 2022.

Operating Lease Expense: Operating lease expense was $138,220 for the third quarter of 2023, $115,353 for the second quarter of 2023, and $83,590 in the third quarter of 2022. These expenses are primarily associated with the Company’s office leases.

General and Administrative Expenses (“G&A”): G&A was $7.1 million ($4.40 per Boe) for the third quarter of 2023 versus $6.8 million ($4.33 per Boe) for the second quarter of 2023 and $7.4 million ($6.05 per Boe) for the third quarter of 2022. G&A, excluding non-cash share-based compensation, was $4.9 million ($3.05 per Boe) for the third quarter of 2023 versus $4.5 million ($2.89 per Boe) for the second quarter of 2023 and $5.9 million ($4.79 per Boe) for the third quarter of 2022. G&A, excluding non-cash share-based compensation and executed transaction costs was $5.1 million ($3.15 per Boe), versus $4.3 million ($2.75 per Boe) for the second quarter of 2023 and $4.7 million ($3.85 per Boe) for the third quarter of 2022 — an 18% year-over-year decrease on a per Boe basis that was substantially driven by the Company’s continued focus on controlling absolute G&A expenses as its per barrel cost profile improves through targeted acquisitions.

Interest Expense: Interest expense was $11.4 million in the third quarter of 2023 versus $10.6 million for the second quarter of 2023 and $7.0 million for the third quarter of 2022. Driving the increase was higher borrowings on the credit facility and higher interest rates.

Derivative (Loss) Gain: In the third quarter of 2023, Ring recorded a net loss of $39.2 million on its commodity derivative contracts, including a realized $5.4 million cash commodity derivative loss and an unrealized $33.9 million non-cash commodity derivative loss. This compares to a net gain of $3.3 million in the second quarter of 2023, including a realized $0.2 million cash commodity derivative gain and an unrealized $3.1 million non-cash commodity derivative gain, and a net gain on commodity derivative contracts of $32.9 million in the third quarter of 2022, including a realized $14.8 million cash commodity derivative loss and an unrealized $47.7 million non-cash commodity derivative gain.

A summary listing of the Company’s outstanding derivative positions at September 30, 2023 is included in the tables shown later in this release.

For the remainder (October through December) of 2023, the Company has approximately 593 thousand barrels of oil (approximately 49% of oil sales guidance midpoint) hedged and

approximately 518 million cubic feet of natural gas (approximately 31% of natural gas sales guidance midpoint) hedged.

Income Tax: The Company recorded a non-cash income tax benefit of $3.4 million in the third quarter of 2023 versus a non-cash income tax benefit of $6.4 million in the second quarter of 2023 and a non-cash income tax provision of $4.3 million for the third quarter of 2022. The non-cash tax benefit in the second quarter of 2023 was primarily due to the partial release of the valuation allowance.

Balance Sheet and Liquidity: Total liquidity (defined as cash and cash equivalents plus borrowing base availability) at the end of the third quarter of 2023 was $171.4 million, a 16% decrease from June 30, 2023 and a 4% increase from September 30, 2022. Contributing to the overall decrease in liquidity from June 30, 2023, was cash funding for the initial deposit and closing cost totaling $50.0 million for the Founders Acquisition. Liquidity at September 30, 2023 consisted of cash and cash equivalents of $0.1 million and $171.2 million of availability under Ring’s revolving credit facility, which included a reduction of $0.8 million for letters of credit. On September 30, 2023, the Company had $428.0 million in borrowings outstanding on its credit facility that has a current borrowing base of $600.0 million. Consistent with the past, the Company is targeting further future debt reduction dependent on market conditions, the timing and level of capital spending, and other considerations.

Capital Expenditures: During the third quarter of 2023, accrued capital expenditures were $42.4 million, which was at the higher end of the Company’s guidance of $37 million to $42 million, substantially due to increased drilling activity in the third quarter than previously anticipated. The Company drilled and completed two 1-mile horizontal wells (one with a working interest of 100% and the other with a working interest of 75%) in the NWS, and three 1.5-mile horizontal wells (each with a working interest of 100%) in the CBP. Additionally, in its Crane County acreage within the CBP, the Company drilled and completed three vertical wells (each with a working interest of 100%). Lastly, the Company drilled and began the completion process on three 1-mile horizontal wells in the NWS (each with a working interest of 90%).


Quarter	Area	Wells Drilled	Wells Completed	Recompletions

1Q 2023	Northwest Shelf (Horizontal)	4	4	—
	Central Basin Platform (Vertical)	3	3	6

	Total	7	7	6

2Q 2023	Northwest Shelf (Horizontal)	4	4	—
	Central Basin Platform (Vertical)	2	2	3

	Total	6	6	3

3Q 2023	Northwest Shelf (Horizontal)	5	2	—
	Central Basin Platform (Vertical)	3	3	—
	Central Basin Platform (Horizontal)	3	3	—
	Total	11	8	—

Fourth Quarter 2023 Sales Volumes, Capital Investment and Operating Expense Guidance

For the fourth quarter of 2023, Ring is updating its previous guidance for sales volumes, capital spending and operating expense. Benefiting the fourth quarter is the expectation of a continued positive pricing environment, the stepped up capital spending program from the third quarter with five wells coming on late in the third quarter or early in the fourth quarter, and a full quarter’s production from the wells acquired in the Founders Acquisition.

Ring continues to expect fourth quarter sales volumes of 18,900 to 19,500 Boe/d (69% oil, 16% natural gas, and 15% NGLs), which includes the additional volumes expected from the stepped up capital spending program, but excludes the reduced volumes from the New Mexico asset sale. Supporting the Company’s outlook was its third quarter production exit rate in excess of 19,000 Boe/d.

The Company is now targeting total capital expenditures in the fourth quarter of 2023 of $35 million to $40 million due to increased drilling and completion activity. Additionally, the capital spending program includes funds for targeted capital workovers, infrastructure upgrades, leasing costs, and non-operated drilling, completion, and capital workovers.

All projects and estimates are based on assumed WTI oil prices of $65 to $85 per barrel. As in the past, Ring has designed its spending program with flexibility to respond to changes in commodity prices and other market conditions as appropriate.

Based on the $37.5 million mid-point of spending guidance, the Company expects the following estimated allocation of capital investments:

•72% for drilling, completion, and related infrastructure;

•22% for recompletions and capital workovers; and

•6% for land, environmental and safety, and non-operated capital.

The Company remains squarely focused on continuing to generate Adjusted Free Cash Flow in the fourth quarter with all planned capital expenditures to be fully funded by cash on hand and cash from operations. Excess Adjusted Free Cash Flow is currently targeted for further debt reduction.

The guidance in the table below represents the Company's current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.


						Q4
						2023

Sales Volumes:
Total (Boe/d)						18,900 - 19,500
Mid Point (Boe/d)						19,200
Oil (%)						69%
NGLs (%)						15%
Gas (%)						16%

Capital Program:
Capital spending(1) (millions)						$35 - $40

Hz wells drilled						3 - 4
Vertical wells drilled						2 - 3
Wells completed and online						8 - 10

Operating Expenses:
LOE (per Boe)						$10.50 - $11.00

(1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted capital workovers and infrastructure upgrades. Also included is anticipated spending for leasing costs, and non-operated drilling, completion, and capital workovers.

Conference Call Information

Ring will hold a conference call on Friday, November 3, 2023 at 11:00 a.m. ET to discuss its third quarter 2023 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy Third Quarter 2023 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected benefits of the Founders Acquisition to Ring and its stockholders, the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: Ring’s ability to integrate its combined operations successfully after the Founders Acquisition and achieve anticipated benefits from it; risks relating to any unforeseen liabilities of Ring or the assets acquired in the Founders Acquisition; declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing

of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission, including its Form 10-K for the fiscal year ended December 31, 2022, and its other filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

Contact Information

Al Petrie Advisors

Al Petrie, Senior Partner

Phone: 281-975-2146

Email: [email protected]

RING ENERGY, INC.

Condensed Statements of Operations


	(Unaudited)						(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022

Oil, Natural Gas, and Natural Gas Liquids Revenues	$	93,681,798	$	79,348,573	$	94,408,948	$	261,113,283	$	247,551,855

Costs and Operating Expenses
Lease operating expenses	18,015,348		15,938,106		13,029,098		51,426,145		30,283,706
Gathering, transportation and processing costs	(4,530)		(1,632)		—		(6,985)		1,846,247
Ad valorem taxes	1,779,163		1,670,343		1,199,385		5,120,119		3,100,578
Oil and natural gas production taxes	4,753,289		4,012,139		4,563,519		13,173,568		11,939,338
Depreciation, depletion and amortization	21,989,034		20,792,932		14,324,502		64,053,637		34,854,993
Asset retirement obligation accretion	354,175		353,878		243,140		1,073,900		617,685
Operating lease expense	138,220		115,353		83,590		366,711		250,770
General and administrative expense	7,083,574		6,810,243		7,393,848		21,023,956		18,748,427

Total Costs and Operating Expenses	54,108,273		49,691,362		40,837,082		156,231,051		101,641,744

Income from Operations	39,573,525		29,657,211		53,571,866		104,882,232		145,910,111

Other Income (Expense)
Interest income	80,426		79,745		4		160,171		4
Interest (expense)	(11,381,754)		(10,550,807)		(7,021,385)		(32,322,840)		(13,699,045)
Gain (loss) on derivative contracts	(39,222,755)		3,264,660		32,851,189		(26,483,190)		(2,201,970)
Gain (loss) on disposal of assets	—		(132,109)		—		(132,109)		—
Other income	—		116,610		—		126,210		—
Net Other Income (Expense)	(50,524,083)		(7,221,901)		25,829,808		(58,651,758)		(15,901,011)

Income (Loss) Before Benefit from (Provision for) Income Taxes	(10,950,558)		22,435,310		79,401,674		46,230,474		130,009,100

Benefit from (Provision for) Income Taxes	3,411,336		6,356,295		(4,315,783)		7,737,688		(5,866,744)

Net Income (Loss)	$	(7,539,222)	$	28,791,605	$	75,085,891	$	53,968,162	$	124,142,356

Basic Earnings (Loss) per Share	$	(0.04)	$	0.15	$	0.65	$	0.29	$	1.16
Diluted Earnings (Loss) per Share	$	(0.04)	$	0.15	$	0.49	$	0.28	$	0.92

Basic Weighted-Average Shares Outstanding	195,361,476		193,077,859		115,376,280		188,865,752		107,349,184
Diluted Weighted-Average Shares Outstanding	195,361,476		195,866,533		151,754,995		194,583,215		134,826,275

RING ENERGY, INC.

