# EDGAR Filing Document

**Accession Number:** 0001384195
**File Stem:** 0001384195-26-000053
**Filing Date:** 2026-3
**Character Count:** 137738
**Document Hash:** ad058bc1a6fc6a110c3e6ef72bd90160
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001384195-26-000053.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001384195-26-000053

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20260304

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RING ENERGY, INC.
- **CENTRAL INDEX KEY:** 0001384195
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980495938
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36057
- **FILM NUMBER:** 26726549

**BUSINESS ADDRESS:**
- **STREET 1:** 1725 HUGHES LANDING BLVD.
- **STREET 2:** SUITE 900
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 281-397-3699

**MAIL ADDRESS:**
- **STREET 1:** 1725 HUGHES LANDING BLVD.
- **STREET 2:** SUITE 900
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Transglobal Mining Corp.
- **DATE OF NAME CHANGE:** 20070425

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blanca Corp.
- **DATE OF NAME CHANGE:** 20061220

?xml version='1.0' encoding='ASCII'? rei-20260304

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**_____________________________________________________________________________________________________________________________________________________________________________**

**FORM 8-K** 

**_____________________________________________________________________________________________________________________________________________________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report: March 4, 2026**

*(Date of earliest event reported)*

______________________________________________________________________________________

**RING ENERGY, INC.**

**(Exact name of registrant as specified in its charter)**

**_______________________________________________________________________________________________________**

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-36057** | **90-0406406** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**1725 Hughes Landing Blvd., Suite 900**

**The Woodlands, TX 77380**

(Address of principal executive offices) (Zip Code)

**(281) 397-3699** 

(Registrant's telephone number, including area code)

**Not Applicable.**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 ☐ 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))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On March 4, 2026, Ring Energy, Inc. (the "Company") issued a press release announcing its financial and operating results for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Current Report on Form 8-K furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section, and they shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD Disclosure.**

On March 5, 2026, the Company posted to its website a company presentation (the "Presentation Materials") that management intends to use from time to time. The Company may use the Presentation Materials, possibly with modifications, in presentations to current and potential investors, lenders, creditors, vendors, customers and others with an interest in the Company and its business. In the Presentation Materials, the Company provided additional disclosure on its updated derivative positions as of March 5, 2026.

The information contained in the Presentation Materials is summary information that should be considered in the context of the Company's filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so. The Presentation Materials are furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K and are incorporated herein by reference.

The information in this Current Report on Form 8-K furnished pursuant to Item 7.01, including Exhibit 99.2, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to liability under that section, and they shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. By filing this Current Report on Form 8-K and furnishing this information pursuant to Item 7.01, the Company makes no admission as to the materiality of any information in this Current Report on Form 8-K, including Exhibit 99.2, that is required to be disclosed solely by Regulation FD.

**Item 9.01 Financial Statements and Exhibits.**

(d) <u>Exhibits</u>.

The following exhibits are included with this Current Report on Form 8-K:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated March 4, 2026](reiq42025earningsrelease.htm)</u> |
| 99.2 | <u>[Presentation Materials dated March 5, 2026](reiq4fy2025earningsv5.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **RING ENERGY, INC.** | **RING ENERGY, INC.** |
| Date: | March 5, 2026 | By: | /s/ Rocky P. Kwon |
|  |  |  | Rocky P. Kwon |
|  |  |  | Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image.jpg](image.jpg)

**RING ENERGY RELEASES FOURTH QUARTER AND FULL YEAR 2025 RESULTS, YEAR-END 2025 PROVED RESERVES, AND PROVIDES 2026 GUIDANCE**

*The Woodlands, TX – March 4, 2026* – Ring Energy, Inc. (NYSE American: REI) ("Ring" or the "Company") today reported operational and financial results for the fourth quarter and full year 2025, year-end 2025 proved reserves and provided 2026 operational and financial guidance.

**Fourth Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold 13,124 barrels of oil per day ("Bo/d"), near the mid-point of guidance and 20,508 barrels of oil equivalent per day ("Boe/d") which was above the mid-point of guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported a net loss of $12.8 million, or $(0.06) per diluted share, which included a $35.9 million of non-cash ceiling test impairment, and Adjusted Net Income<sup>1</sup> of $3.6 million, or $0.02 per diluted share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remained cash flow positive for the 25th consecutive quarter, generating Adjusted Free Cash Flow ("AFCF")<sup>1</sup> of $5.7 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduced debt $8.0 million after retiring a $10.0 million deferred payment obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lowered Lease Operating Expense ("LOE") to $10.02 per Boe, 7% below the low end of guidance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $24.3 million, which was within guidance;

**Full Year 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased sales volumes year-over-year ("YoY") by 3% to a record 20,253 Boe/d with oil sales essentially flat at 13,263 Bo/d;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported a net loss of $34.7 million, or $(0.17) per diluted share, which included a $108.8 million non-cash ceiling test impairment, and Adjusted Net Income<sup>1</sup> of $38.4 million, or $0.19 per diluted share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated record Adjusted Free Cash Flow<sup>1</sup> of $50.1 million, despite an 18% reduction in realized prices, and remained cash flow positive for over 6 consecutive years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proved reserves increased by 14%, or 19.1 MMBoe, to 153.3 MMBoe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decreased capital expenditures by 35% YoY to $98.2 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid down $40.0 million of debt since closing the acquisition of Central Basin Platform ("CBP") assets from Lime Rock Resources IV, LP ("Lime Rock") on March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reaffirmed the borrowing base at $585 million, exited 2025 with ~$166 million of liquidity, and borrowings of $420 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fully integrated Lime Rock acquisition with production, capex and LOE beating expectations to date.

**2026 Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targeting essentially flat sales from the prior year after the disposition of approximately 200 Boe/d of non-operated production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Production midpoint of 20,150 Boe/d and 12,950 Bo/d

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplined capital spending program with a midpoint of $115 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total wells drilled, completed and online (midpoint) of ~28 wells.

_______________________________________

1. Non-GAAP financial measure. Please see "Non-GAAP Financial Information" at the end of this release for details and reconciliations of GAAP to Non-GAAP.

------

**Management Commentary**

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented:

"Ring Energy delivered strong operational and financial results in 2025, demonstrating the effectiveness of our disciplined, value focused strategy. While the year presented significant challenges across the oil and gas sector, including a roughly 18% year over year decline in realized prices, we responded decisively early in the first quarter. By adjusting our drilling plans, reducing our capital spending, focusing investment on our highest return opportunities and taking advantage of the production from the Lime Rock acquisition, we protected margins, improved efficiency, and performed well despite a volatile macroeconomic backdrop.

Overall, Ring increased production by 3% year over year, and in the last six months, we reduced our lease operating expenses by approximately $1.4 million per month – an 18% reduction<sup>2</sup>. In addition to the new reserves added by the Lime Rock transaction, we replaced 169% of our 2025 production organically which contributed to our strong 14% increase in year-over-year reserves.

These operational improvements drove strong financial results. We generated a record $50 million of Adjusted Free Cash Flow, a 15% increase year over year, paid down $40 million of debt since closing the Lime Rock acquisition, and paid the $10 million deferred cash payment for the Lime Rock acquisition. Importantly, we extended our record to 25 consecutive quarters of positive cash flow generation. Our consistent execution continues to support sustainable free cash flow across commodity cycles."

Mr. McKinney concluded, "In 2026, we are focused on improving capital efficiency through cost reductions, improving the horizontal mix of our capital program, and drilling longer lateral wells. At a $60 oil price, we intend to maintain production, reduce debt, and continue growing our inventory and reserves. If prices continue above $60, we will accelerate debt reduction. On behalf of the Board and management team, we thank our employees for their disciplined execution in 2025 and look forward to our continued success and creating value for our stockholders in 2026."

**Summary Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Year** | **Year** | **Year** |
| | **Q4 2025** | **Q3 2025** | **Q4 2025 to Q3 2025 % Change** | **Q4 2024** | **Q4 2025 to Q4 2024 % Change** | **FY 2025** | **FY 2024** | **FY % Change** |
| Average Daily Sales Volumes (Boe/d) | 20508 | 20789 | (1)% | 19658 | 4% | 20253 | 19648 | 3% |
| &nbsp;&nbsp;*Crude Oil (Bo/d)* | *13124* | *13332* | *(2)%* | *12916* | *2%* | *13263* | *13283* | *—%* |
| Net Sales (MBoe) | 1886.8 | 1912.6 | (1)% | 1808.5 | 4% | 7392.5 | 7191.1 | 3% |
| Realized Price - All Products ($/Boe) | $35.45 | $41.10 | (14)% | $46.14 | (23)% | $41.55 | $50.94 | (18)% |
| &nbsp;&nbsp;*Realized Price - Crude Oil ($/Bo)* | $57.47 | $64.32 | (11)% | $68.98 | (17)% | $63.53 | $74.87 | (15)% |
| Revenues ($MM) | $66.9 | $78.6 | (15)% | $83.4 | (20)% | $307.2 | $366.3 | (16)% |
| Net Income (Loss) ($MM) | $(12.8) | $(51.6) | 75% | $5.7 | (325)% | $(34.7) | $67.5 | (151)% |
| Adjusted Net Income<sup>1</sup> ($MM) | $3.6 | $13.1 | (73)% | $12.3 | (71)% | $38.4 | $69.5 | (45)% |
| Adjusted EBITDA<sup>1</sup> ($MM) | $38.4 | $47.7 | (19)% | $50.9 | (25)% | $184.0 | $233.3 | (21)% |
| Capital Expenditures ($MM) | $24.3 | $24.6 | (1)% | $37.6 | (35)% | $98.2 | $151.9 | (35)% |
| Adjusted Free Cash Flow<sup>1</sup> ($MM) | $5.7 | $13.9 | (59)% | $4.7 | 21% | $50.1 | $43.6 | 15% |

---

*Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow 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 Financial Information." In addition, see section titled "Condensed Operating Data" for additional details concerning costs and expenses discussed below.*

_______________________________________

2. Based on the comparison of the pro forma lease operating expenses of Ring and Lime Rock during the six months prior to the closing date of the Lime Rock acquisition and the last six months of the period.

------

**Select Expenses and Other Items**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Year** | **Year** | **Year** |
| | **Q4 2025** | **Q3 2025** | **Q4 2025 to Q3 2025 % Change** | **Q4 2024** | **Q4 2025 to Q4 2024 % Change** | **FY 2025** | **FY 2024** | **FY % Change** |
| Lease operating expenses ("LOE") ($MM) | $18.9 | $20.5 | (8)% | $20.3 | (7)% | $79.4 | $78.3 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Lease operating expenses ($/BOE)* | *$10.02* | *$10.73* | *(7)%* | *$11.24* | *(11)%* | *$10.73* | *$10.89* | *(1)%* |
| Depreciation, depletion and amortization ($MM) | $23.0 | $25.2 | (9)% | $24.5 | (6)% | $96.4 | $98.7 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Depreciation, depletion and amortization ($/BOE)* | *$12.19* | *$13.19* | *(8)%* | *$13.57* | *(10)%* | *$13.04* | *$13.73* | *(5)%* |
| General and administrative expenses ("G&A") ($MM) | *$8.0* | *$8.1* | *(1)%* | *$8.0* | *—%* | *$31.9* | *$29.6* | *8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*General and administrative expenses ($/BOE)* | *$4.26* | *$4.26* | *—%* | *$4.44* | *(4)%* | *$4.32* | *$4.12* | *5%* |
| G&A excluding share-based compensation ($MM) | $6.6 | $6.5 | 2% | $6.4 | 3% | $25.8 | $24.1 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;*G&A excluding share-based compensation ($/BOE)* | *$3.47* | *$3.41* | *2%* | *$3.52* | *(1)%* | *$3.49* | *$3.36* | *4%* |
| G&A excluding share-based compensation & transaction costs ($MM) | $6.5 | $6.5 | —% | $6.3 | 3% | $25.8 | $24.1 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;*G&A excluding share-based compensation & transaction costs ($/BOE)* | *$3.46* | *$3.41* | *1%* | *$3.51* | *(1)%* | *$3.49* | *$3.35* | *4%* |
| Interest expense ($MM) | $9.1 | $10.1 | (10)% | $10.1 | (10)% | $40.4 | $43.3 | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Interest expense ($/BOE)* | *$4.83* | *$5.26* | *(8)%* | *$5.59* | *(14)%* | *$5.47* | *$6.02* | *(9)%* |
| Gain (loss) on derivative contracts ($MM) <sup>(1)</sup> | $17.5 | $0.4 | 4275% | $(6.3) | 378% | $31.7 | $(2.4) | 1421% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Realized gain (loss) on derivative contracts ($MM)* | *$2.7* | *$2.5* | *8%* | *$0.7* | *286%* | *$5.5* | *$(5.2)* | *206%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Unrealized gain (loss) on derivative contracts ($MM)* | *$14.8* | *$(2.1)* | *805%* | *$(7.0)* | *311%* | *$26.2* | *$2.8* | *836%* |

---

(1) A summary listing of the Company's outstanding derivative positions at December 31, 2025 is included in the tables shown later in this release. For full year 2026, the Company currently has approximately 2.3 million barrels of oil (approximately 48% of oil sales guidance midpoint) hedged at an average downside protection price of $65.21 and approximately 4.7 billion cubic feet of natural gas (approximately 66% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.79.

