REI · Ring Energy, Inc.

The price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.1922 to $1.2218, inclusive. The reporting person undertakes to provide to the Registrant, any security holder of the Registrant, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

This restricted stock unit inducement award vests on an equal annual basis over a three-year period with the first vesting date on March 5, 2027, subject to the terms of the restricted stock unit inducement award agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on an equal annual basis over a three-year period with the first vesting date on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on an equal annual basis over a three-year period with the first vesting date on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on an equal annual basis over a three-year period with the first vesting date on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Registrant.

This restricted stock unit award vests on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on an equal annual basis over a three-year period with the first vesting date on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a performance unit award granted under the Registrant's long-term incentive plan.

This restricted stock unit award vests on an equal annual basis over a three-year period with the first vesting date on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Registrant.

Shares of Common Stock issued by the Registrant to the reporting person arising from the vesting and settlement of a performance unit award granted under the Registrant's long-term incentive plan.

This restricted stock unit award vests on an equal annual basis over a three-year period with the first vesting date on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

Shares of Common Stock issued by the Registrant to the reporting person arising from the vesting and settlement of a performance unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a performance unit award granted under the Registrant's long-term incentive plan.

This restricted stock unit award vests on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

This restricted stock unit award vests on February 17, 2027, subject to the terms of the restricted stock unit agreement. Each restricted stock unit represents the contingent right to receive one share of common stock of the Issuer.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

The price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.8325 to $0.8387, inclusive. The reporting person undertakes to provide to the Registrant, any security holder of the Registrant, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.80 to $0.802, inclusive. The reporting person undertakes to provide to the Registrant, any security holder of the Registrant, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Shares of Common Stock withheld by the Registrant to cover tax withholding obligations of the reporting person arising from the settlement of a restricted stock unit award granted under the Registrant's long-term incentive plan.

Represents a weighted average price. These shares of common stock, par value $0.001 of the Issuer (the "Common Stock") were sold in multiple transactions at prices ranging from $0.86 to $1.02, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 5,789,774 by Warburg Pincus Energy (E&P)-A, L.P.; 3,694,753 by WP Energy Stronghold Holdings, L.P.; 302,510 by WP Energy Partners Stronghold Holdings, L.P.; 349,683 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 117,930 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 3,747,559 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 89,932 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 136,077 by Warburg Pincus Private Equity (E&P) XII-E (A),L.P.; 245,084 by WP XII (E&P) Partners (A), L.P.; 5,346,681 by WP XII Stronghold Holdings, L.P.; 630,661 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 58,656 by Warburg Pincus XII (E&P)Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 5)

(continued from footnote 4) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Represents a weighted average price. These shares of common stock, par value $0.001 of the Issuer (the "Common Stock") were sold in multiple transactions at prices ranging from $0.86 to $1.02, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 5,789,774 by Warburg Pincus Energy (E&P)-A, L.P.; 3,694,753 by WP Energy Stronghold Holdings, L.P.; 302,510 by WP Energy Partners Stronghold Holdings, L.P.; 349,683 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 117,930 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 3,747,559 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 89,932 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 136,077 by Warburg Pincus Private Equity (E&P) XII-E (A),L.P.; 245,084 by WP XII (E&P) Partners (A), L.P.; 5,346,681 by WP XII Stronghold Holdings, L.P.; 630,661 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 58,656 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 5)