Condensed Operating Data

(Unaudited)


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2023			2023			2022			2023			2022

Net sales volumes:
Oil (Bbls)	1,106,531			1,079,379			932,770			3,325,323			2,338,469
Natural gas (Mcf)	1,567,104			1,557,545			952,762			4,726,056			2,408,241
Natural gas liquids (Bbls)(1)	243,142			232,698			130,052			715,832			130,052
Total oil, natural gas and natural gas liquids (Boe)(1)(2)	1,610,857			1,571,668			1,221,616			4,828,831			2,869,895
% Oil	69		%	69		%	76		%	69		%	81		%

Average daily equivalent sales (Boe/d)	17,509			17,271			13,278			17,688			10,512

Average realized sales prices:
Oil ($/Bbl)	$	81.69		$	72.30		$	92.64		$	75.79		$	98.16
Natural gas ($/Mcf)	0.36			(0.71)			4.89			0.11			6.10
Natural gas liquids ($/Bbls)(1)	11.22			10.35			25.68			11.97			25.68
Barrel of oil equivalent ($/Boe)	$	58.16		$	50.49		$	77.28		$	54.07		$	86.26

Average costs and expenses per Boe ($/Boe):
Lease operating expenses	$	11.18		$	10.14		$	10.67		$	10.65		$	10.55
Gathering, transportation and processing costs	—			—			—			—			0.64
Ad valorem taxes	1.10			1.06			0.98			1.06			1.08
Oil and natural gas production taxes	2.95			2.55			3.74			2.73			4.16
Depreciation, depletion and amortization	13.65			13.23			11.73			13.26			12.15
Asset retirement obligation accretion	0.22			0.23			0.20			0.22			0.22
Operating lease expense	0.09			0.07			0.07			0.08			0.09
General and administrative expense (including share-based compensation)	4.40			4.33			6.05			4.35			6.53
G&A (excluding share-based compensation)	3.05			2.89			4.79			3.03			4.80
G&A (excluding share-based compensation and transaction costs)	3.15			2.75			3.85			3.02			4.40

(1) Beginning July 1, 2022, revenues were reported on a three-stream basis, separately reporting crude oil, natural gas, and natural gas liquids volumes and sales. For periods prior to July 1, 2022, volumes and sales for natural gas liquids were presented with natural gas.

(2) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly.

RING ENERGY, INC.

Condensed Balance Sheets


	(Unaudited)
	September 30, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	138,581	$	3,712,526
Accounts receivable	45,756,047		42,448,719
Joint interest billing receivables, net	3,306,125		983,802
Derivative assets	1,845,133		4,669,162
Inventory	5,548,835		9,250,717
Prepaid expenses and other assets	2,033,013		2,101,538
Total Current Assets	58,627,734		63,166,464
Properties and Equipment
Oil and natural gas properties, full cost method	1,628,230,243		1,463,838,595
Financing lease asset subject to depreciation	3,306,372		3,019,476
Fixed assets subject to depreciation	2,946,274		3,147,125
Total Properties and Equipment	1,634,482,889		1,470,005,196
Accumulated depreciation, depletion and amortization	(353,111,293)		(289,935,259)
Net Properties and Equipment	1,281,371,596		1,180,069,937
Operating lease asset	2,644,519		1,735,013
Derivative assets	6,465,355		6,129,410
Deferred financing costs	14,199,738		17,898,973
Total Assets	$	1,363,308,942	$	1,268,999,797

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	110,392,713	$	111,398,268
Income tax liability	264,261		—
Financing lease liability	806,993		709,653
Operating lease liability	503,420		398,362
Derivative liabilities	23,906,800		13,345,619
Notes payable	950,068		499,880
Deferred cash payment	14,783,879		14,807,276
Asset retirement obligations	279,681		635,843
Total Current Liabilities	151,887,815		141,794,901

Non-current Liabilities

Deferred income taxes	497,067		8,499,016
Revolving line of credit	428,000,000		415,000,000
Financing lease liability, less current portion	690,456		1,052,479
Operating lease liability, less current portion	2,207,248		1,473,897
Derivative liabilities	18,089,847		10,485,650
Asset retirement obligations	28,482,982		29,590,463
Total Liabilities	629,855,415		607,896,406
Commitments and contingencies
Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	—		—
Common stock - $0.001 par value; 450,000,000 shares authorized; 195,380,527 shares and 175,530,212 shares issued and outstanding, respectively	195,380		175,530
Additional paid-in capital	793,603,238		775,241,114
Accumulated deficit	(60,345,091)		(114,313,253)
Total Stockholders’ Equity	733,453,527		661,103,391
Total Liabilities and Stockholders' Equity	$	1,363,308,942	$	1,268,999,797

RING ENERGY, INC.

Condensed Statements of Cash Flows

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022

Cash Flows From Operating Activities
Net income (loss)	$	(7,539,222)	$	28,791,605	$	75,085,891	$	53,968,162	$	124,142,356
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	21,989,034		20,792,932		14,324,503		64,053,637		34,854,993
Asset retirement obligation accretion	354,175		353,878		243,140		1,073,900		617,685
Amortization of deferred financing costs	1,258,466		1,220,385		1,095,073		3,699,235		1,483,621
Share-based compensation	2,170,735		2,260,312		1,543,033		6,374,743		4,964,188
Bad debt expense	19,656		19,315		—		41,865		—
Deferred income tax expense (benefit)	(3,585,002)		(6,548,363)		4,279,047		(8,160,712)		5,830,008
Excess tax expense (benefit) related to share-based compensation	7,886		150,877		—		158,763		—
(Gain) loss on derivative contracts	39,222,755		(3,264,660)		(32,851,189)		26,483,190		2,201,970
Cash received (paid) for derivative settlements, net	(5,350,798)		179,595		(14,861,116)		(5,829,728)		(48,593,882)
Changes in operating assets and liabilities:
Accounts receivable	(14,419,854)		5,320,051		(6,907,079)		(5,671,516)		(21,300,907)
Inventory	1,778,460		1,480,824		—		3,701,882		—
Prepaid expenses and other assets	1,028,203		(1,489,612)		(40,823)		68,525		(2,308,540)
Accounts payable	18,562,202		(5,471,391)		27,144,096		3,500,913		33,992,075
Settlement of asset retirement obligation	(105,721)		(429,567)		(881,768)		(1,025,607)		(2,548,344)
Net Cash Provided by Operating Activities	55,390,975		43,366,181		68,172,808		142,437,252		133,335,223

Cash Flows From Investing Activities
Payments for the Stronghold Acquisition	—		—		(183,359,626)		(18,511,170)		(183,359,626)
Payments for the Founders Acquisition	(49,902,757)		—		—		(49,902,757)		—
Payments to purchase oil and natural gas properties	(726,519)		(819,644)		(467,840)		(1,605,262)		(1,211,691)
Payments to develop oil and natural gas properties	(40,444,810)		(35,611,915)		(34,121,878)		(112,996,032)		(83,776,050)
Payments to acquire or improve fixed assets subject to depreciation	(183,904)		(11,324)		(66,838)		(209,798)		(158,598)
Sale of fixed assets subject to depreciation	—		332,230		—		332,230		134,600
Proceeds from divestiture of equipment for oil and natural gas properties	—		—		—		54,558		25,066
Proceeds from sale of Delaware properties	(384,225)		7,992,917		—		7,608,692		—
Proceeds from sale of New Mexico properties	4,312,502		—		—		4,312,502		—
Net Cash (Used in) Investing Activities	(87,329,713)		(28,117,736)		(218,016,182)		(170,917,037)		(268,346,299)

Cash Flows From Financing Activities
Proceeds from revolving line of credit	94,500,000		28,500,000		541,500,000		179,000,000		592,000,000
Payments on revolving line of credit	(63,500,000)		(53,500,000)		(376,500,000)		(166,000,000)		(447,000,000)
Proceeds from issuance of common stock from warrant exercises	—		8,687,655		2,400,000		12,301,596		7,563,126

Payments for taxes withheld on vested restricted shares, net	(18,302)		(141,682)		(6,790)		(294,365)		(264,484)
Proceeds from notes payable	—		1,565,071		316,677		1,565,071		1,245,303
Payments on notes payable	(462,606)		(152,397)		(333,341)		(1,114,883)		(954,082)
Payment of deferred financing costs	—		—		(18,762,502)		—		(18,762,502)
Reduction of financing lease liabilities	(191,748)		(182,817)		(103,392)		(551,579)		(334,034)
Net Cash Provided by (Used in) Financing Activities	30,327,344		(15,224,170)		148,510,652		24,905,840		133,493,327

Net Increase (Decrease) in Cash	(1,611,394)		24,275		(1,332,722)		(3,573,945)		(1,517,749)
Cash at Beginning of Period	1,749,975		1,725,700		2,223,289		3,712,526		2,408,316
Cash at End of Period	$	138,581	$	1,749,975	$	890,567	$	138,581	$	890,567

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of September 30, 2023

The following tables reflect the details of current derivative contracts as of September 30, 2023 (Quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts.):


	Oil Hedges (WTI)
	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025

Swaps:
Hedged volume (Bbl)	138,000		170,625		156,975		282,900		368,000		—		—		184,000		—
Weighted average swap price	$	74.52	$	67.40	$	66.40	$	65.49	$	68.43	$	—	$	—	$	73.35	$	—

Deferred premium puts:
Hedged volume (Bbl)	165,600		45,500		45,500		—		—		—		—		—		—
Weighted average strike price	$	83.78	$	84.70	$	82.80	$	—	$	—	$	—	$	—	$	—	$	—
Weighted average deferred premium price	$	14.61	$	17.15	$	17.49	$	—	$	—	$	—	$	—	$	—	$	—

Two-way collars:
Hedged volume (Bbl)	274,285		339,603		325,847		230,000		128,800		474,750		464,100		184,000		—
Weighted average put price	$	56.73	$	64.20	$	64.30	$	64.00	$	60.00	$	57.06	$	60.00	$	65.00	$	—
Weighted average call price	$	70.77	$	79.73	$	79.09	$	76.50	$	73.24	$	75.82	$	69.85	$	80.08	$	—

Three-way collars:
Hedged volume (Bbl)	15,598		—		—		—		—		—		—		—		—
Weighted average first put price	$	45.00	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Weighted average second put price	$	55.00	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Weighted average call price	$	80.05	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	Gas Hedges (Henry Hub)
	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025

NYMEX Swaps:
Hedged volume (MMBtu)	134,102		152,113		138,053		121,587		644,946		616,199		591,725		285,200		—
Weighted average swap price	$	3.35	$	3.62	$	3.61	$	3.59	$	4.45	$	3.78	$	3.43	$	3.73	$	—

Two-way collars:
Hedged volume (MMBtu)	383,587		591,500		568,750		552,000		—		—		—		285,200		—
Weighted average put price	$	3.15	$	4.00	$	4.00	$	4.00	$	—	$	—	$	—	$	3.00	$	—
Call hedged volume (MMBtu)	383,587		591,500		568,750		552,000		—		—		—		285,200		—
Weighted average call price	$	4.51	$	6.29	$	6.29	$	6.29	$	—	$	—	$	—	$	4.80	$	—


	Oil Hedges (basis differential)
	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025

Argus basis swaps:
Hedged volume (MMBtu)	305,000		364,000		364,000		368,000		368,000		270,000		273,000		276,000		276,000
Weighted average spread price (1)	$	1.10	$	1.15	$	1.15	$	1.15	$	1.15	$	1.00	$	1.00	$	1.00	$	1.00

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of September 30, 2023


	Gas Hedges (basis differential)
	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025

Waha basis swaps:
Hedged volume (MMBtu)	324,021		—		—		—		—		—		—		—		—
Weighted average spread price (1)	$	0.55	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)	459,683		—		—		—		—		—		—		—		—
Weighted average spread price (1)	$	0.63	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.