**Balance Sheet and Liquidity:** Total liquidity at December 31, 2025 was $165.9 million, a 5% increase from September 30, 2025 and a 24% decrease from December 31, 2024. Liquidity at December 31, 2025 consisted of cash and cash equivalents of $0.9 million and $165.0 million of availability under Ring's revolving credit facility, which includes a reduction of $35 thousand for letters of credit. On December 31, 2025, the Company had $420.0 million in borrowings outstanding on its revolving credit facility that has a current borrowing base of $585.0 million. Ring paid down $8 million of debt during the fourth quarter of 2025 and $40.0 million since the closing of the Lime Rock Acquisition in March 2025. The Company is targeting further debt reduction during 2026 dependent on market conditions, the timing of capital spending, and other considerations.

During the fourth quarter of 2025, the Company's borrowing base of $585 million under its revolving credit facility was reaffirmed. The next regularly scheduled bank redetermination is scheduled to occur during May 2026. Ring is currently in compliance with all applicable covenants under its revolving credit facility.

**Ceiling Test Impairment**

The Company accounts for its assets under the full cost method of accounting, which requires calculation of the limitation on capitalized costs (the full cost ceiling) each quarter. Due to a decrease in the twelve month average commodity pricing, the Company recorded a non-cash impairment charge of $35.9 million in the fourth quarter of 2025. This non-cash charge had no net impact on cash flows.

------

**Drilling and Completion Activity**

In 4Q 2025 the Company finished drilling and completed a 1.5-mile horizontal well in the Northwest Shelf in which drilling began in the third quarter of 2025. The Company drilled and completed two additional 1-mile horizontal wells in the Central Basin Platform, one in Andrews County and one in Crane County (both with a working interest of 100%). Also in Crane County the Company drilled and completed one vertical well (with a working interest of 100%).

The table below sets forth Ring's drilling and completions activities by quarter for 2025 and for the full year:

---

| | | | |
|:---|:---|:---|:---|
| **Quarter** | **Area** | **Wells Drilled** | **Wells Completed** |
| 1Q 2025 | Northwest Shelf (Horizontal) | 4 | 4 |
|  | Central Basin Platform (Vertical) | 3 | 3 |
|  | Total | 7 | 7 |
| 2Q 2025 | Central Basin Platform (Horizontal) | 1 | 1 |
|  | Central Basin Platform (Vertical) | 1 | 1 |
|  | Total | 2 | 2 |
| 3Q 2025 | Central Basin Platform (Horizontal) | 4 | 4 |
|  | Central Basin Platform (Vertical) | 1 | 1 |
|  | Total | 5 | 5 |
| 4Q 2025 | Northwest Shelf (Horizontal) | 1 | 1 |
|  | Central Basin Platform (Horizontal) | 2 | 2 |
|  | Central Basin Platform (Vertical) | 1 | 1 |
|  | Total | 4 | 4 |
| FY 2025 | Northwest Shelf (Horizontal) | 5 | 5 |
|  | Central Basin Platform (Horizontal) | 7 | 7 |
|  | Central Basin Platform (Vertical) | 6 | 6 |
|  | Total | 18 | 18 |

---

------

**2026 Capital Investment, Sales Volumes, and Operating Expense Guidance** 

Sales volumes for the first quarter 2026 were temporarily impacted by a winter storm reducing volumes over a five day period. Oil sales reduction was approximately 39,050 Bo (430 Bo/d), and Boe sales reduction was approximately 48,250 Boe (540 Boe/d). All production has been restored. Additionally, Ring Energy sold approximately 150 Bo/d or 200 Boe/d of non-operated production.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q1 2026** | **Q2 2026** | **Q3 2026** | **Q4 2026** | **FY 2026** |
| **Sales Volumes:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Oil (Bo/d) | 12100 – 12500 | 12450 – 13450 | 12750 – 13750 | 12800 – 13800 | 12500 – 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Midpoint (Bo/d)*** | ***12300*** | ***12950*** | ***13250*** | ***13300*** | ***12950*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total (Boe/d) | 19100-19600 | 19400 – 21000 | 19700 – 21300 | 19800 – 21400 | 19500 - 20800 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Midpoint (Boe/d)*** | ***19350*** | ***20200*** | ***20500*** | ***20600*** | ***20150*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (%) | 64% | 64% | 65% | 65% | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;NGLs (%) | 20% | 20% | 20% | 20% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas (%) | 16% | 16% | 15% | 15% | 16% |
| **Capital Program:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital spending<sup>(1)(2)</sup> (millions) | $28 - $34 | $28 - $36 | $27 - $35 | $17 - $25 | $100 - $130 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Midpoint (millions)*** | ***$31*** | ***$32*** | ***$31*** | ***$21*** | ***$115*** |
| &nbsp;&nbsp;&nbsp;&nbsp;New Hz wells drilled | 5 - 6 | 5 - 7 | 5 - 7 | 3 - 5 | 18 - 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Vertical wells drilled | 1 | 1 - 2 | 1 - 2 | 1 | 4 - 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Completion of DUC wells | 1 | 0 | 0 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells completed and online | 7 - 8 | 6 - 9 | 6 - 9 | 4 - 6 | 23 - 32 |
| **Operating Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LOE (per Boe) | $10.75 - $11.25 | $10.05 - $11.05 | $10.00 - $11.00 | $10.00 - $11.00 | $10.15 - $11.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Midpoint (per Boe)*** | ***$11.00*** | ***$10.55*** | ***$10.50*** | ***$10.50*** | ***$10.65*** |

---

<sup>(1)</sup> In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades and well reactivations. Also included is anticipated spending for leasing acreage and non-operated drilling, completion, capital workovers, and facility improvements.

(2) Based on the $115 million midpoint of spending guidance, the Company expects the following estimated allocation of capital investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 68% for drilling, completion, and related infrastructure, and conversions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 26% for recompletions and capital workovers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% for land and non-operated capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% for environmental and emission reducing facility upgrades.

**Year-End 2025 Proved Reserves**

The Company's year-end 2025 SEC proved reserves were 153.3 MMBoe, up 14% compared to 134.2 MMBoe at year-end 2024. During 2025, Ring recorded reserve additions of 14.0 MMBoe for acquisitions, 11.2 MMBoe for extensions, discoveries and improved recovery, and 1.3 MMBoe of positive revisions related to changes in pricing and performance. Offsetting these additions was 7.4 MMBoe of production.

The SEC twelve-month first day of the month average prices used for year-end 2025 were $61.82 per barrel of crude oil and $3.387 per MMBtu of natural gas, both before adjustment for quality, transportation, fees, energy content, and regional price differentials, while for year-end 2024 they were $71.96 per barrel of crude oil and $2.130 per MMBtu of natural gas — a decrease of 14% and an increase of 59%, respectively.

------

Year-end 2025 SEC proved reserves were comprised of approximately 59% crude oil, 19% natural gas, and 22% natural gas liquids. At year end, approximately 68% of 2025 proved reserves were classified as proved developed and 32% as proved undeveloped. This is compared to year-end 2024 when approximately 69% of proved reserves were classified as proved developed and 31% were classified as proved undeveloped. The Company's year-end 2025 proved reserves were prepared by Cawley, Gillespie & Associates, Inc., an independent petroleum engineering firm.

The PV-10 value at year-end 2025 was $1,318.2 million versus $1,462.8 million at the end of 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Oil (Bbl)** | **Gas (Mcf)** | **Natural Gas Liquids (Bbl)** | **Net<br>(Boe)** | **PV-10**<sup>(1)</sup> |
| **Balance, December 31, 2024** | 80904071 | 149817162 | 28303085 | 134176684 | $1462827136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of minerals in place | 9915483 | 10067543 | 2373336 | 13966743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Extensions, discoveries and improved recovery | 7281553 | 10624783 | 2133786 | 11186136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of minerals in place |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production | (4841164) | (6980958) | (1387818) | (7392476) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revisions of previous quantity estimates | (2939895) | 12652046 | 2171955 | 1340734 |  |
| **Balance, December 31, 2025** | 90320048 | 176180576 | 33594344 | 153277821 | $1318208128 |

---

<sup>(1)</sup> PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure of Discounted Future Net Cash Flows, which is the most directly comparable generally accepted accounting principles in the United States ("GAAP") measure.

In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2025 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average commodity price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the year ended December 31, 2025. The SEC average prices used for year-end 2025 were $61.82 per barrel of crude oil (WTI) and $3.387 per MMBtu of natural gas (Henry Hub), both before adjustment for quality, transportation, fees, energy content, and regional price differentials. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalations.

**Standardized Measure of Discounted Future Net Cash Flows**

Ring's standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and changes in the standardized measure as described below were prepared in accordance with GAAP.

---

| | | |
|:---|:---|:---|
| ***As of December 31,*** | **2025** | **2024** |
| Future cash inflows | $5976599552 | $6165487616 |
| Future production costs | (2473482048) | (2432555200) |
| Future development costs <sup>(1)</sup> | (573423296) | (536825664) |
| Future income taxes | (402808797) | (465768645) |
| Future net cash flows | 2526885411 | 2730338107 |
| 10% annual discount for estimated timing of cash flows | (1403392079) | (1497401764) |
| **Standardized Measure of Discounted Future Net Cash Flows** | $1123493332 | $1232936343 |

---

(1) Future development costs include not only development costs but also future asset retirement costs.

------

**Reconciliation of PV-10 to Standardized Measure**

PV-10 is derived from the Standardized Measure of Discounted Future Net Cash Flows ("Standardized Measure"), which is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. Moreover, GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves or for reserves calculated using prices other than SEC prices. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to represent the fair value of our oil and natural gas reserves.

The following table reconciles the PV-10 value of the Company's estimated proved reserves as of December 31, 2025 to the Standardized Measure:

---

| | |
|:---|:---|
| **SEC Pricing Proved Reserves** | **SEC Pricing Proved Reserves** |
| **<u>Standardized Measure Reconciliation</u>** | |
| Present value of estimated future net revenues (PV-10) | $1318208128 |
| Future income taxes, discounted at 10% | 194714796 |
| Standardized measure of discounted future net cash flows | $1123493332 |

---

------

**Conference Call Information**

Ring will hold a conference call on Thursday, March 5, 2026 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its fourth quarter and full year 2025 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 2025 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 <u>www.ringenergy.com</u>.

