RING ENERGY, INC. (Form: 8-K, Received: 08/09/2022 17:21:42)

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: August 4, 2022

(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 1.01 Entry into a Material Definitive Agreement.

On August 4, 2022, Ring Energy, Inc. (the “Company”), as buyer, and Stronghold Energy II Operating, LLC, a Delaware limited liability company (“Stronghold OpCo”) and Stronghold Energy II Royalties, LP, a Delaware limited partnership (“Stronghold RoyaltyCo”, together with Stronghold OpCo, collectively, “Stronghold”), as seller, entered into the First Amendment (the “Amendment”) to the Purchase And Sale Agreement entered into on July 1, 2022 (the “Purchase Agreement”) between the Company and Stronghold.

The Amendment clarifies certain technical matters related to the mechanics of the Purchase Agreement, mainly adding a form of Transition Services Agreement. The Amendment also makes miscellaneous conforming changes that are consistent with the clarifications. The foregoing summary of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which is attached to this report as Exhibit 2.1 and incorporated herein by reference.

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2022, the Company issued a press release announcing its financial and operating results for the six months ended June 30, 2022. 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 August 5, 2022, 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.

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) Exhibits.

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

Exhibit No.		Description
2.1		First Amendment to Purchase and Sale Agreement by and among Stronghold Energy II Operating, LLC, Stronghold Energy II Royalties, LP, and Ring Energy, Inc., dated August 4, 2022.
99.1		Press Release dated August 4, 2022.
99.2		Presentation Materials dated August 5, 2022.
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.

Date:	August 9, 2022	By:	/s/ Travis T. Thomas
			Travis T. Thomas
			Chief Financial Officer

Exhibit 2.1

FIRST amendment to PURCHASE AND SALE AGREEMENT

This First Amendment to Purchase and Sale Agreement (this “Amendment”) is entered into on August 4, 2022 (“Effective Date”), by and among Stronghold Energy II Operating, LLC, a Delaware limited liability company (“Stronghold OpCo”), Stronghold Energy II Royalties, LP, a Delaware limited partnership (“Stronghold RoyaltyCo”, together with Stronghold OpCo, collectively, “Seller”), and Ring Energy, Inc., a Nevada corporation (“Buyer”). Seller, on the one hand, and Buyer, on the other hand, are sometimes referred to individually as a “Party” and collectively as the “Parties.”

RECITALS:

WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Agreement, dated as of July 1, 2022 (as amended from time to time, the “Purchase Agreement”) (capitalized terms used herein but not defined in this Amendment shall have the meanings ascribed to them in the Purchase Agreement); and

WHEREAS, the Parties desire to amend the Purchase Agreement as set forth herein, as of the Effective Date;

NOW, THEREFORE, for and in consideration of the promises contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties, intending to be legally bound, agree as follows:

1. Transition Services Agreement.

A new Exhibit N shall be added to the Purchase Agreement in the form attached hereto as Annex 1, and the following shall be added to the list of Appendices, Exhibits and Schedules on page v of the Purchase Agreement after “Exhibit M Form of Lock-Up Agreement”:

Exhibit N

Form of Transition Services Agreement

A new defined term “Transition Services Agreement” shall be added after the definition of “Transfer Tax” and before the definition of “Units”:

“Transition Services Agreement” – the Transition Services Agreement in the form attached to this Agreement as Exhibit N to be executed and delivered by and between Stronghold OpCo and Buyer at Closing.

Section 2.04(a) of the Purchase Agreement shall be amended to add a new Section 2.04(a)(xiii), which reads as follows: “an executed counterpart of the Transition Services Agreement, executed by Stronghold OpCo.”

Section 2.04(b) of the Purchase Agreement shall be amended to add a new Section 2.04(b)(xvi), which reads as follows: “an executed counterpart of the Transition Services Agreement, executed by Buyer.”

2. Stockholder Meeting. Section 6.07(b) of the Purchase Agreement shall be amended to add a new sentence at the end of such section, which reads as follows: “Notwithstanding anything to the contrary in this Section 6.07, Buyer shall not be required to establish a record date for, call, give notice of, or convene the Stockholders Meeting on or before August 31, 2022.”

3. Certificate of Designation.

Section 7.07 of the Purchase Agreement shall be amended by deleting the reference to “Seller” and replacing it with “Buyer”.

Section 8.08 of the Purchase Agreement shall be amended by deleting the reference to “Seller” and replacing it with “Buyer”.

4. Employee Effective Date. The second sentence of Section 12.02 of the Purchase Agreement shall be amended to delete “effective as of the Closing Date” and replace it with “effective as of the first day after the end of the Term (as defined in Transition Services Agreement) of the Transition Services Agreement.”

5. Additional Inventory.

Exhibit F to the Purchase Agreement is hereby deleted in its entirety and replaced in its entirety with Annex 2 attached hereto.

New Exhibit O-1, Exhibit O-2 and Exhibit O-3 shall be added to the Purchase Agreement in the forms attached hereto as Annex 3, and the following shall be added to the list of Appendices, Exhibits and Schedules on page v of the Purchase Agreement after “Exhibit N Form of Transition Services Agreement”:

	Exhibit O-1	Other Inventory

	Exhibit O-2	Step-Down Transformer

	Exhibit O-3	Purchase Orders

A new defined term “Additional Inventory” shall be added after the definition of “Adjusted Cash Purchase Price” and before the definition of “AFE”:

“Additional Inventory” – collectively, (a) all the inventory described on Exhibit O-1 (“Other Inventory”), (b) the step-down transformer described on Exhibit O-2 (the “Step Down Transformer”), and (c) the purchase orders for pipe and tubing described on Exhibit O-3 (the “Purchase Orders” and such pipe and tubing to be delivered pursuant to the Purchase Orders, the “PO Assets”).

The definition of Assets shall be amended to add a new clause (r), which reads as follows: “the Additional Inventory.”

Section 2.05 of the Purchase Agreement shall be amended to add a new Section 2.05(f) as follows:

Additional Inventory.

(i)

If any of the Other Inventory is used by Seller in the ordinary course of business prior to Closing, then such Other Inventory, shall be deemed to be (A) removed from Exhibit O-1, and (B) included as part of clauses (a) through (r) of the definition of “Assets” (the “Used Inventory”). The cost of the Used Inventory shall be treated as a Property Cost accrued when the applicable operation in which such Used Inventory is utilized is performed and shall be equal to the applicable allocations set forth on Exhibit O-1.

(ii)

On or before the date that is five (5) Business Days after the Closing Date, Buyer, via wire transfer in same day funds to the account designated by the Seller for the payment of the Preliminary Amount, shall pay to Seller, in cash, an amount equal to (A) the allocations set forth on Exhibit O-1 for the Other Inventory, (B) the portion of the amount to be paid for the Step Down Transformer which has been paid by Seller prior to Closing, and (C) the total amounts paid by Seller, if any, under any Purchase Order for any PO Assets prior to Closing (such total amount, the “Inventory Payment”). Notwithstanding anything contained herein to the contrary, from and after Closing, Buyer shall assume, and Seller shall have no liability for, any further payments on the Step Down Transformer and any payments associated with the Purchase Orders or PO Assets. For the avoidance of doubt, the Inventory Payment made pursuant to this Section 2.05(f) is in addition to the Cash Consideration payable pursuant to Section 2.02(a).

6. Vehicles. The Parties agree that, at Closing, Buyer shall have in place customary insurance policies with respect to the vehicles set forth on Exhibit O-1 that is substantially similar to the policies Seller had in place immediately prior to Closing and shall add the Seller Provider Group (as defined in the Transition Services Agreement) as additional insureds with respect to such insurance policies so that Seller Providers may use such vehicles to provide the Services (as defined in the Transition Services Agreement) under the Transition Services Agreement. For the avoidance of doubt, Buyer acknowledges and agrees that the Seller Providers may, in Seller’s sole discretion, use the vehicles described in this paragraph 6 in connection with providing the Services under the Transition Services Agreement.

7. Continuation of Purchase Agreement. From and after the date of this Amendment, all references to the Purchase Agreement set forth herein or in any other agreement or instrument shall, unless otherwise specifically provided, be references to the Purchase Agreement as amended by this Amendment and as may be further amended, modified, restated or supplemented from time to time by the Parties. This Amendment is limited as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Purchase Agreement except as expressly set forth herein. As amended hereby, all of the terms and provisions of the Purchase Agreement are and shall remain in full force and effect and are hereby ratified and confirmed.

8. Incorporation. The Parties acknowledge and agree that this Amendment shall be governed by the terms of Article 13 of the Purchase Agreement, and such provisions shall be incorporated herein, mutatis mutandis.

9. Compliance with Purchase Agreement. The Parties acknowledge and agree that this Amendment complies with the requirements to amend or modify the Purchase Agreement, as stated in Section 13.07 of the Purchase Agreement.

10. Counterparts. This Amendment may be executed and delivered (including by email transmission) in one or more counterparts, each of which shall be deemed to be an original copy of this Amendment and all of which, when taken together, shall be deemed to constitute one and the same agreement.

[Signature pages follow]

IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date set forth above.

SELLER:

STRONGHOLD ENERGY II OPERATING, LLC

	By:	/s/ Caleb Weatherl
	Name:	Caleb Weatherl
	Title:	President & Chief Financial Officer

STRONGHOLD ENERGY II ROYALTIES, LP

	By:	/s/ Caleb Weatherl
	Name:	Caleb Weatherl
	Title:	President & Chief Financial Officer

Signature Page – First Amendment to Purchase and Sale Agreement

	BUYER:

	RING ENERGY, INC.

By:

/s/ Paul D. McKinney

	Name: Paul D. McKinney
	Title: Chief Executive Officer and Chairman of the Board

Signature Page – First Amendment to Purchase and Sale Agreement

Exhibit 99.1

August 4, 2022

Ring Energy Announces Results For Second Quarter of 2022

Sales Volumes at Higher End of Guidance Driving Increased Guidance for the Full Year

THE WOODLANDS, Texas, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the second quarter of 2022. In addition, Ring provided third quarter guidance and increased its full year 2022 sales volumes outlook.