RING ENERGY, INC.

Non-GAAP Financial Information

Certain financial information included in this release are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income”, “Adjusted EBITDA”, “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding Share-Based Compensation,” “G&A Excluding Share-Based Compensation and Transaction Costs,” and “Leverage Ratio.” Management uses these non-GAAP financial measures in its analysis of performance. In addition, Adjusted EBITDA is a key metric used to determine the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

Reconciliation of Net Income (Loss) to Adjusted Net Income

“Adjusted Net Income” is calculated as net income (loss) minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and related transaction costs. Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare our results with our peers.


	(Unaudited for All Periods)
	Three Months Ended												Nine Months Ended
	September 30,				June 30,				September 30,				September 30,				September 30,
	2023				2023				2022				2023				2022
	Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted
Net Income (Loss)	$	(7,539,222)	$	(0.04)	$	28,791,605	$	0.15	$	75,085,891	$	0.49	$	53,968,162	$	0.28	$	124,142,356	$	0.92

Share-based compensation	2,170,735		0.01		2,260,312		0.01		1,543,033		0.01		6,374,743		0.03		4,964,188		0.04
Unrealized loss (gain) on change in fair value of derivatives	33,871,957		0.17		(3,085,065)		(0.02)		(47,712,305)		(0.32)		20,653,462		0.11		(46,391,912)		(0.34)
Transaction costs - executed A&D	(157,641)		—		220,191		—		1,142,963		0.01		62,550		—		1,142,963		0.01
Tax impact on adjusted items	(2,059,802)		(0.01)		(171,282)		—		2,447,351		0.02		(1,752,617)		(0.01)		1,817,876		0.01

Adjusted Net Income	$	26,286,027	$	0.13	$	28,015,761	$	0.14	$	32,506,933	$	0.21	$	79,306,300	$	0.41	$	85,675,471	$	0.64

Diluted Weighted-Average Shares Outstanding	195,361,476				195,866,533				151,754,995				194,583,215				134,826,275

Adjusted Net Income per Diluted Share	$	0.13			$	0.14			$	0.21			$	0.41			$	0.64

Reconciliation of Net Income (Loss) to Adjusted EBITDA

The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense, unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.


	(Unaudited for All Periods)
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2023			2023			2022			2023			2022
Net Income (Loss)	$	(7,539,222)		$	28,791,605		$	75,085,891		$	53,968,162		$	124,142,356

Interest expense, net	11,301,328			10,471,062			7,021,381			32,162,669			13,699,041
Unrealized loss (gain) on change in fair value of derivatives	33,871,957			(3,085,065)			(47,712,305)			20,653,462			(46,391,912)
Income tax (benefit) expense	(3,411,336)			(6,356,295)			4,315,783			(7,737,688)			5,866,744
Depreciation, depletion and amortization	21,989,034			20,792,932			14,324,502			64,053,637			34,854,993
Asset retirement obligation accretion	354,175			353,878			243,140			1,073,900			617,685
Transaction costs - executed A&D	(157,641)			220,191			1,142,963			62,550			1,142,963
Share-based compensation	2,170,735			2,260,312			1,543,033			6,374,743			4,964,188
Loss (gain) on disposal of assets	—			132,109			—			132,109			—
Other income	—			(116,610)			—			(126,210)			—

Adjusted EBITDA	$	58,579,030		$	53,464,119		$	55,964,388		$	170,617,334		$	138,896,058

Adjusted EBITDA Margin	63		%	67		%	59		%	65		%	56		%

Reconciliations of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA to Adjusted Free Cash Flow

The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on our statements of cash flows); plus transaction costs for executed acquisitions and divestitures; current tax expense (benefit); proceeds from divestitures of equipment for oil and natural gas properties; loss (gain) on disposal of assets; and less capital expenditures; bad debt expense; and other income. For this purpose, our definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in our capital expenditures guidance provided to investors. Our management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of our current operating activities after the impact of accrued capital expenditures and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022

Net Cash Provided by Operating Activities	$	55,390,975	$	43,366,181	$	68,172,808	$	142,437,252	$	133,335,223
Adjustments - Condensed Statements of Cash Flows
Changes in operating assets and liabilities	(6,843,290)		589,695		(19,314,427)		(574,197)		(7,834,284)
Transaction costs - executed A&D	(157,641)		220,191		1,142,963		62,550		1,142,963
Income tax expense (benefit) - current	165,780		41,191		36,736		264,261		36,736
Capital expenditures	(42,398,484)		(31,608,483)		(40,295,388)		(113,152,655)		(110,245,399)
Proceeds from divestiture of equipment for oil and natural gas properties	—		—		—		54,558		25,066
Bad debt expense	(19,656)		(19,315)		—		(41,865)		—
Loss (gain) on disposal of assets	—		132,109		—		132,109		—
Other income	—		(116,610)		—		(126,210)		—

Adjusted Free Cash Flow	$	6,137,684	$	12,604,959	$	9,742,692	$	29,055,803	$	16,460,305


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022

Adjusted EBITDA	$	58,579,030	$	53,464,119	$	55,964,388	$	170,617,334	$	138,896,058

Net interest expense (excluding amortization of deferred financing costs)	(10,042,862)		(9,250,677)		(5,926,308)		(28,463,434)		(12,215,420)
Capital expenditures	(42,398,484)		(31,608,483)		(40,295,388)		(113,152,655)		(110,245,399)
Proceeds from divestiture of equipment for oil and natural gas properties	—		—		—		54,558		25,066

Adjusted Free Cash Flow	$	6,137,684	$	12,604,959	$	9,742,692	$	29,055,803	$	16,460,305

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Cash Flow from Operations

The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, per the Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, including accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligation, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non-GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector.


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022

Net Cash Provided by Operating Activities	$	55,390,975	$	43,366,181	$	68,172,808	$	142,437,252	$	133,335,223

Changes in operating assets and liabilities	(6,843,290)		589,695		(19,314,426)		(574,197)		(7,834,284)

Adjusted Cash Flow from Operations	$	48,547,685	$	43,955,876	$	48,858,382	$	141,863,055	$	125,500,939

Reconciliation of General and Administrative Expense (G&A) to G&A Excluding Share-Based Compensation and Transaction Costs

The following table presents a reconciliation of General and Administrative Expense (G&A), a GAAP measure, to G&A excluding share-based compensation, and G&A excluding share-based compensation and transaction costs.


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022

General and administrative expense (G&A)	$	7,083,574	$	6,810,243	$	7,393,848	$	21,023,956	$	18,748,427
Shared-based compensation	2,170,735		2,260,312		1,543,033		6,374,743		4,964,188
G&A excluding share-based compensation	4,912,839		4,549,931		5,850,815		14,649,213		13,784,239
Transaction costs - executed A&D	(157,641)		220,191		1,142,963		62,550		1,142,963
G&A excluding share-based compensation and transaction costs	$	5,070,480	$	4,329,740	$	4,707,852	$	14,586,663	$	12,641,276

Calculation of Leverage Ratio

“Leverage” or the “Leverage Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our consolidated total debt as of such date to (ii) our Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under our existing senior revolving credit facility; provided that for the purposes of the definition of ‘Leverage Ratio’, (a) for the fiscal quarter ended September 30, 2022, Consolidated EBITDAX is calculated by multiplying Consolidated EBITDAX for such fiscal quarter by four, (b) for the fiscal quarter ended December 31, 2022, Consolidated EBITDAX is calculated by multiplying Consolidated EBITDAX for the two fiscal quarter period ended on December 31, 2022 by two, (c) for the fiscal quarter ended March 31, 2023, Consolidated EBITDAX is calculated by multiplying Consolidated EBITDAX for the three fiscal quarter period ended on March 31, 2023 by four-thirds, and (d) for each fiscal quarter thereafter, Consolidated EBITDAX will be calculated by adding Consolidated EBITDAX for the four consecutive fiscal quarters ending on such date.

The Company defines “Consolidated EBITDAX” in accordance with our existing senior revolving credit facility and it means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on

a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to our senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants set forth in our senior revolving credit facility, to the extent that during such period we shall have consummated an acquisition permitted by the senior revolving credit facility or any sale, transfer or other disposition of any person, business, property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to such person, business, property or assets so acquired or disposed of.

Also set forth in our existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The following table shows the leverage ratio calculation for the Company’s most recent fiscal quarter.


	(Unaudited)
	Three Months Ended
	December 31,		March 31,		June 30,		September 30,		Last Four Quarters
	2022		2023		2023		2023
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	14,492,669	$	32,715,779	$	28,791,605	$	(7,539,222)	$	68,460,831
Plus: Interest expense	9,468,688		10,390,279		10,471,062		11,301,328		41,631,357
Plus: Income tax provision (benefit)	2,541,980		2,029,943		(6,356,295)		(3,411,336)		(5,195,708)
Plus: Depreciation, depletion and amortization	20,885,774		21,271,671		20,792,932		21,989,034		84,939,411
Plus: non-cash charges acceptable to Administrative Agent	7,962,406		(7,823,887)		(470,875)		36,396,867		36,064,511
Consolidated EBITDAX	$	55,351,517	$	58,583,785	$	53,228,429	$	58,736,671	$	225,900,402
Plus: Pro Forma Acquired Consolidated EBITDAX	$	8,086,135	$	15,385,792	$	9,542,529	$	4,810,123	$	37,824,579
Less: Pro Forma Divested Consolidated EBITDAX	(974,021)		(1,166,607)		(223,947)		(341,098)		$	(2,705,673)
Pro Forma Consolidated EBITDAX	$	62,463,631	$	72,802,970	$	62,547,011	$	63,205,696	$	261,019,308

Non-cash charges acceptable to Administrative Agent
Asset retirement obligation accretion	$	365,747	$	365,847	$	353,878	$	354,175
Unrealized loss (gain) on derivative assets	5,398,615		(10,133,430)		(3,085,065)		33,871,957
Share-based compensation	2,198,044		1,943,696		2,260,312		2,170,735
Total non-cash charges acceptable to Administrative Agent	$	7,962,406	$	(7,823,887)	$	(470,875)	$	36,396,867

	As of
	September 30,		Corresponding
	2023		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	428,000,000	1.64
Estimated Founders deferred payment (1)	11,906,300		0.05
Consolidated Total Debt	$	439,906,300	1.69
Pro Forma Consolidated EBITDAX	261,019,308
Leverage Ratio	1.69
Maximum Allowed	≤ 3.00x


(1) Estimated post close adjustment subject to review.