**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 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 also include assumptions and projections for quarterly and full year 2026 guidance for sales volumes, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company 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: 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, particularly in the winter; 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; changes in U.S. energy, environmental, monetary, tax and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; 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, 2025, and its other SEC filings. The Company 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: <u>apetrie@ringenergy.com</u>

------

**RING ENERGY, INC.**

**Condensed Statements of Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Oil, Natural Gas, and Natural Gas Liquids Revenues** | $66882770 | $78601336 | $83440546 | $307178072 | $366327414 |
| **Costs and Operating Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease operating expenses | 18911801 | 20518472 | 20326216 | 79353806 | 78310949 |
| &nbsp;&nbsp;&nbsp;Gathering, transportation and processing costs | 121097 | 126569 | 130230 | 585087 | 506333 |
| &nbsp;&nbsp;&nbsp;Ad valorem taxes | 2279266 | 2446565 | 2421595 | 7906586 | 8069064 |
| &nbsp;&nbsp;&nbsp;Oil and natural gas production taxes | 3224183 | 3670987 | 3857147 | 14312232 | 16116565 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 23002908 | 25225345 | 24548849 | 96414150 | 98702843 |
| &nbsp;&nbsp;&nbsp;Ceiling test impairment | 35913116 | 72912330 |  | 108825446 |  |
| &nbsp;&nbsp;&nbsp;Asset retirement obligation accretion | 390892 | 390563 | 323085 | 1490255 | 1380298 |
| &nbsp;&nbsp;&nbsp;Operating lease expense | 175090 | 175091 | 175090 | 700362 | 700362 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 8030310 | 8139771 | 8035977 | 31928576 | 29640300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Costs and Operating Expenses** | 92048663 | 133605693 | 59818189 | 341516500 | 233426714 |
| **Income (Loss) from Operations** | (25165893) | (55004357) | 23622357 | (34338428) | 132900700 |
| **Other Income (Expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 56910 | 74253 | 124765 | 290879 | 491946 |
| &nbsp;&nbsp;&nbsp;Interest (expense) | (9122419) | (10052320) | (10112496) | (40430929) | (43311810) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on derivative contracts | 17495270 | 444305 | (6254448) | 31658839 | (2365917) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on disposal of assets | 60855 | 105642 |  | 446400 | 89693 |
| &nbsp;&nbsp;&nbsp;Other income | 29582 |  | 80970 | 189294 | 106656 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Other Income (Expense)** | 8520198 | (9428120) | (16161209) | (7845517) | (44989432) |
| **Income (Loss) Before Benefit from (Provision for) Income Taxes** | (16645695) | (64432477) | 7461148 | (42183945) | 87911268 |
| **Benefit from (Provision for) Income Taxes** | 3800401 | 12800947 | (1803629) | 7452746 | (20440954) |
| **Net Income (Loss)** | $(12845294) | $(51631530) | $5657519 | $(34731199) | $67470314 |
| **Basic Earnings (Loss) per Share** | $(0.06) | $(0.25) | $0.03 | $(0.17) | $0.34 |
| **Diluted Earnings (Loss) per Share** | $(0.06) | $(0.25) | $0.03 | $(0.17) | $0.34 |
| Basic Weighted-Average Shares Outstanding | 207233067 | 206688003 | 198166543 | 204984223 | 197937683 |
| Diluted Weighted-Average Shares Outstanding | 207233067 | 206688003 | 200886010 | 204984223 | 200277380 |

---

------

**RING ENERGY, INC.**

**Condensed Operating Data**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Net sales volumes:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil (Bbls) | 1207425 | 1226537 | 1188272 | 4841164 | 4861628 |
| &nbsp;&nbsp;&nbsp;Natural gas (Mcf) | 1808355 | 1853599 | 1683793 | 6980958 | 6423674 |
| &nbsp;&nbsp;&nbsp;Natural gas liquids (Bbls) | 377937 | 377141 | 339589 | 1387818 | 1258814 |
| &nbsp;&nbsp;Total oil, natural gas and natural gas liquids (Boe)<sup>(1)</sup> | 1886755 | 1912611 | 1808493 | 7392476 | 7191054 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% Oil* | 64% | 64% | 66% | 65% | 68% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% Natural gas* | 16% | 16% | 15% | 16% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% Natural gas liquids* | 20% | 20% | 19% | 19% | 17% |
| **Average daily sales volumes:** |  |  |  |  |  |
| &nbsp;&nbsp;Oil (Bbls/d) | 13124 | 13332 | 12916 | 13263 | 13283 |
| &nbsp;&nbsp;&nbsp;Natural gas (Mcf/d) | 19656 | 20148 | 18302 | 19126 | 17551 |
| &nbsp;&nbsp;&nbsp;Natural gas liquids (Bbls/d) | 4108 | 4099 | 3691 | 3802 | 3439 |
| &nbsp;&nbsp;&nbsp;Average daily equivalent sales (Boe/d) | 20508 | 20789 | 19658 | 20253 | 19648 |
| **Average realized sales prices:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil ($/Bbl) | $57.47 | $64.32 | $68.98 | $63.53 | $74.87 |
| &nbsp;&nbsp;&nbsp;Natural gas ($/Mcf) | (2.49) | (1.22) | (0.96) | (1.33) | (1.44) |
| &nbsp;&nbsp;&nbsp;Natural gas liquids ($/Bbls) | 5.29 | 5.22 | 9.08 | 6.43 | 9.23 |
| &nbsp;&nbsp;&nbsp;Barrel of oil equivalent ($/Boe) | $35.45 | $41.10 | $46.14 | $41.55 | $50.94 |
| **Average costs and expenses per Boe ($/Boe):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease operating expenses | $10.02 | $10.73 | $11.24 | $10.73 | $10.89 |
| &nbsp;&nbsp;&nbsp;Gathering, transportation and processing costs | $0.06 | $0.07 | $0.07 | $0.08 | $0.07 |
| &nbsp;&nbsp;&nbsp;Ad valorem taxes | $1.21 | $1.28 | $1.34 | $1.07 | $1.12 |
| &nbsp;&nbsp;&nbsp;Oil and natural gas production taxes | $1.71 | $1.92 | $2.13 | $1.94 | $2.24 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | $12.19 | $13.19 | $13.57 | $13.04 | $13.73 |
| &nbsp;&nbsp;&nbsp;Ceiling test impairment | $19.03 | $38.12 | $— | $14.72 | $— |
| &nbsp;&nbsp;&nbsp;Asset retirement obligation accretion | $0.21 | $0.20 | $0.18 | $0.20 | $0.19 |
| &nbsp;&nbsp;&nbsp;Operating lease expense | $0.09 | $0.09 | $0.10 | $0.09 | $0.10 |
| &nbsp;&nbsp;G&A (including share-based compensation) | $4.26 | $4.26 | $4.44 | $4.32 | $4.12 |
| &nbsp;&nbsp;G&A (excluding share-based compensation) | $3.47 | $3.41 | $3.52 | $3.49 | $3.36 |
| &nbsp;&nbsp;G&A (excluding share-based compensation and transaction costs) | $3.46 | $3.41 | $3.51 | $3.49 | $3.35 |

---

(1) 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.

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**RING ENERGY, INC.**

**Condensed Balance Sheets**

---

| | | |
|:---|:---|:---|
| **As of December 31,** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $902913 | $1866395 |
| Accounts receivable | 30938908 | 36172316 |
| Joint interest billing receivables, net | 1623991 | 1083164 |
| Derivative assets | 21468134 | 5497057 |
| Inventory | 5312715 | 4047819 |
| Prepaid expenses and other assets | 1822751 | 1781341 |
| **Total Current Assets** | 62069412 | 50448092 |
| **Properties and Equipment** |  |  |
| Oil and natural gas properties, full cost method | 1891510431 | 1809309848 |
| Financing lease asset subject to depreciation | 3633586 | 4634556 |
| Fixed assets subject to depreciation | 3504788 | 3389907 |
| **Total Properties and Equipment** | 1898648805 | 1817334311 |
| Accumulated depreciation, depletion and amortization | (569180901) | (475212325) |
| **Net Properties and Equipment** | 1329467904 | 1342121986 |
| Operating lease asset | 1285159 | 1906264 |
| Derivative assets | 9739430 | 5473375 |
| Deferred financing costs | 9337344 | 8149757 |
| **Total Assets** | $1411899249 | $1408099474 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable | $97522809 | $95729261 |
| Income tax liability | 356436 | 328985 |
| Financing lease liability | 730564 | 906119 |
| Operating lease liability | 586614 | 648204 |
| Derivative liabilities | 841193 | 6410547 |
| Notes payable | 505752 | 496397 |
| Asset retirement obligations | 418526 | 517674 |
| **Total Current Liabilities** | 100961894 | 105037187 |
| **Non-current Liabilities** |  |  |
| Deferred income taxes | 20764119 | 28591802 |
| Revolving line of credit | 420000000 | 385000000 |
| Financing lease liability, less current portion | 593146 | 647078 |
| Operating lease liability, less current portion | 819223 | 1405837 |
| Derivative liabilities | 2512692 | 2912745 |
| Asset retirement obligations | 29972429 | 25864843 |
| **Total Liabilities** | 575623503 | 549459492 |
| 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; 207,656,929 shares and 198,561,378 shares issued and outstanding, respectively | 207657 | 198561 |
| Additional paid-in capital | 812777586 | 800419719 |
| Retained earnings (Accumulated deficit) | 23290503 | 58021702 |
| **Total Stockholders' Equity** | 836275746 | 858639982 |
| **Total Liabilities and Stockholders' Equity** | $1411899249 | $1408099474 |

---

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**RING ENERGY, INC.**

**Condensed Statements of Cash Flows**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(12845294) | $(51631530) | $5657519 | $(34731199) | $67470314 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 23002908 | 25225345 | 24548849 | 96414150 | 98702843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceiling test impairment | 35913116 | 72912330 |  | 108825446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation accretion | 390892 | 390563 | 323085 | 1490255 | 1380298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 691228 | 693625 | 1299078 | 4459520 | 4969174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 1474560 | 1618600 | 1672320 | 6135957 | 5506017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense |  | 907 | (26747) | 19029 | 160847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of assets | (60855) | (105642) |  | (446400) | (89693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | (3650179) | (12964252) | 1723338 | (7858446) | 19935413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess tax expense (benefit) related to share-based compensation | (201533) | 123533 | 9011 | 30763 | 104344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derivative contracts | (17495270) | (444305) | 6254448 | (31658839) | 2365917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received (paid) for derivative settlements, net | 2741821 | 2586230 | 745104 | 5452300 | (5193673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 2153443 | 4672943 | 349474 | 4452926 | 3594504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (327355) | 399193 | 580161 | (1264896) | 2089116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 454986 | 439087 | 295555 | (41410) | 93509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 12513783 | 841492 | 4462089 | 474744 | (5076738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of asset retirement obligation | (67428) | (265794) | (613603) | (904493) | (1588480) |
| &nbsp;&nbsp;**Net Cash Provided by Operating Activities** | 44688823 | 44492325 | 47279681 | 150849407 | 194423712 |
| **Cash Flows From Investing Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments for the Lime Rock Acquisition | (9293884) | (1709776) |  | (81863429) |  |
| &nbsp;&nbsp;&nbsp;Payments to purchase oil and natural gas properties | (1016517) | (715126) | (1423483) | (2528932) | (2210826) |
| &nbsp;&nbsp;&nbsp;Payments to develop oil and natural gas properties | (24955052) | (20995094) | (36386055) | (95207027) | (153945456) |
| &nbsp;&nbsp;&nbsp;Payments to acquire or improve fixed assets subject to depreciation | (4402) | (5708) |  | (179771) | (185524) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of fixed assets subject to depreciation |  |  |  | 17360 | 10605 |
| &nbsp;&nbsp;&nbsp;Proceeds from divestiture of oil and natural gas properties |  | 100 | 121232 | 100 | 121232 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of New Mexico properties |  |  |  |  | (144398) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of CBP vertical wells |  |  |  |  | 5500000 |
| &nbsp;&nbsp;&nbsp;Insurance proceeds received for damage to oil and natural gas properties |  | 160533 |  | 260446 |  |
| &nbsp;&nbsp;**Net Cash Used in Investing Activities** | (35269855) | (23265071) | (37688306) | (179501253) | (150854367) |
| **Cash Flows From Financing Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving line of credit | 30500000 | 31000000 | 22000000 | 231822997 | 130000000 |
| &nbsp;&nbsp;&nbsp;Payments on revolving line of credit | (38500000) | (51000000) | (29000000) | (196822997) | (170000000) |
| &nbsp;&nbsp;&nbsp;Payments for taxes withheld on vested restricted shares, net | (228359) | (8000) |  | (1189805) | (919249) |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable |  |  | 58774 | 1648539 | 1560281 |
| &nbsp;&nbsp;&nbsp;Payments on notes payable | (496077) | (486590) | (475196) | (1639184) | (1597618) |
| &nbsp;&nbsp;&nbsp;Payment of deferred financing costs | 66871 | (332376) | (42746) | (5647107) | (88450) |
| &nbsp;&nbsp;&nbsp;Reduction of financing lease liabilities | (145397) | (113381) | (265812) | (484079) | (954298) |
| &nbsp;&nbsp;**Net Cash Provided by (Used in) Financing Activities** | (8802962) | (20940347) | (7724980) | 27688364 | (41999334) |
| **Net Increase (Decrease) in Cash** | 616006 | 286907 | 1866395 | (963482) | 1570011 |
| **Cash at Beginning of Period** | 286907 |  |  | 1866395 | 296384 |
| **Cash at End of Period** | $902913 | $286907 | $1866395 | $902913 | $1866395 |

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**RING ENERGY, INC.**

**Financial Commodity Derivative Positions**

**As of December 31, 2025**

The following tables reflect the details of current derivative contracts as of December 31, 2025 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts).

