NYSE American: REIwww.ringenergy.com August 7, 2025 Q2 2025 EARNINGS & UPDATED GUIDANCE Exhibit 99.2
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Forward – Looking Statements This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this Presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, guidance, plans and objectives of management are forward-looking statements. When used in this Presentation, the words “could,” “may,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “guidance,” “project,” “goal,” “plan,” “potential,” “probably,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements also include assumptions and projections for second half and full year 2025 guidance for sales volumes, oil mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the expected benefits to the Company and its stockholders from the acquisition of oil and gas properties (the “LRR Acquisition”) from Lime Rock Resources IV-A, L.P. and Lime Rock Resources IV-C, L.P. (collectively, “Lime Rock” or “LRR”); the impacts of hedging on results of operations; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of oversupply, changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. All forward-looking statements, expressed or implied, included in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be incorrect. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by applicable law. The financial and operating estimates contained in this Presentation represent our reasonable estimates as of the date of this Presentation. Neither our independent auditors nor any other third party has examined, reviewed or compiled the estimates and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the estimates are based are described in more detail herein. Some of these assumptions inevitably will not materialize, and unanticipated events may occur that could affect our results. Therefore, our actual results achieved during the periods covered by the estimates will vary from the estimated results. Investors are not to place undue reliance on the estimates included herein. 2 Supplemental Non-GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (“GAAP”), such as “Adjusted Net Income,” “Adjusted EBITDA,” “PV-10,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “Leverage Ratio,” “All- in Cash Operating Costs,” and “Cash Operating Margin.” While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For definitions of such non- GAAP financial measures and their reconciliations to GAAP measures, please see the Appendix. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Ring Energy - Independent Oil & Gas Company 3 Focused on Conventional Permian Assets in Texas Ring Energy Assets Northwest Shelf Central Basin Platform 1.SEC Proved Reserves as of 12/31/2024 utilizing SEC prices, YE 2024 SEC Pricing Oil $71.96 per bbl Gas $2.13 per Mcf. 2.PV-10 is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. 3.LRR Acquisition utilizing SEC prices for TTM ended March 31, 2025, Oil $71.00 per bbl Gas $2.44 per Mcf. 4.Includes all acreage and identified new drill locations as of year-end 2024 operated and non- operated across 1P, 2P and 3P reserve categories. 2Q 2025 Net Production 21,295 Boe/d (68% oil and 85% liquids) 2024 SEC Proved Reserves1,2 134 MMBoe/PV10 ~$1.5 Billion Proved Developed ~69% Lime Rock Acquisition4 adds ~12 MMBoe/ PV10 ~$160 million Proved Developed ~79% Permian Acreage Gross / Net Acres3 ~98,000 / ~81,000 Lime Rock Acquisition adds ~18K net acres 400+ Locations4 Lime Rock Acquisition adds ~40 locations4 Includes operated & non-operated Differentiated approach by applying unconventional technology and thinking to conventional Permian assets Ring Assets Characteristics: ü Shallow Base Decline ü Long Life Wells (> 35 years) ü Highly Oil Weighted ü High Operating Margin ü High Netbacks (NRI > 79%) ü Low D&C Cost Inventory ü Low Breakeven Costs Yoakum Gaines Andrews Ector Crane Ward High Operational Ownership ~96% Operated WI ~79% Oil NRI ~82% Gas NRI
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Adding Size and Scale to the Portfolio Since 2021, we have… • Increased our production by 23% CAGR from accretive acquisitions & organic development • Increased Proved Reserves by ~88% (including LRR assets) Maintaining Operational Excellence In Q2 2025, we… • Reduced lease operating costs by 12%1 (on a Boe basis), 9% below low end of guidance • Reduced all-in cash operating costs by 3%1 (on a Boe basis) • Reduced capital expenditures by 48%1 (on a Boe basis), below the mid point of guidance In 2025, we… • Drilled 9 wells with initial production from all wells exceeding pre-drill expectations enabling our 2Q25 oil sales to be near high end of guidance Meaningful Free Cash Flow Generation • TTM EBITDA margin greater than 60% - High margin portfolio • Delivered record Adjusted Free Cash Flow of $24.8 million, 23 consecutive quarters positive AFCF • FY 2025E AFCF between ~$50 to ~$75 million (assuming $55 to $75 per BO WTI and updated guidance) Maintain Strong Balance Sheet • Deleveraged Company from ~ 4.0x in early 2021 to ~2.0x in Q2’25 (including LRR Acquisition2) • Paid off debt incurred with Founders Acquisition ($75 million in 2023) in less than 5 quarters • Hedged remainder 2025 ~ 1.3 million BO with avg floor price of $64.87 per Bbl • Hedged FY 2026 ~2.3 million BO with avg floor price of $65.44 per Bbl Creates a Stronger, More Resilient Ring • Reduced capex guidance for FY 2025E by 36% year-over-year, while maintaining 2% year-over-year growth • Focused on maximizing FCF and debt reduction with clear sight to paying off the LRR Acquisition2 Strength, Flexibility, & Resilience 4 Proven, Value Focused Strategy Demonstrates Strength in Low & Volatile Oil Price Environments Note: See Appendix for disclaimers regarding non-GAAP financial measures and footnotes 1. Quarter-over-quarter comparison to Q1 2025 2. Referencing the debt associated with the Q1 2025 Lime Rock Acquisition
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Q2 2025 Scorecard 5 Q2 First Full Quarter with LRR Benefit 1. Adjusted EBITDA and Adjusted Free Cash Flow are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 2. Cash Operating costs is defined as all “cash” costs including LOE, cash G&A, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes and gathering/transportation costs on a $ per Boe basis. 3. Leverage Ratio see appendix. Realized $/ Boe Oil Sales Bo Adjusted EBITDA1 CapEx Lease Operating Costs All-in Cash Operating Costs2 Leverage Ratio3 14,511 Bo/d Q2 2025 $42.63 Per Boe Q2 2025 12,074 Bo/d Q1 2025 $51.5 Million Q2 2025 $16.8 Million Q2 2025 $21.51 Per Boe Q2 2025 2.05x Ratio Q2 2025 $10.45 Per Boe Q2 2025 $47.78 Per Boe Q1 2025 $46.4 Million Q1 2025 $32.5 Million Q1 2025 $11.89 Per Boe Q1 2025 1.90x Ratio Q1 2025 $24.33 Per Boe Q1 2025 Sales Boe 21,295 Boe/d Q2 2025 18,392 Boe/d Q1 2025 Debt Balance $448 Million Q2 2025 $460 Million Q1 2025 Adjusted Free Cash Flow1 YE’24 +LRR Q1’25 $5.8 Million Q1 2025 66% Oil 68% Oil 328%-48% 8% -12% with LRR AQ 16% 20% -11% 11% -12% -3% $24.8 Million Q2 2025 Company Record