NYSE American: REIwww.ringenergy.com VALUE FOCUSED PROVEN STRATEGY Q3 2023 EARNINGS

Ring Energy, Inc. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures 2 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Forward –Looking Statements This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of strictly historical facts included in this Presentation constitute forward-looking statements and may often, but not always, be identified by the use of such words as “may,” “will,” “should,” “could,” “intends,” “estimates,” “expects,” “anticipates,” “plans,” “project,” “guidance,” “target,” “potential,” “possible,” “probably,” and “believes” or the negative variations thereof or comparable terminology. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected benefits of the acquisition of oil and gas properties (the “Founders Acquisition”) from Founders Oil & Gas IV, LLC (“Founders”) to Ring and its stockholders, the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: Ring’s ability to integrate its combined operations successfully after the Founders Acquisition and achieve anticipated benefits from it; risks relating to any unforeseen liabilities of Ring; declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2022, and its other filings. All forward-looking statements in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be incorrect. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by applicable law. The financial and operating estimates contained in this Presentation represent our reasonable estimates as of the date of this Presentation. Neither our independent auditors nor any other third party has examined, reviewed or compiled the estimates and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the estimates are based are described in more detail herein. Some of these assumptions inevitably will not materialize, and unanticipated events may occur that could affect our results. Therefore, our actual results achieved during the periods covered by the estimates will vary from the estimated results. Investors are not to place undue reliance on the estimates included herein. Supplemental Non-GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (“GAAP”), such as “Adjusted Net Income,” “Adjusted EBITDA,” “PV-10,” “Adjusted Free Cash Flow,” or “AFCF,” “Adjusted Cash Flow from Operations,” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “Liquidity” and “Leverage Ratio.” While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For definitions of such non-GAAP financial measures and their reconciliations to GAAP measures, please see the Appendix.

Ring Energy, Inc. Independent Oil & Gas Company 3 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Focused on Conventional Permian Assets in Texas CBP NWS Ring Energy Assets “NWS” Northwest Shelf “CBP” Central Basin Platform 1. Reserves as of 12/31/2022 utilizing SEC prices, YE 2022 SEC Pricing Oil $90.15 per bbl Gas $6.358 per Mc.f 2. PV-10 is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. 3. Includes all locations operated and non-operated across “PDNP” and “PUD” reserve categories and project types. Q3 2023 Net Sales 17,509 Boe/d 84% liquids 16% gas Highly oil weighted 69% oil 2022 SEC Proved Reserves1,2 138.1 MMBoe/ PV10 $2.77 Billion Proved Developed 65% Gross / Net Acres3 Permian Basin 102,348 / 82,694 400+ Proved Locations

Ring Energy, Inc. Focused On Delivering Competitive And Sustainable Returns By Developing, Acquiring, Exploring for, and Commercializing Oil and Natural Gas Resources Vital to the World’s Health and Welfare Value Focused Proven Strategy 4 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Delivering Peer-leading Returns 1. Adjusted EBITDA, Adjusted Free Cash Flow (AFCF), Adjusted Cash Flow from Operations (ACFFO), and Cash Return On Capital Employed (CROCE) are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 2. Leverage Ratio is defined in the appendix. 3. Free cash flow yield is defined as (adjusted free cash flow divided by the average share count for the period) divided by the share price for the period. Adding Size & Scale 2 accretive acquisitions in 12 months • Stronghold Energy II closed on August 31, 2022 • Founders Oil & Gas closed on August 15, 2023 • Accretive acquisitions enhance key metrics Delivering Record Results1 Adjusted EBITDA Focused on Maximizing Adjusted Free Cash Flow1 & Improving Balance Sheet Delivering Peer– Leading Returns Free Cash Flow Yield3 Value Focused Proven Strategy Designed to create sustainable returns to stockholders • Q3 2023 increased 10% over Q2 2023 • YTD increased 23% over 2022 • Achieved Company records in FY 2022, Q1 & Q3 2023 • Generated AFCF 16 consecutive qtrs. • YTD AFCF increased 76.5% over 2022 • Paid down $19 million of debt net of the $50 million borrowed to fund Founders Acquisition in Q3 • Top quartile in FCF Yield in 2023E & 2024E • Trading below peers in EV/2023E EBITDA and EV/YE22 PV-10 • Improving balance sheet and achieving size and scale helps position the Company for its long-term goals – returning capital to stockholders Key Takeaways

Ring Energy, Inc. Q3 2023 Highlights 5 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Proven Strategy Leads to Record Results Adjusted Cash Flow From Operations1 BOE Production Adjusted EBITDA1 CapEx Adjusted Free Cash Flow1 Leverage Ratio2 Liquidity3 17,509 Boe/d Q3 2023 $48.5 Million Q3 2023 2023 Continuing to produce outstanding results, positioning Ring for strong 2024 performance 17,271 Boe/d Q2 2023 1. Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Cash Flow from Operations (ACFFO) are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 2. Leverage Ratio is defined in the Appendix. The Leverage Ratio of 1.69x includes an estimated $11.9 million deferred cash payment due in December 2023 for the Founders Acquisition, which is $15.0 million less anticipated post closing adjustments. Excluding the deferred payment in the calculation results in a Leverage Ratio of 1.64x in Q3. 3. Liquidity is defined as cash and cash equivalents plus borrowing base availability under the Company’s credit agreement. $58.6 Million Q3 2023 $42.4 Million Q3 2023 1.69x Ratio Q3 2023 $171 Million Q3 2023 $6.1 Million Q3 2023 $44.0 Million Q2 2023 $53.5 Million Q2 2023 $31.6 Million Q2 2023 $12.6 Million Q2 2023 $204 Million Q2 2023 1.64x Ratio Q2 2023 84% Liquids 69% Oil Tied company record

Ring Energy, Inc. Compelling Value Proposition 6 Proven Strategy Leads to Shareholder Value 1,2 -10% -5% 0% 5% 10% 15% 20% 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 0.0x 0.1x 0.2x 0.3x 0.4x 0.5x 0.6x 0.7x 0.8x EV/2023E Adjusted EBITDA4EV/PV-104 YE22 1P Reserves 2023E Adjusted FCF3,4 Yield Despite a Track Record of Success Including Strong Returns, Significant Cash Flow, Improved Balance Sheet and Meaningful Growth, Ring Currently Trades at a Discount to Peers 1. Peers include: Berry Corporation, HighPeak Energy, Permian Resources, Riley Permian, SilverBow Resources, Vital Energy and W&T Offshore. 2. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 10/31/23. 3. Free cash flow yield is defined as adjusted free cash flow divided by the average share count for the period divided by the share price for the period. 4. Adjusted EBITDA, Adjusted FCF and PV-10 are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI

Ring Energy, Inc. Compelling Value Proposition Heading into 2024 7 Proven Strategy Leads to Shareholder Value 1,2 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x EV/2024E Adjusted EBITDA3 2024E Adjusted FCF3 Yield With Meaningful Growth in Production, Cash Flow and Adjusted EBITDA Forecasted into 2024, Ring has Significant Upside as it Continues to Trade at a Discount to Peers 1. Peers include: Berry Corporation, HighPeak Energy, Permian Resources, Riley Permian, SilverBow Resources, Vital Energy and W&T Offshore. 2. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 10/31/23. 3. Adjusted EBITDA, Adjusted FCF and PV-10 are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI

Ring Energy, Inc. Strong Cash Operating Margins vs. Peers1,2 8 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Operational Excellence and Cost Control Drive Profitability $ 5 .7 8 $ 8 .1 1 $ 8 .3 0 $ 1 1 .6 3 $ 1 4 .4 5 $ 1 7 .4 4 $ 2 1 .0 3 $ 2 4 .6 2 $ 2 7 .1 9 $ 2 8 .1 9 $ 3 3 .5 6 $36.40 $40.27 $42.33 $71.27 $27.86 $42.36 $42.35 $42.24 $41.22 $52.03 $53.15 $0 $10 $20 $30 $40 $50 $60 $70 $80 Peer 1 Peer2 Peer 3 Peer 4 Peer 5 Peer 6 Median Peer 7 Peer 8 REI Peer 9 $ /B O E Cash Operating Margin Realized Pricing 1H 2023 Cash Operating Margin and Realized Pricing Top Quartile Cash Operating Margin • High oil weighting of ~70% and 84% mix of oil + liquids contributes to high realized pricing per Boe • Low cash operating costs and maintaining cost discipline drive margin expansion • Generating over $28 per Boe in margin in 1H 2023 demonstrates strength of long-life asset base • Strong cash operating margins allow the Company to withstand volatile commodity price swings • Robust margins lead to increased cash flow, debt reduction and stronger returns “ Improving operational margins leads to higher returns...pursuing strategic acquisitions of high margin assets leads to sustainable higher returns “ - Paul McKinney 1. Peers include: Amplify Energy, Battalion, Berry Corporation, Crescent Energy, Earthstone Energy, Riley Permian, SilverBow Resources, Vital Energy and W&T Offshore. 2. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 10/31/23. 3. Cash Operating Margins are defined as revenues less cash operating costs including cash LOE, cash G&A, interest expense, workovers and other operating expenses, and production taxes and gathering/transportation costs. 3

Ring Energy, Inc. Committed to ESG 9 Critical to Sustainable Success 2022 Sustainability Report Progressing our ESG Journey A Target Zero Day is a Day that Results in: Zero Company or Contractor OSHA Recordable Injury, and Zero Agency Reportable Spill or Release as Defined by TRRC, EPA, TCEQ, etc., and Zero Preventable Vehicle Incidents, and Zero Unintentional Natural Gas Releases Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI • Created ESG Task Force in 2021 to monitor Company’s adherence to ESG standards and formally communicate to CEO and the Board on ongoing basis. • Established Target Zero 365 (TZ-365) Safety & Environmental Initiative in 2021 to further build culture for employees to work safely, openly communicate incidents, near misses, and strive for continuous improvement. – Designed to protect workforce, environment, communities and financial sustainability. – Focused on Safety-first environment and achieving high percentage of Target Zero Days. • 2023 Capital Program includes Fugitive Emission Reduction plans with: – Installation of Vapor Recovery Units. – Installation of Air Compression Equipment to operate Pneumatic Actuators. – Establishing Leak Detection and Repair program. • Refreshed all charters, guidelines and bylaws. • Increased charitable giving and employee outreach within the communities in which we live and work. Download Report PDF