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Oil Hedges (WTI)** | **Q1 2026** | **Q2 2026** | **Q3 2026** | **Q4 2026** | **Q1 2027** | **Q2 2027** | **Q3 2027** | **Q4 2027** |
| **Swaps:** | | | | | | | | |
| Hedged volume (Bbl) | 608350 | 577101 | 171400 | 529000 | 509500 | 492000 | 432000 | 412963 |
| Weighted average swap price | $67.95 | $66.50 | $62.26 | $65.34 | $62.82 | $60.45 | $61.80 | $57.59 |
| **Two-way collars:** |  |  |  |  |  |  |  |  |
| Hedged volume (Bbl) |  |  | 379685 |  |  |  |  |  |
| Weighted average put price | $— | $— | $60.00 | $— | $— | $— | $— | $— |
| Weighted average call price | $— | $— | $72.50 | $— | $— | $— | $— | $— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gas Hedges (Henry Hub)** | **Q1 2026** | **Q2 2026** | **Q3 2026** | **Q4 2026** | **Q1 2027** | **Q2 2027** | **Q3 2027** | **Q4 2027** |
| **NYMEX Swaps:** | | | | | | | | |
| Hedged volume (MMBtu) | 448854 | 1165628 | 600016 | 1072305 | 439678 | 423035 | 1079906 | 1046151 |
| Weighted average swap price | $4.19 | $3.82 | $4.19 | $3.99 | $4.02 | $4.02 | $3.86 | $4.02 |
| **Two-way collars:** |  |  |  |  |  |  |  |  |
| Hedged volume (MMBtu) | 456850 | 139000 | 648728 | 128000 | 717000 | 694000 |  |  |
| Weighted average put price | $3.50 | $3.50 | $3.10 | $3.50 | $3.99 | $3.00 | $— | $— |
| Weighted average call price | $5.11 | $5.42 | $4.24 | $5.42 | $5.21 | $4.32 | $— | $— |
| **Gas Hedges (Henry Hub)** | **Q1 2028** | **Q2 2028** | **Q3 2028** | **Q4 2028** | **Q1 2029** | **Q2 2029** | **Q3 2029** | **Q4 2029** |
| **NYMEX Swaps:** |  |  |  |  |  |  |  |  |
| Hedged volume (MMBtu) | 1012567 | 984322 | 956865 | 931539 | 908117 | 886933 | 866585 | 846134 |
| Weighted average swap price | $3.77 | $3.77 | $3.77 | $3.77 | $3.67 | $3.67 | $3.67 | $3.67 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gas Hedges (basis differential)** | **Q1 2026** | **Q2 2026** | **Q3 2026** | **Q4 2026** | **Q1 2027** | **Q2 2027** | **Q3 2027** | **Q4 2027** |
| **El Paso Permian Basin basis swaps:** | | | | | | | | |
| Hedged volume (MMBtu) |  |  |  |  | 960307 | 636710 | 615547 | 596306 |
| Weighted average spread price <sup>(1)</sup> | $— | $— | $— | $— | $0.72 | $0.67 | $0.67 | $0.67 |
| **Waha basis swaps:** |  |  |  |  |  |  |  |  |
| Hedged volume (MMBtu) |  |  |  |  | 196372 | 480325 | 464360 | 449846 |
| Weighted average spread price <sup>(1)</sup> | $— | $— | $— | $— | $0.78 | $0.78 | $0.78 | $0.78 |
| **Gas Hedges (basis differential)** | **Q1 2028** | **Q2 2028** | **Q3 2028** | **Q4 2028** | **Q1 2029** | **Q2 2029** | **Q3 2029** | **Q4 2029** |
| **El Paso Permian Basin basis swaps:** |  |  |  |  |  |  |  |  |
| Hedged volume (MMBtu) | 577163 | 561064 | 545413 | 530977 | 517628 | 505552 | 493953 | 482296 |
| Weighted average spread price <sup>(1)</sup> | $0.60 | $0.60 | $0.60 | $0.60 | $0.57 | $0.57 | $0.57 | $0.57 |
| **Waha basis swaps:** |  |  |  |  |  |  |  |  |
| Hedged volume (MMBtu) | 435403 | 423259 | 411453 | 400562 | 390490 | 381381 | 372632 | 363837 |
| Weighted average spread price <sup>(1)</sup> | $0.68 | $0.68 | $0.68 | $0.68 | $0.63 | $0.63 | $0.63 | $0.63 |

---

<sup>(1)</sup> 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.

 <sup>(1)</sup> 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," "Leverage Ratio," "Current Ratio," "Cash Return on Capital Employed" or "CROCE," "All-In Cash Operating Costs," and "Cash Operating Margin." Management uses these non-GAAP financial measures in its analysis of performance. In addition, Adjusted EBITDA is a key metric used to determine a portion of 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 (Loss)**

"Adjusted Net Income (Loss)" 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 transaction costs for acquisitions and divestitures ("A&D"). 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 the Company's results with its peers.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **Total** | **Per share - diluted** | **Total** | **Per share - diluted** | **Total** | **Per share - diluted** | **Total** | **Per share - diluted** | **Total** | **Per share - diluted** |
| **Net Income (Loss)** | $(12845294) | $(0.06) | $(51631530) | $(0.25) | $5657519 | $0.03 | $(34731199) | $(0.17) | $67470314 | $0.34 |
| Share-based compensation | 1474560 | 0.01 | 1618600 | 0.01 | 1672320 | 0.01 | 6135957 | 0.03 | 5506017 | 0.03 |
| Ceiling test impairment | 35913116 | 0.17 | 72912330 | 0.35 |  |  | 108825446 | 0.54 |  |  |
| Unrealized loss (gain) on change in fair value of derivatives | (14753449) | (0.07) | 2141925 | 0.01 | 6999552 | 0.03 | (26206539) | (0.13) | (2827756) | (0.02) |
| Transaction costs - A&D | 25000 |  | 10 |  | 21017 |  | 27786 |  | 24556 |  |
| Tax impact on adjusted items | (6213517) | (0.03) | (11920971) | (0.06) | (2008740) | (0.01) | (15670138) | (0.08) | (628405) |  |
| **Adjusted Net Income (Loss)** | $3600416 | $0.02 | $13120364 | $0.06 | $12341668 | $0.06 | $38381313 | $0.19 | $69544726 | $0.35 |
| Diluted Weighted-Average Shares Outstanding | 207233067 |  | 206688003 |  | 200886010 |  | 204984223 |  | 200277380 |  |
| **Adjusted Net Income per Diluted Share** | $0.02 |  | $0.06 |  | $0.06 |  | $0.19 |  | $0.35 |  |

---

------

**Reconciliation of Net Income (Loss) to Adjusted EBITDA**

The Company defines "Adjusted EBITDA" as net income (loss) plus net interest expense (including interest income and 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 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)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Net Income (Loss)** | $(12845294) | $(51631530) | $5657519 | $(34731199) | $67470314 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 9065509 | 9978067 | 9987731 | 40140050 | 42819864 |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on change in fair value of derivatives | (14753449) | 2141925 | 6999552 | (26206539) | (2827756) |
| &nbsp;&nbsp;&nbsp;Ceiling test impairment | 35913116 | 72912330 |  | 108825446 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (3800401) | (12800947) | 1803629 | (7452746) | 20440954 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 23002908 | 25225345 | 24548849 | 96414150 | 98702843 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligation accretion | 390892 | 390563 | 323085 | 1490255 | 1380298 |
| &nbsp;&nbsp;&nbsp;Transaction costs - A&D | 25000 | 10 | 21017 | 27786 | 24556 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 1474560 | 1618600 | 1672320 | 6135957 | 5506017 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of assets | (60855) | (105642) |  | (446400) | (89693) |
| &nbsp;&nbsp;Other income | (29582) |  | (80970) | (189294) | (106656) |
| **Adjusted EBITDA** | $38382404 | $47728721 | $50932732 | $184007466 | $233320741 |
| **Adjusted EBITDA Margin** | 57% | 61% | 61% | 60% | 64% |

---

------

**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 (as reflected on the Company's Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures ("A&D"), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company's definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company's capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company's current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) 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)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Net Cash Provided by Operating Activities** | $44688823 | $44492325 | $47279681 | $150849407 | $194423712 |
| Adjustments - Condensed Statements of Cash Flows |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | (14727429) | (6086921) | (5073676) | (2716871) | 888089 |
| &nbsp;&nbsp;&nbsp;Transaction costs - A&D | 25000 | 10 | 21017 | 27786 | 24556 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) - current | 51311 | 39772 | 71280 | 374937 | 401197 |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (24343200) | (24589282) | (37633168) | (98211527) | (151946171) |
| &nbsp;&nbsp;&nbsp;Proceeds from divestiture of equipment for oil and natural gas properties |  | 100 | 121232 | 100 | 121232 |
| &nbsp;&nbsp;&nbsp;Credit loss expense |  | (907) | 26747 | (19029) | (160847) |
| &nbsp;&nbsp;&nbsp;Other income | (29582) |  | (80970) | (189294) | (106656) |
| **Adjusted Free Cash Flow** | $5664923 | $13855097 | $4732143 | $50115509 | $43645112 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Adjusted EBITDA** | $38382404 | $47728721 | $50932732 | $184007466 | $233320741 |
| &nbsp;&nbsp;&nbsp;Net interest expense (excluding amortization of deferred financing costs) | (8374281) | (9284442) | (8688653) | (35680530) | (37850690) |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (24343200) | (24589282) | (37633168) | (98211527) | (151946171) |
| &nbsp;&nbsp;&nbsp;Proceeds from divestiture of equipment for oil and natural gas properties |  | 100 | 121232 | 100 | 121232 |
| **Adjusted Free Cash Flow** | $5664923 | $13855097 | $4732143 | $50115509 | $43645112 |

---

------

**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, as reflected in the Company's Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company's operations. Accordingly, the Company believes this financial performance 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)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Net Cash Provided by Operating Activities** | $44688823 | $44492325 | $47279681 | $150849407 | $194423712 |
| Changes in operating assets and liabilities | (14727429) | (6086921) | (5073676) | (2716871) | 888089 |
| **Adjusted Cash Flow from Operations** | $29961394 | $38405404 | $42206005 | $148132536 | $195311801 |

---

**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 for acquisitions and divestitures (A&D).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **General and administrative expense (G&A)** | $8030310 | $8139771 | $8035977 | $31928576 | $29640300 |
| Shared-based compensation | 1474560 | 1618600 | 1672320 | 6135957 | 5506017 |
| **G&A excluding share-based compensation** | 6555750 | 6521171 | 6363657 | 25792619 | 24134283 |
| Transaction costs - A&D | 25000 | 10 | 21017 | 27786 | 24556 |
| **G&A excluding share-based compensation and transaction costs** | $6530750 | $6521161 | $6342640 | $25764833 | $24109727 |

---

------

**Calculation of Leverage Ratio**

"Leverage" or the "Leverage Ratio" is calculated pursuant to the Company's existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) 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 the credit facility.

The Company defines "Consolidated Total Debt" in accordance with its existing senior revolving credit facility and means, as of any date, all Indebtedness of the Company on a consolidated basis as of such date, but excluding hedging obligations.

The Company defines "Consolidated EBITDAX" in accordance with its existing senior revolving credit facility and 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 (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, 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 under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of.