Second Quarter 2022 Highlights

●	Recorded quarterly sales revenue of $85.0 million, which was the highest in the Company’s history;

●	Produced sales volumes of 9,341 barrels of oil equivalent per day (“Boe/d”) (86% oil) were 5% higher than the first quarter of 2022 and at the higher end of Ring’s guidance range of 9,000 to 9,400 Boe/d (86% oil);

●	Increased Net Income nearly six-fold to $41.9 million, or $0.32 per diluted share, from $7.1 million, or $0.06 per diluted share, for the first quarter of 2022;

●	Reported Adjusted Net Income¹ of $31.3 million, or $0.29 per share, which was a 40% increase from $22.3 million, or $0.22 per share, in the first quarter of 2022;

●	Increased Adjusted EBITDA¹ by 33% to $47.4 million from $35.6 million for the first quarter of 2022;

	o	Represents the highest level of quarterly Adjusted EBITDA in the Company’s history:

	o	Adjusted EBITDA was $82.9 million in first half of 2022, which was nearly equal to the $83.3 million generated in full year 2021;

●	Generated Cash Flow from Operations¹ of $44.3 million and Free Cash Flow¹ of $2.5 million;

●	Paid down $10.0 million of debt on the Company’s revolving credit facility;

	o	Reduced the debt to trailing 12-month Adjusted EBITDA (”Leverage”) ratio to 2.1x compared to 3.5x at year end 2021;

	o	Increased liquidity to $81.5 million, a 32% increase from year-end 2021;

●	Drilled nine wells, placed on production seven wells (two of which were drilled in first quarter), and began the completion process on four wells – all on the Company’s

●	Northwest Shelf (“NWS”) acreage;

●	Converted four wells (three in the NWS and one in the Central Basin Platform (“CBP”)) from downhole electrical submersible pumps to rod pumps (“CTRs”), thereby reducing costly workovers and long-term operating costs; and

●	Provided third quarter guidance and an improved outlook for full year sales volumes and operating costs, while leaving capital spending guidance unchanged.

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

Subsequent Events

On July 5, 2022, the Company announced it had entered into an agreement to acquire (the “Transaction”) the assets of privately-held Stronghold Energy II Operating, LLC and Stronghold Energy II Royalties, LP (collectively, “Stronghold”). Stronghold’s operations are focused on the development of approximately 37,000 net acres in the Permian Basin’s CBP, where Ring also conducts operations. The effective date of the Transaction is June 1, 2022 and closing is anticipated during the third quarter. As a result, the impact from the Transaction will not be included in Ring’s financial and operational results until following the closing of the transaction.

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “The continued strong performance of our drilling and completions program, bolstered by significantly higher commodity prices, enhanced our second quarter results and led to record quarterly revenue and Adjusted EBITDA. Adjusted EBITDA increased 33% from this year’s first quarter and we have generated nearly as much Adjusted EBITDA in the first half of 2022 as we did in the entire prior year. We also generated Free Cash Flow for the 11 ^th consecutive quarter, as well as reduced debt by $10 million. We have now paid down $20 million in debt in 2022 and lowered our leverage ratio to 2.1x, which was almost a full turn and a half lower than at year-end 2021. We believe our strong operational and financial results for this quarter clearly reflect the merits of our value-focused and proven strategy and is a direct reflection of the hard work of our workforce. I want to thank our entire team for their dedication and commitment to generating value for our stockholders.”

Mr. McKinney continued, “During the second quarter, our development program was focused on our NWS acreage on which we drilled nine wells, completed and placed on production seven wells, and initiated the completion of four additional wells. I am pleased to report that our production results from the wells brought online in the second quarter have met or exceeded our expectations, and we will continue to leverage industry-leading drilling and completion technologies that best exploit the unique geologic opportunities afforded by our attractive acreage. We intend to drill seven to nine wells and complete eight to ten wells during the third quarter and have increased our full year sales volumes guidance to reflect the enhanced performance of our capital spending program.”

Mr. McKinney concluded, “In the coming weeks, we look forward to completing the Stronghold acquisition and providing additional details regarding our combined outlook. The Transaction strategically enhances our size and scale, complements our existing operations, materially grows our long-term inventory of high rate-of-return projects, and is immediately accretive on all key metrics. The credit facility will provide new benefits to our stockholders, including the ability to pay dividends and buy back stock in the future under certain conditions. The Ring team has extensive experience operating these types of stacked-pay, multi-zone assets and consider this opportunity as ‘going home to our roots’. Through the acquisition, we expect to nearly double production, reserves and projected Free Cash Flow, lower our lifting costs, and optimize our future capital spending program. The result will be an enhanced financial position that accelerates our ability to pay down debt, which will benefit our stockholders and allow Ring to more effectively and profitably grow our business.”

Financial Overview: For the second quarter of 2022, the Company reported net income of $41.9 million, or $0.32 per diluted share, which included a $12.2 million before tax non-cash unrealized commodity derivative gain and $1.9 million in before tax share-based compensation. Excluding the estimated after-tax impact of the adjustments, the Company’s Adjusted Net Income was $31.3 million, or $0.29 per share. In the first quarter of 2022, the Company reported net income of $7.1 million, or $0.06 per diluted share, which included a $13.5 million before tax non-cash unrealized commodity derivative loss and $1.5 million in before tax share-based compensation. Excluding the estimated after-tax impact of the adjustments, the Company’s Adjusted Net Income was $22.3 million, or $0.22 per share. In the second quarter of 2021, Ring reported a net loss of $ 15.9 million, or $0.16 per diluted share, which included a $22.8 million before tax non-cash unrealized commodity derivative loss, and $0.4 million in before tax share-based compensation. Excluding the estimated after -tax impact of these adjustments, Adjusted Net Income in the second quarter of 2021 was $7.3 million, or $0.07 per share.

Adjusted EBITDA grew by 33% to $47.4 million for the second quarter of 2022 from $35.6 million in the first quarter of 2022, with the increase primarily driven by higher realized pricing and sales volumes. Second quarter of 2021 Adjusted EBITDA was $20.6 million.

Free Cash Flow was $2.5 million for the second quarter of 2022 versus $12.6 million in the first quarter of 2022 and $5.6 million for the second quarter of 2021. Impacting Free Cash Flow for the second quarter of 2022 was the timing of capital spending for the Company’s 2022 drilling program.

Adjusted Net Income, Adjusted EBITDA, Cash Flow from Operations, and 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 Information.”

Sales Volumes, Prices and Revenues: Sales volumes for the second quarter of 2022 were 9,341 Boe/d (86% oil), or 850,017 Boe, compared to 8,870 Boe/d (85% oil), or 798,262 Boe, for the first quarter of 2022, and 8,709 Boe/d (89% oil), or 792,551 Boe, in the second quarter of 2021 – a 5% and 7% increase, respectively, on a Boe/d basis. Second quarter 2022 sales volumes were comprised of 729,484 barrels (“Bbls”) of oil and 723,196 thousand cubic feet (“Mcf”) of natural gas.

For the second quarter of 2022, the Company realized an average sales price of $109.24 per barrel of crude oil (before the impact of hedging) and $7.29 per Mcf for natural gas. The combined average realized sales price for the period was $99.95 per Boe, up 17% from $85.41 per Boe for the first quarter of 2022, and 66% higher than $60.26 per Boe in the second quarter of 2021. The average oil price differential the Company experienced from WTI NYMEX futures pricing in the second quarter of 2022 was a positive $0.81 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $0.23 per Mcf.

Revenues were $85.0 million for the second quarter of 2022 compared to $68.2 million for the first quarter of 2022 and $47.8 million for the second quarter of 2021. Primarily driving the comparative period increases of 25% and 78%, respectively, were higher realized oil and natural gas pricing as well as increased oil sales volumes.

Lease Operating Expense (“LOE”): LOE, which includes expensed workovers and facilities maintenance, was $8.3 million, or $9.77 per Boe, in the second quarter of 2022 versus $9.0 million, or $11.22 per Boe, in first quarter of 2022 and $7.4 million, or $9.37 per Boe, for the second quarter of 2021. Primarily contributing to the sequential decrease in second quarter 2022 LOE was a lower level of workover expense.

Gathering, Transportation and Processing (“GTP”) Costs: GTP costs, which are associated with natural gas sales, were $0.65 per Boe in the second quarter of 2022 versus $1.62 per Boe in the first quarter and $1.13 per Boe in the second quarter of 2021. Due to a contractual change effective May 1, 2022, the Company no longer maintains ownership and control of the natural gas through processing. As a result, GTP costs moving forward will be reflected as a reduction to the natural gas sales price and not as an expense line item.

Ad Valorem Taxes: Ad valorem taxes were $1.12 per Boe for the second quarter of 2022 compared to $1.19 per Boe in the first quarter of 2022 and $0.89 per Boe for the second quarter of 2021. The year-over-year quarterly increase was primarily due to higher commodity prices.

Production Taxes: Production taxes were $4.89 per Boe in the second quarter of 2022 compared to $4.03 per Boe in the first quarter of 2022 and $2.77 per Boe in first quarter of 2021. Production taxes remained steady at 4.5% to 5.0% of revenue for all three periods.

Depreciation, Depletion and Amortization (“DD&A”) and Asset Retirement Obligation Accretion: DD&A was $12.65 per Boe in the second quarter of 2022 versus $12.25 per Boe for the first quarter of 2022 and $11.70 per Boe in the second quarter of 2021. Asset retirement obligation accretion was $0.22 per Boe in the second quarter of 2022 compared to $0.24 per Boe for the first quarter of 2022 and $0.23 per Boe in the second quarter of 2021.

Operating Lease Expense: Operating lease expense was $83,590 for the second and first quarters of 2022, and $84,790 in the second quarter of 2021. Operating lease expenses are primarily associated with the Company’s office leases.

General and Administrative Expenses (“G&A”): G&A, excluding share-based compensation, was $3.9 million, or $4.63 per Boe, for the second quarter of 2022 versus $4.0 million, or $5.01 per Boe, for the first quarter of 2022 and $3.4 million, or $4.30 per Boe, in the second quarter of 2021.

Interest Expense: Interest expense was $3.3 million in the second quarter of 2022 versus $3.4 million for the first quarter of 2022 and $3.7 million for the second quarter of 2021. Interest expense decreased for both comparative periods substantially due to a lower average daily balance of long-term debt.

Derivative (Loss) Gain: In the second quarter of 2022, Ring recorded a net loss of $7.4 million on its commodity derivative contracts, including a realized $19.6 million cash commodity derivative loss and an unrealized $12.2 million non-cash commodity derivative gain. This compared to a net loss of $27.6 million in the first quarter of 2022, including a realized $14.1 million cash commodity derivative loss and an unrealized $13.5 million non-cash commodity derivative loss, and a net loss of $35.3 million in the second quarter of 2021, including a realized $12.5 million cash commodity derivative loss and an unrealized $22.8 million non-cash commodity derivative loss.

