Ring Energy posts $16.6M net loss in Q3 2026

Q: What were REI's Q3 2026 earnings?

Ring Energy reported $102.3 million in revenue, up 30% from Q3 2025, and a $16.6 million net loss. Adjusted net income was $27.3 million, up 108%, and adjusted EBITDA was $57.1 million, up 20% year over year.

Q: What are REI's production and capital spending forecasts?

Q4 2026 guidance is 12,900 to 13,500 Bo/d in oil and 20,400 to 21,200 Boe/d in total sales. Updated FY 2027 guidance, pro forma for divestitures, is 13,200 to 14,300 Bo/d in oil, 21,000 to 23,000 Boe/d in total sales and $135 million to $165 million in capital spending.

The quarter included approximately $30.5 million in non-core sales, an $18.8 million leasehold acquisition and $10.0 million less revolving debt.

Available on EDGAR 11/06/2026 - 04:14 PM EST Accepted by SEC EDGAR 11/06/2026 - 04:11 PM EST

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Form Type

8-K

Rhea-AI Filing Summary

Ring Energy, Inc. (REI) reported third-quarter 2026 revenue of $102.3 million, up 30% year over year, and a $16.6 million net loss, including a $41.0 million unrealized loss on commodity derivative contracts. Adjusted net income was $27.3 million, up 108%, and adjusted EBITDA was $57.1 million, up 20%, versus Q3 2025. Net cash from operating activities was $63.1 million, while adjusted free cash flow was negative $13.8 million.

During the quarter, Ring completed approximately $30.5 million of non-core asset sales, acquired approximately 16,500 net acres of Central Basin Platform leasehold for $18.8 million, and reduced revolving borrowings by $10.0 million to $350.0 million at September 30, 2026; LQA leverage was 1.5x. The acquired acreage expanded its Crane and Ector County footprint by over 25%. On October 30, Ring closed another $13.4 million divestiture representing approximately 470 Boe/d. Q4 guidance is 12,900 to 13,500 Bo/d in oil and 20,400 to 21,200 Boe/d in total sales; updated FY 2027 guidance includes 21,000 to 23,000 Boe/d in total sales and $135 million to $165 million in capital spending.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

How the balance works

Positive

Moderate pointRevenue increased 30% year over year to $102.3 million.
Moderate pointAdjusted net income rose 108% year over year; adjusted EBITDA rose 20%.

Negative

Moderate pointQ3 net income: -$16.6 million versus $64.8 million in Q2.
Moderate pointQ3 adjusted free cash flow: -$13.8 million versus $13.9 million in 2025.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $102.3 million Net loss: $16.6 million loss Adjusted net income: $27.3 million +5 more

8 metrics

Revenue $102.3 million Q3 2026; up 30% year over year

Net loss $16.6 million loss Q3 2026

Adjusted net income $27.3 million Q3 2026; up 108% year over year

Adjusted EBITDA $57.1 million Q3 2026; up 20% year over year

Net cash provided by operating activities $63.1 million Q3 2026

Adjusted free cash flow -$13.8 million Q3 2026

Revolving credit facility borrowings $350.0 million At September 30, 2026

Q4 2026 oil production guidance 12,900 to 13,500 Bo/d Q4 2026

Key Terms

Adjusted EBITDA, Adjusted Free Cash Flow, Leverage Ratio, Drilled Uncompleted, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA of $57.1 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted Free Cash Flow financial

"Adjusted Free Cash Flow ($MM)"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Leverage Ratio financial

"Leverage Ratio is calculated pursuant to the Company's existing senior revolving credit facility"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

Drilled Uncompleted technical

"Drilled Uncompleted ("DUC")"

Two-way collars financial

"Two-way collars: Hedged volume (Bbl)"

Earnings Snapshot

Revenue: $102.3 million · Guidance included

Third quarter ended September 30, 2026

Revenue $102.3 million Up 30% year over year

Net income (loss) $16.6 million loss Compared with net income of $64.8 million in Q2 2026

Adjusted net income $27.3 million Up 108% year over year

Adjusted EBITDA $57.1 million Up 20% year over year

Net cash provided by operating activities $63.1 million

Adjusted free cash flow -$13.8 million Compared with $13.9 million in Q3 2025

Guidance

Q4 2026: oil production 12,900 to 13,500 Bo/d; total sales 20,400 to 21,200 Boe/d. Updated FY 2027 guidance pro forma for divestitures: oil production 13,200 to 14,300 Bo/d; total sales 21,000 to 23,000 Boe/d; capital spending $135 million to $165 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were REI's Q3 2026 earnings?

Ring Energy reported $102.3 million in revenue, up 30% from Q3 2025, and a $16.6 million net loss. Adjusted net income was $27.3 million, up 108%, and adjusted EBITDA was $57.1 million, up 20% year over year.