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Sales Volumes Q2 2025 Q2 2025 % Q3 2025 2H 2025 Guidance Actuals Difference Guidance Guidance Total (Bo/d) 13,700 – 14,700 12,850 – 13,850 12,500 – 14,000 Mid Point (Bo/d) 14,200 14,511 2% 13,350 13,250 Total (Boe/d) 20,500 – 22,500 19,200 – 21,200 19,000 – 21,000 Mid Point (Boe/d) 21,500 21,295 -1% 20,200 20,000 - Oil (%) 66% 68% 66% 66% - NGLs (%) 18% 17% 18% 18% - Gas (%) 16% 15% 16% 16% Capital Program Capital1 ($MM) $14 – $22 $23 – $31 $38 – $58 Mid Point ($MM) $18 $16.8 -7% $27 $48 Operating Expenses LOE (per Boe) $11.50 – $12.50 $11.00 – $12.00 $11.00 – $12.00 Mid Point (per Boe) $12.00 $10.45 -13% $11.50 $11.50 Updated Guidance 6 FY 2025 CAPEX Allocation $97 million Mid Point 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. 2. All guidance capex numbers in 2025 are mid-points. -37% -48%
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI FY 2025E WTI Oil Sales FY’25E Mid-point ~13,300 Bo/d FY 2026E Focused on Maximizing FCF in 2025 & Beyond 7 1. Estimated AFCF is based on actuals in Q1’25 and projections of internal management financial model assumes mid point of guidance for Net Sales production & capex with adjustable oil price as of Apr‘25, gas HH strip price 04/20/2025 and NGL realizations of ~17% of WTI oil price in 2025. 2. Estimated AFCF yield is based on assumptions above for AFCF and Ring’s stock price and market capitalization as 07/31/2025. 2023 2025E Outlook – High Margin, Low Decline, High Netback Assets Drive Success Through Volatile Oil Prices Pursue Operational Excellence & Building Scale Maximizing 2025E AFCF1,2 AFCF Outlook for 2026E1 Maintaining Production & Capex Spend YoY Disciplined Capital Investment ’25E Capital Projects: ~ 20-23 New Drills ~30-40 Recompl/CTRs FY Sales ‘26E ~ 20K Boe/d (67% oil) FY Capex ‘26E ~$110 Million 2024 Total Sales FY’25E Mid-point ~20,000 Boe/d Up ~2% 3. Outlook 2026E, based on internal management financial model, including referenced above ‘26E for production & capex and improvement by $1.00/mcf gas differential in 2026. YoY Down ~36% WTI
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Distinguishing Attributes: What Makes Ring Different? 8 Netbacks: NRI % 1. Source: Enverus as of Feb 2025, using ENVERUS base decline model function. The declines are all yearly declines using Aug/Sep/Oct 2024 as starting period for each company selected (by any size). Includes: Civitas, Devon, Diamondback, Mach Natural Resources, Magnolia, Ovintiv, Permian Resources, Riley Permian, SM Energy (Midland) and Vital Energy. 2. Ring Energy decline is Pro Forma internal management estimates for PDP Ring legacy and the acquisition of Lime Rock’s CBP assets. Differentiated Approach by Applying Unconventional Technology and Thinking to Conventional Permian Assets PDP Decline1: 2024E PDP Base Decline % Reserve Life2,3: YE 2024 SEC Proved Reserves / FY’24 Annualized Prod. % Oil2,3: FY’24 Oil Sales Production Median 33% ü Ring Conventional Assets Characteristics: Shallow Base Decline, High Netbacks (NRI> 79%), Long Life Wells (> 35 years) and Highly Oil Weighted 3. Peers based on similar size sub $2B market cap and/or other similar companies that have Permian assets: Amplify Energy, Berry Corporation, Crescent Energy, HighPeak Energy, Mach Natural Resources, Permian Resources, Riley Permian, Vital Energy, TXO Partners and W&T Offshore. 4. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 03/13/2025. 2
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Distinguishing Attributes: High Operating Margins 9 Ring’s Conventional Assets with High Netbacks Drive Strong Cash Operating Margins vs. Peers1,2 1. Peers include Amplify Energy, Battalion, Baytex, Berry Corporation, Civitas, Crescent Energy, Mach Natural Resources, Riley Permian, TXO Partners, Vital Energy and W&T Offshore. 2. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 8/1/2025. 3. Cash Operating Margins is defined as revenues (excluding hedges) less LOE, cash G&A (excluding share-based compensation), interest expense, workovers, operating expenses, production taxes, ad valorem taxes and gathering/transportation costs. 1Q 2025 TTM Cash Operating Margin and Realized Pricing ($/Boe) Operational Excellence and Cost Control Drive Profitability • High oil weighting of 68% (85% liquids) contributes to high realized pricing per Boe • Low cash operating costs and maintaining cost discipline drive margin expansion • Generating ~$26 per Boe in margin TTM demonstrates strength of long-life asset base • Strong cash operating margins allow the Company to withstand volatile commodity price swings • Robust margins lead to increased cash flow, debt reduction and stronger returns “ Improving operational margins leads to higher returns...pursuing strategic acquisitions of high margin assets leads to sustainable higher returns “ - Paul McKinney
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Enhanced Value for Stockholders 10 Addition of Lime Rock CBP Assets and Strong Q2 Performance Led to Improved Metrics and AFCF 1. See Appendix for calculation of All-in Cash Operating Costs and Adjusted Free Cash Flow. Production/Share Boe/Share Up 13% All-in-Cash Operating Costs1 $/Boe Adjusted Free Cash Flow1 $/Boe Up 264% Down 12%
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Track Record of Strategic Consolidation 11 Four Acquisitions Since 2019 Increases Net Production by >3.0x Note: See Appendix for disclaimers regarding non-GAAP measures and footnotes 1. Includes all locations operated and non-operated “PUD” reserve categories and 2P / 3P locations at the time of the acquisition. Acquisition Track Record § Ring’s pursuit of accretive, balance sheet enhancing acquisitions is a key component of our future growth § M&A wave of conventional Permian assets from majors, large independents, private equity-backed operators and private family-owned companies § Limited buyer competition from public companies uniquely positions Ring as a consolidator for future acquisitions § Experienced management team with shared vision and positioned to capitalize on attractive M&A opportunities § Track record of disciplined M&A, which has allowed Ring to acquire undeveloped locations at a minimal acreage cost since proved developed value of reserves has underpinned purchase price for the past four acquisitions Year Completed Wishbone (2019) Stronghold (2022) Founders (2023) Lime Rock (2025) Total Acquired Acquisition Price ($MM) $300 $465 $75 $100 $940 Consideration Mix (% Cash / % Stock) 90% / 10% 51% / 49% 100% / 0% 90% / 10% 64% / 36% Acquired Net Acreage ~38,000 ~37,000 ~3,600 ~17,700 ~96,300 Number of New Drill Locations1 >190 (Hz) >280 (Vt) >50 (Vt) >40 (Hz) >560 Acreage includes operated and Non-Operated WI Legend Ring Energy Legacy Lime Rock Resources Founders Oil & Gas Stronghold Energy Operating Wishbone Energy Partners Updated guidance ~20,000