The Company does not have any hedges in place on its natural gas production. To date in 2022, the Company added the following crude oil derivative positions (through August 4, 2022):

Date Entered Into	Production Period	Instrument	Average Daily Volumes		Weighted Avg. Swap Price		Strike Price		Deferred Premium		Put Price		Call Price
Crude Oil - WTI			(Bbls)		(per Bbl)
02/01/2022	02/01/2022 - 12/31/2022	Swaps		1,000	$	81.53
06/28/2022	07/01/2022 - 09/30/2022	Put Options		1,000			$	107.90	$	6.95
06/28/2022	10/01/2022 - 12/31/2022	Put Options		1,000			$	100.60	$	11.71
06/28/2022	01/01/2023 - 03/31/2023	Put Options		1,000			$	95.75	$	13.96
06/28/2022	04/01/2023 - 06/30/2023	Put Options		1,000			$	92.70	$	15.20
06/28/2022	07/01/2023 - 09/30/2023	Put Options		1,000			$	90.00	$	16.00
06/28/2022	10/01/2023 - 12/31/2023	Put Options		1,000			$	87.70	$	16.53
06/29/2022	01/01/2023 - 03/31/2023	Put Options		500			$	95.25	$	14.25
06/29/2022	04/01/2023 - 06/30/2023	Put Options		500			$	91.85	$	15.58
06/29/2022	07/01/2023 - 09/30/2023	Put Options		500			$	89.10	$	16.45
06/29/2022	10/01/2023 - 12/31/2023	Put Options		500			$	86.90	$	16.93
06/29/2022	01/01/2024 - 03/31/2024	Put Options		500			$	84.70	$	17.15
06/29/2022	04/01/2024 - 06/30/2024	Put Options		500			$	82.80	$	17.49
07/01/2022	01/01/2023 - 03/31/2023	Put Options		1,000			$	91.00	$	13.79
07/01/2022	04/01/2023 - 06/30/2023	Put Options		1,000			$	88.00	$	15.32
07/08/2022	07/01/2022 - 09/30/2022	Put Options		500			$	100.30	$	6.69
07/08/2022	10/01/2022 - 12/31/2022	Put Options		500			$	92.60	$	12.02
07/08/2022	01/01/2023 - 03/31/2023	Put Options		500			$	87.70	$	14.35
07/25/2022	01/01/2024 - 03/31/2024	Collars		1,000							$	70.00	$	86.00
07/25/2022	04/01/2024 - 06/30/2024	Collars		1,000							$	70.00	$	83.40
07/25/2022	07/01/2024 - 09/30/2024	Collars		1,000							$	70.00	$	81.20

A full listing of the Company’s current outstanding crude oil derivative positions is included in the tables shown later in this release.

Income Tax: The Company recorded a non-cash income tax provision of $1,472,209 in the second quarter of 2022, compared to a provision of $78,752 in the first quarter of 2022 and $190,644 for the second quarter of 2021.

Balance Sheet and Liquidity: Total liquidity at the end of the second quarter of 2022 was $81.5 million, a 32% increase from December 31, 2021 and up 58% from June 30, 2021. Liquidity at June 30, 2022 consisted of cash and cash equivalents of $2.2 million and $79.2 million of availability under Ring’s revolving bank credit facility, which includes a reduction of $0.8 million for letters of credit. On June 30, 2022, the Company had $270.0 million in borrowings outstanding on its revolving credit facility that has a current borrowing base of $350.0 million. Ring paid down $10.0 million of debt during the second quarter of 2022 and is targeting further debt reduction during the remainder of the year depending on market conditions, the timing of capital spending and other considerations. Ring is currently in compliance with all applicable covenants under its revolving credit facility agreement.

In early April 2022, a total of 6.5 million of the Company’s common warrants were exercised at a price of $0.80 per warrant. Accordingly, second quarter results reflect the issuance of 6.5 million shares of common stock and the receipt of $5.2 million of cash. There are currently approximately 23 million common warrants that remain unexercised.

Capital Expenditures: During the second quarter of 2022, capital expenditures on an accrual basis were $41.8 million as the Company drilled nine wells, completed seven wells, and began the completion process on four wells – all in the NWS. Two of the wells completed were 1.0- mile horizontal wells that were drilled in the first quarter with a working interest of 100%. In addition, the Company drilled and completed three 1-mile horizontal wells with a working interest of 100% and two 1.5 -mile horizontal wells with a working interest of approximately 98.7%. Ring also drilled and accelerated the completion process of four 1.0- mile horizontal wells (previously anticipated for the third quarter) that were placed online in early July. Two of the wells have a working interest of 100%, one has a working interest of 87.5%, and the fourth has a working interest of 75%. During the second quarter of 2022, the Company also performed four CTR projects, including three in the NWS and one in the CBP.

2022 Capital Investment, Sales Volumes, and Operating Expense Guidance

For full year 2022, excluding the impact of the pending Stronghold acquisition, Ring reiterates its previous standalone outlook of total capital spending in the range of $ 120 million to $140 million, which includes the estimated cost to drill 25 to 33 horizontal wells and complete 25 to 30 horizontal wells. Ring’s full year capital spending outlook includes targeted well reactivations, workovers, infrastructure upgrades, and continuing its CTR program. Also included in the full year estimate is anticipated spending for leasing, contractual drilling obligations and non -operated drilling, completion and capital workovers. Based on the $130 million mid-point of spending guidance, the Company expects the following estimated allocation of capital investment, including:

●	82% for drilling, completion, and related equipment and facilities;

●	13% for CTRs, recompletions and capital workovers; and

●	5% for land, non-operated capital and other investments.

The Company remains focused on generating free cash flow in 2022, after all expenses, costs and capital expenditures. All 2022 planned capital expenditures will be fully funded by cash on hand and cash from operations, and excess free cash flow is currently targeted for further debt reduction. The combination of anticipated growth in Adjusted EBITDA resulting from higher prices and growth in sales volumes, along with planned further debt reduction, is expected to significantly reduce Ring’s leverage ratio by year-end 2022.

Supported by the success of its targeted development program and continued focus on operational excellence, the Company has increased its full year 2022 sales volumes forecast to 9,300 to 9,700 Boe/d (86% oil), compared with its prior full year 2022 guidance of 9,000 to 9,600 Boe/d. Ring currently expects third quarter 2022 sales volumes to range between 9,500 and 9,900 Boe/d (86% oil).

The guidance in the table below represents the Company's current good faith estimate of the range of likely future results for the full year and third quarter of 2022. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.

	Full Year	Q3
	2022	2022
Sales Volumes:
Total (Boe/d)	9,300 - 9,700	9,500 - 9,900
Oil (Bo/d)	8,000 - 8,400	8,200 - 8,600

Capital Program:
Capital spending⁽¹⁾ (millions)	$120 - $140	$35 - $39

Number of new wells drilled	25 - 33	7 - 9
Number of new wells completed and online	25 - 30	8 - 10

Operating Expenses:
LOE (per Boe)	$10.25 - $11.25	$10.25 - $11.50

(1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well reactivations, workovers, infrastructure upgrades, and continuing the Company's successful CTR program in its NWS and CBP areas. Also included is anticipated spending for lease costs, contractural drilling obligations and non-operated drilling, completion and capital workovers.

Investor Conference Participation

The Company will be participating in EnerCom Denver in Denver, Colorado where Chairman and Chief Executive Officer Paul McKinney is scheduled to make a presentation on Monday, August 8, 2022 at 1:55 pm Mountain Time.

Senior management will also host one-on -one meetings with investors. The presentation will be webcast live and archived on Ring’s website, www.ringenergy.com, in the “Investors” section. An updated investor slide deck will be posted in the “Investors” section of Ring’s website under “Presentations” by Monday, August 8, 2022.

Conference Call Information

Ring will hold a conference call on Friday, August 5, 2022 at 11:00 a.m. Eastern Time to discuss its second quarter 2022 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 Second Quarter 2022 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 conventional development of its Permian Basin assets in West Texas and New Mexico. For additional information, please visit www.ringenergy.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10- K for the fiscal year ended December 31, 2021, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.

Contact Information

Al Petrie Advisors

Al Petrie, Senior Partner

Phone: 281-975-2146

Email: apetrie@ringenergy.com

RING ENERGY, INC.

Condensed Statements of Operations

(Unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021
Oil and Natural Gas Revenues	$	84,961,875		$	68,181,032		$	47,760,102		$	153,142,907		$	87,262,634

Costs and Operating Expenses
Lease operating expenses		8,301,443			8,953,165			7,424,488			17,254,608			15,651,063
Gathering, transportation and processing costs		549,389			1,296,858			897,166			1,846,247			1,832,185
Ad valorem taxes		949,239			951,954			703,775			1,901,193			1,441,026
Oil and natural gas production taxes		4,157,457			3,218,362			2,198,339			7,375,819			4,051,101
Depreciation, depletion and amortization		10,749,204			9,781,287			9,275,126			20,530,491			17,383,284
Asset retirement obligation accretion		186,303			188,242			184,013			374,545			377,757
Operating lease expense		83,590			83,590			84,790			167,180			356,307
General and administrative expense (including share-based compensation)		5,832,302			5,522,277			3,757,152			11,354,579			6,670,143

Total Costs and Operating Expenses		30,808,927			29,995,735			24,524,849			60,804,662			47,762,866

Income from Operations		54,152,948			38,185,297			23,235,253			92,338,245			39,499,768

Other Income (Expense)
Interest income		-			-			1			-			1
Interest expense		(3,279,299	)		(3,398,361	)		(3,654,529	)		(6,677,660	)		(7,396,498	)
Loss on derivative contracts		(7,457,018	)		(27,596,141	)		(35,277,240	)		(35,053,159	)		(66,865,879	)

Net Other Expense		(10,736,317	)		(30,994,502	)		(38,931,768	)		(41,730,819	)		(74,262,376	)

Income (Loss) Before Provision for Income Taxes		43,416,631			7,190,795			(15,696,515	)		50,607,426			(34,762,608	)

(Provision For) Benefit From Income Taxes		(1,472,209	)		(78,752	)		(190,644	)		(1,550,961	)		(190,644	)

Net Income (Loss)	$	41,944,422		$	7,112,043		$	(15,887,159	)	$	49,056,465		$	(34,953,252	)

Basic Earnings (Loss) per Share	$	0.39		$	0.07		$	(0.16	)	$	0.47		$	(0.35	)
Diluted Earnings (Loss) per Share	$	0.32		$	0.06		$	(0.16	)	$	0.39		$	(0.35	)

Basic Weighted-Average Shares Outstanding		106,390,776			100,192,562			99,300,458			103,291,669			99,197,160
Diluted Weighted-Average Shares Outstanding		130,597,589			124,004,178			99,300,458			126,251,705			99,197,160

RING ENERGY, INC.