Ring Energy, Inc. Value Proposition 10 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI 2023 and Beyond Trading at a discount Delivering competitive returns Proven strategy delivering superior results Disciplined capital program focused on maintaining production, FCF generation and debt reduction Pursuing accretive, balance sheet enhancing acquisitions to increase scale, lower break-even costs, and build inventory Goal is to position Ring to return capital to stockholders

www.ringenergy.com FINANCIAL OVERVIEW 11

Ring Energy, Inc. 2023 Q4 2023 Revised Guidance 12 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Grow Production, Generate FCF, Pay Down Debt Q4 2023 CAPEX Allocation D,C&E Recomp/Cap Workovers Land/Non-op/Other $37.5 million Mid Point 72% 22% 6% Sales Volumes Q4 2023 Total (Boe/d) 18,900 – 19,500 Mid Point (Boe/d) 19,200 - Oil (%) 69% - NGLs (%) 15% - Gas (%) 16% Capital Program Capital spending1 (millions) $35 – $40 - New Horizontal (Hz) wells drilled 3 – 4 - New Vertical wells drilled 2 – 3 - Wells completed and online 8 – 10 Operating Expenses LOE (per Boe) $10.50 – $11.00 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, and infrastructure upgrades. Also included is anticipated spending for leasing costs, and non-operated drilling, completion, and capital workovers. REI Q4 production guidance remains the same despite the reduced volumes from the recent New Mexico asset divestiture

Ring Energy, Inc. 1.41x2 Q3 2022 1.56x2 Q4 2022 1.65x2 Q1 2023 1.64x2 Q2 2023 Historical Metrics 13 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Quarterly Analysis of AFCF1 Leverage Ratio (LTM)2 Disciplined and Efficient Capital Spending Focused on Sustainably Generating FCF Enhances Our Unrelenting Goal to Strengthen the Balance Sheet 1. Adjusted EBITDA and Adjusted Free Cash Flow are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 2. See Appendix for reconciliation. The Leverage Ratio of 1.69x includes an estimated $11.9 million deferred cash payment due in December 2023 for the Founders Acquisition, which is $15.0 million less anticipated post closing adjustments. Excluding the deferred payment in the calculation results in a Leverage Ratio of 1.64x. 3. Interest Expense included in table excluded deferred financing costs amortization. $56.0 $56.3 $58.6 $53.5 $58.6 -$40.3 -$42.6 -$38.9 -$31.6 -$42.4 -$5.9 -$8.2 -$9.2 -$9.3 -$10.0 $9.7 $5.5 $10.5 $12.6 $6.1 -$50 -$40 -$30 -$20 -$10 $0 $10 $20 $30 $40 $50 $60 $70 A d j. E B IT D A / C a p E x / I n t E x p Adj EBITDA $MM CapEx $MM Net Interest Exp $MM Adj. Free Cash Flow $MM 1.69x2 Q3 2023 3

Ring Energy, Inc. Reducing Debt & Increasing Liquidity 14 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Disciplined Capital Spending & Sustainably Generating FCF is the Key Adjusted Debt Paydown1,2 ($ Million) Liquidity3 ($ Million) 1. Paydown of $17million is net of the $182 million that was borrowed to fund the Stronghold acquisition. 2. Paydown of $19 million is net of the $50 million that was borrowed to fund the Founders acquisition. 3. Liquidity is defined as cash and cash equivalents plus available borrowings under Ring’s credit agreement. $8 $5 $6 $5 $10 $10 $17 $20 -$7 $25 $19 -$10 -$5 $0 $5 $10 $15 $20 $25 $30 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Stronghold Acquisition1 Stronghold Acquisition final deferred payment $46 $51 $56 $62 $71 $82 $165 $188 $179 $204 $171 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Stronghold Acquisition Founders Acquisition2 Founders Acquisition

www.ringenergy.com ASSET OVERVIEW

Ring Energy, Inc. Crane Andrews Yoakum Lea Gaines 19% 64% 17% Highly Oil Weighted Proved Reserves1 and Inventory 16 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI SEC YE 2022 (Does not include divestitures or acquisitions done in 2023) Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Locations by County PD ~90 MMBoe PUD ~48 MMBoe Significant Increase in Proved Reserves and Inventory from Stronghold Acquisition (Excludes A&D in 2023) Provides Sustainable Future Growth and Capital Allocation Flexibility 78% MMBoe Increase YOY 35% 65% 138 MMBoe 31% 69% >200% PV-10 Increase YOY 1. Reserves as of 12/31/22 utilizing SEC prices, YE 2022 SEC Pricing Oil $90.15 per bbl Gas $6.358 per Mcf. 2. PV-10 is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. 3. Includes all locations operated and non-operated across “PDNP” and “PUD” reserve categories and project types. 4. Based on Q4 2022 annualized production rate. $2,774 MMBoe PD $1,907 MM PUD $867 MM Oil 64% Gas 19% NGL 17% 138 MMBoe 21 Year Proved Reserve Life4 200+ PUD Locations 200+ PDNP Opportunities 400+3 Total Gross Locations & Opportunities SOLD

Ring Energy, Inc. Company Overview 17 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Core Assets 1. Reserves as of 12/31/22 utilizing SEC prices, YE 2022 SEC Pricing Oil $90.15 per bbl Gas $6.358 per Mcf, PV-10 is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. 2. Diluted weighted average shares of common stock outstanding as of 9/30/2023. Q3 2023 Net Production (MBoe/d) 17.5 Oil (Bo/d) ~ 69% NGLs (Bbls/d) ~ 15% Gas (Mcf/d) ~ 16% 12.0 2.6 17.0 LOE ($ per Boe) $11.18 YE22 PD Reserves1 PV10 ($MM) $1,907 YE22 PD Reserves1 (MMBoe) 90 YE22 PUD Reserves1 PV10 ($MM) $867 YE22 PUD Reserves1 (MMBoe) 48 Capex ($MM) $42.4 Shares Outstanding2 (MM) 195.4 Northern CBP Southern CBPIncludes operated & Non-operated

Ring Energy, Inc. Ring Energy Expanding Core Areas in NWS & CBP 18 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Acquisition Track Record • Since 2018, Ring has successfully grown production by a ~27% CAGR1 through 4Q 2023 (midpoint of Q4 guidance) • Founders Acquisition added accretive near-term cash flows combined with 5+ years of high return drilling inventory assuming 10 wells drilled per year • Recent acquisitions have significantly increased size & scale, positioning the Company for future transactions • Ring’s Value Focused Proven Strategy pursuing accretive, balance sheet enhancing acquisitions is a key component of our future growth 1 CAGR is compounded annualized growth rate. 2 Proved reserves for each of the transactions listed are based on the price forecasts reported as of the time the acquisition was announced. 3 Arithmetic sum, or average, as the case may be, of the three acquisitions. 4 Mid point of guidance for Q4 2023. Year Completed 2019 2022 2023 Total Acquired Proved Reserves (MMBoe)2 34.3 66.6 9.2 110.1 % Oil 80% 54% 80% 75%3 Acquired Net Acreage ~37,000 ~37,000 ~3,600 ~77,600 Acquisition Price ($MM) $300 $465 $75 $840 Consideration Mix (% Cash / % Stock) 90% / 10% 51% / 49% 100% / 0% 68% / 32% 2018A Daily Production (Boe/d) Wishbone Acquisition Stronghold Acquisition Founders Acquisition PF Q4 2023E Daily Production (Boe/d) New Management as of October 2020 6,100 19,2004

Ring Energy, Inc. High Quality Inventory Provides Attractive Economic Returns 19 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Central Basin Platform 1 Other CBP includes the average well performance of 2022 vertical new wells drilled in Ector and Crane Counties not operated by Ring or Founders (“FOG”). The source for the Other CBP performance information was the Texas Railroad Commission. REI performance includes the average well performance of 2022 vertical new wells drilled in McKnight and PJ Lea fields and includes previously drilled Stronghold vertical wells. FOG performance includes the average well performance of 2022 vertical new wells drilled in Ector County. The source for the performance information for REI and FOG wells is Ring Energy, Inc. Undeveloped Drilling Locations • Inventory of 50+ low risk, high rate-of-return drilling locations lowers Ring’s break-even costs • Recent Founders’ vertical wells demonstrate superior initial performance to other recently drilled vertical wells in Ector and northern Crane counties • High oil cuts of the Founders’ assets improve Ring’s 4Q2023 pro forma commodity mix to 69% Oil 40 acre spacing 20 acre spacing 50+ Gross Locations Increased High Quality Inventory Inventory Breakdown Attractive Assets & Production CBP Vertical Production1 64% Oil 64-82% Oil >90% Oil 0 5,000 10,000 15,000 20,000 25,000 Other CBP REI FOG G ro ss C u m 1 8 0 -D ay /W el l A vg ., Tw o -S tr ea m B O E D&C Capex: $1.4 – 1.8MM $2.0 - 2.3MM Locations include 1P, 2P & 3P