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Permian Basin – Conventional Opportunities 12 Focused on Consolidating Conventional Assets in the Central Basin Platform & Northwest Shelf Source: Enverus, Companies include Basin O&G, Blackbeard Operating, Boyd & McWilliams, Burk Royalty, ConocoPhillips, Crescent Energy, Diversified, Elevation Resources, Formentera Partners, Hilcorp, Kinder Morgan, OXY, Riley Petroleum, Ring Energy, Diversified Energy, Mach Natural Resources, Texland Petroleum, Diamondback Energy and Two P Partners G ro ss P ro d uc ti o n (2 -S tr ea m M b o e/ d ) Delaware Basin CBP NWS Eastern Shelf Midland Basin Publics Privates REI CBP/NWS Publics CBP/NWS Privates The Prize in CBP & NWS (Texas Only) is… ~ 396,000 Boepd (G) 82% Oil (April. 2025) % Oil 80% 68% 78% 80% 78% 85% 86% 60% 91% 91% 64% 82% 77% 71% 50% 88% 92% 92% 67% 80% Ranking Two P Partners Acquire accretive, balance sheet enhancing CBP & NWS assets ü CBP & NWS remain the “shale era” underexplored opportunity in the Permian Basin ü Conventional opportunities are the focus of Ring Energy’s deep bench of technical talent ü Ring has a proven track record of generating superior returns by applying new drilling and completion technologies to overlooked conventional zones ü M&A wave of conventional targets continues with divestitures from majors and large independents ü Lower cost, shallower decline, and less public E&P competition sets the stage for accretive acquisitions ü We view CBP & NWS assets as targets for growth Boyd & McWilliams
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Ring Trading at Discount Compared to Recent Transactions 13 REI Suggested Valuation Using APA Divestiture and MNR Acquisition Valuation Metrics for CBP & NWS Assets 1. APA Corp press release on September 10, 2024, asset sale of non-core properties in Permian Basin. 2. Source Enverus as of 11/5/2024 for APA and Enverus as of 8/2/2025 for MNR. 3. Field Level Margin $ per Boe is calculated as realized $ per Boe minus LOE, GP&T, operating lease exp., severance and ad valorem taxes. 4. Ring Energy decline is Pro Forma internal management estimates for PDP Ring legacy and the acquisition of Lime Rock’s CBP assets. 5. MNR press release on July 10, 2025, transformative acquisition in Permian Basin. Public and Private Buyers Paying Higher Valuation Multiples for Conventional Permian Assets $950MM $605MM $966MM APA Non-Core asset divestiture in CBP & NWS REI trading share price and EV as of July 31, 2025 REI indicative trading share price and EV using APA & MNR Valuation Metrics $500MM MNR Transformative Permian Acquisition Asset Metrics Comparison REI APA Divestiture1, 2 MNR Acquisition2,5 Q2 25 Net Production (Boe/d) 21,295 21,000 11,000 % Oil 68% 57% 98% Q2 2025 Field Level Margin3 ($/Boe) >$29 < REI < REI 2024 PDP4 Decline % 22% 7% 8% Q2 2025 LOE ($/Boe) $10.45 > REI > REI CO2 Operations NO YES NO Operated Well Count (G) ~1,035 ~5,100+ ~4,600+ MNR Permian Acquisition5 Date Announced 7/10/2025 Sale Price ($MM) $500 Net Production (Boe/d) 11,000 $ per Boe/d $45,455 APA Permian Divestiture1 Date Announced 9/10/2024 Sale Price ($MM) $950 Net Production (Boe/d) 21,000 $ per Boe/d $45,238 Current REI Valuation3 7/31/2025 Share Price $0.76 Shares Outstanding (MM) ~207 Equity Value ($MM) $157 Debt Outstanding Q225 $448 Enterprise Value ($MM) $605 Q2 25 Net Production (Boe/d) 21,295 $ per Boe/d $28,410 REI at APA & MNR Valuation Metrics Avg APA/MNR $ per Boe/d $45,347 EV ($MM) @ Avg Prod Metric $966 Equity Value ($MM) $518 Share Price ($) $2.51
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Robust Value Proposition Through Commodity Price Cycles 14 2025 and Beyond Target leverage ratio below 1.0x and position Ring to return capital to stockholders Remaining focused on maximizing FCF generation to strengthen the balance sheet Strong Cash Operating margins help deliver superior results & helps manage risk in market downturns Disciplined capital program retains flexibility to respond to changing market conditions, delivering competitive returns Pursuing accretive, balance sheet enhancing acquisitions to increase scale, lower break-even costs, build inventory and accelerate ability to pay down debt
www.ringenergy.com FINANCIAL OVERVIEW Q2 2025 EARNINGS & UPDATED GUIDANCE | August 7, 2025 | NYSE AMERICAN: REI
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI 1.59x 1.59x 1.66x 1.90x Historical Metrics 16 Quarterly Analysis of AFCF1 1. Adjusted EBITDA, Adjusted Free Cash Flow ("AFCF"), and Leverage Ratio are Non-GAAP financial measures. See Appendix and prior releases for reconciliation to GAAP measures. 2. Net Interest Expense included in table is interest expense net of interest income and excludes deferred financing costs amortization. Leverage Ratio (LTM)1 Disciplined and Efficient Capital Spending Focused on Sustainably Generating AFCF Enhances Our Unrelenting Goal to Strengthen the Balance Sheet 2.05x Realized $/Boe $55.06 $48.24 $46.14 $47.78 $42.63 1 12
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Reducing Debt & Increasing Liquidity 17 Disciplined Capital Spending & Sustainably Generating AFCF 1. Paydown of $19 million is net of the $50 million that was borrowed to fund the Founders Acquisition. 2. Liquidity is defined as cash and cash equivalents plus available borrowings under Ring’s credit agreement. RBL Balance & Adjusted Debt Paydown1 ($ Million) Liquidity2 ($ Million) Founders Acquisition1 Founders Acquisition Founders Acquisition final deferred payment FY Adv tax payment and other one-time cash items Adjusted Debt Paydown ($MM) RBL Balance ($MM) Lime Rock Acquisition Lime Rock Acquisition
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Competitive Value for Stockholders 18 Track Record of 3 Consecutive Years of Corporate Returns Above 15% Despite Drop in Commodity Prices 1. The Company defines “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. Cash Return on Capital Employed1 (CROCE) % Strong CROCE % • Disciplined and successful capital program driving returns • Shallow decline production base contributes to higher returns • High quality inventory together with operating proficiency and efficient execution on capital program led to increased profitability • Multiple asset core areas in NWS & CBP with existing infrastructure provide diverse inventory of high return, low cost horizontals and verticals providing flexibility to react to volatile market conditions and ability to maximize AFCF generation 2022 – ‘24 CROCE Avg of 17.9% Avg WTI $/Bbl & Avg Realized $/Boe
www.ringenergy.com ASSET OVERVIEW Q2 2025 EARNINGS & UPDATED GUIDANCE | August 7, 2025 | NYSE AMERICAN: REI
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Committed to Sustainable Success 20 2024 Sustainability Report Progressing our ESG Journey A Target Zero Day is a Day that Results in: Zero Company or Contractor OSHA Recordable Injury, and Zero Agency Reportable Spill or Release as Defined by TRRC, EPA, TCEQ, etc., and Zero Preventable Vehicle Incidents, and Zero H2S Alarms of 10PPM or Greater • Created ESG Task Force and established Target Zero 365 (TZ-365) Safety & Environmental Initiative in 2021 to monitor and guide the Company’s adherence to ESG standards. – Designed to protect the workforce, environment, communities and financial sustainability. – Focused on Safety-first environment and achieving high percentage of Target Zero Days. • 2024 YoY reduction of methane emissions by ~25% • 1H 2025 Continued focus on improving internal processes and minimizing environmental impact. – Completed implementation of contractor management program and initiated contractor orientation process to support and ensure safe work practices within our contract work force. – Initiated implementation of enhanced facility maintenance program to proactively eliminate leaks and spills. • 2025 Capital Program includes Emission Reduction plans with: – Continued upgrades of Tank Vent Control Systems including High and Low pressure Flares. – Continued upgrades of vessel controls to eliminate pneumatic devices and/or convert to non-vent controls. – Migrating Leak Detection and Repair program in-house to increase quality and reduce costs. Download Report PDF