Condensed Operating Data

(Unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021
Net sales volumes:
Oil (Bbls)		729,484			676,215			702,408			1,405,699			1,312,529	⁽²⁾
Natural gas (Mcf)		723,196			732,283			540,857			1,455,479			1,178,666
Total oil and natural gas (Boe) ⁽¹⁾		850,017			798,262			792,551			1,648,279			1,508,973
% Oil		86	%		85	%		89	%		85	%		87	%
Average daily equivalent sales (Boe/d)		9,341			8,870			8,709			9,107			8,337

Average realized sales prices:
Oil ($/Bbl)	$	109.24		$	93.80		$	65.00		$	101.81		$	61.74
Natural gas ($/Mcf)		7.29			6.49			3.90			6.89			5.28
Barrel of oil equivalent ($/Boe)	$	99.95		$	85.41		$	60.26		$	92.91		$	57.83

Average costs and expenses per Boe ($/Boe):
Lease operating expenses	$	9.77		$	11.22		$	9.37		$	10.47		$	10.37
Gathering, transportation and processing costs		0.65			1.62			1.13			1.12			1.21
Ad valorem taxes		1.12			1.19			0.89			1.15			0.95
Oil and natural gas production taxes		4.89			4.03			2.77			4.47			2.68
Depreciation, depletion and amortization		12.65			12.25			11.70			12.46			11.52
Asset retirement obligation accretion		0.22			0.24			0.23			0.23			0.25
Operating lease expense		0.10			0.10			0.11			0.10			0.24
General and administrative expense (including share-based compensation)		6.86			6.92			4.74			6.89			4.42
General and administrative expense (excluding share-based compensation)		4.63			5.01			4.30			4.81			3.95

(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 and natural gas may differ significantly.

(2)

Includes 379 barrels of skim oil.

RING ENERGY, INC.

Balance Sheets

	(Unaudited)
	June 30,			December 31,
	2022			2021
ASSETS
Current Assets
Cash and cash equivalents	$	2,223,289		$	2,408,316
Accounts receivable		39,496,928			24,026,807
Joint interest billing receivable		1,350,134			2,433,811
Derivative assets		1,353,196			-
Prepaid expenses and other assets		3,205,746			938,029
Total Current Assets		47,629,293			29,806,963

Properties and Equipment
Oil and natural gas properties subject to amortization		945,521,085			883,844,745
Financing lease asset subject to depreciation		2,067,375			1,422,487
Fixed assets subject to depreciation		2,044,709			2,089,722
Total Properties and Equipment		949,633,169			887,356,954
Accumulated depreciation, depletion and amortization		(255,274,309	)		(235,997,307	)
Net Properties and Equipment		694,358,860			651,359,647

Operating lease asset		1,140,886			1,277,253
Derivative assets		785,389			-
Deferred financing costs		1,324,918			1,713,466

TOTAL ASSETS	$	745,239,346		$	684,157,329
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	64,262,609		$	46,233,452
Financing lease liability		407,031			316,514
Operating lease liability		301,339			290,766
Derivative liabilities		32,700,566			29,241,588
Notes payable		894,295			586,410
Total Current Liabilities		98,565,840			76,668,730

Non-Current Liabilities
Deferred income taxes		1,641,253			90,292
Revolving line of credit		270,000,000			290,000,000
Financing lease liability, less current portion		667,456			343,727
Operating lease liability, less current portion		983,995			1,138,319
Asset retirement obligations		15,373,543			15,292,054
Total Non-Current Liabilities		288,666,247			306,864,392

Total Liabilities		387,232,087			383,533,122

Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding		-			-
Common stock - $0.001 par value; 225,000,000 shares authorized; 107,236,111 shares and 100,192,562 shares issued and outstanding, respectively		107,236			100,193
Additional paid-in capital		561,791,836			553,472,292
Accumulated deficit		(203,891,813	)		(252,948,278	)
Total Stockholders' Equity		358,007,259			300,624,207

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	745,239,346		$	684,157,329

RING ENERGY, INC.
Statements of Cash Flows
(Unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021
Cash Flows From Operating Activities
Net income (loss)	$	41,944,422		$	7,112,043		$	(15,887,159	)	$	49,056,465		$	(34,953,252	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		10,749,203			9,781,287			9,275,126			20,530,490			17,383,284
Asset retirement obligation accretion		186,303			188,242			184,013			374,545			377,757
Amortization of deferred financing costs		189,274			199,274			147,224			388,548			330,251
Share-based compensation		1,899,245			1,521,910			351,775			3,421,155			707,269
Deferred income tax (benefit) expense		1,485,022			65,939			47,967			1,550,961			(1,744,175	)
Excess tax (benefit) expense related to share-based compensation		-			-			142,677			-			1,934,819
Loss on derivative contracts		7,457,018			27,596,141			35,277,240			35,053,159			66,865,879
Cash paid for derivative settlements, net		(19,617,265	)		(14,115,501	)		(12,436,333	)		(33,732,766	)		(18,357,124	)
Changes in assets and liabilities:
Accounts receivable		(4,315,730	)		(10,078,098	)		(704,568	)		(14,393,828	)		(6,673,307	)
Prepaid expenses and other assets		(2,470,602	)		202,885			(1,346,762	)		(2,267,717	)		(1,181,562	)
Accounts payable		4,328,968			2,519,011			2,365,612			6,847,979			8,659,118
Settlement of asset retirement obligation		(1,113,208	)		(553,368	)		(1,093,816	)		(1,666,576	)		(1,338,277	)

Net Cash Provided by Operating Activities		40,722,650			24,439,765			16,322,996			65,162,415			32,010,680

Cash Flows From Investing Activities
Payments to purchase oil and natural gas properties		(383,003	)		(360,848	)		(178,718	)		(743,851	)		(437,688	)
Payments to develop oil and natural gas properties		(35,793,923	)		(13,860,249	)		(10,824,079	)		(49,654,172	)		(22,723,018	)
Purchase of fixed assets subject to depreciation		(81,646	)		(10,114	)		(41,442	)		(91,760	)		(60,903	)
Sale of fixed assets subject to depreciation		126,100			8,500			-			134,600			-
Proceeds from divestiture of oil and natural gas properties		25,066			-			-			25,066			2,000,000

Net Cash Used in Investing Activities		(36,107,406	)		(14,222,711	)		(11,044,239	)		(50,330,117	)		(21,221,609	)

Cash Flows From Financing Activities
Proceeds from revolving line of credit		40,500,000			10,000,000			6,900,000			50,500,000			19,900,000
Payments on revolving line of credit		(50,500,000	)		(20,000,000	)		(11,900,000	)		(70,500,000	)		(32,400,000	)
Proceeds from issuance of common stock and warrants		5,163,126			-			80,000			5,163,126			241,269
Payments to cover tax withholdings		(257,694	)		-			-			(257,694	)		-
Proceeds from notes payable		928,626			-			909,467			928,626			909,467
Payments on notes payable		(253,360	)		(367,381	)		(151,317	)		(620,741	)		(151,317	)
Payment of deferred financing costs		-			-			(76,887	)		-			(76,887	)
Reduction of financing lease liabilities		(111,864	)		(118,778	)		(70,288	)		(230,642	)		(119,995	)

Net Cash Used in Investing Activities		(4,531,166	)		(10,486,159	)		(4,309,025	)		(15,017,325	)		(11,697,463	)

Net (Decrease) Increase in Cash		84,078			(269,105	)		969,732			(185,027	)		(908,392	)
Cash at Beginning of Period		2,139,211			2,408,316			1,700,510			2,408,316			3,578,634

Cash at End of Period	$	2,223,289		$	2,139,211		$	2,670,242		$	2,223,289		$	2,670,242

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of August 4, 2022

			Average Daily			Weighted Avg.		Strike		Deferred		Put		Call
Date Entered Into	Production Period	Instrument	Volumes			Swap Price		Price		Premium		Price		Price
Crude Oil - WTI				(Bbls)			(per Bbl)
12/04/2020	Calendar year 2022	Swaps		500		$	44.22
12/07/2020	Calendar year 2022	Swaps		500		$	44.75
12/10/2020	Calendar year 2022	Swaps		500		$	44.97
12/17/2020	Calendar year 2022	Swaps		250		$	45.98
01/04/2021	Calendar year 2022	Swaps		250		$	47.00
02/04/2021	Calendar year 2022	Swaps		250		$	50.05
05/11/2021	Calendar year 2022	Swaps		879	⁽¹⁾	$	49.03
02/01/2022	02/01/2022 - 12/31/2022	Swaps		1,000		$	81.53
06/28/2022	07/01/2022 - 09/30/2022	Put Options		1,000				$	107.90	$	6.95
06/28/2022	10/01/2022 - 12/31/2022	Put Options		1,000				$	100.60	$	11.71
06/28/2022	01/01/2023 - 03/31/2023	Put Options		1,000				$	95.75	$	13.96
06/28/2022	04/01/2023 - 06/30/2023	Put Options		1,000				$	92.70	$	15.20
06/28/2022	07/01/2023 - 09/30/2023	Put Options		1,000				$	90.00	$	16.00
06/28/2022	10/01/2023 - 12/31/2023	Put Options		1,000				$	87.70	$	16.53
06/29/2022	01/01/2023 - 03/31/2023	Put Options		500				$	95.25	$	14.25
06/29/2022	04/01/2023 - 06/30/2023	Put Options		500				$	91.85	$	15.58
06/29/2022	07/01/2023 - 09/30/2023	Put Options		500				$	89.10	$	16.45
06/29/2022	10/01/2023 - 12/31/2023	Put Options		500				$	86.90	$	16.93
06/29/2022	01/01/2024 - 03/31/2024	Put Options		500				$	84.70	$	17.15
06/29/2022	04/01/2024 - 06/30/2024	Put Options		500				$	82.80	$	17.49
07/01/2022	01/01/2023 - 03/31/2023	Put Options		1,000				$	91.00	$	13.79
07/01/2022	04/01/2023 - 06/30/2023	Put Options		1,000				$	88.00	$	15.32
07/08/2022	07/01/2022 - 09/30/2022	Put Options		500				$	100.30	$	6.69
07/08/2022	10/01/2022 - 12/31/2022	Put Options		500				$	92.60	$	12.02
07/08/2022	01/01/2023 - 03/31/2023	Put Options		500				$	87.70	$	14.35
07/25/2022	01/01/2024 - 03/31/2024	Collars		1,000								$	70.00	$	86.00
07/25/2022	04/01/2024 - 06/30/2024	Collars		1,000								$	70.00	$	83.40
07/25/2022	07/01/2024 - 09/30/2024	Collars		1,000								$	70.00	$	81.20

(1) The notional quantity per the swap contract entered into May 11, 2021 is for 26,750 barrels of oil per month. The 879 represents the daily amount on an annual basis.

RING ENERGY, INC.

Non-GAAP Information

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

Reconciliation of Net Income (Loss) to Adjusted Net Income

Adjusted Net Income does not include the estimated after-tax impact of share-based compensation, ceiling test impairment, and unrealized loss (gain) on change in fair value of derivatives. 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 periods to prior periods.