What are REI's production and capital spending forecasts?

Q4 2026 guidance is 12,900 to 13,500 Bo/d in oil and 20,400 to 21,200 Boe/d in total sales. Updated FY 2027 guidance, pro forma for divestitures, is 13,200 to 14,300 Bo/d in oil, 21,000 to 23,000 Boe/d in total sales and $135 million to $165 million in capital spending.

What commodity hedges does REI have for the rest of 2026?

For October through December 2026, Ring reported approximately 1.0 million barrels of oil hedged at an average upside protection price of $74.10 and approximately 1.2 billion cubic feet of natural gas hedged at an average downside protection price of $3.93. Those volumes were approximately 81% of oil sales guidance midpoint and 61% of natural gas sales guidance midpoint, respectively.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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: November 5, 2026

(Date of earliest event reported)

______________________________________________________________________________________

RING ENERGY, INC.

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________________________

Nevada

001-36057

90-0406406

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1725 Hughes Landing Blvd., Suite 900

The Woodlands, TX 77380

(Address of principal executive offices) (Zip Code)

(281) 397-3699

(Registrant’s telephone number, including area code)

Not Applicable.

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

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


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


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


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


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

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


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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, Ring Energy, Inc. (the “Company”) issued a press release announcing its financial and operating results for the third quarter ended September 30, 2026. 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 November 6, 2026, the Company posted to its website a company presentation (the “Presentation Materials”) that management intends to use from time to time. The Company may use the Presentation Materials, possibly with modifications, in presentations to current and potential investors, lenders, creditors, vendors, customers and others with an interest in the Company and its business.

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
99.1									Press Release dated November 5, 2026
99.2									Presentation Materials dated November 6, 2026
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:	November 6, 2026	By:	/s/ Sundip S. Johl
			Sundip S. Johl
			Chief Financial Officer

Exhibit 99.1

RING ENERGY REPORTS THIRD QUARTER 2026 RESULTS, UPDATES GUIDANCE AND
ADVANCES DISCIPLINED PORTFOLIO STRATEGY

Monetized Non-Core Assets, Added Core Acreage While Advancing Higher-Return Development Program and Reducing Debt

The Woodlands, TX – November 5, 2026 – Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the third quarter of 2026 and provided an update on its guidance, development program, portfolio optimization initiatives and balance sheet.

During the third quarter, Ring continued to execute its strategy of improving its capital efficiency and the quality of its asset portfolio while strengthening its balance sheet. The Company completed approximately $30.5 million of non-core asset sales, acquired approximately $18.8 million of leasehold interests in the Central Basin Platform (“CBP”) and reduced borrowings under its revolving credit facility by $10.0 million. The acquired leasehold is positioned within Ring's existing CBP operating footprint, supporting the Company's strategy of expanding higher-return development inventory while increasing financial flexibility. Subsequent to the quarter, on October 30th, Ring closed another divestiture of non-core assets in Gaines and Andrews Counties for ~ $13.4 million.

Third Quarter 2026 Highlights

(Comparisons are to the second quarter of 2026 unless otherwise noted.)

Delivered Higher Adjusted Earnings Despite Lower Realized Oil Prices

•Generated $102.3 million of revenue, down ~ 2% from $104.7 million, primarily reflecting lower realized oil prices;

•Realized oil price of $83.72 per barrel, down ~ 12%;

•Reported net loss of $16.6 million, or $0.06 per diluted share, including a $41.0 million unrealized loss on commodity derivative contracts;

•Adjusted Net Income1 of $27.3 million, or $0.10 per diluted share, up ~ 14% from $24.0 million;

•Adjusted EBITDA1 of $57.1 million, up ~ 5% from $54.5 million despite lower realized oil prices; and

•Net cash provided by operating activities of $63.1 million.

High-Graded Portfolio and Strengthened Balance Sheet

•Completed non-core asset divestitures of ~ 130 barrels of oil equivalent per day ("Boe/d") (63% oil) and ~ 9.8k net acres for ~ $30.5 million;

•Acquired ~ 16.5k net acres for $18.8 million of leasehold interests in the CBP, expanding Ring's core development footprint by over 25% in Crane and Ector Counties; and

•Reduced borrowings under the Company’s revolving credit facility by $10.0 million to $350.0 million at September 30, 2026, while improving LQA leverage ratio to 1.5x from 1.7x.

Advanced Higher-Return Development Program

•Sales volumes of ~ 20,635 Boe/d, including ~ 12,818 barrels of oil per day ("Bo/d"), up approximately 3% and 1%, respectively;

•Brought online first 2-mile horizontal wells and drilled nine YTD;

•Reduced drilling and completion costs2 to ~ $475 per foot YTD; and

•Invested ~ $64.0 million, reflecting the deliberate acceleration of drilling and infrastructure investments to transition to a more capital-efficient program.