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI ~12 MMBoe $160 MM PD $127MM PUD $33MM Oil Gas NGL ~12 MMBoe 16 PUDs Proved Reserves1 and Inventory 21 1. Reserves as of Dec 31, 2024 utilizing SEC prices, YE24 SEC Pricing Oil $71.96 per bbl Gas $2.130 per Mcf. 2. PV-10 is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. 3. Includes all locations operated and non-operated across “PDNP” and “PUD” reserve categories and project types. 4. LRR Acquisition utilizing SEC prices for TTM ended March 31, 2025, Oil $71.00 per bbl Gas $2.44 per Mcf. Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Locations by Area3 PD ~93 MMBoe PUD ~42 MMBoe Organic Reserve Replacement in 2024 Increased Proved Reserves 3% Increased PD Reserves 5% ~134 MMBoe $1,463 MM PD $1,130 MM PUD $333 MM Oil Gas NGL ~134 MMBoe 210+ PUDs, 220+ PDNPs Replaced Production and Divested Volumes 7.2MM BOE Produced 1.2MM BOE Divested 16MM BOE of Extensions 3.3x previous year extensions of 4.8MM BOE Maintained YoY PUD count at 210+ without acquisition Replaced the 44 wells that were drilled in 2024 R E I L eg ac y SE C Y E 20 24 , e xc l. LR R LR R A cq ui si ti o n4 PD ~9 MMBoe PUD ~3 MMBoe
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Assets Overview 22 Deep Inventory of High-Return Drilling and Re-Completion Locations 1. Vertical completion no lateral length noted. 2. Peak IP 60 (Boepd) based on best rolling 60-day average. 3. Peak IP 30 (Boepd) based on best continuous rolling 30-day average, due to lack of 60 day production data. 4. Peak IP 15 (Boepd) based on best continuous rolling 15-day average, due to lack of 60 day production data. Select Recent New Drill Vertical Well Results – Central Basin Platform Select Recent Re-Completion Well Results – Central Basin Platform Select Recent New Drill Horizontal Well Results – Northwest Shelf Select Recent New Drill Horizontal Well Results – Central Basin Platform Includes operated & NonOP
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI LRR Acquisition Expands Legacy High-Return Area 23 Continuing Our Transformation to a Scaled Conventional Permian Operator 1. Source: Lime Rock Preliminary Settlement Statement. 2. Adjusted EBITDA, and Adjusted Free Cash Flow are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 3. Includes all locations operated and non-operated across “PDNP” and “PUD” reserve categories and 2P/3P locations. Asset Overview ü Closed on March 31, 2025 ü ~19,250 gross / 17,700 net acres (100% HBP) mostly contiguous to Ring’s existing footprint ü ~2,300 Boe/d (>75% Oil)1 average Q1’25 net production ü Shallow PDP NTM decline at 13% ü ~$121mm of oil-weighted PD PV-10 at YE’24 SEC pricing ü ~$31mm LTM Adj. EBITDA2 generated with no drilling capital by prior operator ü >40 gross drilling locations3 weighted to San Andres that immediately compete for capital ü Q1’25 Adj EBITDA3 margin of 59% and <$40/bbl breakeven on San Andres inventory ü Low total well count with minimal P&A liability ü Exposure to emerging plays (Barnett & Woodford Shale) ü Robust SWD capacity Transaction Summary ($MM) ü Bolt-on acquisition of Lime Rock’s Shafter Lake and Midland Farms assets in Andrews County ü $100mm purchase price ü Effective October 1, 2024 ü 6-mo Purchase price adjustment ~$13mm Legend Ring Energy Leasehold Lime Rock Resources Strategic Fit Midland Farms Shafter Lake ~100 active producing wells 68% 13% 9% 10%
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Impact of Founders Acquisition 24 Performance Exceeded Initial Expectations 1. 3-stream net production 2. 2-stream gross production as reported to Texas RRC 3. CGA Proved reserves for Penwell Field Reduced Capex by 28% Founders Acquisition $75MM REI Net Prod. (MBoe/d) 1 REI Net Debt $MM Production (G) Boe/d 2 LOE $/Boe D&C $MM 90 Day Cum MBoe 2 Proved Reserves MMBoe 3 Close date Aug 15, 2023 17.3 REI Standalone REI Pro Forma 20.1 16% growth to PF company REI Standalone $397 $392 Net Debt reduced over 5 qtrs Reduced LOE by 20% Founders Penwell Asset in Ector County – Post Closing Performance REI Pro Forma – Post Closing Performance Increased Gross Prod by 38% Increased 1P Reserves by 46%Increased Performance by 24% REI Pro Forma
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Assets Overview 25 New Drill Inventory Performance 2023 vs 2024 (2025 not enough wells drilled YTD for statistical comparison) 1. PJ Lea new drills are 6 frac stages and Penwell new drills are 7 frac stages. Consistent HZ Well Performance San Andres Horizontal Play EUR (MBoe) per 1000’ Lateral Feet Enhanced Vertical Well Performance CBP Vertical Multi-Stacked Play D&C Capex $ per Effective Lateral Foot Vertical D&C Capex1 $ per Frac Stage ($M) 87-91% Oil - l Reduced by 11% Reduced by 3% ~70% Oil ~81% Oil
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI San Andres Horizontal Play Characteristics 26 Proven, Conventional, Top Tier Returns 1. D&C capex range is for CBP & NWS 1.0 & 1.5 mile laterals in 2024. 2. Break-even costs is for core inventory in NWS & CBP horizontal asset areas. The range in break-even based on YTD capex spend and depends on lateral length, asset area, completion and artificial lift type. San Andres Hz Delaware Hz Midland Hz High ROR Oil Play ü ü ü Low D&C Costs ü Lower 1st Year Decline ü Low Lease Acquisition Cost ü Long life wells ü Oil IPs >750 Bbl/d ü ü Multiple Benches ü ü > 85% Oil ü $30-35/Bbl D&C Break-even2 ü • Permian Basin has produced >30 BBbl — San Andres accounts for ~40% • Low D&C costs1 $2.2 - $3.3 MM per Hz well • Vertical depth of ~5,000’ • Typical oil column of 200’ - 300’ • Life >35+ years • Initial peak oil rates of 300 - 700 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Vertical Multi-Stacked Pay Characteristics 27 Proven, Conventional, Top Tier Returns 1. D&C capex range for verticals include all CBP-S inventory. 2. Break-even costs is for core inventory in NWS & CBP horizontal asset areas. The range in break-even based on YTD capex spend and depends on lateral length, asset area, completion and artificial lift type. CBP Vt Stack & Frac Delaware Hz Midland Hz High ROR Oil Play ü ü ü Low D&C Costs ü Lower 1st Year Decline ü Low Lease Acquisition Cost ü Long life wells ü Oil IPs >750 Bbl/d ü ü Multiple Benches ü ü ü High NRI’s ü $35-$40/Bbl D&C Break-even2 ü • Central Basin Platform has produced >15 BBboe — Vertical multi-stage fracs targeting legacy reservoirs that have been productive throughout the basin (Clearfork to Wolfcamp) • Low D&C costs1 $1.0 - $1.8 MM per well • Targeted Vertical completion depths of ~4,000-7,000’ • Typical oil column of 1,000-1,500’ • Life >30+ years • Initial peak oil rates of 150 - 400 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood
www.ringenergy.com THANK YOU Company Contact Al Petrie (281) 975-2146 apetrie@ringenergy.com Wes Harris (281) 975-2146 wharris@ringenergy.com Analyst Coverage ROTH Capital Partners John M. White (949) 720-7115 jwhite@roth.com Tuohy Bothers Investment Noel Parks (215) 913-7320 nparks@tuohybrothers.com Water Tower Research Jeff Robertson (469) 343-9962 jeff@watertowerresearch.com Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: 281-397-3699 Alliance Global Partners (AGP) Poe Fratt (314) 719-6084 pfratt@allianceg.com Q2 2025 EARNINGS & UPDATED GUIDANCE | AUGUST 7, 2025 | NYSE AMERICAN: REI
www.ringenergy.com APPENDIX Q2 2025 EARNINGS & UPDATED GUIDANCE | AUGUST 7, 2025 | NYSE AMERICAN: REI
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI REI Historical Price Performance1 Price Performance Since January 1, 2022 1. Sources Factset as of 7/30/2025 2. ~6MM shares sold between 5/12/2025 – 6/12/2025 in daily allotments between 27k and 652k shares 3. Warburg no longer required to file Section 16 Reports (i.e. Form 4s) due to less than 10% ownership 30 Stronghold Announcement Founders Announcement 6.5 MM warrants exercised 3.0 MM warrants exercised 4.5 MM warrants exercised 14.5 MM warrants exercised Warburg Pincus sell down 12.6 MM shares Warburg Pincus sell down 4.4 MM shares Warburg Pincus sell down 6.2 MM shares Warburg Pincus sell down 6.6 MM shares Warburg Pincus sell down 6 MM shares2
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Financial Overview 31 Derivative Summary as of June 30, 2025 The Company has hedged: Bal2025: ~1.3 million barrels of oil at avg downside price of $64.87 2026: ~2.3 million barrels of oil at avg downside price of $65.44 Bal2025: ~1.5 BCF of natural gas at avg downside price of $3.37 2026: ~3.1 BCF of natural gas at avg downside price of $3.55 (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. Gas Hedges (Henry Hub) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 NYMEX Swaps: Hedged volume (MMBtu) 300,500 128,400 140,600 662,300 121,400 613,300 — — Weighted average swap price $ 3.88 $ 4.25 $ 4.20 $ 3.54 $ 4.22 $ 3.83 $ — $ — Two-way collars: Hedged volume (MMBtu) 309,350 748,000 694,500 139,000 648,728 128,000 717,000 694,000 Weighted average put price $ 3.17 $ 3.10 $ 3.50 $ 3.50 $ 3.10 $ 3.50 $ 3.99 $ 3.00 Weighted average call price $ 4.98 $ 4.40 $ 5.11 $ 5.42 $ 4.24 $ 5.42 $ 5.21 $ 4.32 Oil Hedges (WTI) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Swaps: Hedged volume (Bbl) 471,917 241,755 608,350 577,101 171,400 529,000 509,500 492,000 Weighted average swap price $ 68.64 $ 65.56 $ 67.95 $ 67.41 $ 62.26 $ 65.34 $ 62.82 $ 60.45 Two-way collars: Hedged volume (Bbl) 225,400 404,800 — — 379,685 — — — Weighted average put price $ 65.00 $ 60.00 $ — $ — $ 60.00 $ — $ — $ — Weighted average call price $ 78.91 $ 75.68 $ — $ — $ 72.50 $ — $ — $ — Oil Hedges (basis differential) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Argus basis swaps: Hedged volume (Bbl) 183,000 276,000 — — — — — — Weighted average spread price (1) $ 1.00 $ 1.00 $ — $ — $ — $ — $ — $ — Gas Hedges (Basis Differential) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 El Paso Permian Basin basis swaps: Hedged volume (MMBtu) 381,725 363,200 — — — — 700,000 — Weighted average spread price (2) $ 1.69 $ 1.69 $ — $ — $ — $ — $ 0.74 $ — (2) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI32 Income Statement Operational Stats (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly. Income Statement and Operational Stats (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2024 2024 2025 2024 Oil, Natural Gas, and Natural Gas Liquids Revenues $ 82,602,759 $ 79,091,207 $ 99,139,349 $ 161,693,966 $ 193,642,485 Costs and Operating Expenses Lease operating expenses 20,245,981 19,677,552 19,309,017 39,923,533 37,669,451 Gathering, transportation and processing costs 133,809 203,612 107,629 337,421 273,683 Ad valorem taxes 1,648,647 1,532,108 1,337,276 3,180,755 3,482,907 Oil and natural gas production taxes 3,832,607 3,584,455 3,627,264 7,417,062 8,055,567 Depreciation, depletion and amortization 25,569,914 22,615,983 24,699,421 48,185,897 48,491,871 Asset retirement obligation accretion 382,251 326,549 352,184 708,800 703,018 Operating lease expense 175,090 175,091 175,090 350,181 350,181 General and administrative expense (including share-based compensation) 7,138,519 8,619,976 7,713,534 15,758,495 15,182,756 Total Costs and Operating Expenses 59,126,818 56,735,326 57,321,415 115,862,144 114,209,434 Income from Operations 23,475,941 22,355,881 41,817,934 45,831,822 79,433,051 Other Income (Expense) Interest income 69,658 90,058 144,933 159,716 223,477 Interest (expense) (11,757,404) (9,498,786) (10,946,127) (21,256,190) (22,445,071) Gain (loss) on derivative contracts 14,648,054 (928,790) (1,828,599) 13,719,264 (20,843,094) Gain (loss) on disposal of assets 155,293 124,610 51,338 279,903 89,693 Other income 150,770 8,942 — 159,712 25,686 Net Other Income (Expense) 3,266,371 (10,203,966) (12,578,455) (6,937,595) (42,949,309) Income Before Provision for Income Taxes 26,742,312 12,151,915 29,239,479 38,894,227 36,483,742 Provision for Income Taxes (6,107,425) (3,041,177) (6,820,485) (9,148,602) (8,549,371) Net Income $ 20,634,887 $ 9,110,738 $ 22,418,994 $ 29,745,625 $ 27,934,371 Basic Earnings per Share $ 0.10 $ 0.05 $ 0.11 $ 0.15 $ 0.14 Diluted Earnings per Share $ 0.10 $ 0.05 $ 0.11 $ 0.15 $ 0.14 Basic Weighted-Average Shares Outstanding 206,522,356 199,314,182 197,976,721 202,964,856 197,684,638 Diluted Weighted-Average Shares Outstanding 206,982,327 201,072,594 200,428,813 204,085,207 199,845,512 (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Net sales volumes: Oil (Bbls) 1,320,508 1,086,694 1,239,731 2,407,202 2,458,568 Natural gas (Mcf) 1,703,808 1,615,196 1,538,347 3,319,004 3,034,854 Natural gas liquids (Bbls) 333,374 299,366 304,448 632,740 568,250 Total oil, natural gas and natural gas liquids (Boe)(1) 1,937,850 1,655,259 1,800,570 3,593,109 3,532,627 % Oil 68 % 66 % 69 % 67 % 70 % % Natural Gas 15 % 16 % 14 % 15 % 14 % % Natural Gas Liquids 17 % 18 % 17 % 18 % 16 % Average daily sales volumes: Oil (Bbls/d) 14,511 12,074 13,623 13,299 13,509 Natural gas (Mcf/d) 18,723 17,947 16,905 18,337 16,675 Natural gas liquids (Bbls/d) 3,663 3,326 3,346 3,496 3,122 Average daily equivalent sales (Boe/d) 21,295 18,392 19,786 19,851 19,410 Average realized sales prices: Oil ($/Bbl) $ 62.69 $ 70.40 $ 80.09 $ 66.17 $ 77.93 Natural gas ($/Mcf) (1.31) (0.19) (1.93) (0.77) (1.25) Natural gas liquids ($/Bbls) 6.19 9.65 9.27 7.83 10.29 Barrel of oil equivalent ($/Boe) $ 42.63 $ 47.78 $ 55.06 $ 45.00 $ 54.82 Average costs and expenses per Boe ($/Boe): Lease operating expenses $ 10.45 $ 11.89 $ 10.72 $ 11.11 $ 10.66 Gathering, transportation and processing costs 0.07 0.12 0.06 0.09 0.08 Ad valorem taxes 0.85 0.93 0.74 0.89 0.99 Oil and natural gas production taxes 1.98 2.17 2.01 2.06 2.28 Depreciation, depletion and amortization 13.19 13.66 13.72 13.41 13.73 Asset retirement obligation accretion 0.20 0.20 0.20 0.20 0.20 Operating lease expense 0.09 0.11 0.10 0.10 0.10 G&A (including share-based compensation) 3.68 5.21 4.28 4.39 4.30 G&A (excluding share-based compensation) 2.99 4.19 3.13 3.54 3.22 G&A (excluding share-based compensation and transaction costs) 2.99 4.18 3.13 3.54 3.22