	Three Months Ended								Six Months Ended
	June 30,			March 31,		June 30,			June 30,
	2022			2022		2021			2022		2021

				(Unaudited for All Periods)
Net Income (Loss)	$	41,944,422		$	7,112,043	$	(15,887,159	)	$	49,056,465	$	(34,953,252	)
Share-based compensation		1,899,245			1,521,910		351,775			3,421,155		707,269
Unrealized loss (gain) on change in fair value of derivatives		(12,160,246	)		13,480,640		22,840,907			1,320,393		48,508,755
Tax impact of adjusted items		(347,939	)		164,305		-			145,314		-
Adjusted Net Income	$	31,335,482		$	22,278,898	$	7,305,523		$	53,943,327	$	14,262,772
Basic Weighted-Average Shares Outstanding		106,390,776			100,192,562		99,300,458			103,291,669		99,197,160
Adjusted Net Income per Share	$	0.29		$	0.22	$	0.07		$	0.52	$	0.14

Reconciliations of Adjusted EBITDA, Free Cash Flow and Cash Flow from Operations

The Company also presents the non-GAAP financial measures Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net income (loss) plus net interest expense, unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion and share-based compensation. Company management believes this presentation 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 Free Cash Flow as Adjusted EBITDA (defined above) less net interest expense (excluding amortization of deferred financing cost), capital expenditures and proceeds from divestiture of oil and natural gas properties. 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 the lease maintenance costs) and equipment, furniture and fixtures, 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. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non -GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

The following tables present (i) a reconciliation of the Company’s net income (loss), a GAAP measure, to Adjusted EBITDA and (ii) a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Free Cash Flow, as both Adjusted EBITDA and Free Cash Flow are defined by the Company. In addition, a reconciliation of Cash Flow from Operations is presented.

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

				(Unaudited for All Periods)
Net Income (Loss)	$	41,944,422		$	7,112,043		$	(15,887,159	)	$	49,056,465		$	(34,953,252	)

Interest expense, net		3,279,299			3,398,361			3,654,528			6,677,660			7,396,497
Unrealized loss (gain) on change in fair value of derivatives		(12,160,246	)		13,480,640			22,840,907			1,320,393			48,508,755
Income tax provision (benefit)		1,472,209			78,752			190,644			1,550,961			190,644
Depreciation, depletion and amortization		10,749,204			9,781,287			9,275,126			20,530,491			17,383,284
Asset retirement obligation accretion		186,303			188,242			184,013			374,545			377,757
Share-based compensation		1,899,245			1,521,910			351,775			3,421,155			707,269

Adjusted EBITDA	$	47,370,436		$	35,561,235		$	20,609,834		$	82,931,670		$	39,610,954

Adjusted EBITDA Margin		56	%		52	%		43	%		54	%		45	%

Basic Weighted-Average Shares Outstanding		106,390,776			100,192,562			99,300,458			103,291,669			99,197,160

Adjusted EBITDA per Share	$	0.45		$	0.35		$	0.21		$	0.80		$	0.40

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

		(Unaudited for All Periods)
Adjusted EBITDA	$	47,370,436		$	35,561,235		$	20,609,834		$	82,931,670		$	39,610,954

Net interest expense (excluding amortization of deferred financing costs)		(3,090,025	)		(3,199,087	)		(3,507,304	)		(6,289,112	)		(7,066,246	)
Capital expenditures		(41,810,442	)		(19,743,693	)		(11,456,062	)		(61,554,135	)		(25,981,498	)
Proceeds from divestiture of oil and natural gas properties		25,066			-			-			25,066			2,000,000

Free Cash Flow	$	2,495,035		$	12,618,455		$	5,646,468		$	15,113,489		$	8,563,210

	Three Months Ended						Six Months Ended
		June 30,		March 31,		June 30,	June 30,
		2022		2022		2021		2022		2021

		(Unaudited for All Periods)
Net Cash Provided by Operating Activities	$	40,722,650	$	24,439,765	$	16,322,996	$	65,162,415	$	32,010,680
Changes in operating assets and liabilities		3,570,572		7,909,570		779,534		11,480,142		534,028

Cash Flow from Operations	$	44,293,222	$	32,349,335	$	17,102,530	$	76,642,557	$	32,544,708

Source: Ring Energy, Inc.

Exhibit 99.2

www. ringenergy.com NYSE American: REI VALUE FOCUSED PROVEN STRATEGY

www.ringenergy.com NYSE American: REI Forward - Looking Statements and Cautionary Note Regarding Hydrocarbon Disclosures 2 Forward – Looking Statements This Presentation includes "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 19 95, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of strictly historical facts included in this Presentation constitute forward - loo king statements and may often, but not always, be identified by the use of such words as “may,” “will,” “should,” “could,” “intends,” “estimates,” “expects,” “anticipates,” “plans,” “project,” “guidance,” “target,” “potential,” “possible,” “probabl y,” and “believes” or the negative variations thereof or comparable terminology. These forward - looking statements include statements regarding the Company's financial position, future revenues, net income, potential evaluations, business strategy and plans and objectives for future operations. The forward - looking statements include statements about the expected benefits to the Company and to its stockholders from the proposed acquisition of certain assets (the “Stronghold Assets”) fro m S tronghold Energy II Operating, LLC (“Stronghold OpCo ”) and Stronghold Energy II Royalties, LP (“Stronghold RoyaltyCo ”, together with Stronghold OpCo , collectively, “Stronghold”); Forward - looking statements are subject to numerous assumptions, risks and uncertainties that may cause actual results to be mate rially different than any future results expressed or implied in those statements. However, whether actual results and developments will conform to expectations is subject to a nu mbe r of material risks and uncertainties, including but not limited to: the Company’s ability to close the acquisition of the Stronghold Assets; the Company’s ability to integrate the Stronghold Assets and achieve the anticipated benefits therefrom; r isk s relating to any unforeseen liability of the Company or the Stronghold Assets; declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; the timing of exploration and de velopment expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices or production history; impacts to financial statements as a result of impairment w rit e - downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base under the Company’s credit facility; the ability of the Company to obtain substantial additional debt financing to close the acquisition of the Stronghold Assets; the impacts of hedging on results of operations; the Company’s ability to replace oil and natural gas reserves; any loss of senior management or technical personnel; and the direct and indirect impact on most or all of the foregoing due to the COVID - 19 pandemic. Some of the factors that could cause actual results to differ materially from expected results are described under “Risk Factors” in our 2021 annual report on Form 10 - K filed with the U.S. Securities and Exchange Commission (“S EC”) on March 16, 2022, and in our subsequent quarterly reports on Form 10 - Q and current reports on Form 8 - K. Although the Company believes that the assumptions upon which such forward - looking statements are based are reasonable, it can g ive no assurance that such assumptions will prove to be correct. All forward - looking statements in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be inco rre ct. The Company undertakes no obligation to publicly 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 no r a ny other third party has examined, reviewed or compiled the projections and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the projections are based ar e d escribed 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 w ill vary from the projected results. Prospective investors are cautioned not to place undue reliance on the estimates included herein. Cautionary Note regarding Hydrocarbon Disclosures The SEC has generally permitted oil and natural gas companies, in their filings with the SEC, to disclose proved reserves, wh ich are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserv es that meet the SEC’s definitions for such terms. We use the terms “estimated ultimate recovery,” or “EURs,” “probable,” “possible,” and “non - proven” reserves, reserve “potential” or “upside” or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines prohibit us from including in filings with the SEC. Reference to EURs of natural gas and oil includes amounts that are not yet classified as p rov ed reserves under SEC definitions, but that we believe should ultimately be produced and are based on previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting oper ati ons in these areas. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by us. Factors affecting the ultimate recove ry of reserves that may be recovered include the scope of our drilling programs, which will be directly affected by capital availability, drilling and production costs, commodity prices, availability of services and equipment, permit expirations, tr ans portation constraints, regulatory approvals and other factors, and actual drilling results, including geological and mechanic al factors affecting recovery rates. Accordingly, actual quantities that may be recovered from our interests will differ from ou r e stimates and could be significantly less than our targeted recovery rate. In addition, our estimates may change significantly as we receive additional data. Supplemental Non - GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the Un ited States (“GAAP”), such as “Adjusted Net Income,” “Adjusted EBITDA,” “PV - 10,” “Free Cash Flow,” or “FCF,” and “Cash Flow from Operations.” While management believes that such measures are useful for investors, they should not be used as a re pla cement for financial measures that are in accordance with GAAP. For definitions of such non - GAAP financial measures and their reconciliations to GAAP measures, please see the Appendix.

www.ringenergy.com NYSE American: REI Ring Energy – Independent Oil & Gas Company Currently Focused on Conventional Permian Assets in Texas & New Mexico 3 2021 SEC Proved Reserves 2,3 77.8 MMBoe/PV10 $1,332MM 85% Oil Gross / Net Acres 2 83,604 / 64,380 1. Based on Q2’22 financials 2. As of December 31, 2021 3. PV - 10 is a Non - GAAP financial measure. See appendix for reconciliation to GAAP measure 4. As of August 4, 2022 5. Enterprise Value (EV) is market cap plus outstanding debt based on number of shares outstanding at end of Q2 2022 Market Cap ~$285 million 4 Consistently Generating Positive Cash Flow for 11 Qtrs. NEW MEXICO “NWS” Northwest Shelf “CBP” Central Basin Platform “DB” Delaware Basin “SE II” Stronghold Energy II Acquisition Enterprise Value ~$555 million 4,5 REI Closing Price $2.67 4 52 - week range $1.81 - $5.09 REI Avg. Daily Share Volume (90 - Day) ~2.8 million 4 Non - Core Area DB CBP NWS Core Areas Q2 2022 Net Sales 1 9,341 Boe/d 86% oil SEII Deliver competitive and sustainable returns by developing, acquiring, exploring for, and commercializing oil and natural gas resources VITAL TO THE WORLD’S HEALTH AND WELFARE

www.ringenergy.com NYSE American: REI Q2 2022 Highlights Executing our Strategy 4 ▪ Record quarterly sales revenue of $85.0 MM – highest in Company history ▪ Sales volumes at the higher end of Ring’s guidance range of 9,000 to 9,400 Boe /d, increased full year production guidance ▪ Adjusted EBITDA grew 33% over Q1 2022 to $47.4 MM – highest in Company history ▪ Paid down debt by $10.0 million utilizing a portion of Free Cash Flow ▪ Reduced LTM debt ratio to 2.1x compared to ~ 3.5x at YE 2021 ▪ Increased liquidity to $81.5 million, a 32% increase from YE 2021 ▪ Drilled 9 wells, completed 7 wells and began the completion process on 4 wells all in the NWS ▪ Grew Cash Flow from Operations 1 by 37% to $44.3 million $2.5 1 MM Free Cash Flow $47.4 1 MM Adjusted EBITDA $41.9 MM Net Income $10.0 MM Debt Repayment 9 ,341 Boe /d (86% oil) Net Sales per day $9.77 LOE per Boe 1. Adjusted EBITDA, Free Cash Flow and Cash Flow from Operations are Non - GAAP financial measures and reconciled in Ring’s earnings releases Q2 2022 Highlights

www.ringenergy.com NYSE American: REI Committed to ESG Issued Inaugural ESG Report in Q4 2021 5

www.ringenergy.com NYSE American: REI 1 Rig Continuous to Drill 25 - 33 Wells YTD Placed on production 16 Hz’s wells 3 compared to 13 in FY21 Significant Increase in Adjusted EBITDA 1H22 EBITDA ~ $82.9 million nearly matches FY21 1 Target Growth 9,300 - 9,700 Boepd (86% oil) 9 - 14% growth over FY21 increasing exposure to higher commodity prices Reduce Leverage Ratio to less than 2.0x by YE21 LTM leverage ratio as Q2 2022 already at 2.1x Focus on Maximizing Free Cash Flow 1H22 Generated over $15 million FCF 1 6 Proven Strategy Leads to Shareholder Value 2022 Value Focused Proposition 1. $83.3 million in adjusted EBITDA for FY 2021. Adjusted EBITDA & Free Cash Flow are Non - GAAP financial measures and reconciled in the appendix 2. REI 2022 capital guidance of $120 - 140 million with mid point at $130 million (mid point used for percent calculation versus 2021 ) 3. 16 Horizontal wells completed as of July 2022 Focus on FCF and Strengthening the Balance Sheet Invest in High ROR Projects Pursue Operational Excellence Enhance Scale & Improve Metrics Increased capital budget by over 150% 1 vs. FY21