Continued Cost Discipline

•Reported lease operating expense ("LOE") of $10.20 per Boe, below the mid-point of guidance;

•Interest expense of $7.7 million, down ~ 23% year-over-year, reflecting lower debt balances; and

•Reduced all-in-cash costs by 3% to $21.03 per Boe.

Subsequent Events and Updating Guidance

•On October 30th, closed a divestiture of non-core assets in Gaines and Andrews Counties for ~ $13.4 million representing ~470 Boe/d (77% oil) of production;

•Q4 2026 oil production guidance range of 12,900 to 13,500 Bopd and total sales range of 20,400 to 21,200 Boepd;

•Q4 2026 LOE per Boe guidance range of $9.80 to $10.30; and

•Updating 2027 guidance pro forma for divestitures.

Management Commentary

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

“This was an exciting and highly productive quarter for Ring. We delivered strong operational results, advanced our longer-lateral development program and took decisive steps to improve the depth and quality of our portfolio. In a single quarter, we monetized approximately $30.5 million of non-core assets, added strategic acreage in the heart of our Central Basin Platform position and reduced debt by $10.0 million.

With strong commodity prices, encouraging well performance and the cash surplus from asset dispositions, we deliberately chose to outspend adjusted free cash flow this quarter to accelerate our program. Having said that, we have not lost our focus on capital discipline – we intend to be cash flow positive during the fourth quarter and for the full year. We are proud of what our team accomplished so far this year and remain focused on debt reduction and improving our leverage ratio metrics.

Operationally, we grew production 3% from the second quarter and kept lease operating expense below the mid-point of our guidance range while drilling eight horizontal wells and completing seven, including our first five, 2-mile co-developed laterals in Crane County. These results reinforce our confidence in the development program and demonstrate the execution capability of our team.

The acreage we acquired is particularly compelling because it expands our inventory within an area we know well, where we already operate and where we see attractive opportunities to generate strong returns. By selling assets that were not expected to compete for near-term capital, we effectively recycled capital from lower-priority assets into higher-quality inventory while also strengthening the balance sheet. We believe this is a compelling example of how disciplined capital allocation can strengthen Ring and create stockholder value. We intend for this to be an integral part of our strategy going forward.

We entered 2026 focused on moving Ring into its next phase with greater capital efficiency, and the progress we made this quarter represents an important step forward. We have a stronger portfolio with a deeper inventory of low break-even development opportunities and greater financial flexibility. We are energized by the momentum across the business and believe Ring is increasingly well positioned to deliver durable and competitive, per-share value for our stockholders.”

___________________________________

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

2 D&C Cost is drilling, completion, equipment and connect to facility costs per lateral foot. 2026 excludes shorter lateral test wells.

Summary Results and Additional Key Items



	Q3 2026	Q2 2026	Q3 2026 to Q2 2026 % Change	Q3 2025	Q3 2026 to Q3 2025 % Change	YTD 2026	YTD 2025	YTD % Change
Average Daily Sales Volumes (Boe/d)	20,635	19,990	3%	20,789	(1)%	19,997	20,167	(1)%
Crude Oil (Bo/d)	12,818	12,683	1%	13,332	(4)%	12,594	13,310	(5)%
Net Sales (MBoe)	1,898.4	1,819.1	4%	1,912.6	(1)%	5,459.1	5,505.7	(1)%
Realized Price - All Products ($/Boe)	$53.91	$57.55	(6)%	$41.10	31%	$51.42	$43.64	18%
Realized Price - Crude Oil ($/Bo)	$83.72	$95.45	(12)%	$64.32	30%	$82.92	$65.54	27%
Revenues ($MM)	$102.3	$104.7	(2)%	$78.6	30%	$280.7	$240.3	17%
Net Income (Loss) ($MM)	$(16.6)	$64.8	(126)%	$(51.6)	68%	$(172.4)	$(21.9)	(687)%
Adjusted Net Income1 ($MM)	$27.3	$24.0	14%	$13.1	108%	$58.7	$34.8	69%
Adjusted EBITDA1 ($MM)	$57.1	$54.5	5%	$47.7	20%	$149.9	$145.6	3%
Capital Expenditures ($MM)	$64.0	$43.2	48%	$24.6	160%	$141.7	$73.9	92%
Adjusted Free Cash Flow1 ($MM)	$(13.8)	$4.4	(414)%	$13.9	(199)%	$(9.2)	$44.5	(121)%

(1) Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.” In addition, see section titled “Condensed Operating Data” for additional details concerning costs and expenses presented below.