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI33 Statements of Cash Flows Balance Sheet (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ — $ 1,866,395 Accounts receivable 38,729,543 36,172,316 Joint interest billing receivables, net 781,362 1,083,164 Derivative assets 14,815,235 5,497,057 Inventory 5,384,553 4,047,819 Prepaid expenses and other assets 2,716,824 1,781,341 Total Current Assets 62,427,517 50,448,092 Properties and Equipment Oil and natural gas properties, full cost method 1,949,768,881 1,809,309,848 Financing lease asset subject to depreciation 3,712,233 4,634,556 Fixed assets subject to depreciation 3,494,678 3,389,907 Total Properties and Equipment 1,956,975,792 1,817,334,311 Accumulated depreciation, depletion and amortization (521,741,945) (475,212,325) Net Properties and Equipment 1,435,233,847 1,342,121,986 Operating lease asset 1,599,335 1,906,264 Derivative assets 6,613,480 5,473,375 Deferred financing costs 10,456,692 8,149,757 Total Assets $ 1,516,330,871 $ 1,408,099,474 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 82,422,634 $ 95,729,261 Income tax liability 675,352 328,985 Financing lease liability 724,527 906,119 Operating lease liability 674,927 648,204 Derivative liabilities 2,322,147 6,410,547 Notes payable 1,488,419 496,397 Deferred cash payment 9,604,736 — Asset retirement obligations 414,974 517,674 Total Current Liabilities 98,327,716 105,037,187 Non-current Liabilities Deferred income taxes 37,456,550 28,591,802 Revolving line of credit 448,000,000 385,000,000 Financing lease liability, less current portion 580,604 647,078 Operating lease liability, less current portion 1,061,124 1,405,837 Derivative liabilities 3,864,413 2,912,745 Asset retirement obligations 29,144,695 25,864,843 Total Liabilities 618,435,102 549,459,492 Commitments and contingencies Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding — — Common stock - $0.001 par value; 450,000,000 shares authorized; 206,542,615 shares and 198,561,378 shares issued and outstanding, respectively 206,542 198,561 Additional paid-in capital 809,921,900 800,419,719 Retained earnings (Accumulated deficit) 87,767,327 58,021,702 Total Stockholders’ Equity 897,895,769 858,639,982 Total Liabilities and Stockholders' Equity $ 1,516,330,871 $ 1,408,099,474 (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Cash Flows From Operating Activities Net income $ 20,634,887 $ 9,110,738 $ 22,418,994 $ 29,745,625 $ 27,934,371 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 25,569,914 22,615,983 24,699,421 48,185,897 48,491,871 Asset retirement obligation accretion 382,251 326,549 352,184 708,800 703,018 Amortization of deferred financing costs 1,836,174 1,238,493 1,221,608 3,074,667 2,443,215 Share-based compensation 1,351,839 1,690,958 2,077,778 3,042,797 3,801,610 Credit loss expense 205 17,917 14,937 18,122 178,777 (Gain) loss on disposal of assets (155,293) (124,610) (89,693) (279,903) (89,693) Deferred income tax expense (benefit) 5,950,639 2,805,346 6,621,128 8,755,985 8,206,573 Excess tax expense (benefit) related to share- based compensation 9,326 99,437 46,972 108,763 87,780 (Gain) loss on derivative contracts (14,648,054) 928,790 1,828,599 (13,719,264) 20,843,094 Cash received (paid) for derivative settlements, net 677,843 (553,594) (2,594,497) 124,249 (4,056,012) Changes in operating assets and liabilities: Accounts receivable (1,809,302) (564,158) 2,955,975 (2,373,460) (2,284,512) Inventory (2,083,798) 747,064 189,121 (1,336,734) 360,537 Prepaid expenses and other assets (1,560,295) 624,812 (1,251,279) (935,483) (747,575) Accounts payable (2,495,394) (10,385,137) (7,712,355) (12,880,531) (9,313,631) Settlement of asset retirement obligation (363,691) (207,580) (160,963) (571,271) (752,324) Net Cash Provided by Operating Activities 33,297,251 28,371,008 50,617,930 61,668,259 95,807,099 Cash Flows From Investing Activities Payments for the Lime Rock Acquisition — (70,859,769) — (70,859,769) — Payments to purchase oil and natural gas properties (150,183) (647,106) (147,004) (797,289) (622,862) Payments to develop oil and natural gas properties (18,173,374) (31,083,507) (36,554,719) (49,256,881) (75,459,527) Payments to acquire or improve fixed assets subject to depreciation (135,386) (34,275) (26,649) (169,661) (151,586) Proceeds from sale of fixed assets subject to depreciation — 17,360 10,605 17,360 10,605 Proceeds from sale of New Mexico properties — — (144,398) — (144,398) Insurance proceeds received for damage to oil and natural gas properties 99,913 — — 99,913 — Net Cash Used in Investing Activities (18,359,030) (102,607,297) (36,862,165) (120,966,327) (76,367,768) Cash Flows From Financing Activities Proceeds from revolving line of credit 56,322,997 114,000,000 29,500,000 170,322,997 81,000,000 Payments on revolving line of credit (68,322,997) (39,000,000) (44,500,000) (107,322,997) (99,000,000) Payments for taxes withheld on vested restricted shares, net (57,015) (896,431) (86,991) (953,446) (901,976) Proceeds from notes payable 1,648,539 — 1,501,507 1,648,539 1,501,507 Payments on notes payable (160,120) (496,397) (145,712) (656,517) (679,446) Payment of deferred financing costs (5,381,602) — (45,704) (5,381,602) (45,704) Reduction of financing lease liabilities (88,874) (136,427) (176,128) (225,301) (431,284) Net Cash Provided by (Used in) Financing Activities (16,039,072) 73,470,745 (13,953,028) 57,431,673 (18,556,903) Net Increase (Decrease) in Cash (1,100,851) (765,544) (197,263) (1,866,395) 882,428 Cash at Beginning of Period 1,100,851 1,866,395 1,376,075 1,866,395 296,384 Cash at End of Period $ — $ 1,100,851 $ 1,178,812 $ — $ 1,178,812
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Disclosure 34 Certain financial information included in this Presentation are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “PV-10,” “Leverage Ratio,” “All-in Cash Operating Costs,” and "Cash Operating Margin." Management uses these non-GAAP financial measures in its analysis of performance. In addition, CROCE is a key metric used to determine a portion of the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. “Adjusted Net Income” is calculated as net income minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for executed acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare Ring’s results with its peers. The Company defines “Adjusted EBITDA” as net income plus net interest expense (including interest income and expense),unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed A&D, share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on Ring’s Condensed Statements of Cash Flows), plus transaction costs for executed acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of Ring’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in Ring’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non-GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. The table below provides detail of PV-10 to the standardized measure of discounted future net cash flows as of December 31, 2024. ($ in 000’s) Present value of estimated future net revenues (PV-10) $1,462,827 Future income taxes, discounted at 10% 229,891 Standardized measure of discounted future net cash flows $1,232,936 “Leverage” or the “Leverage Ratio” is calculated under the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated total debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the Company’s existing senior revolving credit facility. The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility that means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges reasonably acceptable to Ring’s senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants, to the extent that during such period the Company shall have consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets so acquired or disposed of. Also set forth in Ring’s existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. “PV-10” is a non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 measure of the Company’s oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to its estimated proved reserves independent of its income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to its reserves. Management believes the use of a pre- tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The Company defines “Cash Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. The Company defines “All-In Cash Operating Costs,” a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company. The Company defines “Cash Operating Margin,” a non-GAAP financial measure, as realized revenues per Boe less all-in cash operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company. The “Current Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification (“ASC”) 815, plus the unused line of credit. The Company’s non-cash current assets include the derivative asset marked to market value. Based on its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations 35 Adjusted Net Income (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net income $ 20,634,887 $ 0.10 $ 9,110,738 $ 0.05 $ 22,418,994 $ 0.11 $ 29,745,625 $ 0.15 $ 27,934,371 $ 0.14 Share-based compensation 1,351,839 0.01 1,690,958 0.01 2,077,778 0.01 3,042,797 0.02 3,801,610 0.02 Unrealized loss (gain) on change in fair value of derivatives (13,970,211) (0.07) 375,196 — (765,898) — (13,595,015) (0.07) 16,787,082 0.08 Transaction costs - executed A&D 1,000 — 1,776 — — — 2,776 — 3,539 — Tax impact on adjusted items 2,964,996 0.01 (500,646) (0.01) (304,225) — 2,464,350 0.01 (4,752,202) (0.02) Adjusted Net Income 10,982,511 $ 0.05 10,678,022 $ 0.05 23,426,649 $ 0.12 21,660,533 $ 0.11 43,774,400 $ 0.22 Diluted Weighted-Average Shares Outstanding 206,982,327 201,072,594 200,428,813 204,085,207 199,845,512 Adjusted Net Income per Diluted Share $ 0.05 $ 0.05 $ 0.12 $ 0.11 $ 0.22
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations 36 Adjusted EBITDA 1. Adjusted EBITDA Margin is Adj. EBITDA divided by oil, natural gas, and natural gas liquids revenue. (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024 Net income $ 20,634,887 $ 9,110,738 $ 5,657,519 $ 33,878,424 $ 22,418,994 $ 29,745,625 $ 27,934,371 Interest expense, net 11,687,746 9,408,728 9,987,731 10,610,539 10,801,194 21,096,474 22,221,594 Unrealized loss (gain) on change in fair value of derivatives (13,970,211) 375,196 6,999,552 (26,614,390) (765,898) (13,595,015) 16,787,082 Income tax (benefit) expense 6,107,425 3,041,177 1,803,629 10,087,954 6,820,485 9,148,602 8,549,371 Depreciation, depletion and amortization 25,569,914 22,615,983 24,548,849 25,662,123 24,699,421 48,185,897 48,491,871 Asset retirement obligation accretion 382,251 326,549 323,085 354,195 352,184 708,800 703,018 Transaction costs - executed A&D 1,000 1,776 21,017 — — 2,776 3,539 Share-based compensation 1,351,839 1,690,958 1,672,320 32,087 2,077,778 3,042,797 3,801,610 Loss (gain) on disposal of assets (155,293) (124,610) — — (51,338) (279,903) (89,693) Other income (150,770) (8,942) (80,970) — — (159,712) (25,686) Adjusted EBITDA $ 51,458,788 $ 46,437,553 $ 50,932,732 $ 54,010,932 $ 66,352,820 $ 97,896,341 $ 128,377,077 Adjusted EBITDA Margin 1 62 % 59 % 61 % 61 % 67 % 61 % 66 %
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations (cont.) 37 Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024 Net Cash Provided by Operating Activities $ 33,297,251 $ 28,371,008 $ 47,279,681 $ 51,336,932 $ 50,617,930 $ 61,668,259 $ 95,807,099 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities 8,312,480 9,784,999 (5,073,676) (6,775,740) 5,979,501 18,097,479 12,737,505 Transaction costs - executed A&D 1,000 1,776 21,017 — — 2,776 3,539 Income tax expense (benefit) - current 147,460 136,394 71,280 74,899 152,385 283,854 255,018 Capital expenditures (16,827,513) (32,451,531) (37,633,168) (42,691,163) (35,360,832) (49,279,044) (71,621,840) Proceeds from divestiture of equipment for oil and natural gas properties — — 121,232 — — — — Credit loss expense (205) (17,917) 26,747 (8,817) (14,937) (18,122) (178,777) Loss (gain) on disposal of assets — — — — 38,355 — — Other income (150,770) (8,942) (80,970) — — (159,712) (25,686) Adjusted Free Cash Flow $ 24,779,703 $ 5,815,787 $ 4,732,143 $ 1,936,111 $ 21,412,402 $ 30,595,490 $ 36,976,858 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024 Adjusted EBITDA $ 51,458,788 $ 46,437,553 $ 50,932,732 $ 54,010,932 $ 66,352,820 $ 97,896,341 $ 128,377,077 Net interest expense (excluding amortization of deferred financing costs) (9,851,572) (8,170,235) (8,688,653) (9,383,658) (9,579,586) (18,021,807) (19,778,379) Capital expenditures (16,827,513) (32,451,531) (37,633,168) (42,691,163) (35,360,832) (49,279,044) (71,621,840) Proceeds from divestiture of equipment for oil and natural gas properties — — 121,232 — — — — Adjusted Free Cash Flow $ 24,779,703 $ 5,815,787 $ 4,732,143 $ 1,936,111 $ 21,412,402 $ 30,595,490 $ 36,976,858 Adjusted Free Cash Flow per BOE $ 12.79 $ 3.51 $ 2.62 $ 1.05 $ 11.89 $ 8.52 $ 10.47
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations (cont.) 38 Leverage Ratio (Comparative Period End)Leverage Ratio (Current Period End) (Unaudited) Three Months Ended Last Four QuartersSeptember 30, December 31, March 31, June 30, 2024 2024 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ 33,878,424 $ 5,657,519 $ 9,110,738 $ 20,634,887 $ 69,281,568 Plus: Consolidated interest expense 10,610,539 9,987,731 9,408,728 11,687,746 41,694,744 Plus: Income tax provision (benefit) 10,087,954 1,803,629 3,041,177 6,107,425 21,040,185 Plus: Depreciation, depletion and amortization 25,662,123 24,548,849 22,615,983 25,569,914 98,396,869 Plus: non-cash charges reasonably acceptable to Administrative Agent (26,228,108) 8,994,957 2,392,703 (12,236,121) (27,076,569) Consolidated EBITDAX $ 54,010,932 $ 50,992,685 $ 46,569,329 $ 51,763,851 $ 203,336,797 Plus: Pro Forma Acquired Consolidated EBITDAX 7,838,163 5,244,078 7,392,359 — 20,474,600 Less: Pro Forma Divested Consolidated EBITDAX (600,460) 77,819 8,855 — (513,786) Pro Forma Consolidated EBITDAX $ 61,248,635 $ 56,314,582 $ 53,970,543 $ 51,763,851 $ 223,297,611 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 354,195 $ 323,085 $ 326,549 $ 382,251 Unrealized loss (gain) on derivative assets (26,614,390) 6,999,552 375,196 (13,970,211) Share-based compensation 32,087 1,672,320 1,690,958 1,351,839 Total non-cash charges reasonably acceptable to Administrative Agent $ (26,228,108) $ 8,994,957 $ 2,392,703 $ (12,236,121) As of June 30, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 448,000,000 2.01 Lime Rock deferred payment 10,000,000 0.04 Consolidated Total