Asset Areas

www.ringenergy.com NYSE American: REI Proven, Conventional, Top Tier Returns San Andres Hz Delaware Hz Midland Hz High ROR Oil Play x x x Low D&C Costs x Lower 1 st Year Decline x Low Lease Acquisition Cost x Long life wells x Oil IPs >750 Bbl /d x x Multiple Benches x x > 85% Oil x $25 - 30/ Bbl D&C Break - even 2 x ▪ Permian Basin has produced >30 BBbl , ▪ San Andres accounts for 40% ▪ Low D&C costs 1 $2.8 - $3.8 MM per well ▪ Vertical depth of ~5,000’ ▪ Typical oil column of 200’ - 300’ ▪ Life >35+ years ▪ Initial peak oil rates of 300 - 700 Bbl/d ▪ Higher primary recovery than shales ▪ Potential for waterflood and CO 2 Source: US Department of Energy & DrillingInfo 8 San Andres Reservoir 1. D&C capex range is for both 1.0 & 1.5 mile laterals and includes inflation adjustments 2. Break - even costs range depends on lateral length, asset area and inflation adjustments

www.ringenergy.com NYSE American: REI ▪ Meaningful inventory of horizontal drilling locations ▪ Actively developing asset ▪ Low D&C and LOE costs drive strong economics ▪ Improving drilling efficiencies: ▪ 1 mile HZ well drill time spud to rig release and move to next location 7 - 9 days ▪ 1.5 mile HZ well drill time spud to rig release and move to next location 10 - 12 days ▪ Spud to Online in 40 - 55 days 3 Providing Significant Organic Growth 2Q22 Avg Sales 5,955 Boe /d (81% Oil) 2Q22 D&C Drilled 9 wells 2 (~97% WI) Gross / Net Acres 1 35,810 / 26,655 Northwest Shelf Asset Area 9 2Q22 CTR’s 3 Conversions 1. As of December 31, 2021 2. 2 NWS HZ new wells drilled but not completed until Q2 2022 3. Depending on lateral length and frac crew availability Ring Acreage Northwest Shelf 2020 2021 1H 2022 NWS 4 10 11 0 2 4 6 8 10 12 HZ New Drills 2020 - 2022

www.ringenergy.com NYSE American: REI 1,000 10,000 100,000 0 180 360 2016 & 2017 2018 2019,2020 & 2021 Months 6 12 BOE (85 - 90% Oil) NWS HZ Well Performance & Costs Significant Improvements Driving Top Tier Returns 10 D&C Cost Range per Year ( 1 Mile Lateral ) 1 NWS HZ Performance Average – Cum BOE vs Time ( 1 Mile Lateral ) 2,3 1. Wells categorized by spud year; capex ties to financials 2. Downtime associated with 2020 pandemic curtailment removed 3. Well set comprised of single mile wells normalized to 5,080’ lateral length (does not include 1.5 Mile wells) ~530 Avg ~410 Avg ~420 Avg D&C Cost Range per Year ( 1.5 Mile Lateral ) 1 BOE (85 - 90% Oil) NWS HZ Performance Average – Cum BOE vs Time ( 1.5 Mile Lateral ) 2 $1.5 M $2.0 M $2.5 M $3.0 M $3.5 M 2019 2020 2021 1H 2022 $2.0 M $2.5 M $3.0 M $3.5 M $4.0 M 2019 2020 2021 1H 2022 1,000 10,000 100,000 2015 2016 & 2017 2018 2019 -2021 2022

www.ringenergy.com NYSE American: REI 2Q22 Avg Sales 3,086 Boe /d (96% Oil) 2Q 22 CTR’s 1 Conversion 2Q22 D&C Drilled 0 wells Gross / Net Acres 1 29,065 / 20,288 Technical Focus Reinvigorates Legacy Area Central Basin Platform Asset Area 11 Ring Acreage Central Basin Platform 1. As of December 31, 2021 2. Depending on lateral length and frac crew availability ▪ Meaningful inventory of horizontal drilling locations ▪ Actively developing asset ▪ Low D&C and LOE costs drive strong economics ▪ Improving drilling efficiencies: ▪ 1 mile HZ well drill time spud to rig release and move to next location 7 - 9 days ▪ 1.5 mile HZ well drill time spud to rig release and move to next location 10 - 12 days ▪ Spud to Online in 40 - 55 days 2 2020 2021 1H 2022 CBP 0 3 4 0 2 4 6 HZ New Drills 2020 - 2022

www.ringenergy.com NYSE American: REI 1,000 10,000 100,000 BO 2016 - 2020 Average 2021 & 2022 Average 0 Months 6 CBP HZ Well Performance & Costs Technical Improvements to Completion and Landing Zone 12 Annual D&C per HZ Cost Range ( 1.5 Mile ) 1 ~530 Avg ~410 Avg ~420 Avg CBP 1.5 Mile HZ Performance – Cum BO vs Time (2021 &2 022 vs Historic) 2,3 1) Wells categorized by spud year; capex ties to financials 2) Downtime associated with 2020 pandemic curtailment removed and contains only University Lands wells in the CBP (No normalizat ion ) 3) Well set comprised only 1.5 mile laterals drilled in CBP $2.0 M $2.5 M $3.0 M $3.5 M 2020 2021 1H 2022 No drilling in 2020 CBP

www.ringenergy.com NYSE American: REI 0 50 100 150 200 2018 2019 2020 2021 1H 2022 NWS CBP Maintains Solid PDP Reserve Base that Generates Consistent FCF Increases reserves by reducing operating & well repair costs and extending well life ▪ ~50% long - term reduction in LOE ▪ Up to 75% reduction in future pulling costs ▪ Extends economic life & increases EUR CTRs Significantly Reduce Operating Costs 2020 2021 1H 2022 NWS 17 19 7 CBP 12 6 1 0 10 20 13 $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 Range of Avg Well Repair Cost ESP ROD $190,000 $65,000 $30,000 Cost Savings ESP vs ROD Maximizing Operational Margin is Predicated on Being a Leading LOW - COST OPERATOR ~75% Lower $240,000 CTR Projects 2020 - 2022 ESP Failures 1 2018 – 2022 1. ESP failures are any time a service rig is necessary to repair ESP downhole equipment in order to bring a well back on production

www.ringenergy.com NYSE American: REI Turnkey Asset with Predictable Cash Flow and Upside Potential Delaware Basin Asset 14 ▪ Sales process for Delaware Assets underway ▪ Truist Securities running a marketed process ▪ Asset infrastructure in - place to enable efficient development ▪ Produced water, gas gathering and pipeline ▪ Long life and shallow decline PDP base ▪ High ownership - working interest ~ 98% (75% NRI) ▪ Large inventory of re - activations, re - completions, and new drills Ring Acreage Non - Core asset that can be catalyst to pay down debt and/or provide funds for potential accretive acquisition

Financials

www.ringenergy.com NYSE American: REI Sustainable Value Focused Results 8,709 8,243 9,153 8,870 9,341 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Boe /d Net Sales $7.3 $6.8 $9.9 $22.3 $31.3 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $MM Adjusted Net Income 1 $20.6 $19.7 $24.0 $35.6 $47.4 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $MM Adjusted EBITDA 1 $5.6 $2.6 $9.3 $12.6 $2.5 $0.0 $5.0 $10.0 $15.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $MM Free Cash Flow 1 Executing Disciplined Strategy 16 1. Adjusted EBITDA, Adjusted Net Income and Free Cash Flow are Non - GAAP financial measures and reconciled in the appendix Phase II drill program ~85% Oil ~87% Oil ~89% Oil ~86% Oil Phase III drill program ~85% Oil Phase IV drill program Continuous drill program Continuous drill program Accelerated the completion process of 4 x1.0mile Hz wells in Q2

www.ringenergy.com NYSE American: REI Historical Metrics Quarterly Analysis of FCF 1 $MM Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Adj EBITDA 1 $20.6 $19.7 $24.0 $35.6 $47.4 Capital - $11.5 - $13.7 - $11.3 - $19.7 - $41.8 Interest Exp. 2 - $3.5 - $3.4 - $3.4 - $3.2 - $3.1 Free Cash Flow 1 $5.6 $2.6 $9.3 $12.6 $2.5 17 $20.6 $19.7 $24.0 $35.6 $47.4 - $11.5 - $13.7 - $11.3 - $19.7 - $41.8 - $3.5 - $3.4 - $3.4 - $3.2 - $3.1 $5.6 $2.6 $9.3 $12.6 $2.5 -$50.0 -$40.0 -$30.0 -$20.0 -$10.0 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Adj. EBITDA/ Capital / Int Exp Adj EBITDA $MM Capital $MM Interest Exp $MM Free Cash Flow $MM ▪ Disciplined & efficient capital spending ▪ Focused on sustainably generating FCF ▪ Unrelenting goal to strengthen the balance sheet 1) Adjusted EBITDA and Free Cash Flow are Non - GAAP financial measures and reconciled in the appendix 2) Excludes amortization of deferred financing costs Leverage Ratio (LTM) 3.5x 3.5x 3.6x 2.8x 2.1x

www.ringenergy.com NYSE American: REI $375.0 $360.0 $313.0 $305.5 $300.5 $295.0 $290.0 $280.0 $270.0 $0.0 $100.0 $200.0 $300.0 $400.0 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 RBL Balance $313 MM outstanding debt with $36 MM in Surplus Cash Reducing Debt & Increasing Liquidity Disciplined Capital Spending & Sustainably Generating FCF is the Key 18 $20.0 $32.2 $40.6 $46.2 $51.4 $56.2 $61.6 $71.4 $81.5 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Liquidity

www.ringenergy.com NYSE American: REI Value Proposition 2022 and Beyond 19 Positioned for Substantial Increase in Revenue and FCF Achieving High - Return Organic Growth Pursuing Acquisition Opportunities to Further Increase Scale and Lower Break - Even Costs