The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. The following tables show the leverage ratio calculations for the quarters ended December 31, 2025 and December 31, 2024.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| | **March 31,** | **June 30,** | **September 30,** | **December 31,** | **Last Four Quarters** |
| | **2025** | **2025** | **2025** | **2025** | **Last Four Quarters** |
| **Consolidated EBITDAX Calculation:** |  |  |  |  |  |
| Net Income (Loss) | $9110738 | $20634887 | $(51631530) | $(12845294) | $(34731199) |
| Plus: Consolidated interest expense | 9408728 | 11687746 | 9978067 | 9065509 | 40140050 |
| Plus: Income tax provision (benefit) | 3041177 | 6107425 | (12800947) | (3800401) | (7452746) |
| Plus: Depreciation, depletion and amortization | 22615983 | 25569914 | 25225345 | 23002908 | 96414150 |
| Plus: non-cash charges reasonably acceptable to Administrative Agent | 2392703 | (12236121) | 77063418 | 23025119 | 90245119 |
| **Consolidated EBITDAX** | $**46569329** | $**51763851** | $**47834353** | $**38447841** | $**184615374** |
| Plus: Pro Forma Acquired Consolidated EBITDAX | $7392359 | $— | $— | $— | $7392359 |
| Less: Pro Forma Divested Consolidated EBITDAX | 8855 |  |  |  | 8855 |
| **Pro Forma Consolidated EBITDAX** | $**53970543** | $**51763851** | $**47834353** | $**38447841** | $**192016588** |
| **Non-cash charges reasonably acceptable to Administrative Agent:** |  |  |  |  |  |
| Asset retirement obligation accretion | $326549 | $382251 | $390563 | $390892 |  |
| Unrealized loss (gain) on derivative assets | 375196 | (13970211) | 2141925 | (14753449) |  |
| Ceiling test impairment |  |  | 72912330 | 35913116 |  |
| Share-based compensation | 1690958 | 1351839 | 1618600 | 1474560 |  |
| **Total non-cash charges reasonably acceptable to Administrative Agent** | $**2392703** | $**(12236121)** | $**77063418** | $**23025119** |  |
|  | **As of** |  |  |  |  |
|  | **December 31,** | **Corresponding** |  |  |  |
|  | **2025** | **Leverage Ratio** |  |  |  |
| **Leverage Ratio Covenant:** |  |  |  |  |  |
| Revolving line of credit | $420000000 | 2.19 |  |  |  |
| Notes payable | 505752 |  |  |  |  |
| Capital lease obligations | 1323710 | 0.01 |  |  |  |
| **Consolidated Total Debt** | $**421829462** | **2.20** |  |  |  |
| Pro Forma Consolidated EBITDAX | 192016588 |  |  |  |  |
| **Leverage Ratio** | **2.20** |  |  |  |  |
| Maximum Allowed | ≤ 3.00x |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| | **March 31,** | **June 30,** | **September 30,** | **December 31,** | **Last Four Quarters** |
| | **2024** | **2024** | **2024** | **2024** | **Last Four Quarters** |
| **Consolidated EBITDAX Calculation:** |  |  |  |  |  |
| Net Income (Loss) | $5515377 | $22418994 | $33878424 | $5657519 | $67470314 |
| Plus: Consolidated interest expense | 11420400 | 10801194 | 10610539 | 9987731 | 42819864 |
| Plus: Income tax provision (benefit) | 1728886 | 6820485 | 10087954 | 1803629 | 20440954 |
| Plus: Depreciation, depletion and amortization | 23792450 | 24699421 | 25662123 | 24548849 | 98702843 |
| Plus: non-cash charges acceptable to Administrative Agent | 19627646 | 1664064 | (26228108) | 8994957 | 4058559 |
| **Consolidated EBITDAX** | $**62084759** | $**66404158** | $**54010932** | $**50992685** | $**233492534** |
| Plus: Pro Forma Acquired Consolidated EBITDAX | $— | $— | $— | $— | $— |
| Less: Pro Forma Divested Consolidated EBITDAX | (124084) | (469376) | (600460) | 77819 | (1116101) |
| **Pro Forma Consolidated EBITDAX** | $**61960675** | $**65934782** | $**53410472** | $**51070504** | $**232376433** |
| **Non-cash charges acceptable to Administrative Agent:** |  |  |  |  |  |
| Asset retirement obligation accretion | $350834 | $352184 | $354195 | $323085 |  |
| Unrealized loss (gain) on derivative assets | 17552980 | (765898) | (26614390) | 6999552 |  |
| Ceiling test impairment |  |  |  |  |  |
| Share-based compensation | 1723832 | 2077778 | 32087 | 1672320 |  |
| **Total non-cash charges acceptable to Administrative Agent** | $**19627646** | $**1664064** | $**(26228108)** | $**8994957** |  |
|  | **As of** |  |  |  |  |
|  | **December 31,** |  |  |  |  |
|  | **2024** |  |  |  |  |
| **Leverage Ratio Covenant:** |  |  |  |  |  |
| Revolving line of credit | $385000000 |  |  |  |  |
| Pro Forma Consolidated EBITDAX | 232376433 |  |  |  |  |
| **Leverage Ratio** | **1.66** |  |  |  |  |
| Maximum Allowed | ≤ 3.00x |  |  |  |  |

---

------

**Calculation of Current Ratio**

The "Current Ratio" is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification ("ASC") 815, plus the unused line of credit. The Company's non-cash current assets include the derivative asset marked to market value. Based on its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.

Also set forth in our existing senior revolving credit facility is the minimum permitted Current Ratio of 1.00. The following table shows the Current Ratio calculation for the Company's most recent fiscal quarter.

---

| | |
|:---|:---|
| | **As of** |
| | **December 31,** |
| | **2025** |
| Current assets | 62069412 |
| Less: Current derivative assets | 21468134 |
| Current assets less Current derivative assets | 40601278 |
| Revolver Availability (Facility less debt less LCs) | 164965000 |
| **Current Assets per Covenant** | **205566278** |
| Current liabilities | 100961894 |
| Less: Current derivative liabilities | 841193 |
| **Current Liabilities per Covenant** | **100120701** |
| **Current Ratio** | 2.05 |
| Minimum Allowed | > or = 1.00x |

---

------

**Calculation of Cash Return on Capital Employed**

The Company defines "Return on Capital Employed" or "CROCE" as Adjusted Cash Flow from Operations divided by average debt and stockholder equity for the period. Management believes that CROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. CROCE is not considered to be an alternative to net income reported in accordance with GAAP.

---

| | | | |
|:---|:---|:---|:---|
| **CROCE (Cash Return on Capital Employed):** | **As of and for the** | **As of and for the** | **As of and for the** |
| | **twelve months ended** | **twelve months ended** | **twelve months ended** |
| | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
| Total long term debt (i.e. revolving line of credit) | $420000000 | $385000000 | $425000000 |
| Total stockholders' equity | $836275746 | $858639982 | $786582900 |
| Average debt | $402500000 | $405000000 | $420000000 |
| Average stockholders' equity | 847457864 | 822611441 | 723843146 |
| Average debt and stockholders' equity | 1249957864 | 1227611441 | 1143843146 |
| Net Cash Provided by Operating Activities | $150849407 | $194423712 | $198170459 |
| Less change in WC (Working Capital) | 2716871 | (888089) | 1180748 |
| Adjusted Cash Flows From Operations (ACFFO) | $148132536 | $195311801 | $196989711 |
| CROCE (ACFFO)/(Average D+E) | 11.9% | 15.9% | 17.2% |

---

------

**All-In Cash Operating Costs**

The Company defines All-In Cash Operating Costs, a non-GAAP financial measure, as "all in cash" costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company's operating costs in comparison to its peers, which may vary from company to company.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **All-In Cash Operating Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease operating expenses (including workovers) | 18911801 | 20518472 | 20326216 | 79353806 | 78310949 |
| &nbsp;&nbsp;G&A excluding share-based compensation | 6555750 | 6521171 | 6363657 | 25792619 | 24134283 |
| &nbsp;&nbsp;&nbsp;Net interest expense (excluding amortization of deferred financing costs) | 8374281 | 9284442 | 8688653 | 35680530 | 37850690 |
| &nbsp;&nbsp;&nbsp;Operating lease expense | 175090 | 175091 | 175090 | 700362 | 700362 |
| &nbsp;&nbsp;&nbsp;Oil and natural gas production taxes | 3224183 | 3670987 | 3857147 | 14312232 | 16116565 |
| &nbsp;&nbsp;&nbsp;Ad valorem taxes | 2279266 | 2446565 | 2421595 | 7906586 | 8069064 |
| &nbsp;&nbsp;&nbsp;Gathering, transportation and processing costs | 121097 | 126569 | 130230 | 585087 | 506333 |
| **All-in cash operating costs** | 39641468 | 42743297 | 41962588 | 164331222 | 165688246 |
| Boe | 1886755 | 1912611 | 1808493 | 7392476 | 7191054 |
| **All-in cash operating costs per Boe** | $21.01 | $22.35 | $23.20 | $22.23 | $23.04 |

---

**Cash Operating Margin**

The Company defines Cash Operating Margin, a non-GAAP financial measure, as realized revenues per Boe less "all-in cash operating costs" per Boe. Management believes that this metric provides useful additional information to investors to assess the Company's operating margins in comparison to its peers, which may vary from company to company.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** | **(Unaudited for All Periods)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Cash Operating Margin** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized revenues per Boe | $35.45 | $41.10 | $46.14 | $41.55 | $50.94 |
| &nbsp;&nbsp;&nbsp;All-in cash operating costs per Boe | 21.01 | 22.35 | 23.20 | 22.23 | 23.04 |
| **Cash Operating Margin per Boe** | $14.44 | $18.75 | $22.94 | $19.32 | $27.90 |

---

## Exhibit 99.2

![](reiq4fy2025earningsv5001.jpg)

NYSE American: REI www.ringenergy.com www.ringenergy.com Q4 & FY 2025 EARNINGS 2026 GUIDANCE

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![](reiq4fy2025earningsv5002.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| 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 historical fact included in this Presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, guidance, plans and objectives of management are forward- looking statements. When used in this Presentation, the words "could," "may," "will," "believe," "anticipate," "intend," "estimate," "expect," "guidance," "project," "goal," "plan," "potential," "probably," "target" and similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain such identifying words. Forward-looking statements also include assumptions and projections for quarterly and full year 2026 guidance for sales volumes, number of potential well locations and associated inventory life, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, and operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. 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: 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 particularly in the winter; 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 expected benefits to the Company and its stockholders from the acquisition of oil and gas properties (the "LRR Acquisition") from Lime Rock Resources IV-A, L.P. and Lime Rock Resources IV-C, L.P. (collectively, "Lime Rock" or "LRR"); the impacts of hedging on results of operations; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of oversupply, changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; 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, 2025, and its other filings with the SEC. All forward-looking statements, expressed or implied, included 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. 2 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 EBITDA," "PV-10," "Adjusted Free Cash Flow" or "AFCF," "Adjusted Cash Flow from Operations" or "ACFFO," "Cash Return on Capital Employed" or "CROCE," "Leverage Ratio," "All-in Cash Operating Costs," and "Cash Operating Margin." 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. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

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![](reiq4fy2025earningsv5003.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Ring Energy's Strategic Advantage 3 Proven Business Model with Low Decline, High Margin Assets that Produce Sustainable AFCF1 Through Cycles 1. Adjusted Free Cash Flow is a Non-GAAP financial measures. See Appendix for definitions and reconciliation to GAAP measures. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. Source ENVERUS trailing twelve months as of Dec. 2025 for operators' Gross production on per Boe basis in the Texas CBP & NWS. A Proven Cash Flow Machine: 25 Consecutive Quarters of AFCF 10+ Years of Drilling Inventory: 500+ Identified Locations2 Conventional Asset Advantage: High Margin, Shallow Decline and Long Life Disciplined Consolidator in the Heart of the Permian – 3rd Largest E&P in CBP Texas3 Nimble Operator, Operational Flexibility: Stacked Pay Zones with High NRIs

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![](reiq4fy2025earningsv5004.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Ring Energy – Transforming Conventional Assets 4 Applying Unconventional Perspectives with an Exploration Mindset 1. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. PV-10 is a Non-GAAP financial measure. See definition and Reconciliation of PV-10 to Standardized Measure in the Appendix. 2. Inventory includes PUDs plus non proved locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. PDP base decline percentage is based on the decline for all operated and non-operated PDP base wells not drilled in 2025. 4. R/P is Proved SEC Reserves divided by full year 2025 production. Q3 2025 Net Production 20,789 Boe/d (64% oil and 84% liquids) ✓ Shallow Base Decline ✓ Long Life Wells ✓ Highly Oil Weighted ✓ High Operating Margin ✓ High Netbacks ✓ Low D&C Cost Inventory ✓ Low Breakeven Costs Yoakum Gaines Andrews Ector Crane Ward Ring Energy Assets Northwest Shelf Central Basin Platform Includes operated & non-operated 20.5 MBoe/d (64% oil) Q4 2025 Production 153 MMBoe / $1.3 Billion YE'25 SEC 1P Reserves/PV10 Value1 10+ Years Inventory2 R/P4 20+ Years 1P Reserves / FY 2025 Production 96k+ Net Acres 99% Operated ~$723 Million Enterprise Value as of Feb. 27, 2026 Key Metrics Core Economics (2025) 4: ~28% x: ~$[37] WTI Core Asset Advantages Decline ~20% PDP Base Decline3 Get rid of '25 Economics

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![](reiq4fy2025earningsv5005.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Q4 2025 – Strong Operational Quarter 5 1. Adjusted Free Cash Flow is a Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. ✓Continued Adjusted Free Cash Flow1 Generation • 25th consecutive quarter of AFCF1 • $5.7 million Adjusted Free Cash Flow1 ✓Disciplined Capital Program & Reduction in Cost Structure • $24.3 million in capital expenditures (near the mid-point of guidance) • All-in-Cash Costs reduced to $21.01 per Boe (6% less than Q3'25) ✓Continued Debt Pay Down • Paid down $8 million of debt plus an additional $10 million deferred payment for LRR Acquisition • Increased liquidity to $166 million ✓Strong Operational Execution Despite Market Volatility • 13,124 barrels of oil sold per day (near the mid-point of guidance) • 20,508 barrels of oil equivalent sold per day (near high-end of guidance) • Ongoing reductions result in LOE of $10.02 per Boe (11% better than the recently improved guidance) Beat on Production and Costs, Exceeded Debt Paydown Despite 14% QoQ Decrease in Realized $ per Boe