Select Expenses and Other Items


	Q3 2026	Q2 2026	Q3 2026 to Q2 2026 % Change	Q3 2025	Q3 2026 to Q3 2025 % Change	YTD 2026	YTD 2025	YTD % Change
Lease operating expenses (“LOE”) ($MM)	$19.4	$18.4	5%	$20.5	(5)%	$55.9	$60.4	(7)%
Lease operating expenses ($/BOE)	$10.20	$10.12	1%	$10.73	(5)%	$10.24	$10.98	(7)%
Depreciation, depletion and amortization ($MM)	$20.9	$20.1	4%	$25.2	(17)%	$62.4	$73.4	(15)%
Depreciation, depletion and amortization ($/BOE)	$11.01	$11.06	—%	$13.19	(17)%	$11.43	$13.33	(14)%
General and administrative expenses (“G&A”) ($MM)	$9.0	$8.0	13%	$8.1	11%	$24.4	$23.9	2%
General and administrative expenses ($/BOE)	$4.77	$4.37	9%	$4.26	12%	$4.48	$4.34	3%
G&A excluding share-based compensation ($MM)	$6.5	$5.8	12%	$6.5	—%	$18.3	$19.2	(5)%
G&A excluding share-based compensation ($/BOE)	$3.45	$3.19	8%	$3.41	1%	$3.35	$3.49	(4)%
G&A excluding share-based compensation & transaction costs ($MM)	$6.5	$5.8	12%	$6.5	—%	$18.3	$19.2	(5)%
G&A excluding share-based compensation & transaction costs ($/BOE)	$3.45	$3.19	8%	$3.41	1%	$3.35	$3.49	(4)%
Interest expense ($MM)	$7.7	$8.4	(8)%	$10.1	(24)%	$24.7	$31.3	(21)%
Interest expense ($/BOE)	$4.05	$4.61	(12)%	$5.26	(23)%	$4.52	$5.69	(21)%
Gain (loss) on derivative contracts ($MM) (1)	$(53.2)	$23.7	(324)%	$0.4	NM (2)	$(111.7)	$14.2	(887)%
Realized gain (loss) on derivative contracts ($MM)	$(12.2)	$(18.5)	34%	$2.5	(588)%	$(35.9)	$2.7	NM (2)
Unrealized gain (loss) on derivative contracts ($MM)	$(41.0)	$42.2	(197)%	$(2.1)	NM (2)	$(75.8)	$11.5	(759)%

(1) A summary listing of the Company’s outstanding derivative positions as of November 5, 2026 is included in the tables shown later in this release. As of November 5, 2026, for the remainder (October through December) of 2026, the Company has approximately 1.0 million barrels of oil (approximately 81% of oil sales guidance midpoint) hedged at an average upside protection price of $74.10 and approximately 1.2 billion cubic feet of natural gas (approximately 61% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.93.

(2) Not meaningful.

Balance Sheet and Liquidity

Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at September 30, 2026 was approximately $236.4 million, consisting of $235.0 million of availability under our revolving credit facility, which included a reduction of $35 thousand for letters of credit, and approximately $1.5 million in cash and cash equivalents. On September 30, 2026, the Company had $350 million in borrowings outstanding on its credit facility that has a current borrowing base of $585 million. This reflects a reduction of $10 million from the balance of $360 million at June 30, 2026. The Company intends to continue debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

Drilling and Completion Activity

In 3Q 2026, the Company drilled a total of eight and completed a total of seven horizontal producing wells. Additionally, the Company completed the SWD well that was in the process of being drilled at the end of the second quarter. In the Central Basin Platform in Andrews County, the Company drilled and completed two 1.5-mile horizontal wells, both with a working interest of approximately 99%. In the Central Basin Platform in Crane County, the Company drilled six and completed five 2-mile horizontal wells, each with a working interest of 100%.

The table below sets forth Ring’s drilling and completion activities in the first nine months of 2026:


Quarter	Area	Wells Drilled	Wells Completed	Drilled Uncompleted ("DUC")

1Q 2026	Northwest Shelf (Horizontal)	5	5	—
	Central Basin Platform (Horizontal) (1)	—	1	—
	Central Basin Platform (Vertical)	1	1	—
	Total	6	7	—

2Q 2026	Northwest Shelf (Horizontal)	2	2	—
	Central Basin Platform (Horizontal)	5	2	3

	Total	7	4	3


3Q 2026	Central Basin Platform (Horizontal)	8	7	4

	Total (2)	8	7	4

(1) The horizontal well completed in the Central Basin Platform in the first quarter of 2026 is the completion of a previously drilled but uncompleted (“DUC”) well.

(2) The total does not include the SWD well that was completed in the third quarter of 2026.

Remaining Quarter of 2026 and Full-Year 2027 Sales Volumes, Capital Investment and Operating Expense Guidance

Since providing its original 2026 development outlook, Ring has continued to refine its development plan towards horizontal drilling and allocate capital toward its highest-return opportunities. This evolution reflects encouraging early well results, improved operational execution and the attractive economics associated with extended-reach laterals. Ring believes the increased concentration of longer lateral opportunities has the potential to enhance capital efficiency, improve project economics and support the Company's strategy of generating higher returns while responsibly growing production.