Debt 458,000,000 2.05 Pro Forma Consolidated EBITDAX 223,297,611 Leverage Ratio 2.05 Maximum Allowed ≤ 3.00x (Unaudited) Three Months Ended Last Four QuartersSeptember 30, December 31, March 31, June 30, 2023 2023 2024 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ (7,539,222) $ 50,896,479 $ 5,515,377 $ 22,418,994 $ 71,291,628 Plus: Consolidated interest expense 11,301,328 11,506,908 11,420,400 10,801,194 45,029,830 Plus: Income tax provision (benefit) (3,411,336) 7,862,930 1,728,886 6,820,485 13,000,965 Plus: Depreciation, depletion and amortization 21,989,034 24,556,654 23,792,450 24,699,421 95,037,559 Plus: non-cash charges acceptable to Administrative Agent 36,396,867 (29,695,076) 19,627,646 1,664,064 27,993,501 Consolidated EBITDAX $ 58,736,671 $ 65,127,895 $ 62,084,759 $ 66,404,158 $ 252,353,483 Plus: Pro Forma Acquired Consolidated EBITDAX 4,810,123 — — — 4,810,123 Less: Pro Forma Divested Consolidated EBITDAX (672,113) (66,463) 40,474 (4,643) (702,745) Pro Forma Consolidated EBITDAX $ 62,874,681 $ 65,061,432 $ 62,125,233 $ 66,399,515 $ 256,460,861 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 354,175 $ 351,786 $ 350,834 $ 352,184 Unrealized loss (gain) on derivative assets 33,871,957 (32,505,544) 17,552,980 (765,898) Share-based compensation 2,170,735 2,458,682 1,723,832 2,077,778 Total non-cash charges acceptable to Administrative Agent $ 36,396,867 $ (29,695,076) $ 19,627,646 $ 1,664,064 As of June 30, 2024 Leverage Ratio Covenant: Revolving line of credit $ 407,000,000 Pro Forma Consolidated EBITDAX 256,460,861 Leverage Ratio 1.59 Maximum Allowed ≤ 3.00x
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations (cont.) 39 Leverage Ratio (Summary of Other Periods) (Unaudited) Last Four Quarters Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ 69,281,568 $ 71,065,675 $ 67,470,314 $ 112,709,274 $ 71,291,628 Plus: Consolidated interest expense 41,694,744 40,808,192 42,819,864 44,339,041 45,029,830 Plus: Income tax provision (benefit) 21,040,185 21,753,245 20,440,954 26,500,255 13,000,965 Plus: Depreciation, depletion and amortization 98,396,869 97,526,376 98,702,843 98,710,648 95,037,559 Plus: non-cash charges acceptable to Administrative Agent (27,076,569) (13,176,384) 4,058,559 (34,631,474) 27,993,501 Consolidated EBITDAX $ 203,336,797 $ 217,977,104 $ 233,492,534 $ 247,627,744 $ 252,353,483 Plus: Pro Forma Acquired Consolidated EBITDAX 20,474,600 30,803,716 — — 4,810,123 Less: Pro Forma Divested Consolidated EBITDAX (513,786) (983,162) (1,116,101) (1,169,088) (702,745) Pro Forma Consolidated EBITDAX $ 223,297,611 $ 247,797,658 $ 232,376,433 $ 246,458,656 $ 256,460,861 As of As of As of As of As of June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Leverage Ratio Covenant: Revolving line of credit $ 448,000,000 $ 460,000,000 $ 385,000,000 $ 392,000,000 $ 407,000,000 Estimated deferred payment 10,000,000 10,000,000 — — — Consolidated Total Debt 458,000,000 470,000,000 385,000,000 392,000,000 407,000,000 Pro Forma Consolidated EBITDAX 223,297,611 247,797,658 232,376,433 246,458,656 256,460,861 Leverage Ratio 2.05 1.9 1.66 1.59 1.59 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations (cont.) 40 Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 As of and for the twelve months ended December 31, December 31, December 31, 2024 2023 2022 Total long term debt (i.e. revolving line of credit) $385,000,000 $425,000,000 $415,000,000 Total stockholders' equity 858,639,982 786,582,900 661,103,391 Average debt 405,000,000 420,000,000 352,500,000 Average stockholders' equity 822,611,441 723,843,146 480,863,799 Average debt and stockholders' equity $1,227,611,441 $1,143,843,146 $833,363,799 Net Cash Provided by Operating Activities $194,423,712 $198,170,459 $196,976,729 Less change in WC (Working Capital) (888,089) 1,180,748 24,091,577 Adjusted Cash Flows From Operations (ACFFO) $195,311,801 $196,989,711 $172,885,152 CROCE (ACFFO)/(Average D+E) 15.9 % 17.2 % 20.7 % Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net (Boe) PV-10 Balance, December 31, 2023 82,141,277 146,396,322 23,218,564 129,759,229 $ 1,647,031,127 Purchase of minerals in place — — — — Extensions, discoveries and improved recovery 11,495,236 10,630,769 2,738,451 16,005,482 Sales of minerals in place (1,140,568) (56,020) (16,361) (1,166,266) Production (4,861,628) (6,423,674) (1,258,814) (7,191,054) Revisions of previous quantity estimates (6,730,246) (730,235) 3,621,245 (3,230,707) Balance, December 31, 2024 80,904,071 149,817,162 28,303,085 134,176,684 $ 1,462,827,136 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Net Cash Provided by Operating Activities $ 33,297,251 $ 28,371,008 $ 50,617,930 $ 61,668,259 $ 95,807,099 Changes in operating assets and liabilities 8,312,480 9,784,999 5,979,501 18,097,479 12,737,505 Adjusted Cash Flow from Operations $ 41,609,731 $ 38,156,007 $ 56,597,431 $ 79,765,738 $ 108,544,604 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 General and administrative expense (G&A) $ 7,138,519 $ 8,619,976 $ 7,713,534 $ 15,758,495 $ 15,182,756 Shared-based compensation 1,351,839 1,690,958 2,077,778 3,042,797 3,801,610 G&A excluding share-based compensation 5,786,680 6,929,018 5,635,756 12,715,698 11,381,146 Transaction costs - executed A&D 1,000 1,776 — 2,776 3,539 G&A excluding share-based compensation and transaction costs $ 5,785,680 $ 6,927,242 $ 5,635,756 $ 12,712,922 $ 11,377,607
Ring Energy, Inc. Q2 Earnings & Updated Guidance | August 7, 2025 | NYSE American: REI Non-GAAP Reconciliations (cont.) 41 All-In Cash Operating Costs Cash Operating Margin (Unaudited for All Periods) Three Months Ended Six Months Ended Trailing Twelve Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March 31, 2025 2025 2024 2025 2024 2025 2025 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 20,245,981 $ 19,677,552 $ 19,309,017 $ 39,923,533 $ 37,669,451 $ 80,565,031 $ 79,628,067 G&A excluding share-based compensation 5,786,680 6,929,018 5,635,756 12,715,698 11,381,146 25,468,835 25,317,911 Net interest expense (excluding amortization of deferred financing costs) 9,851,572 8,170,235 9,579,586 18,021,807 19,778,379 36,094,118 35,822,132 Operating lease expense 175,090 175,091 175,090 350,181 350,181 700,362 700,362 Oil and natural gas production taxes 3,832,607 3,584,455 3,627,264 7,417,062 8,055,567 15,478,060 15,272,717 Ad valorem taxes 1,648,647 1,532,108 1,337,276 3,180,755 3,482,907 7,766,912 7,455,541 Gathering, transportation and processing costs 133,809 203,612 107,629 337,421 273,683 570,071 543,891 All-in cash operating costs $ 41,674,386 $ 40,272,071 $ 39,771,618 $ 81,946,457 $ 80,991,314 $ 166,643,389 $ 164,740,621 Boe 1,937,850 1,655,259 1,800,570 3,593,109 3,532,627 7,251,536 7,114,256 All-in cash operating costs per Boe $ 21.51 $ 24.33 $ 22.09 $ 22.81 $ 22.93 $ 22.98 $ 23.16 (Unaudited for All Periods) Three Months Ended Six Months Ended Trailing Twelve Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March 31, 2025 2025 2024 2025 2024 2025 2025 Cash Operating Margin Realized revenues per Boe $ 42.63 $ 47.78 $ 55.06 $ 45.00 $ 54.82 $ 46.11 $ 49.33 All-in cash operating costs per Boe 21.51 24.33 22.09 22.81 22.93 22.98 23.16 Cash Operating Margin per Boe $ 21.12 $ 23.45 $ 32.97 $ 22.19 $ 31.89 $ 23.13 $ 26.17