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![](reiq4fy2025earningsv5006.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Total Sales Realized Price Adjusted EBITDA1 CapEx Lifting Costs L i All-in Cash Operating Costs3 Adjusted Free Cash Flow1 SEC Proved Developed Reserves4 SEC Proved Reserves4 2025 2025 2025 2025 2025 2025 2025 2025 2025 20,253 $41.55 $184.0 $98.2 $10.73 $22.23 $50.1 103.8 153.3 Boe/d 65% Oil Per Boe Million Million 53% Reinvestment Rate Per Boe Per Boe Million MMBoe MMBoe 2024 2024 2024 2024 2024 2024 2024 2024 2024 19,648 $50.94 $233.3 $151.9 $10.89 $23.04 $43.6 92.6 134.2 Boe/d 68% Oil Per Boe Million Million 65% Reinvestment Rate Per Boe Per Boe Million MMBoe MMBoe FY 2025 – Maximizing Adjusted Free Cash Flow1 6 Grew AFCF1 to $50 Million Despite 18% Lower Realized Prices – Improved All Controllable Metrics 1. Adjusted Free Cash Flow and Adjusted EBITDA are Non-GAAP financial measures. See Appendix for definition andreconciliation to GAAP measures. 2. Updated guidance as shown in Q1 2025 earnings release on May 7, 2025. 3. Total Operating costs is defined as all "cash" costs including LOE, cash G&A, interest expense, workovers and other operating expenses, production taxes and gathering/transportation costs on a $ per Boe basis. 4. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. Company Record ✓Operational Excellence Decreased cost structure, beat updated guidance2 on lift costs $ per Boe by 10% and in line with mid-point of guidance on capex ✓Enhanced AFCF1 Record yearly AFCF YoY+15% Funding debt reduction, lowered reinvestment rate YoY by 18.5% ✓Add Size & Scale Record yearly sales, beat updated guidance2 by +1% & increased Proved Reserves +14% and added inventory 25E Original guidance 5/8 Boe/d 20.0k Bo/d 13.2k Capex $99million Lift cost $12.00/boe

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![](reiq4fy2025earningsv5007.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI $4 $6 $8 $10 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) REI Legacy LRR FY 2025 – Operational Excellence 7 Driving Sustainable Free Cash Flow Through Lower Capital and Operating Costs 1. D&C Cost is drilling, completion, equipment and connect to facility costs per lateral foot. Reducing Capital Spend $MM Reducing D&C Cost Per Lateral Foot1 Reducing LOE $MM per Month Reducing LOE $ per Boe Includes Founders Acquisition $154 $99 $98 Original Guidance FY'25 Updated Guidance FY'25 FY'25 Actuals ~$56 Million improvement since original guidance $400 $450 $500 $550 $600 $650 2023 2024 2025 ~19% reduction since 2023 ~$500 ~$1.4 Million per month savings $11.5 $9.9 $19.7 $14.3 $12.4 $10.4 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) REI Legacy LRR Combined ~16% reduction combined, since LRR Acquisition

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![](reiq4fy2025earningsv5008.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI NWS CBP-N Penwell CBP-S 19% 59% 22% Proved Reserves1 and Inventory 8 Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years 1. Reserves as of December. 31, 2025 utilizing SEC prices, YE 2025 SEC Pricing: $61.82 per Bbl Oil & $3.387 per Mcf Gas. 2. PV-10 is a Non-GAAP financial measure. See Appendix for definition and reconciliation. 3. Changes in proved reserves due to price and differentials (see Form10-K for year ended December 31, 2025 for details). 4. See 10K for additional information Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Reserve Extensions4 (MMBoe) 24% 76% $1,318 MM PD $1,007 MM PUD $312 MM Oil (MMBO) 90.3 Gas (BCF) 176.2 NGL (MMBBL) 33.6 ~153 MMBoe 245+ PUD Locations 235+ PDNP Opportunities PD ~104 MMBoe PUD ~49 MMBoe 32% 68% ~153 MMBoe LRR Acquisition + Organic Reserve Replacement in 2025 Increased Proved Reserves 14% Increased PD Reserves 12% Replaced Production and SEC Price3 Volumes 7.4MM BOE Produced 5.9MM BOE SEC Price 11.2MM BOE of Extensions 90% horizontal extensions 11.2 0 5 10 15 20 2023 2024 2025 Proved Locations by Area 3 years of reserve replacement & extensions

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![](reiq4fy2025earningsv5009.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI 10+ years of drilling inventory at current activity levels Converting legacy proved vertical zones into multi-bench Hz value Proved Vt 30% Proved Hz 19% LOC Hz 51% High-Margin Assets with Multi-Zone Horizontal Upside 9 Unlocking Value Transitioning Proved Vertical Development to Multi-Bench Horizontal Locations 1. Break-even costs is for core inventory in CBP & NWS asset areas. The range in break-even based at least a 10% rate of return on recent capex spend, differentials, and depends on lateral length, asset area, completion and artificial lift type. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. P e rm ia n P e n n sy lv a n ia n M Is si ss ip p ia n Add to table breakeven ranges per area Geologic Period Target Formation "Stacked Pay Zones" CBP Active WPS CBP Hz Potential NWS Active WPS Permian Grayburg ✓ ✓ 4-6 San Andres Judkins ✓✓ 4-6 McKnight ✓ ✓ ✓ ✓ 6-8 Holt ✓ ✓ Glorieta ✓ ✓ Clearfork Upper ✓ ✓ Tubb ✓ ✓ 4-6 Lower ✓ ✓ Wichita - Albany ✓ ✓ Wolfcamp ✓ ✓ 3-5 ✓ Pennsyl- vanian Penn Mississ- ippian Barnett Shale ✓ Mississippian Lime Woodford Devonian Devonian ✓✓ 3-4 Includes operated & NonOP ✓ Vertical ✓ Horizontal Do we want to separate/draw attention to Horizontal vs Vertical targets at this stage or wait until we've drilled more horizontals outside of San Andres/Grayburg?? 500+ Total Gross New Drill Locations2 Horizontal Horizontal & Vertical CBP North Penwell CBP South 2025 Core Assets Central Basin Platform "CBP" Northwest Shelf "NWS" Counties Andrews, Crane, Ector, Gaines Yoakum Net Acres ~79,000 ~17,000 Operated WI / NRI ~96% / ~81% ~92% / ~69% Net Production ~12 Mboe/d (68% oil) ~8.3 Mboe/d (62% oil) Capital ($MM) ~$69 ~$29 New Drill Program 7 Hz & 6 Vt wells 5 Hz wells Field Level EBITDA Margin ~60% ~78% Breakeven Costs1 < $50 per Bbl < $40 per Bbl NWS

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![](reiq4fy2025earningsv5010.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Operational Discipline Delivered Higher AFCF1 10 Business Execution Driving Growth And Stronger AFCF1 Despite ~18% Lower Realized Prices 1. Adjusted Free Cash Flow and All-in-Cash Operating Costs are Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. 3. Reinvestment rate expressed as percentage of Adjusted EBITDA. ✓Operational Excellence✓Additional Size & Scale ✓ Cash Flow Generation $45 $44 $50 $40 $45 $50 $55 2023 2024 2025 Adjusted Free Cash Flow1 $MM Commodity Prices $76.2 $74.9 $63.5 $50 $60 $70 $80 2023 2024 2025 Realized Oil $ per Bbl $54.6 $50.9 $41.6 $30 $40 $50 $60 2023 2024 2025 Realized $ per Boe 500+ FOG AQ LRR AQ 130 134 153 $100 $120 $140 $160 2023 2024 2025 Proved Reserves2 MMBoe 18.1 19.7 20.3 $16 $18 $20 $22 2023 2024 2025 Sales MBoe/d $152 $152 $98 $0 $100 $200 2023 2024 2025 Capex $MM 64% 65% 53% Reinvestment Rate3 $23.5 $23.0 $22.2 $10 $15 $20 $25 2023 2024 2025 All-in-Cash Op. Costs1 $/Boe $11.6 $11.0 $10.4 $0 $4 $8 $12 2023 2024 2025 F&D Costs $/Boe

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![](reiq4fy2025earningsv5011.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI $10.73 $10.65 2025 2026E Guidance Midpoint 20,253 20,150 2025 2026E Guidance Midpoint $98 $115 2025 2026E Guidance Midpoint Focused on Maximizing Adjusted Free Cash Flow1 11 Driving Success Through Volatile Oil Prices 1. Adjusted Free Cash Flow is a Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. Estimated AFCF is based on projections of internal management financial model and assumes mid point of guidance for "net sales" production & capex with adjustable oil price as of April 2026, $3.50 per MCF Flat, and NGL realizations of ~12% of WTI oil price. 3. Estimated AFCF yield for 2024 & 2025 are based on year-end market capitalizations and the 2026E are based on assumptions above for AFCF and Ring's stock price and market capitalization as 2/27/2026. Building Scale & Pursuing Operational Excellence 2026E Adjusted Free Cash Flow2 2026E Adjusted Free Cash Flow Yield2,3 ~500 Production (Boe/d) Capital ($MM) LOE ($/Boe) +15% YoY • Investment in Infrastructure & Land to enable more capital efficient inventory • 2026 program is 78%, 22 (mid- point) horizontal vs' 67%, 12 Hz in 2025 -1% YoY • Ongoing focus on lowering costs across the board $44 $50 $0MM $25MM $50MM $75MM 2024 2025 $60 $65 $70 $75 $80 FY 2026E WTI 18% 28% 13% 16% 20% 22% 24% 0% 10% 20% 30% 2024 2025 $60 $65 $70 $75 $80 FY 2026E WTI Essentially Flat YoY • Winter storm negative impact in Q1 is ~540 Boe/d • Non-op Divestiture impact FY 200 Boe/d

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![](reiq4fy2025earningsv5012.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Track Record of Enhancing Value for Stockholders 12 Scale, Measurable Performance and Long-Term Value Creation 1. Adjusted Free Cash Flow and All-in-Cash Operating Costs are Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per bbl Gas $3.387 per Mcf 0.0339 0.0359 0.0361 2023 2024 2025 Production per Share Boe/Share All-in-Cash Operating Costs1 $/Boe Adjusted Free Cash Flow1 $/Boe $23.46 $23.04 $22.23 2023 2024 2025 $6.85 $6.07 $6.78 2023 2024 2025 0.66 0.67 0.75 2023 2024 2025 SEC Proved Reserves per Share2 Boe/Share Includes Founders Acquisition Includes LRR Acquisition

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![](reiq4fy2025earningsv5013.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Permian's Premier Conventional Consolidator 13 Ring is One of the Top Three Operators in the CBP & NWS – Uniquely Positioned to Lead Consolidation Source: Enverus TTM 12/2025 , Companies include Basin O&G, Blackbeard Operating, Burk Royalty, ConocoPhillips, Crescent Energy, Elevation Resources, Formentera Partners, Hilcorp, Kinder Morgan, OXY, Riley Petroleum, Ring Energy, Diversified Energy, Mach Natural Resources and Scout CBP & NWS: Fragmented Ownership • Scale gives Ring the edge – As one of the largest operators in the CBP & NWS, Ring has the operational footprint to efficiently integrate acquisitions • The prize is massive – ~410,000 Boepd of conventional production across CBP and NWS remains fragmented among majors and independents • Ring has already proven it – A track record of accretive acquisitions demonstrates Ring's M&A capabilities and ability to successfully integrate newly acquired assets • Conventional is Ring's core competency – Ring's technical depth in conventional zones makes it uniquely positioned to unlock value competitors overlook • Less competition, better deals – Fewer public E&P competitors and lower-cost well economics mean Ring acquires at better prices and integrates more profitably 110 57 26 26 23 21 20 13 10 8 8 7 6 6 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 G ro ss P ro d u c ti o n (2 -S tr e a m M b o e /d) Delaware Basin CBP NWS Eastern Shelf Midland Basin Publics Privates REI CBP/NWS Publics CBP/NWS Privates % Oil 81% 68% 77% 80% 85% 78% 85% 59% 91% 90% 64% 77% 75% 81% 49% Ranking 1 2 3 4 5