(continued from footnote 4) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Represents a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $0.79 to $0.85, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,491,579 by Warburg Pincus Energy (E&P)-A, L.P.; 4,142,611 by WP Energy Stronghold Holdings, L.P.; 339,179 by WP Energy Partners Stronghold Holdings, L.P.; 392,070 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 132,225 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,201,818 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 100,833 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 152,572 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.;274,792 by WP XII (E&P) Partners (A), L.P.; 5,994,776 by WP XII Stronghold Holdings, L.P.; 707,106 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 65,766 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $0.79 to $0.85, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,491,579 by Warburg Pincus Energy (E&P)-A, L.P.; 4,142,611 by WP Energy Stronghold Holdings, L.P.; 339,179 by WP Energy Partners Stronghold Holdings, L.P.; 392,070 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 132,225 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,201,818 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 100,833 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 152,572 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.;274,792 by WP XII (E&P) Partners (A), L.P.; 5,994,776 by WP XII Stronghold Holdings, L.P.; 707,106 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 65,766 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $0.80 to $0.83, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,491,579 by Warburg Pincus Energy (E&P)-A, L.P.; 4,142,611 by WP Energy Stronghold Holdings, L.P.; 339,179 by WP Energy Partners Stronghold Holdings, L.P.; 392,070 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 132,225 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,201,818 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 100,833 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 152,572 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.;274,792 by WP XII (E&P) Partners (A), L.P.; 5,994,776 by WP XII Stronghold Holdings, L.P.; 707,106 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 65,766 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $0.80 to $0.83, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,491,579 by Warburg Pincus Energy (E&P)-A, L.P.; 4,142,611 by WP Energy Stronghold Holdings, L.P.; 339,179 by WP Energy Partners Stronghold Holdings, L.P.; 392,070 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 132,225 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,201,818 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 100,833 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 152,572 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.;274,792 by WP XII (E&P) Partners (A), L.P.; 5,994,776 by WP XII Stronghold Holdings, L.P.; 707,106 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 65,766 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of common stock, par value $0.001 of the Issuer (the "Common Stock") were sold in multiple transactions at prices ranging from $0.78 to $0.84, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,491,579 by Warburg Pincus Energy (E&P)-A, L.P.; 4,142,611 by WP Energy Stronghold Holdings, L.P.; 339,179 by WP Energy Partners Stronghold Holdings, L.P.; 392,070 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 132,225 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,201,818 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 100,833 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 152,572 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.;274,792 by WP XII (E&P) Partners (A), L.P.; 5,994,776 by WP XII Stronghold Holdings, L.P.; 707,106 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 65,766 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of common stock, par value $0.001 of the Issuer (the "Common Stock") were sold in multiple transactions at prices ranging from $0.78 to $0.84, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,491,579 by Warburg Pincus Energy (E&P)-A, L.P.; 4,142,611 by WP Energy Stronghold Holdings, L.P.; 339,179 by WP Energy Partners Stronghold Holdings, L.P.; 392,070 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 132,225 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,201,818 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 100,833 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 152,572 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.;274,792 by WP XII (E&P) Partners (A), L.P.; 5,994,776 by WP XII Stronghold Holdings, L.P.; 707,106 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 65,766 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $0.76 to $0.80, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,882,769 by Warburg Pincus Energy (E&P)-A, L.P.; 4,392,250 by WP Energy Stronghold Holdings, L.P.; 359,619 by WP Energy Partners Stronghold Holdings, L.P.; 415,697 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 140,193 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,455,025 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 106,910 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 161,767 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.; 291,352 by WP XII (E&P) Partners (A), L.P.; 6,356,027 by WP XII Stronghold Holdings, L.P.; 749,717 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 69,729 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

Represents a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $0.76 to $0.80, inclusive.

The reporting persons undertake to provide to Ring Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

Following the reported transactions, the shares of Common Stock are directly held as follows: 6,882,769 by Warburg Pincus Energy (E&P)-A, L.P.; 4,392,250 by WP Energy Stronghold Holdings, L.P.; 359,619 by WP Energy Partners Stronghold Holdings, L.P.; 415,697 by Warburg Pincus Energy (E&P) Partners-A, L.P.; 140,193 by Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC; 4,455,025 by Warburg Pincus Private Equity (E&P) XII (A), L.P.; 106,910 by Warburg Pincus Private Equity (E&P) XII-D (A), L.P.; 161,767 by Warburg Pincus Private Equity (E&P) XII-E (A), L.P.; 291,352 by WP XII (E&P) Partners (A), L.P.; 6,356,027 by WP XII Stronghold Holdings, L.P.; 749,717 by Warburg Pincus XII (E&P) Partners-1, L.P.; and 69,729 by Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC.

Warburg Pincus & Company US, LLC ("Warburg Pincus") is the general partner of Warburg Pincus Partners II (US), L.P., which is the managing member of Warburg Pincus (E&P) Energy LLC and Warburg Pincus (E&P) XII LLC. Warburg Pincus (E&P) Energy LLC is the general partner of Warburg Pincus (E&P) Energy GP, L.P., which is the general partner of Warburg Pincus Energy (E&P)-A, L.P., WP Energy Stronghold Holdings, L.P., WP Energy Partners Stronghold Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A, L.P., and Warburg Pincus Energy (E&P) Partners-B, L.P. Warburg Pincus Energy (E&P) Partners-B, L.P. is the managing member of Warburg Pincus Energy (E&P) Partners-B Stronghold, LLC. (continued in footnote 7)

(continued from footnote 6) Warburg Pincus (E&P) XII LLC is the general partner of Warburg Pincus (E&P) XII, L.P., which is the general partner of Warburg Pincus XII (E&P) Partners-1, L.P., Warburg Pincus XII (E&P) Partners-2, L.P., WP XII Stronghold Holdings, L.P., WP XII (E&P) Partners (A), L.P., Warburg Pincus Private Equity (E&P) XII (A), L.P., Warburg Pincus Private Equity (E&P) XII-D (A), L.P., and Warburg Pincus Private Equity (E&P) XII-E (A), L.P. Warburg Pincus XII (E&P) Partners-2, L.P. is the managing member of Warburg Pincus XII (E&P) Partners-2 Stronghold, LLC (Warburg Pincus and the other entities listed in these footnotes 6 and 7, collectively, the "Warburg Entities").

Each of the Warburg Entities disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Warburg Entities are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.