Ring Energy, Inc. Assets Overview 20 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Deep Inventory of High-Return Drilling and Re-Completion Locations Select Recent New Drill Vertical Well Results – Central Basin Platform 1. Vertical completion no lateral length noted. 2. Peak IP 60 (Boepd) based on best rolling 60-day average. 3. Peak IP 30 (Boepd) based on best continuous rolling 30-day average, due to lack of 60 day production data. Select Recent Re-Completion Well Results – Central Basin Platform Select Recent New Drill Horizontal Well Results – Northwest Shelf Select Recent New Drill Horizontal Well Results – Central Basin Platform Geological Region Area Well Name Peak IP 60 (Boepd) Oil (%) WI (%) CBP McKnight McKnight, M B #510H1 120 50% 100% CBP McKnight McKnight, M B #1571 84 91% 100% CBP McKnight McKnight, M B #2011 132 65% 100% CBP McKnight McKnight, M B #2131 142 65% 100% CBP McKnight McKnight, M B #2321 99 76% 100% CBP McKnight McKnight, M B #0101S1 74 59% 100% CBP McKnight McKnight, M B #1111 93 52% 100% CBP McKnight McKnight, M B #1561 84 80% 100%2 0 2 3 2 0 2 2 Geological Region Area Well Name Peak IP 30 / 60 (Boepd) Oil (%) Lateral Length (ft) WI (%) CBP UL lands University Block 14 Cons. #2001XH 527 95% 7562 100% CBP UL lands University Block 14 Cons. #2503XH 250 95% 7386 100% CBP UL lands University Block 14 Cons. #2006XH 327 95% 7702 100% CBP UL lands University Block 14 Cons. #1903H 576 95% 5050 100% CBP UL Lands Zena #1XH3 245 95% 7716 100% CBP UL Lands University Block 14 Cons. #2501XH3 323 95% 7387 100% 2 0 2 2 2 0 2 3 Includes operated & NonOP Geological Region Area Well Name Peak IP 30 / 60 (Boepd) Oil (%) WI (%) CBP PJ Lea Lea, P J Etal #3902M1 273 88% 100% CBP PJ Lea Lea, P J Etal #3903M1 257 94% 100% CBP McKnight McKnight, M B #0201G1 166 65% 100% CBP McKnight McKnight, M B #0202G1 129 66% 100% CBP CBPS UL 35 1401S1 151 71% 100% CBP PJ Lea PJ Lea #3907M1,3 233 80% 100% CBP PJ Lea PJ Lea #4603M1,3 126 77% 100% CBP PJ Lea PJ Lea #4005M1,3 148 75% 100% CBP PJ Lea PJ Lea #3801M1,3 124 74% 100% CBP PJ Lea PJ Lea #4007M1,3 358 85% 100% CBP PJ Lea PJ Lea #3910M1,3 264 79% 100% 2 0 2 3 2 0 2 2 Geological Region Area Well Name Peak IP 30 / 60 (Boepd) Oil (%) Lateral Length (ft) WI (%) NWS Platang Boomer 727 #3H 350 96% 5058 100% NWS Platang Bucky 711 C #3H 336 92% 5038 91% NWS Platang Wishbone Farms 710 #6H 369 93% 4277 75% NWS Platang Razorback 663 #1H 518 90% 5058 87% NWS Platang Sooner 662 C #2H 592 93% 4860 100% NWS Sable Horned Frog 400 C #2XH 263 84% 7499 99% NWS Platang Cowboy Joe 708 4XH 505 84% 7041 95% NWS Platang Longhorn 708 3XH 432 82% 7735 75% NWS Platang Boomer 727 B 2XH3 348 83% 7628 75% NWS Platang Longhorn 708 1.5XH 459 88% 7735 75% NWS Platang Reveille 644 B #2H 304 88% 5053 100% NWS Platang Wishbone Farms 710 #4H 451 87% 4463 75% NWS Platang Smokey 399 A #2H3 184 86% 4905 91% 2 0 2 3 2 0 2 2

Ring Energy, Inc. San Andres Reservoir 21 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Proven, Conventional, Top Tier Returns San Andres Hz Delaware Hz Midland Hz High ROR Oil Play ✓ ✓ ✓ Low D&C Costs ✓ Lower 1st Year Decline ✓ Low Lease Acquisition Cost ✓ Long life wells ✓ Oil IPs >750 Bbl/d ✓ ✓ Multiple Benches ✓ ✓ > 85% Oil ✓ $30-35/Bbl D&C Break-even2 ✓ 1. D&C capex range is for both 1.0 & 1.5 mile laterals and includes inflation adjustments. 2. Break-even costs is for core inventory in NWS & CBP asset areas. The range in break-even depends on lateral length, asset area and inflation adjustments. • Permian Basin has produced >30 BBbl — San Andres accounts for ~40% • Low D&C costs1 $3.0 - $4.4 MM per well • Vertical depth of ~5,000’ • Typical oil column of 200’ - 300’ • Life >35+ years • Initial peak oil rates of 300 - 700 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood

www.ringenergy.com APPENDIX

Ring Energy, Inc. Financial Overview 23 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Derivative Summary as of September 30, 2023 1. The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above. Oil Hedges (WTI) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Swaps: Hedged volume (Bbl) 138,000 170,625 156,975 282,900 368,000 — — 184,000 — Weighted average swap price $ 74.52 $ 67.40 $ 66.40 $ 65.49 $ 68.43 $ — $ — $ 73.35 $ — Deferred premium puts: Hedged volume (Bbl) 165,600 45,500 45,500 — — — — — — Weighted average strike price $ 83.78 $ 84.70 $ 82.80 $ — $ — $ — $ — $ — $ — Weighted average deferred premium price $ 14.61 $ 17.15 $ 17.49 $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 274,285 339,603 325,847 230,000 128,800 474,750 464,100 184,000 — Weighted average put price $ 56.73 $ 64.20 $ 64.30 $ 64.00 $ 60.00 $ 57.06 $ 60.00 $ 65.00 $ — Weighted average call price $ 70.77 $ 79.73 $ 79.09 $ 76.50 $ 73.24 $ 75.82 $ 69.85 $ 80.08 $ — Three-way collars: Hedged volume (Bbl) 15,598 — — — — — — — — Weighted average first put price $ 45.00 $ — $ — $ — $ — $ — $ — $ — $ — Weighted average second put price $ 55.00 $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 80.05 $ — $ — $ — $ — $ — $ — $ — $ — Oil Hedges (basis differential) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Argus basis swaps: Hedged volume (MMBtu) 305,000 364,000 364,000 368,000 368,000 270,000 273,000 276,000 276,000 Weighted average spread price (1) $ 1.10 $ 1.15 $ 1.15 $ 1.15 $ 1.15 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Gas Hedges (basis differential) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Waha basis swaps: Hedged volume (MMBtu) 324,021 — — — — — — — — Weighted average spread price (1) $ 0.55 $ — $ — $ — $ — $ — $ — $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) 459,683 — — — — — — — — Weighted average spread price (1) $ 0.63 $ — $ — $ — $ — $ — $ — $ — $ — Gas Hedges (Henry Hub) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NYMEX Swaps: Hedged volume (MMBtu) 134,102 152,113 138,053 121,587 644,946 616,199 591,725 285,200 — Weighted average swap price $ 3.35 $ 3.62 $ 3.61 $ 3.59 $ 4.45 $ 3.78 $ 3.43 $ 3.73 $ — Two-way collars: Hedged volume (MMBtu) 383,587 591,500 568,750 552,000 — — — 285,200 — Weighted average put price $ 3.15 $ 4.00 $ 4.00 $ 4.00 $ — $ — $ — $ 3.00 $ — Call hedged volume (MMBtu) 383,587 591,500 568,750 552,000 — — — 285,200 — Weighted average call price $ 4.51 $ 6.29 $ 6.29 $ 6.29 $ — $ — $ — $ 4.80 $ —

Ring Energy, Inc. Income Statement and Operational Stats 24 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Income Statement Operational Stats 1. Beginning July 1, 2022, revenues were reported on a three-stream basis, separately reporting crude oil, natural gas, and natural gas liquids volumes and sales. For periods prior to July 1, 2022, volumes and sales for natural gas liquids were presented with natural gas. 2. Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly. 3. Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. (Unaudited) (Unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Oil, Natural Gas, and Natural Gas Liquids Revenues $ 93,681,798 $ 79,348,573 $ 94,408,948 $ 261,113,283 $ 247,551,855 Costs and Operating Expenses Lease operating expenses 18,015,348 15,938,106 13,029,098 51,426,145 30,283,706 Gathering, transportation and processing costs (4,530) (1,632) — (6,985) 1,846,247 Ad valorem taxes 1,779,163 1,670,343 1,199,385 5,120,119 3,100,578 Oil and natural gas production taxes 4,753,289 4,012,139 4,563,519 13,173,568 11,939,338 Depreciation, depletion and amortization 21,989,034 20,792,932 14,324,502 64,053,637 34,854,993 Asset retirement obligation accretion 354,175 353,878 243,140 1,073,900 617,685 Operating lease expense 138,220 115,353 83,590 366,711 250,770 General and administrative expense 7,083,574 6,810,243 7,393,848 21,023,956 18,748,427 Total Costs and Operating Expenses 54,108,273 49,691,362 40,837,082 156,231,051 101,641,744 Income from Operations 39,573,525 29,657,211 53,571,866 104,882,232 145,910,111 Other Income (Expense) Interest income 80,426 79,745 4 160,171 4 Interest (expense) (11,381,754) (10,550,807) (7,021,385) (32,322,840) (13,699,045) Gain (loss) on derivative contracts (39,222,755) 3,264,660 32,851,189 (26,483,190) (2,201,970) Gain (loss) on disposal of assets — (132,109) — (132,109) — Other income — 116,610 — 126,210 — Net Other Income (Expense) (50,524,083) (7,221,901) 25,829,808 (58,651,758) (15,901,011) Income (Loss) Before Benefit from (Provision for) Income Taxes (10,950,558) 22,435,310 79,401,674 46,230,474 130,009,100 Benefit from (Provision for) Income Taxes 3,411,336 6,356,295 (4,315,783) 7,737,688 (5,866,744) Net Income (Loss) $ (7,539,222) $ 28,791,605 $ 75,085,891 $ 53,968,162 $ 124,142,356 Basic Earnings (Loss) per Share $ (0.04) $ 0.15 $ 0.65 $ 0.29 $ 1.16 Diluted Earnings (Loss) per Share $ (0.04) $ 0.15 $ 0.49 $ 0.28 $ 0.92 Basic Weighted-Average Shares Outstanding 195,361,476 193,077,859 115,376,280 188,865,752 107,349,184 Diluted Weighted-Average Shares Outstanding 195,361,476 195,866,533 151,754,995 194,583,215 134,826,275 Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Net sales volumes: Oil (Bbls) 1,106,531 1,079,379 932,770 3,325,323 2,338,469 Natural gas (Mcf) 1,567,104 1,557,545 952,762 4,726,056 2,408,241 Natural gas liquids (Bbls)(1) 243,142 232,698 130,052 715,832 130,052 Total oil, natural gas and natural gas liquids (Boe)(1)(2) 1,610,857 1,571,668 1,221,616 4,828,831 2,869,895 % Oil 69 % 69 % 76 % 69 % 81 % Average daily equivalent sales (Boe/d) 17,509 17,271 13,278 17,688 10,512 Average realized sales prices: Oil ($/Bbl) $ 81.69 $ 72.30 $ 92.64 $ 75.79 $ 98.16 Natural gas ($/Mcf) 0.36 (0.71) 4.89 0.11 6.10 Natural gas liquids ($/Bbls)(1) 11.22 10.35 25.68 11.97 25.68 Barrel of oil equivalent ($/Boe) $ 58.16 $ 50.49 $ 77.28 $ 54.07 $ 86.26 Average costs and expenses per Boe ($/Boe): Lease operating expenses $ 11.18 $ 10.14 $ 10.67 $ 10.65 $ 10.55 Gathering, transportation and processing costs — — — — 0.64 Ad valorem taxes 1.10 1.06 0.98 1.06 1.08 Oil and natural gas production taxes 2.95 2.55 3.74 2.73 4.16 Depreciation, depletion and amortization 13.65 13.23 11.73 13.26 12.15 Asset retirement obligation accretion 0.22 0.23 0.20 0.22 0.22 Operating lease expense 0.09 0.07 0.07 0.08 0.09 General and administrative expense (including share- based compensation) 4.40 4.33 6.05 4.35 6.53 G&A (excluding share-based compensation) (3) 3.05 2.89 4.79 3.03 4.80 G&A (excluding share-based compensation and transaction costs) (3) 3.15 2.75 3.85 3.02 4.40