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![](reiq4fy2025earningsv5014.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Potential Catalysts for 2026 & Beyond 14 Organically Grow High-Quality Inventory and Reserves Further Strengthen Balance Sheet Increase Financial Flexibility Ongoing Cost and Capital Efficiency Gains Substantial Upside with Increasing Commodity Prices

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![](reiq4fy2025earningsv5015.jpg)

www.ringenergy.com \| NYSE American: REI Q4 & FY 2025 EARNINGS \| MARCH 5, 2026 FINANCIAL OVERVIEW

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Updated Guidance 16 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. $98 $115 2025 2026E Guidance Midpoint Total Capex Comparison $MM 1% 5% 26% 68% Capex Allocation 2025 2026E D&C, Infrastructure, CTR Capital Workover, Recompletions Land, Non-op Facility Improvements, ESG Sales Volumes Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 Guidance Total (Bo/d) 12,100 – 12,500 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 12,500 – 13,400 Mid Point (Bo/d) 12,300 12,950 13,250 13,300 12,950 Total (Boe/d) 19,100 – 19,600 19,400 – 21,000 19,700 – 21,300 19,800 – 21,400 19,500 – 20,800 Mid Point (Boe/d) 19,350 20,200 20,500 20,600 20,150 - Oil (%) 64% 64% 65% 65% 64% - NGLs (%) 20% 20% 20% 20% 20% - Gas (%) 16% 16% 15% 15% 16% Capital Program Capital1 ($MM) $28 – $34 $28 – $36 $27 – $35 $17 – $25 $100 – $130 Mid Point (millions) $31 $32 $31 $21 $115 - New Hz wells drilled 5 – 6 5 – 7 5 – 7 3 – 5 18 – 25 - New Vertical wells drilled 1 1 – 2 1 – 2 1 4 – 6 - DUC Wells 1 0 0 0 1 - Wells completed & online 7 – 8 6 – 9 6 – 9 4 – 6 23 – 32 Operating Expenses LOE (per Boe) $10.75 – $11.25 $10.05– $11.05 $10.00 – $11.00 $10.00 – $11.00 $10.15 – $11.15 Mid Point (per Boe) $11.00 $10.55 $10.50 $10.50 $10.65 Q1 & FY Negative Impacts: • Winter storm negative impact in Q1 is ~540 Boe/d • Non-op Divestiture impact FY 200 Boe/d

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI REI Historical Price Performance1 17 Price Performance Since January 1, 2021 1. Source: Factset as of 2/27/2026 6.5 MM warrants exercised Stronghold Acquisition Announcement Founders Acquisition Announcement Warburg Pincus sells down 6.2 MM shares Warburg Pincus sells down 2.5 MM shares 8-K disclosing Warburg is out 3.0 MM warrants excercised 4.5 MM warrants excercised 14.5 MM warrants excercised Warburg Pincus sells down 12.6 MM shares Warburg Pincus sells down 4.4 MM shares Warburg Pincus sells down 6.6 MM shares Warburg Pincus sells down 6 MM shares Warburg Pincus owns 5.5MM shares (2.65%) $0 $20 $40 $60 $80 $100 $120 $0 $1 $2 $3 $4 $5 $6 Jan '21 Apr '21 Jul '21 Oct '21 Jan '22 Apr '22 Jul '22 Oct '22 Jan '23 Apr '23 Jul '23 Oct '23 Jan '24 Apr '24 Jul '24 Oct '24 Jan '25 Apr '25 Jul '25 Oct '25 Jan '26 Quarterly Filing Date Ring Energy, Inc. ($/share) - Left WTI Crude Oil ($/bbl) - Right

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI 1.66x 1.90x 2.05x 2.10x Historical Metrics 18 Quarterly Analysis of Adjusted Free Cash Flow1 1. Adjusted Free Cash Flow, Leverage Ratio and Adjusted EBITDA are Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. Net Interest Expense included in table is interest expense net of interest income and excludes deferred financing costs amortization. Leverage Ratio (LTM)1 2.20x Realized $/Boe $46.14 $47.78 $42.63 $41.10 $35.45 1 12 $50.9 $46.4 $51.5 $47.7 $38.4 -$37.6 -$32.5 -$16.8 -$24.6 -$24.3 -$8.7 -$8.2 -$9.9 -$9.3 -$8.4 $4.7 $5.8 $24.8 $13.9 $5.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adjusted EBITDA $MM CapEx $MM Net Interest Exp $MM Adjusted Free Cash Flow $MM Higher leverage is a result of the LRR Acquisition in Q2 2025 Focus remains on paying down debt

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Reducing Debt & Increasing Liquidity 19 Disciplined Paying Down Debt and Improving Liquidity Since Closing LRR Acquisition 1. Q1 2025 excludes $75 MM of borrowings to fund LRR Acquisition and other one-time cash items. 2. Liquidity is defined as cash and cash equivalents plus available borrowings under Ring's credit agreement. RBL Balance & Debt Paydown1 Liquidity2 ($MM) $3 $3 $15 $15 $7 $12 $20 $8 $0 $5 $10 $15 $20 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 $175 $179 $194 $208 $217 $141 $137 $157 $166 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Founders Acquisition final deferred payment FY Adv tax payment and other one-time cash items $385 $460 $420 $300 $350 $400 $450 $500 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Debt Paydown1 ($MM) RBL Balance ($MM) LRR Acquisition LRR Acquisition $40 million paid down since LRR acquisition RBL reduced from $600MM to $585MM in Q2 2025 and other one-time cash items Lime Rock Acquisition final deferred payment of $10 MM

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www.ringenergy.com www.ringenergy.com Q4 & FY 2025 EARNINGS \| MARCH 5, 2026 THANK YOU Company Contact Al Petrie (281) 975-2146 apetrie@ringenergy.com Analyst Coverage Tuohy Bothers Investment Noel Parks (215) 913-7320 nparks@tuohybrothers.com Water Tower Research Jeff Robertson (469) 343-9962 jeff@watertowerresearch.com Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: (281) 397-3699 Alliance Global Partners (AGP) Poe Fratt (314) 719-6084 pfratt@allianceg.com

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www.ringenergy.com \| NYSE American: REI Q4 & FY 2025 EARNINGS \| MARCH 5, 2026 APPENDIX

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Derivative Summary (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. Oil Hedges (WTI) Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Swaps: Hedged volume (Bbl) 260,741 622,601 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — Weighted average swap price $67.13 $66.43 $61.77 $65.34 $62.82 $60.45 $61.80 $57.59 $— $— $— $— $— $— $— $— Two-way collars: Hedged volume (Bbl) 62,000 273,000 471,685 — — — — — 364,000 — — — — — — — Weighted average put price $52.50 $55.00 $59.02 $— $— $— $— $— $55.00 $— $— $— $— $— $— $— Weighted average call price $60.75 $65.65 $71.06 $— $— $— $— $— $64.28 $— $— $— $— $— $— $— As of March 5, 2026 The Company has hedged: 2026: ~ 2.5 million barrels of oil at avg downside protection price of $62.76 2027: ~ 1.8 million barrels of oil at avg downside protection price of $60.78 22

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Derivative Summary (1) 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. Gas Hedges (Henry Hub) Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 NYMEX Swaps: Hedged volume (MMBtu) 1,165,628 600,016 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956,865 931,539 908,117 886,933 866,585 846,134 Weighted average swap price $3.82 $4.19 $3.99 $4.02 $4.02 $3.86 $4.02 $3.77 $3.77 $3.77 $3.77 $3.67 $3.67 $3.67 $3.67 Two-way collars: Hedged volume (MMBtu) 139,000 648,728 128,000 717,000 694,000 — — — — — — — — — — Weighted average put price $3.50 $3.10 $3.50 $3.99 $3.00 $— $— $— $— $— $— $— $— $— $— Weighted average call price $5.42 $4.24 $5.42 $5.21 $4.32 $— $— $— $— $— $— $— $— $— $— As of March 5, 2026 Gas Hedges (basis differential) Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 El Paso Permian Basin basis swaps: Hedged volume (MMBtu) — — — — 960,307 636,710 615,547 596,306 577,163 561,064 545,413 530,977 517,628 505,552 493,953 482,296 Weighted average spread price (1) $— $— $— $— $0.72 $0.67 $0.67 $0.67 $0.60 $0.60 $0.60 $0.60 $0.57 $0.57 $0.57 $0.57 Waha basis swaps: Hedged volume (MMBtu) — — — — 196,372 480,325 464,360 449,846 435,403 423,259 411,453 400,562 390,490 381,381 372,632 363,837 Weighted average spread price (1) $— $— $— $— $0.78 $0.78 $0.78 $0.78 $0.68 $0.68 $0.68 $0.68 $0.63 $0.63 $0.63 $0.63 The Company has hedged: 2026: ~ 3.8 BCF of natural gas at avg downside protection price of $3.78 2027: ~ 4.4 BCF of natural gas at avg downside protection price of $3.81 23

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Disclosure 24 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 EBITDA," "Adjusted Free Cash Flow" or "AFCF," "Adjusted Cash Flow from Operations" or "ACFFO," "Cash Return on Capital Employed" or "CROCE," "PV-10," "Leverage Ratio," "All-in Cash Operating Costs," and "Cash Operating Margin." Management uses these non-GAAP financial measures in its analysis of performance. In addition, CROCE is a key metric used to determine a portion of 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. The Company defines "Adjusted EBITDA" as net income (loss) plus net interest expense (including interest income and 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 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 (as reflected on the Company's Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company's definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company's capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company's current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) 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 Company defines "Adjusted Cash Flow from Operations" or "ACFFO" as Net Cash Provided by Operating Activities, as reflected in the Company's Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company's operations. Accordingly, the Company believes this financial performance 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 pursuant to the Company's existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) 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 the credit facility. The Company defines "Consolidated EBITDAX" in accordance with its existing senior revolving credit facility and 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 (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, 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 under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of. The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. "PV-10" is a non-GAAP financial measure that differs from a financial 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 measure of the Company's 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 "Cash Return on Capital Employed" or "CROCE" as Adjusted Cash Flow from Operations divided by average debt and stockholder equity for the period. Management believes that CROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. CROCE is not considered to be an alternative to net income reported in accordance with GAAP. The Company defines "All-In Cash Operating Costs," a non-GAAP financial measure, as "all in cash" costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company's operating costs in comparison to its peers, which may vary from company to company. The Company defines "Cash Operating Margin," a non-GAAP financial measure, as realized revenues per Boe less all-in cash operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company's operating margins in comparison to its peers, which may vary from company to company. The table below provides detail of PV- 10 to the standardized measure of discounted future net cash flows as of December 31, 2025. ($ in 000's) Present value of estimated future net revenues (PV-10) $1,318,208 Future income taxes, discounted at 10% 194,715 Standardized measure of discounted future net cash flows $1,123,493

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations 25 Adjusted Net Income (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net Income (Loss) $(12,845,294) $(0.06) $(51,631,530) $(0.25) $5,657,519 $0.03 $(34,731,199) $(0.17) $67,470,314 $0.34 Share-based compensation 1,474,560 0.01 1,618,600 0.01 1,672,320 0.01 6,135,957 0.03 5,506,017 0.03 Ceiling test impairment 35,913,116 0.17 72,912,330 0.35 — — 108,825,446 0.54 — — Unrealized loss (gain) on change in fair value of derivatives (14,753,449) (0.07) 2,141,925 0.01 6,999,552 0.03 (26,206,539) (0.13) (2,827,756) (0.02) Transaction costs - A&D 25,000 — 10 — 21,017 — 27,786 — 24,556 — Tax impact on adjusted items (6,213,517) (0.03) (11,920,971) (0.06) (2,008,740) (0.01) (15,670,138) (0.08) (628,405) — Adjusted Net Income (Loss) $3,600,416 $0.02 $13,120,364 $0.06 $12,341,668 $0.06 $38,381,313 $0.19 $69,544,726 $0.35 Diluted Weighted-Average Shares Outstanding 207,233,067 206,688,003 200,886,010 204,984,223 200,277,380 Adjusted Net Income per Diluted Share $0.02 $0.06 $0.06 $0.19 $0.35