Stronghold Energy II Acquisition Overview

www.ringenergy.com NYSE American: REI Ring + Stronghold Overview 21 1. Assume preferred equity converts to common equity upon successful shareholder vote 2. Represents a non - GAAP financial measure that should not be considered a substitute for any GAAP measure. See Non - GAAP Information 3. Proved reserves for REI are management estimates as of June 1, 2022 and Stronghold management estimates as of June 1, 2022 were prepared by CGA, both used June 21, 2022 NYMEX Strip prices 4. Source for REI standalone metrics for Q4 2022 is factset consensus +/ - 5% as of July 1, 2022 ▪ Total purchase price of $465MM in cash and stock ▪ $200MM cash at close, funded from new credit facility borrowings, subject to certain purchase price adjustments including excess cash from operations, excess hedge liability over $20MM, and anticipated transaction fees ▪ $15MM deferred cash payment, 6 months after close ▪ $230MM Ring common and preferred equity issued directly to the seller ▪ Stronghold receives ~63.8MM Ring shares and owns ~34% of the combined pro forma entity (based on a Ring’s 20 - Day VWAP of $3.60 as of 6/30/2022) (1) Stronghold Acreage Ring Acreage Northwest Shelf Delaware Basin CBP Midland Operating Statistics (as disclosed 7 - 5 - 22) Asset Map Key Transaction Structure & Terms Pro Forma Snapshot REI Standalone 4 Q4 2022 REI Pro Forma Q4 2022 % Change Net Production ( MBoe /d) 9.0 - 9.6 (~87% Oil) 18 - 19 (~70% oil) ~100% Adjusted EBITDA 2 ($MM) $43 - 48 $82 - 86 >80% Free Cash Flow 2 ($MM) $3 - 4 $16 - $20 100%+ PD Reserves 3 PV10 ($MM) $1,020 $1,739 70% PD Reserves 3 ( MMBoe ) 45.8 87.0 90% Acreage ~64,000 ~101,000 56% Capex ($MM) $35 - 39 $50 - 54 41% Fully Diluted Shares Outstanding 6 (MM) 126.6 190.5 50%

www.ringenergy.com NYSE American: REI Transformational Transaction 22 High - quality , conventional , Proved Developed Producing asset base with high margins and low decline rates Attractive cash flow profile with low breakeven drilling economics and low operating costs Significant asset development flexibility and upside potential , including future development and operational improvements Premium de - risked inventory in most active county in the CBP Selected Stronghold Investment Highlights Selected Transaction Benefits Should substantially enhance financial position by increasing free cash flow generation and lowering operating costs Expected to strengthen balance sheet by immediately lower leverage ratio and accelerate ability to pay down debt Significantly increases size and scale , almost doubling Ring’s operational footprint Materially grows inventory of high rate - of - return projects, further enhancing the company’s cash flow profile Highly aligned management team partnering with a leading global private equity firm

www.ringenergy.com NYSE American: REI Transaction Logistics & Governance 23 Approvals and Timing ▪ Unanimously approved by Ring Board of Directors ▪ Subject to customary closing conditions, including regulatory approvals ▪ Transaction effective date is June 1, 2022 ▪ Anticipated closing targeted for the third quarter of 2022 ▪ Hold Special Stockholders Meeting to approve conversion of preferred stock to common stock Leadership & Governance ▪ Ring to expand existing board of directors ▪ Two additional Warburg directors to be appointed to existing Ring Board at closing ▪ Paul McKinney to remain Chairman & CEO ▪ Ring Management to remain in existing executive roles ▪ Company headquarters remains in The Woodlands, TX with increased Midland, TX presence for foreseeable future

Appendix

www.ringenergy.com NYSE American: REI 82% 13% 5% D,C&E CTRs/Recomp/Cap Workovers Land/Other CAPEX Allocation Mid Point $130 million 2022 Guidance Grow Production, Generate FCF, Pay Down Debt 25 Sales Volumes Q3 2022 FY 2022 Total ( Boe /d) 9,500 – 9,900 9,300 – 9,700 Oil (Bo/d) 8,200 – 8,600 8,000 – 8,400 Capital Spending Q3 2022 FY 2022 Capital spending 1 (millions) $35.0 - $39.0 $120 - $140 Number of new wells drilled 7 – 9 25 - 33 Number of new wells completed and online 8 – 10 25 - 30 Operating Expenses Q3 2022 FY 2022 LOE (per Boe ) $10.25 - $11.50 $10.25 - $11.25 1. In addition to Company - directed drilling and completion activities, the capital spending outlook includes funds for targeted wel l reactivations, workovers, infrastructure upgrades, and continuing the Company's successful CTR program in its NWS and CBP areas. Also inclu ded is anticipated spending for lease costs, contractual drilling obligations and non - operated drilling, completion and capital workovers. Guidance does not include the Stronghold Assets.

www.ringenergy.com NYSE American: REI PD 60% PUD 40% 1P Summary Reserve Category Net Oil, MBbl Net Gas, MMcf Net MBOE Net Capex 2 , $MM PV - 10 3 , $MM PD 36,821 39,749 43,446 $55 $794 PUD 29,018 32,025 34,355 $293 $538 TOTAL 65,839 71,774 77,801 $348 $1,332 SEC Proved Reserves 1 Year - End 2021 2021 SEC Pricing Reserves by Category ( % ) Reserves by PV 10 ( $ MM) Reserves by Product Oil/$ Bbl $63.04 Gas $/ Mmbtu $3.598 Oil 85% Gas 15% PD 56% PUD 44% 1) Based on Cawley, Gillespie & Associates YE 2021 SEC Proved Reserve report 2) Net capex includes P&A 3) PV10 is reconciled in Non - GAAP disclosure 26

www.ringenergy.com NYSE American: REI Financial Overview Oil Hedge Summary Summary of Crude Oil Hedges 27 1) The notional quantity per the swap contract entered into May 11, 2021 is for 26,750 barrels of oil per month. The 879 represe nts the daily amount on an annual basis Average Weighted Avg. Strike Deferred Put Call Date Entered Into Production Period Instrument Daily Volumes Swap Price Price Premium Price Price Crude Oil - WTI (Bbls) (per Bbl) 12/04/2020 Calendar year 2022 Swaps 500 $44.22 12/07/2020 Calendar year 2022 Swaps 500 $44.75 12/10/2020 Calendar year 2022 Swaps 500 $44.97 12/17/2020 Calendar year 2022 Swaps 250 $45.98 01/04/2021 Calendar year 2022 Swaps 250 $47.00 02/04/2021 Calendar year 2022 Swaps 250 $50.05 05/11/2021 Calendar year 2022 Swaps 879 (1) $49.03 02/01/2022 02/01/2022 - 12/31/2022 Swaps 1,000 $81.53 06/28/2022 07/01/2022 - 09/30/2022 Put Options 1,000 $107.90 $6.95 06/28/2022 10/01/2022 - 12/31/2022 Put Options 1,000 $100.60 $11.71 06/28/2022 01/01/2023 - 03/31/2023 Put Options 1,000 $95.75 $13.96 06/28/2022 04/01/2023 - 06/30/2023 Put Options 1,000 $92.70 $15.20 06/28/2022 07/01/2023 - 09/30/2023 Put Options 1,000 $90.00 $16.00 06/28/2022 10/01/2023 - 12/31/2023 Put Options 1,000 $87.70 $16.53 06/29/2022 01/01/2023 - 03/31/2023 Put Options 500 $95.25 $14.25 06/29/2022 04/01/2023 - 06/30/2023 Put Options 500 $91.85 $15.58 06/29/2022 07/01/2023 - 09/30/2023 Put Options 500 $89.10 $16.45 06/29/2022 10/01/2023 - 12/31/2023 Put Options 500 $86.90 $16.93 06/29/2022 01/01/2024 - 03/31/2024 Put Options 500 $84.70 $17.15 06/29/2022 04/01/2024 - 06/30/2024 Put Options 500 $82.80 $17.49 07/01/2022 01/01/2023 - 03/31/2023 Put Options 1,000 $91.00 $13.79 07/01/2022 04/01/2023 - 06/30/2023 Put Options 1,000 $88.00 $15.32 07/08/2022 07/01/2022 - 09/30/2022 Put Options 500 $100.30 $6.69 07/08/2022 10/01/2022 - 12/31/2022 Put Options 500 $92.60 $12.02 07/08/2022 01/01/2023 - 03/31/2023 Put Options 500 $87.70 $14.35 07/25/2022 01/01/2024 - 03/31/2024 Collars 1,000 $70.00 $86.00 07/25/2022 04/01/2024 - 06/30/2024 Collars 1,000 $70.00 $83.40 07/25/2022 07/01/2024 - 09/30/2024 Collars 1,000 $70.00 $81.20 As of August 4, 2022

www.ringenergy.com NYSE American: REI Income Statement and Operational Stats Income Statement Operational Stats 28 June 30, March 31, June 30, 2022 2022 2021 2022 2021 Oil and Natural Gas Revenues $ 84,961,875 $ 68,181,032 $ 47,760,102 $ 153,142,907 $ 87,262,634 Costs and Operating Expenses Lease operating expenses 8,301,443 8,953,165 7,424,488 17,254,608 15,651,063 Gathering, transportation and processing costs 549,389 1,296,858 897,166 1,846,247 1,832,185 Ad valorem taxes 949,239 951,954 703,775 1,901,193 1,441,026 Oil and natural gas production taxes 4,157,457 3,218,362 2,198,339 7,375,819 4,051,101 Depreciation, depletion and amortization 10,749,204 9,781,287 9,275,126 20,530,491 17,383,284 Asset retirement obligation accretion 186,303 188,242 184,013 374,545 377,757 Operating lease expense 83,590 83,590 84,790 167,180 356,307 General and administrative expense (including share- based compensation) 5,832,302 5,522,277 3,757,152 11,354,579 6,670,143 Total Costs and Operating Expenses 30,808,927 29,995,735 24,524,849 60,804,662 47,762,866 Income from Operations 54,152,948 38,185,297 23,235,253 92,338,245 39,499,768 Other Income (Expense) Interest income - - 1 - 1 Interest expense (3,279,299) (3,398,361) (3,654,529) (6,677,660) (7,396,498) Loss on derivative contracts (7,457,018) (27,596,141) (35,277,240) (35,053,159) (66,865,879) Net Other Expense (10,736,317) (30,994,502) (38,931,768) (41,730,819) (74,262,376) Income (Loss) Before Provision for Income Taxes 43,416,631 7,190,795 (15,696,515) 50,607,426 (34,762,608) (Provision For) Benefit From Income Taxes (1,472,209) (78,752) (190,644) (1,550,961) (190,644) Net Income (Loss) $ 41,944,422 $ 7,112,043 $ (15,887,159) $ 49,056,465 $ (34,953,252) Basic Earnings (Loss) per Share $ 0.39 $ 0.07 $ (0.16) $ 0.47 $ (0.35) Diluted Earnings (Loss) per Share $ 0.32 $ 0.06 $ (0.16) $ 0.39 $ (0.35) Basic Weighted-Average Shares Outstanding 106,390,776 100,192,562 99,300,458 103,291,669 99,197,160 Diluted Weighted-Average Shares Outstanding 130,597,589 124,004,178 99,300,458 126,251,705 99,197,160 June 30, (Unaudited) Three Months Ended Six Months Ended