Ring Energy, Inc. Balance Sheet and Cash Flow Statement 25 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Balance Sheet Cash Flow (Unaudited) (Unaudited) September 30, 2023 December 31, 2022 ASSETS Current Assets Cash and cash equivalents $ 138,581 $ 3,712,526 Accounts receivable 45,756,047 42,448,719 Joint interest billing receivables, net 3,306,125 983,802 Derivative assets 1,845,133 4,669,162 Inventory 5,548,835 9,250,717 Prepaid expenses and other assets 2,033,013 2,101,538 Total Current Assets 58,627,734 63,166,464 Properties and Equipment Oil and natural gas properties, full cost method 1,628,230,243 1,463,838,595 Financing lease asset subject to depreciation 3,306,372 3,019,476 Fixed assets subject to depreciation 2,946,274 3,147,125 Total Properties and Equipment 1,634,482,889 1,470,005,196 Accumulated depreciation, depletion and amortization (353,111,293) (289,935,259) Net Properties and Equipment 1,281,371,596 1,180,069,937 Operating lease asset 2,644,519 1,735,013 Derivative assets 6,465,355 6,129,410 Deferred financing costs 14,199,738 17,898,973 Total Assets $1,363,308,942 $1,268,999,797 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $110,392,713 $111,398,268 Income tax liability 264,261 — Financing lease liability 806,993 709,653 Operating lease liability 503,420 398,362 Derivative liabilities 23,906,800 13,345,619 Notes payable 950,068 499,880 Deferred cash payment 14,783,879 14,807,276 Asset retirement obligations 279,681 635,843 Total Current Liabilities 151,887,815 141,794,901 Non-current Liabilities Deferred income taxes 497,067 8,499,016 Revolving line of credit 428,000,000 415,000,000 Financing lease liability, less current portion 690,456 1,052,479 Operating lease liability, less current portion 2,207,248 1,473,897 Derivative liabilities 18,089,847 10,485,650 Asset retirement obligations 28,482,982 29,590,463 Total Liabilities 629,855,415 607,896,406 Commitments and contingencies Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding — — Common stock - $0.001 par value; 450,000,000 shares authorized; 195,380,527 shares and 175,530,212 shares issued and outstanding, respectively 195,380 175,530 Additional paid-in capital 793,603,238 775,241,114 Accumulated deficit (60,345,091) (114,313,253) Total Stockholders’ Equity 733,453,527 661,103,391 Total Liabilities and Stockholders' Equity $1,363,308,942 $1,268,999,797 Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Cash Flows From Operating Activities Net income (loss) $ (7,539,222) $ 28,791,605 $ 75,085,891 $ 53,968,162 $ 124,142,356 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 21,989,034 20,792,932 14,324,503 64,053,637 34,854,993 Asset retirement obligation accretion 354,175 353,878 243,140 1,073,900 617,685 Amortization of deferred financing costs 1,258,466 1,220,385 1,095,073 3,699,235 1,483,621 Share-based compensation 2,170,735 2,260,312 1,543,033 6,374,743 4,964,188 Bad debt expense 19,656 19,315 — 41,865 — Deferred income tax expense (benefit) (3,585,002) (6,548,363) 4,279,047 (8,160,712) 5,830,008 Excess tax expense (benefit) related to share-based compensation 7,886 150,877 — 158,763 — (Gain) loss on derivative contracts 39,222,755 (3,264,660) (32,851,189) 26,483,190 2,201,970 Cash received (paid) for derivative settlements, net (5,350,798) 179,595 (14,861,116) (5,829,728) (48,593,882) Changes in operating assets and liabilities: Accounts receivable (14,419,854) 5,320,051 (6,907,079) (5,671,516) (21,300,907) Inventory 1,778,460 1,480,824 — 3,701,882 — Prepaid expenses and other assets 1,028,203 (1,489,612) (40,823) 68,525 (2,308,540) Accounts payable 18,562,202 (5,471,391) 27,144,096 3,500,913 33,992,075 Settlement of asset retirement obligation (105,721) (429,567) (881,768) (1,025,607) (2,548,344) Net Cash Provided by Operating Activities 55,390,975 43,366,181 68,172,808 142,437,252 133,335,223 Cash Flows From Investing Activities Payments for the Stronghold Acquisition — — (183,359,626) (18,511,170) (183,359,626) Payments for the Founders Acquisition (49,902,757) — — (49,902,757) — Payments to purchase oil and natural gas properties (726,519) (819,644) (467,840) (1,605,262) (1,211,691) Payments to develop oil and natural gas properties (40,444,810) (35,611,915) (34,121,878) (112,996,032) (83,776,050) Payments to acquire or improve fixed assets subject to depreciation (183,904) (11,324) (66,838) (209,798) (158,598) Sale of fixed assets subject to depreciation — 332,230 — 332,230 134,600 Proceeds from divestiture of equipment for oil and natural gas properties — — — 54,558 25,066 Proceeds from sale of Delaware properties (384,225) 7,992,917 — 7,608,692 — Proceeds from sale of New Mexico properties 4,312,502 — — 4,312,502 — Net Cash (Used in) Investing Activities (87,329,713) (28,117,736) (218,016,182) (170,917,037) (268,346,299) Cash Flows From Financing Activities Proceeds from revolving line of credit 94,500,000 28,500,000 541,500,000 179,000,000 592,000,000 Payments on revolving line of credit (63,500,000) (53,500,000) (376,500,000) (166,000,000) (447,000,000) Proceeds from issuance of common stock from warrant exercises — 8,687,655 2,400,000 12,301,596 7,563,126 Payments for taxes withheld on vested restricted shares, net (18,302) (141,682) (6,790) (294,365) (264,484) Proceeds from notes payable — 1,565,071 316,677 1,565,071 1,245,303 Payments on notes payable (462,606) (152,397) (333,341) (1,114,883) (954,082) Payment of deferred financing costs — — (18,762,502) — (18,762,502) Reduction of financing lease liabilities (191,748) (182,817) (103,392) (551,579) (334,034) Net Cash Provided by (Used in) Financing Activities 30,327,344 (15,224,170) 148,510,652 24,905,840 133,493,327 Net Increase (Decrease) in Cash (1,611,394) 24,275 (1,332,722) (3,573,945) (1,517,749) Cash at Beginning of Period 1,749,975 1,725,700 2,223,289 3,712,526 2,408,316 Cash at End of Period $ 138,581 $ 1,749,975 $ 890,567 $ 138,581 $ 890,567

Ring Energy, Inc. The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, per the Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, including accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligation, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non-GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. “Leverage” or the “Leverage Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our consolidated total debt as of such date to (ii) our Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under our existing senior revolving credit facility; provided that for the purposes of the definition of ‘Leverage Ratio’, (a) for the fiscal quarter ended September 30, 2022, Consolidated EBITDAX is calculated by multiplying Consolidated EBITDAX for such fiscal quarter by four, (b) for the fiscal quarter ended December 31, 2022, Consolidated EBITDAX is calculated by multiplying Consolidated EBITDAX for the two fiscal quarter period ended on December 31, 2022 by two, (c) for the fiscal quarter ended March 31, 2023, Consolidated EBITDAX is calculated by multiplying Consolidated EBITDAX for the three fiscal quarter period ended on March 31, 2023 by four-thirds, and (d) for each fiscal quarter thereafter, Consolidated EBITDAX will be calculated by adding Consolidated EBITDAX for the four consecutive fiscal quarters ending on such date. The Company defines “Consolidated EBITDAX” in accordance with our existing senior revolving credit facility and it means for any period an amount equal to the sum of (i) consolidated net income for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to our senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income for such period; provided that, for purposes of calculating compliance with the financial covenants set forth in our senior revolving credit facility, to the extent that during such period we shall have consummated an acquisition permitted by the senior revolving credit facility or any sale, transfer or other disposition of any person, business, property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to such person, business, property or assets so acquired or disposed of. Also set forth in our existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. PV-10 is a financial measure not prepared in accordance with GAAP that differs from a measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 value of its oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to its estimated proved reserves independent of its income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to its reserves. Management believes the use of a pre-tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The Company defines “Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. Non-GAAP Disclosure 26 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Certain financial information included in this Presentation are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” and “Leverage Ratio.” Management uses these non-GAAP financial measures in its analysis of performance. In addition, Adjusted EBITDA is a key metric used to determine the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. “Adjusted Net Income” is calculated as net income (loss) minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and related transaction costs. Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare our results with our peers. The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense, unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on our statements of cash flows); plus transaction costs for executed acquisitions and divestitures; current tax expense (benefit); proceeds from divestitures of equipment for oil and natural gas properties; loss (gain) on disposal of assets; and less capital expenditures; bad debt expense; and other income. For this purpose, our definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in our capital expenditures guidance provided to investors. Our management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of our current operating activities after the impact of accrued capital expenditures and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The table below provides detail of PV-10 to the standardized measure of discounted future net cash flows as of December 31, 2022. Present value of estimated future net revenues (PV-10) $ 2,773,657 Future income taxes, discounted at 10% 501,543 Standardized measure of discounted future net cash flows $ 2,272,114