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations (continued) 26 Adjusted EBITDA 1. Adjusted EBITDA Margin is Adj. EBITDA divided by oil, natural gas, and natural gas liquids revenue. (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Net Income (Loss) $(12,845,294) $(51,631,530) $20,634,887 $9,110,738 $5,657,519 $(34,731,199) $67,470,314 Interest expense, net 9,065,509 9,978,067 11,687,746 9,408,728 9,987,731 40,140,050 42,819,864 Unrealized (gain) loss on change in fair value of derivatives (14,753,449) 2,141,925 (13,970,211) 375,196 6,999,552 (26,206,539) (2,827,756) Ceiling test impairment 35,913,116 72,912,330 — — — 108,825,446 — Income tax (benefit) expense (3,800,401) (12,800,947) 6,107,425 3,041,177 1,803,629 (7,452,746) 20,440,954 Depreciation, depletion and amortization 23,002,908 25,225,345 25,569,914 22,615,983 24,548,849 96,414,150 98,702,843 Asset retirement obligation accretion 390,892 390,563 382,251 326,549 323,085 1,490,255 1,380,298 Transaction costs - A&D 25,000 10 1,000 1,776 21,017 27,786 24,556 Share-based compensation 1,474,560 1,618,600 1,351,839 1,690,958 1,672,320 6,135,957 5,506,017 (Gain) loss on disposal of assets (60,855) (105,642) (155,293) (124,610) — (446,400) (89,693) Other income (29,582) — (150,770) (8,942) (80,970) (189,294) (106,656) Adjusted EBITDA $38,382,404 $47,728,721 $51,458,788 $46,437,553 $50,932,732 $184,007,466 $233,320,741 Adjusted EBITDA Margin 57 % 61 % 62 % 59 % 61 % 60 % 64 % 1

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations (continued) 27 Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Net Cash Provided by Operating Activities $44,688,823 $44,492,325 $33,297,251 $28,371,008 $47,279,681 $150,849,407 $194,423,712 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities (14,727,429) (6,086,921) 8,312,480 9,784,999 (5,073,676) (2,716,871) 888,089 Transaction costs - A&D 25,000 10 1,000 1,776 21,017 27,786 24,556 Income tax expense (benefit) - current 51,311 39,772 147,460 136,394 71,280 374,937 401,197 Capital expenditures (24,343,200) (24,589,282) (16,827,513) (32,451,531) (37,633,168) (98,211,527) (151,946,171) Proceeds from divestiture of equipment for oil and natural gas properties — 100 — — 121,232 100 121,232 Credit loss expense — (907) (205) (17,917) 26,747 (19,029) (160,847) Other income (29,582) — (150,770) (8,942) (80,970) (189,294) (106,656) Adjusted Free Cash Flow $5,664,923 $13,855,097 $24,779,703 $5,815,787 $4,732,143 $50,115,509 $43,645,112 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Adjusted EBITDA $38,382,404 $47,728,721 $51,458,788 $46,437,553 $50,932,732 $184,007,466 $233,320,741 Net interest expense (excluding amortization of deferred financing costs) (8,374,281) (9,284,442) (9,851,572) (8,170,235) (8,688,653) (35,680,530) (37,850,690) Capital expenditures (24,343,200) (24,589,282) (16,827,513) (32,451,531) (37,633,168) (98,211,527) (151,946,171) Proceeds from divestiture of equipment for oil and natural gas properties — 100 — — 121,232 100 121,232 Adjusted Free Cash Flow $5,664,923 $13,855,097 $24,779,703 $5,815,787 $4,732,143 $50,115,509 $43,645,112

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Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations (continued) 28 Leverage Ratio (Current Period End) (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2025 2025 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $9,110,738 $20,634,887 $(51,631,530) $(12,845,294) $(34,731,199) Plus: Consolidated interest expense 9,408,728 11,687,746 9,978,067 9,065,509 40,140,050 Plus: Income tax provision (benefit) 3,041,177 6,107,425 (12,800,947) (3,800,401) (7,452,746) Plus: Depreciation, depletion and amortization 22,615,983 25,569,914 25,225,345 23,002,908 96,414,150 Plus: non-cash charges reasonably acceptable to Administrative Agent 2,392,703 (12,236,121) 77,063,418 23,025,119 90,245,119 Consolidated EBITDAX $46,569,329 $51,763,851 $47,834,353 $38,447,841 $184,615,374 Plus: Pro Forma Acquired Consolidated EBITDAX 7,392,359 — — — 7,392,359 Less: Pro Forma Divested Consolidated EBITDAX 8,855 — — — 8,855 Pro Forma Consolidated EBITDAX $53,970,543 $51,763,851 $47,834,353 $38,447,841 $192,016,588 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $326,549 $382,251 $390,563 $390,892 Unrealized loss (gain) on derivative assets 375,196 (13,970,211) 2,141,925 (14,753,449) Ceiling test impairment — — 72,912,330 35,913,116 Share-based compensation 1,690,958 1,351,839 1,618,600 1,474,560 Total non-cash charges reasonably acceptable to Administrative Agent $2,392,703 $(12,236,121) $77,063,418 $23,025,119 As of December 31, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $420,000,000 2.19 Notes payable 505,752 — Capital lease obligations 1,323,710 0.01 Consolidated Total Debt $421,829,462 2.20 Pro Forma Consolidated EBITDAX 192,016,588 Leverage Ratio 2.20 Maximum Allowed ≤ 3.00x Leverage Ratio (Comparative Period End) (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2024 2024 2024 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $5,515,377 $22,418,994 $33,878,424 $5,657,519 $67,470,314 Plus: Consolidated interest expense 11,420,400 10,801,194 10,610,539 9,987,731 42,819,864 Plus: Income tax provision (benefit) 1,728,886 6,820,485 10,087,954 1,803,629 20,440,954 Plus: Depreciation, depletion and amortization 23,792,450 24,699,421 25,662,123 24,548,849 98,702,843 Plus: non-cash charges acceptable to Administrative Agent 19,627,646 1,664,064 (26,228,108) 8,994,957 4,058,559 Consolidated EBITDAX $62,084,759 $66,404,158 $54,010,932 $50,992,685 $233,492,534 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX (124,084) (469,376) (600,460) 77,819 (1,116,101) Pro Forma Consolidated EBITDAX $61,960,675 $65,934,782 $53,410,472 $51,070,504 $232,376,433 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $350,834 $352,184 $354,195 $323,085 Unrealized loss (gain) on derivative assets 17,552,980 (765,898) (26,614,390) 6,999,552 Ceiling test impairment — — — — Share-based compensation 1,723,832 2,077,778 32,087 1,672,320 Total non-cash charges acceptable to Administrative Agent $19,627,646 $1,664,064 $(26,228,108) $8,994,957 As of December 31, 2024 Leverage Ratio Covenant: Revolving line of credit $385,000,000 Pro Forma Consolidated EBITDAX 232,376,433 Leverage Ratio 1.66 Maximum Allowed ≤ 3.00x

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![](reiq4fy2025earningsv5029.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations (continued) 29 Leverage Ratio (Summary of Other Periods) (Unaudited) Twelve Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $(34,731,199) $(16,228,386) $69,281,568 $71,065,675 $67,470,314 Plus: Consolidated interest expense 40,140,050 41,062,272 41,694,744 40,808,192 42,819,864 Plus: Income tax provision (benefit) (7,452,746) (1,848,716) 21,040,185 21,753,245 20,440,954 Plus: Depreciation, depletion and amortization 96,414,150 97,960,091 98,396,869 97,526,376 98,702,843 Plus: non-cash charges acceptable to Administrative Agent 90,245,119 76,214,957 (27,076,569) (13,176,384) 4,058,559 Consolidated EBITDAX $184,615,374 $197,160,218 $203,336,797 $217,977,104 $233,492,534 Plus: Pro Forma Acquired Consolidated EBITDAX 7,392,359 12,636,437 20,474,600 30,803,716 — Less: Pro Forma Divested Consolidated EBITDAX 8,855 86,674 (513,786) (983,162) (1,116,101) Pro Forma Consolidated EBITDAX $192,016,588 $209,883,329 $223,297,611 $247,797,658 $232,376,433 As of As of As of As of As of December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Leverage Ratio Covenant: Revolving line of credit $420,000,000 $428,000,000 $448,000,000 $460,000,000 385,000,000 Notes payable 505,752 1,001,829 Estimated deferred payment — 10,000,000 10,000,000 10,000,000 — Capital lease obligations 1,323,710 1,275,826 Consolidated Total Debt $421,829,462 $440,277,655 $458,000,000 $470,000,000 $385,000,000 Pro Forma Consolidated EBITDAX 192,016,588 209,883,329 223,297,611 247,797,658 232,376,433 Leverage Ratio 2.20 2.10 2.05 1.90 1.66 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x

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![](reiq4fy2025earningsv5030.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations (continued) 30 Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Net Cash Provided by Operating Activities $44,688,823 $44,492,325 $47,279,681 $150,849,407 $194,423,712 Changes in operating assets and liabilities (14,727,429) (6,086,921) (5,073,676) (2,716,871) 888,089 Adjusted Cash Flow from Operations $29,961,394 $38,405,404 $42,206,005 $148,132,536 $195,311,801 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 General and administrative expense (G&A) $8,030,310 $8,139,771 $8,035,977 $31,928,576 $29,640,300 Shared-based compensation 1,474,560 1,618,600 1,672,320 6,135,957 5,506,017 G&A excluding share-based compensation 6,555,750 6,521,171 6,363,657 25,792,619 24,134,283 Transaction costs - A&D 25,000 10 21,017 27,786 24,556 G&A excluding share-based compensation and transaction costs $6,530,750 $6,521,161 $6,342,640 $25,764,833 $24,109,727 Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net (Boe) PV-10 Balance, December 31, 2024 80,904,071 149,817,162 28,303,085 134,176,684 $1,462,827,136 Purchase of minerals in place 9,915,483 10,067,543 2,373,336 13,966,743 Extensions, discoveries and improved recovery 7,281,553 10,624,783 2,133,786 11,186,136 Sales of minerals in place — — — — Production (4,841,164) (6,980,958) (1,387,818) (7,392,476) Revisions of previous quantity estimates (2,939,895) 12,652,046 2,171,955 1,340,734 Balance, December 31, 2025 90,320,048 176,180,576 33,594,344 153,277,821 $1,318,208,128 As of and for the twelve months ended December 31, December 31, December 31, 2025 2024 2023 Total long term debt (i.e. revolving line of credit) $420,000,000 $385,000,000 $425,000,000 Total stockholders' equity 836,275,746 858,639,982 786,582,900 Average debt 402,500,000 405,000,000 420,000,000 Average stockholders' equity 847,457,864 822,611,441 723,843,146 Average debt and stockholders' equity $1,249,957,864 $1,227,611,441 $1,143,843,146 Net Cash Provided by Operating Activities $150,849,407 $194,423,712 $198,170,459 Less change in WC (Working Capital) 2,716,871 (888,089) 1,180,748 Adjusted Cash Flows From Operations (ACFFO) $148,132,536 $195,311,801 $196,989,711 CROCE (ACFFO)/(Average D+E) 11.9 % 15.9 % 17.2 %

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![](reiq4fy2025earningsv5031.jpg)

Ring Energy, Inc. Q4 & FY 2025 Earnings \| March 5, 2026 \| NYSE American: REI Non-GAAP Reconciliations (continued) 31 All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 All-In Cash Operating Costs: Lease operating expenses (including workovers) $18,911,801 $20,518,472 $20,326,216 $79,353,806 $78,310,949 G&A excluding share-based compensation 6,555,750 6,521,171 6,363,657 25,792,619 24,134,283 Net interest expense (excluding amortization of deferred financing costs) 8,374,281 9,284,442 8,688,653 35,680,530 37,850,690 Operating lease expense 175,090 175,091 175,090 700,362 700,362 Oil and natural gas production taxes 3,224,183 3,670,987 3,857,147 14,312,232 16,116,565 Ad valorem taxes 2,279,266 2,446,565 2,421,595 7,906,586 8,069,064 Gathering, transportation and processing costs 121,097 126,569 130,230 585,087 506,333 All-in cash operating costs $39,641,468 $42,743,297 $41,962,588 $164,331,222 $165,688,246 Boe 1,886,755 1,912,611 1,808,493 7,392,476 7,191,054 All-in cash operating costs per Boe $21.01 $22.35 $23.20 $22.23 $23.04 Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Cash Operating Margin Realized revenues per Boe $35.45 $41.10 $46.14 $41.55 $50.94 All-in cash operating costs per Boe 21.01 22.35 23.20 22.23 23.04 Cash Operating Margin per Boe $14.44 $18.75 $22.94 $19.32 $27.90 Cash Operating Margin As of December 31, 2025 Current assets $62,069,412 Less: Current derivative assets 21,468,134 Current assets less Current derivative assets 40,601,278 Revolver Availability (Facility less debt less LCs) 164,965,000 Current Assets per Covenant $205,566,278 Current liabilities $100,961,894 Less: Current derivative liabilities 841,193 Current Liabilities per Covenant $100,120,701 Current Ratio 2.05 Minimum Allowed > or = 1.00x Current Ratio

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