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


	Q4 2026	FY 2027
	UPDATED	UPDATED
Sales Volumes:
Total Oil (Bo/d)	12,900 - 13,500	13,200 - 14,300

Total (Boe/d)	20,400 - 21,200	21,000 - 23,000

Oil (%)	63%	63%
NGLs (%)	20%	20%
Gas (%)	17%	17%

Capital Program:
Capital spending(1) (millions)	$43 - $48	$135 - $165

New >1.5 mile lateral wells drilled	5	20 - 30

Wells completed and online	5	20 - 30
DUC wells	4	0


Operating Expenses:
LOE (per Boe)	$9.80 - $10.30	$9.70 - $10.50

(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.

Conference Call Information

Ring will hold a conference call on Friday, November 6, 2026 at 11:00 a.m. ET (10 a.m. CT) to discuss its 3Q 2026 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 set to begin. Please reference the “Ring Energy 3Q 2026 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

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

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for remainder of 2026 and 2027 guidance for sales volumes, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, wells drilled, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural

gas prices; the level of success in exploration, development and production activities; the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz); adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary, tax and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Contact Information

Sonu Singh Johl

Executive Vice President, Chief Financial Officer and Treasurer

Phone: 281-397-3699

Email: IR@ringenergy.com

RING ENERGY, INC.

Condensed Statements of Operations

(Unaudited)



	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

Oil, Natural Gas, and Natural Gas Liquids Revenues	$	102,343,662	$	104,681,489	$	78,601,336	$	280,696,815	$	240,295,302

Costs and Operating Expenses
Lease operating expenses	19,367,227		18,409,462		20,518,472		55,899,033		60,442,005
Gathering, transportation and processing costs	180,787		101,902		126,569		399,738		463,990
Ad valorem taxes	2,210,911		2,202,160		2,446,565		6,615,608		5,627,320
Oil and natural gas production taxes	4,584,698		5,047,619		3,670,987		13,186,208		11,088,049
Depreciation, depletion and amortization	20,900,733		20,114,890		25,225,345		62,421,571		73,411,242
Ceiling test impairment	—		—		72,912,330		162,086,257		72,912,330
Asset retirement obligation accretion	405,729		401,944		390,563		1,203,169		1,099,363
Operating lease expense	124,187		175,090		175,091		474,368		525,272
General and administrative expense	9,046,598		7,954,230		8,139,771		24,439,606		23,898,266

Total Costs and Operating Expenses	56,820,870		54,407,297		133,605,693		326,725,558		249,467,837

Income (Loss) from Operations	45,522,792		50,274,192		(55,004,357)		(46,028,743)		(9,172,535)

Other Income (Expense)
Interest income	108,728		148,540		74,253		327,797		233,969
Interest (expense)	(7,695,843)		(8,379,552)		(10,052,320)		(24,675,004)		(31,308,510)
Gain (loss) on derivative contracts	(53,200,280)		23,724,426		444,305		(111,706,779)		14,163,569
Gain (loss) on disposal of assets	52,331		104,150		105,642		156,481		385,545
Other income	—		9,600		—		15,437		159,712
Net Other Income (Expense)	(60,735,064)		15,607,164		(9,428,120)		(135,882,068)		(16,365,715)

Income (Loss) Before Benefit from (Provision for) Income Taxes	(15,212,272)		65,881,356		(64,432,477)		(181,910,811)		(25,538,250)

Benefit from (Provision for) Income Taxes	(1,387,957)		(1,088,046)		12,800,947		9,512,410		3,652,345

Net Income (Loss)	$	(16,600,229)	$	64,793,310	$	(51,631,530)	$	(172,398,401)	$	(21,885,905)

Basic Earnings (Loss) per Share	$	(0.06)	$	0.28	$	(0.25)	$	(0.74)	$	(0.11)
Diluted Earnings (Loss) per Share	$	(0.06)	$	0.27	$	(0.25)	$	(0.74)	$	(0.11)

Basic Weighted-Average Shares Outstanding	260,533,239		233,951,765		206,688,003		234,543,417		204,223,621
Diluted Weighted-Average Shares Outstanding	260,533,239		237,808,489		206,688,003		234,543,417		204,223,621

RING ENERGY, INC.