Ring Energy, Inc. Non-GAAP Reconciliations 27 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Adjusted Net Income Adjusted EBITDA (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net Income (Loss) $ (7,539,222) $ (0.04) $ 28,791,605 $ 0.15 $ 75,085,891 $ 0.49 $ 53,968,162 $ 0.28 $ 124,142,356 $ 0.92 Share-based compensation 2,170,735 0.01 2,260,312 0.01 1,543,033 0.01 6,374,743 0.03 4,964,188 0.04 Unrealized loss (gain) on change in fair value of derivatives 33,871,957 0.17 (3,085,065) (0.02) (47,712,305) (0.32) 20,653,462 0.11 (46,391,912) (0.34) Transaction costs - executed A&D (157,641) — 220,191 — 1,142,963 0.01 62,550 — 1,142,963 0.01 Tax impact on adjusted items (2,059,802) (0.01) (171,282) — 2,447,351 0.02 (1,752,617) (0.01) 1,817,876 0.01 Adjusted Net Income $ 26,286,027 $ 0.13 $ 28,015,761 $ 0.14 $ 32,506,933 $ 0.21 $ 79,306,300 $ 0.41 $ 85,675,471 $ 0.64 Diluted Weighted-Average Shares Outstanding 195,361,476 195,866,533 151,754,995 194,583,215 134,826,275 Adjusted Net Income per Diluted Share $ 0.13 $ 0.14 $ 0.21 $ 0.41 $ 0.64 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Net Income (Loss) $ (7,539,222) $ 28,791,605 $ 75,085,891 $ 53,968,162 $ 124,142,356 Interest expense, net 11,301,328 10,471,062 7,021,381 32,162,669 13,699,041 Unrealized loss (gain) on change in fair value of derivatives 33,871,957 (3,085,065) (47,712,305) 20,653,462 (46,391,912) Income tax (benefit) expense (3,411,336) (6,356,295) 4,315,783 (7,737,688) 5,866,744 Depreciation, depletion and amortization 21,989,034 20,792,932 14,324,502 64,053,637 34,854,993 Asset retirement obligation accretion 354,175 353,878 243,140 1,073,900 617,685 Transaction costs - executed A&D (157,641) 220,191 1,142,963 62,550 1,142,963 Share-based compensation 2,170,735 2,260,312 1,543,033 6,374,743 4,964,188 Loss (gain) on disposal of assets — 132,109 — 132,109 — Other income — (116,610) — (126,210) — Adjusted EBITDA $ 58,579,030 $ 53,464,119 $ 55,964,388 $ 170,617,334 $ 138,896,058 Adjusted EBITDA Margin 63 % 67 % 59 % 65 % 56 %

Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 28 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Leverage Ratio Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Net Cash Provided by Operating Activities $ 55,390,975 $ 43,366,181 $ 68,172,808 $ 142,437,252 $ 133,335,223 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities (6,843,290) 589,695 (19,314,427) (574,197) (7,834,284) Transaction costs - executed A&D (157,641) 220,191 1,142,963 62,550 1,142,963 Income tax expense (benefit) - current 165,780 41,191 36,736 264,261 36,736 Capital expenditures (42,398,484) (31,608,483) (40,295,388) (113,152,655) (110,245,399) Proceeds from divestiture of equipment for oil and natural gas properties — — — 54,558 25,066 Bad debt expense (19,656) (19,315) — (41,865) — Loss (gain) on disposal of assets — 132,109 — 132,109 — Other income — (116,610) — (126,210) — Adjusted Free Cash Flow $ 6,137,684 $ 12,604,959 $ 9,742,692 $ 29,055,803 $ 16,460,305 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Adjusted EBITDA $ 58,579,030 $ 53,464,119 $ 55,964,388 $ 170,617,334 $ 138,896,058 Net interest expense (excluding amortization of deferred financing costs) (10,042,862) (9,250,677) (5,926,308) (28,463,434) (12,215,420) Capital expenditures (42,398,484) (31,608,483) (40,295,388) (113,152,655) (110,245,399) Proceeds from divestiture of equipment for oil and natural gas properties — — — 54,558 25,066 Adjusted Free Cash Flow $ 6,137,684 $ 12,604,959 $ 9,742,692 $ 29,055,803 $ 16,460,305 (Unaudited) Three Months Ended December 31, March 31, June 30, September 30, Last Four Quarters2022 2023 2023 2023 Consolidated EBITDAX Calculation: Net Income (Loss) $ 14,492,669 $ 32,715,779 $ 28,791,605 $ (7,539,222) $ 68,460,831 Plus: Interest expense 9,468,688 10,390,279 10,471,062 11,301,328 41,631,357 Plus: Income tax provision (benefit) 2,541,980 2,029,943 (6,356,295) (3,411,336) (5,195,708) Plus: Depreciation, depletion and amortization 20,885,774 21,271,671 20,792,932 21,989,034 84,939,411 Plus: non-cash charges acceptable to Administrative Agent 7,962,406 (7,823,887) (470,875) 36,396,867 36,064,511 Consolidated EBITDAX $ 55,351,517 $ 58,583,785 $ 53,228,429 $ 58,736,671 $ 225,900,402 Plus: Pro Forma Acquired Consolidated EBITDAX $ 8,086,135 $ 15,385,792 $ 9,542,529 $ 4,810,123 $ 37,824,579 Less: Pro Forma Divested Consolidated EBITDAX (974,021) (1,166,607) (223,947) (341,098) $ (2,705,673) Pro Forma Consolidated EBITDAX $ 62,463,631 $ 72,802,970 $ 62,547,011 $ 63,205,696 $ 261,019,308 Non-cash charges acceptable to Administrative Agent Asset retirement obligation accretion $ 365,747 $ 365,847 $ 353,878 $ 354,175 Unrealized loss (gain) on derivative assets 5,398,615 (10,133,430) (3,085,065) 33,871,957 Share-based compensation 2,198,044 1,943,696 2,260,312 2,170,735 Total non-cash charges acceptable to Administrative Agent $ 7,962,406 $ (7,823,887) $ (470,875) $ 36,396,867 As of September 30, Corresponding 2023 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 428,000,000 1.64 Estimated Founders deferred payment (1) 11,906,300 0.05 Consolidated Total Debt $ 439,906,300 1.69 Pro Forma Consolidated EBITDAX 261,019,308 Leverage Ratio 1.69 Maximum Allowed ≤ 3.00x (1) Estimated post close adjustment subject to review.

Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 29 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations 12/31/2022 12/31/2021 12/31/2020 Average Debt 352,500,000$ 301,500,000$ 339,750,000$ Average Equity 480,988,237 297,695,010 409,137,873 Average debt and shareholder equity 833,488,237$ 599,195,010$ 748,887,873$ Adjusted Cash Flow from Operations (ACFFO): Net Cash Provided by Operating Activities 196,976,729$ 72,731,212$ 72,159,255$ Less changes in operating assets and liabilities (24,091,577) (3,236,824) (2,418,446) Adjusted Cash Flow from Operations 172,885,152$ 69,494,388$ 69,740,809$ CROCE (ACFFO)/(Average D+E) 20.7% 11.6% 9.3% (Unaudited) Year Ended PV-10 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 Net Cash Provided by Operating Activities $ 55,390,975 $ 43,366,181 $ 68,172,808 $ 142,437,252 $ 133,335,223 Changes in operating assets and liabilities (6,843,290) 589,695 (19,314,426) (574,197) (7,834,284) Adjusted Cash Flow from Operations $ 48,547,685 $ 43,955,876 $ 48,858,382 $ 141,863,055 $ 125,500,939 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 General and administrative expense (G&A) $ 7,083,574 $ 6,810,243 $ 7,393,848 $ 21,023,956 $ 18,748,427 Shared-based compensation 2,170,735 2,260,312 1,543,033 6,374,743 4,964,188 G&A excluding share-based compensation 4,912,839 4,549,931 5,850,815 14,649,213 13,784,239 Transaction costs - executed A&D (157,641) 220,191 1,142,963 62,550 1,142,963 G&A excluding share-based compensation and transaction costs $ 5,070,480 $ 4,329,740 $ 4,707,852 $ 14,586,663 $ 12,641,276

Ring Energy, Inc. Experienced Management Team 30 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Shared Vision with a Track Record of Success • 39+ years of domestic & international oil & gas industry experience • Executive & board roles include CEO, President, COO, Region VP and public & private board directorships Paul D. McKinney Chairman & Chief Executive Officer Marinos Baghdati EVP of Operations Stephen D. Brooks EVP of Land, Legal, HR & Marketing Alexander Dyes EVP of Engineering & Corporate Strategy Travis Thomas EVP & Chief Financial Officer Hollie Lamb VP of NonOP Reservoir Engineering / O&G Marketing • 19+ years of oil & gas industry experience • Operational experience in drilling, completions and production including VP Operations, Operations manager, multiple engineering roles • 45+ years of oil & gas industry experience • Extensive career as landman including VP Land & Legal, VP HR VP Land and Land Manager • 16+ years of oil & gas industry experience • Multi-disciplined experience including VP A&D, VP Engineering, Director Strategy, multiple engineering & operational roles • 18+ years of oil & gas industry experience & accounting experience • High level financial experience including CAO, VP Finance, Controller, Treasurer • 20+ years of oil & gas industry experience • Previously Partner of HeLMS Oil & Gas, VP Engineering, Reservoir & Geologic Engineer

Ring Energy, Inc. Board of Directors 31 Value Focused Proven Strategy | November 3, 2023 | NYSE American: REI Accomplished and Diversified Experience • 35+ years of domestic & international oil & gas industry experience • Executive & board roles include CEO, President, COO, Region VP and public & private board directorships Paul D. McKinney Chairman & Chief Executive Officer • 43+ years of banking, capital markets, governance & financial experience • Executive and Board positions include CEO, President, multiple board chairs & directorships Anthony D. Petrelli Lead Independent Director • 14+ years of finance & capital markets experience • Extensive financial and capital markets acumen and experience including Managing Director and numerous Board Director positions Roy I. Ben-Dor Director • 45+ years of domestic & international oil & gas industry experience • Extensive executive roles including CEO, President & COO, and multiple public & private board chairs & directorships John A. Crum Independent Director • 24+ years of oil & gas industry, finance & capital markets experience • Wide range of operations, engineering, financial and capital markets roles and experience including Managing Director and numerous Board Director positions David S. Habachy Independent Director • 40+ years of experience across multiple industries • Executive positions in oil & gas, industrial equipment, and technology including CIO, Treasurer, Finance and Business Development Richard E. Harris Independent Director • 35+ years of domestic & international oil & gas industry experience • Executive & board roles include CFO, VP Accounting, Controller and public & private board directorships Thomas L. Mitchell Independent Director • 35+ years of banking, capital markets, governance & financial experience • Executive and Board positions including COO, director and Board Director positions Regina Roesener Independent Director • 50+ years of accounting, tax & finance experience • Wide range of financial acumen including positions as CFO, Partner in Charge and Board Director positions Clayton E. Woodrum Independent Director

www.ringenergy.com THANK YOU Company Contact Al Petrie (281) 975-2146 [email protected] Wes Harris (281) 975-2146 [email protected] Analyst Coverage Alliance Global Partners (A.G.P.) Jeff Grampp (949) 296 4171 [email protected] ROTH Capital Partners John M. White (949) 720-7115 [email protected] Truist Financial Neal Dingmann (713) 247-9000 [email protected] Tuohy Bothers Investment Noel Parks (215) 913-7320 [email protected] Water Tower Research Jeff Robertson (469) 343-9962 [email protected] Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: 281-397-3699


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	REI	NYSE American


Exhibit No.									Description
99.1									Press Release dated November 2 , 2023
99.2									Presentation Materials dated November 2 , 2023
104									Cover Page Interactive Data File (embedded within the Inline XBRL document).


		RING ENERGY, INC.

Date:	November 3, 2023	By:	/s/ Travis T. Thomas
			Travis T. Thomas
			Chief Financial Officer


			☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


			☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


			☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))