www.ringenergy.com NYSE American: REI Balance Sheet and Cash Flow Statement Balance Sheet Cash Flow Statement 29 ASSETS Current Assets Cash and cash equivalents $ 2,223,289 $ 2,408,316 Accounts receivable 39,496,928 24,026,807 Joint interest billing receivable 1,350,134 2,433,811 Derivative assets 1,353,196 - Prepaid expenses and other assets 3,205,746 938,029 Total Current Assets 47,629,293 29,806,963 Properties and Equipment Oil and natural gas properties subject to amortization 945,521,085 883,844,745 Financing lease asset subject to depreciation 2,067,375 1,422,487 Fixed assets subject to depreciation 2,044,709 2,089,722 Total Properties and Equipment 949,633,169 887,356,954 Accumulated depreciation, depletion and amortization (255,274,309) (235,997,307) Net Properties and Equipment 694,358,860 651,359,647 Operating lease asset 1,140,886 1,277,253 Derivative assets 785,389 - Deferred financing costs 1,324,918 1,713,466 TOTAL ASSETS $ 745,239,346 $ 684,157,329 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 64,262,609 $ 46,233,452 Financing lease liability 407,031 316,514 Operating lease liability 301,339 290,766 Derivative liabilities 32,700,566 29,241,588 Notes payable 894,295 586,410 Total Current Liabilities 98,565,840 76,668,730 Non-Current Liabilities Deferred income taxes 1,641,253 90,292 Revolving line of credit 270,000,000 290,000,000 Financing lease liability, less current portion 667,456 343,727 Operating lease liability, less current portion 983,995 1,138,319 Asset retirement obligations 15,373,543 15,292,054 Total Non-Current Liabilities 288,666,247 306,864,392 Total Liabilities 387,232,087 383,533,122 Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding - - Common stock - $0.001 par value; 225,000,000 shares authorized; 107,236,111 shares and 100,192,562 shares issued and outstanding, respectively 107,236 100,193 Additional paid-in capital 561,791,836 553,472,292 Accumulated deficit (203,891,813) (252,948,278) Total Stockholders' Equity 358,007,259 300,624,207 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 745,239,346 $ 684,157,329 June 30, December 31, 2022 2021 (Unaudited)

www.ringenergy.com NYSE American: REI Non - GAAP Disclosure Certain financial information included in Ring’s financial results are not measures of financial performance recognized by ac cou nting principles generally accepted in the United States, or GAAP. These non - GAAP financial measures are “Adjusted Net Income”, “Adjusted EBITDA”, “Free Cash Flow” and “Cash Flow from Operations”. Management uses these non - GAAP financial measu res in its analysis of performance. In addition, Adjusted EBITDA is a key metric used to determine the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accord anc e with GAAP and are not necessarily comparable to non - GAAP performance measures which may be reported by other companies. Adjusted Net Income does not include the estimated after - tax impact of share - based compensation, ceiling test impairment, and un realized loss (gain) on change in fair value of derivatives, as well an add back of the full valuation against the Company’s deferred tax assets during the fourth quarter of 2020. Adjusted Net Income is presented because the timing and amou nt of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods. The Company also presents the non - GAAP financial measures Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITD A as net (loss) income plus net interest expense, unrealized loss on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization and accretion, asset retireme nt obligation accretion and share - based compensation. Company management believes this presentation is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with th ose 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 ope rating 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 dis cre tionary use. The Company defines Free Cash Flow as Adjusted EBITDA (defined above) less net interest expense (excluding amortization of de fer red financing cost) and capital expenditures. 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 the lease ma int enance costs) and equipment, furniture and fixtures, 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. Company management believ es that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures and net interest expense and wit hout being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition for Free Cash Flow within the industry. Accordingly, Free Cash Fl ow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non - GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash F low, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non - discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses. PV - 10 is a measure not prepared in accordance with GAAP that differs from a measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV - 10 is calculated without including future income taxes. Management believes that the presentation of the PV - 10 value of our oil and natural gas properties is relevant and useful to inv estors because it presents the estimated discounted future net cash flows attributable to our estimated proved reserves independent of our income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows a ttr ibutable to our reserves. We believe 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 o n 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 consider ed in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The Company also presents the non - GAAP financial measure Cash Flow from Operations. The Company defines Cash Flow from Operation s as Net Cash Provided by Operating Activities plus Changes in operating assets and liabilities. The table below provides a reconciliation of PV - 10 to the standardized measure of discounted future net cash flows as of Decembe r 31, 2021. 30

www.ringenergy.com NYSE American: REI Non - GAAP Reconciliations 31 Net Income (Loss) $ 41,944,422 $ 7,112,043 $ (15,887,159) $ 49,056,465 $ (34,953,252) Share-based compensation 1,899,245 1,521,910 351,775 3,421,155 707,269 Unrealized loss (gain) on change in fair value of derivatives (12,160,246) 13,480,640 22,840,907 1,320,393 48,508,755 Tax impact of adjusted items (347,939) 164,305 - 145,314 - Adjusted Net Income $ 31,335,482 $ 22,278,898 $ 7,305,523 $ 53,943,327 $ 14,262,772 Basic Weighted-Average Shares Outstanding 106,390,776 100,192,562 99,300,458 103,291,669 99,197,160 Adjusted Net Income per Share $ 0.29 $ 0.22 $ 0.07 $ 0.52 $ 0.14 Net Income (Loss) $ 41,944,422 $ 7,112,043 $ (15,887,159) $ 49,056,465 $ (34,953,252) Interest expense, net 3,279,299 3,398,361 3,654,528 6,677,660 7,396,497 Unrealized loss (gain) on change in fair value of derivatives (12,160,246) 13,480,640 22,840,907 1,320,393 48,508,755 Income tax provision (benefit) 1,472,209 78,752 190,644 1,550,961 190,644 Depreciation, depletion and amortization 10,749,204 9,781,287 9,275,126 20,530,491 17,383,284 Asset retirement obligation accretion 186,303 188,242 184,013 374,545 377,757 Share-based compensation 1,899,245 1,521,910 351,775 3,421,155 707,269 Adjusted EBITDA $ 47,370,436 $ 35,561,235 $ 20,609,834 $ 82,931,670 $ 39,610,954 Adjusted EBITDA Margin 56% 52% 43% 54% 45% Basic Weighted-Average Shares Outstanding 106,390,776 100,192,562 99,300,458 103,291,669 99,197,160 Adjusted EBITDA per Share $ 0.45 $ 0.35 $ 0.21 $ 0.80 $ 0.40 Adjusted Net Income Three Months Ended June 30, March 31, June 30, 2022 2021 Adjusted EBITDA Three Months Ended June 30, March 31, June 30, 2022 2022 2021 2022 2022 2021 Six Months Ended (Unaudited for All Periods) (Unaudited for All Periods) Six Months Ended June 30, June 30, 2022 2021

www.ringenergy.com NYSE American: REI Corporate Strategy Value Focused for Sustainable Success 32 Attract and Retain Highly Qualified People Pursue Operational Excellence with a Sense of Urgency Invest in High - Margin, High RoR Projects Focus on FCF and Strengthen Balance Sheet Pursue Strategic A&D to Lower Breakeven Costs

www.ringenergy.com NYSE American: REI Add Photo Add Photo Add Photo Add Photo Add Photo Paul D. McKinney Chairman & Chief Executive Officer 35+ years of domestic & international oil & gas industry experience Executive & board roles include CEO, President, COO, Region VP and public & private board directorships Travis Thomas EVP & Chief Financial Officer 17+ years of oil & gas industry experience & accounting experience High level financial experience including CAO, VP Finance, Controller, Treasurer Alexander Dyes EVP of Engineering & Corporate Strategy 15+ years of oil & gas industry experience Multi - disciplined experience including VP A&D, VP Engineering, Director Strategy, multiple engineering & operational roles Marinos Baghdati EVP of Operations 19+ years of oil & gas industry experience Operational experience in drilling, completions and production including VP Operations, Operations manager, multiple engineering roles Stephen D. Brooks EVP of Land, Legal, HR & Marketing 40+ years of oil & gas industry experience Extensive career as landman including VP Land & Legal, VP HR VP Land and Land Manager Hollie Lamb VP of Compliance & GM of Midland Office 20+ years of oil & gas industry experience Previously Partner of HeLMS Oil & Gas, VP Engineering, Reservoir & Geologic Engineer Experienced Management Team Shared Vision with a Track Record of Success 33

www.ringenergy.com NYSE American: REI 34 Add Photo Paul D. McKinney Chairman & Chief Executive Officer 35+ years of domestic & international oil & gas industry experience Executive & board roles include CEO, President, COO, Region VP and public & private board directorships Anthony D. Petrelli Lead Independent Director 43+ years of banking, capital markets, governance & financial experience Executive and Board positions include CEO, President, multiple board chairs & directorships John A. Crum Independent Director 45+ years of domestic & international oil & gas industry experience Extensive executive roles including CEO, President & COO, and multiple public & private board chairs & directorships Richard E. Harris Independent Director 40+ years of experience across multiple industries Executive positions in oil & gas, industrial equipment, and technology including CIO, Treasurer, Finance and Business Development Thomas L. Mitchell Independent Director 35+ years of domestic & international oil & gas industry experience Executive & board roles include CFO, VP Accounting, Controller and public & private board directorships Regina Roesener Independent Director 35+ years of banking, capital markets, governance & financial experience Executive and Board positions including COO, director and Board Director positions Refreshed Board of Directors Accomplished and Diversified Experience Clayton E. Woodrum Independent Director 50+ years of accounting, tax & finance experience Wide range of financial acumen including positions as CFO, Partner in Charge and Board Director positions

ANALYST COVERAGE Alliance Global Partners (A.G.P.) Jeff Campbell (203) 577 - 5427 jcampbell@allianceg.com Tuohy Brothers Investment Noel Parks (215) 913 - 7320 nparks@tuohybrothers.com ROTH Capital Partners John M. White (949) 720 - 7115 jwhite@roth.com Truist Financial Neal Dingmann (713) 247 - 9000 neal.dingmann@truist.com COMPANY CONTACT Al Petrie (281) 975 - 2146 apetrie@ringenergy.com Chris Delange (281) 975 - 2146 cdelange @ringenergy.com