Condensed Operating Data

(Unaudited)


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025

Net sales volumes:
Oil (Bbls)	1,179,247			1,154,147			1,226,537			3,438,217			3,633,739
Natural gas (Mcf)	1,896,728			1,764,659			1,853,599			5,350,899			5,172,603
Natural gas liquids (Bbls)	403,060			370,819			377,141			1,129,052			1,009,881
Total oil, natural gas and natural gas liquids (Boe)(1)	1,898,428			1,819,076			1,912,611			5,459,086			5,505,721

% Oil	62		%	64		%	64		%	63		%	66		%
% Natural Gas	17		%	16		%	16		%	16		%	16		%
% Natural Gas Liquids	21		%	20		%	20		%	21		%	18		%

Average daily sales volumes:
Oil (Bbls/d)	12,818			12,683			13,332			12,594			13,310
Natural gas (Mcf/d)	20,617			19,392			20,148			19,600			18,947
Natural gas liquids (Bbls/d)	4,381			4,075			4,099			4,136			3,699
Average daily equivalent sales (Boe/d)	20,635			19,990			20,789			19,997			20,167

Average realized sales prices:
Oil ($/Bbl)	$	83.72		$	95.45		$	64.32		$	82.92		$	65.54
Natural gas ($/Mcf)	(0.30)			(5.20)			(1.22)			(2.62)			(0.93)
Natural gas liquids ($/Bbls)	10.38			9.96			5.22			8.54			6.85
Barrel of oil equivalent ($/Boe)	$	53.91		$	57.55		$	41.10		$	51.42		$	43.64

Average costs and expenses per Boe ($/Boe):
Lease operating expenses	$	10.20		$	10.12		$	10.73		$	10.24		$	10.98
Gathering, transportation and processing costs	0.10			0.06			0.07			0.07			0.08
Ad valorem taxes	1.16			1.21			1.28			1.21			1.02
Oil and natural gas production taxes	2.41			2.77			1.92			2.42			2.01
Depreciation, depletion and amortization	11.01			11.06			13.19			11.43			13.33
Ceiling test impairment	—			—			38.12			29.69			13.24
Asset retirement obligation accretion	0.21			0.22			0.20			0.22			0.20
Operating lease expense	0.07			0.10			0.09			0.09			0.10
G&A (including share-based compensation)	4.77			4.37			4.26			4.48			4.34
G&A (excluding share-based compensation)	3.45			3.19			3.41			3.35			3.49
G&A (excluding share-based compensation and transaction costs)	3.45			3.19			3.41			3.35			3.49

(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.

RING ENERGY, INC.

Condensed Balance Sheets

(Unaudited)


	As of
	September 30, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	1,473,639	$	902,913
Accounts receivable	49,387,082		30,938,908
Joint interest billing receivables, net	1,327,039		1,623,991
Derivative assets	7,115,775		21,468,134
Inventory	6,068,196		5,312,715
Prepaid expenses and other assets	2,526,316		1,822,751
Total Current Assets	67,898,047		62,069,412
Properties and Equipment
Oil and natural gas properties, full cost method	1,855,601,600		1,891,510,431
Financing lease asset subject to depreciation	3,677,613		3,633,586
Fixed assets subject to depreciation	3,404,826		3,504,788
Total Properties and Equipment	1,862,684,039		1,898,648,805
Accumulated depreciation, depletion and amortization	(629,969,873)		(569,180,901)
Net Properties and Equipment	1,232,714,166		1,329,467,904
Operating lease asset	850,696		1,285,159
Derivative assets	8,955,873		9,739,430
Deferred financing costs	7,314,084		9,337,344
Total Assets	$	1,317,732,866	$	1,411,899,249

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	117,296,494	$	90,258,731
Income tax liability	390,507		356,436
Financing lease liability	646,731		730,564
Operating lease liability	498,844		586,614
Derivative liabilities	44,004,900		841,193
Notes payable	1,006,152		505,752

Asset retirement obligations	291,844		418,526
Total Current Liabilities	164,135,472		93,697,816

Non-current Liabilities

Deferred income taxes	12,755,515		22,298,701
Revolving line of credit	350,000,000		420,000,000
Financing lease liability, less current portion	439,869		593,146
Operating lease liability, less current portion	442,008		819,223
Derivative liabilities	20,007,162		2,512,692
Asset retirement obligations	30,632,348		29,972,429
Total Liabilities	578,412,374		569,894,007
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; 260,539,607 shares and 207,656,929 shares issued and outstanding, respectively	260,539		207,657
Additional paid-in capital	882,438,355		812,777,586
Retained earnings (Accumulated deficit)	(143,378,402)		29,019,999
Total Stockholders’ Equity	739,320,492		842,005,242
Total Liabilities and Stockholders' Equity	$	1,317,732,866	$	1,411,899,249

RING ENERGY, INC.

Condensed Statements of Cash Flows

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

Cash Flows From Operating Activities
Net income (loss)	$	(16,600,229)	$	64,793,310	$	(51,631,530)	$	(172,398,401)	$	(21,885,905)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	20,900,733		20,114,890		25,225,345		62,421,571		73,411,242
Ceiling test impairment	—		—		72,912,330		162,086,257		72,912,330
Asset retirement obligation accretion	405,729		401,944		390,563		1,203,169		1,099,363
Amortization of deferred financing costs	673,731		690,842		693,625		2,058,721		3,768,292
Share-based compensation	2,497,039		2,149,596		1,618,600		6,171,443		4,661,397
Credit loss expense	50,871		92,432		907		143,303		19,029
(Gain) loss on disposal of assets	(52,331)		(104,150)		(105,642)		(156,481)		(385,545)
Deferred income tax expense (benefit)	1,508,503		1,026,087		(12,964,252)		(9,707,992)		(4,208,267)
Excess tax expense (benefit) related to share-based compensation	3,914		2,310		123,533		164,806		232,296
(Gain) loss on derivative contracts	53,200,280		(23,724,426)		(444,305)		111,706,779		(14,163,569)
Cash received (paid) for derivative settlements, net	(12,177,595)		(18,459,080)		2,586,230		(35,912,686)		2,710,479
Changes in operating assets and liabilities:
Accounts receivable	(6,221,110)		1,996,197		4,672,943		(18,294,525)		2,299,483
Inventory	(441,935)		522,702		399,193		(755,481)		(937,541)
Prepaid expenses and other assets	669,490		(1,769,310)		439,087		(703,565)		(496,396)
Accounts payable	20,134,593		(6,503,785)		841,492		23,852,444		(12,039,039)
Settlement of asset retirement obligation	(1,501,127)		(440,266)		(265,794)		(2,144,812)		(837,065)
Net Cash Provided by Operating Activities	63,050,556		40,789,293		44,492,325		129,734,550		106,160,584

Cash Flows From Investing Activities
Payments for Lime Rock Acquisition	—		—		(1,709,776)		—		(72,569,545)

Payments to purchase oil and natural gas properties	(18,295,766)		(1,611,607)		(715,126)		(22,689,104)		(1,512,415)
Payments to develop oil and natural gas properties	(63,127,489)		(39,928,636)		(20,995,094)		(135,562,945)		(70,251,975)
Proceeds from divestiture of oil and natural gas properties	30,500,000		602,471		100		35,368,950		100
Insurance proceeds received for damage to oil and natural gas properties	—		—		160,533		—		260,446
Payments to acquire or improve fixed assets subject to depreciation	(15,423)		—		(5,708)		(15,423)		(175,369)
Proceeds from sale of fixed assets subject to depreciation	—		100,832		—		100,832		17,360
Net Cash Used in Investing Activities	(50,938,678)		(40,836,940)		(23,265,071)		(122,797,690)		(144,231,398)

Cash Flows From Financing Activities
Proceeds from revolving line of credit	69,000,000		55,000,000		31,000,000		172,000,000		201,322,997
Payments on revolving line of credit	(79,000,000)		(121,000,000)		(51,000,000)		(242,000,000)		(158,322,997)
Proceeds from issuance of common stock	(216,680)		64,780,500		—		64,563,820		—

Payments for taxes withheld on vested restricted shares, net	(907,083)		—		(8,000)		(908,048)		(961,446)
Proceeds from notes payable	—		1,657,810		—		1,657,810		1,648,539
Payments on notes payable	(490,152)		(161,506)		(486,590)		(1,157,410)		(1,143,107)
Payment of deferred financing costs	—		—		(332,376)		(35,460)		(5,713,978)
Reduction of financing lease liabilities	(161,734)		(132,383)		(113,381)		(486,846)		(338,682)
Net Cash Provided by (Used in) Financing Activities	(11,775,649)		144,421		(20,940,347)		(6,366,134)		36,491,326

Net Increase (Decrease) in Cash	336,229		96,774		286,907		570,726		(1,579,488)
Cash at Beginning of Period	1,137,410		1,040,636		—		902,913		1,866,395
Cash at End of Period	$	1,473,639	$	1,137,410	$	286,907	$	1,473,639	$	286,907

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of November 5, 2026

The following tables reflect the details of current derivative contracts as of November 5, 2026 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):


Oil Hedges (WTI)	Q4 2026		Q1 2027		Q2 2027		Q3 2027		Q4 2027		Q1 2028		Q2 2028		Q3 2028

Swaps:
Hedged volume (Bbl)	620,500		779,500		674,000		616,000		412,963		—		—		—
Weighted average swap price	$	70.60	$	71.23	$	67.19	$	68.89	$	57.59	$	—	$	—	$	—






Two-way collars:
Hedged volume (Bbl)	368,000		2,935		—		32,910		33,435		430,080		415,580		402,614
Weighted average put price	$	65.00	$	62.50	$	—	$	60.00	$	60.00	$	55.59	$	57.50	$	60.00
Weighted average call price	$	80.00	$	73.65	$	—	$	72.30	$	72.30	$	66.02	$	73.02	$	77.21







Swaps: WTI NYMEX Rolls
Hedged volume (BBL)	300,000		—		—		—		—		—		—		—
Weighted average swap price	$	5.82	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Oil Hedges (WTI)	Q4 2028		Q1 2029		Q2 2029		Q3 2029		Q4 2029		Q1 2030		Q2 2030










Two-way collars:
Hedged volume (Bbl)	276,000		—		—		—		—		—		—
Weighted average put price	$	60.00	$	—	$	—	$	—	$	—	$	—	$	—
Weighted average call price	$	81.80	$	—	$	—	$	—	$	—	$	—	$	—


Gas Hedges (Henry Hub)	Q4 2026		Q1 2027		Q2 2027		Q3 2027		Q4 2027		Q1 2028		Q2 2028		Q3 2028

NYMEX Swaps:
Hedged volume (MMBtu)	1,072,305		439,678		423,035		1,079,906		1,046,151		1,012,567		984,322		956,865
Weighted average swap price	$	3.99	$	4.02	$	4.02	$	3.86	$	4.02	$	3.77	$	3.77	$	3.77

Two-way collars:
Hedged volume (MMBtu)	128,000		717,000		694,000		—		—		—		—		—
Weighted average put price	$	3.50	$	3.99	$	3.00	$	—	$	—	$	—	$	—	$	—
Weighted average call price	$	5.42	$	5.21	$	4.32	$	—	$	—	$	—	$	—	$	—


Gas Hedges (Henry Hub)	Q4 2028		Q1 2029		Q2 2029		Q3 2029		Q4 2029		Q1 2030		Q2 2030

NYMEX Swaps:
Hedged volume (MMBtu)	931,539		908,117		886,933		866,585		846,134		—		—
Weighted average swap price	$	3.77	$	3.67	$	3.67	$	3.67	$	3.67	$	—	$	—


Gas Hedges (basis differential)	Q4 2026		Q1 2027		Q2 2027		Q3 2027		Q4 2027		Q1 2028		Q2 2028		Q3 2028

Waha basis swaps:
Hedged volume (MMBtu)	411,451		196,372		480,325		464,360		449,846		435,403		—		—
Weighted average spread price (1)	$	1.81	$	0.78	$	0.78	$	0.78	$	0.78	$	0.68	$	—	$	—

El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)	788,851		960,307		636,710		615,547		596,306		577,163		—		—
Weighted average spread price (1)	$	1.92	$	0.72	$	0.67	$	0.67	$	0.67	$	0.60	$	—	$	—


Gas Hedges (basis differential)	Q4 2028		Q1 2029		Q2 2029		Q3 2029		Q4 2029		Q1 2030		Q2 2030

Waha basis swaps:
Hedged volume (MMBtu)	—		—		—		259,975		253,840		—		—
Weighted average spread price (1)	$	—	$	—	$	—	$	0.61	$	0.71	$	—	$	—

El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)	—		—		—		606,610		592,294		—		—
Weighted average spread price (1)	$	—	$	—	$	—	$	0.54	$	0.64	$	—	$	—

(1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.

RING ENERGY, INC.

Non-GAAP Financial Information

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

Reconciliation of Net income (loss) to Adjusted Net Income

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


	(Unaudited for All Periods)
	Three Months Ended												Nine Months Ended
	September 30,				June 30,				September 30,				September 30,				September 30,
	2026				2026				2025				2026				2025
	Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted
Net income (loss)	$	(16,600,229)	$	(0.06)	$	64,793,310	$	0.27	$	(51,631,530)	$	(0.25)	$	(172,398,401)	$	(0.74)	$	(21,885,905)	$	(0.11)

Share-based compensation	2,497,039		0.01		2,149,596		0.01		1,618,600		0.01		6,171,443		0.03		4,661,397		0.02
Ceiling test impairment	—		—		—		—		72,912,330		0.35		162,086,257		0.69		72,912,330		0.37
Unrealized loss (gain) on change in fair value of derivatives	41,022,685		0.15		(42,183,506)		(0.18)		2,141,925		0.01		75,794,093		0.33		(11,453,090)		(0.06)
Transaction costs - A&D	—		—		—		—		10		—		—		—		2,786		—
Tax impact on adjusted items	331,774		—		(757,785)		—		(11,920,971)		(0.06)		(12,983,555)		(0.06)		(9,456,621)		(0.05)

Adjusted Net Income	$	27,251,269	$	0.10	$	24,001,615	$	0.10	$	13,120,364	$	0.06	$	58,669,837	$	0.25	$	34,780,897	$	0.17

Diluted Weighted-Average Shares Outstanding	260,533,239				237,808,489				206,688,003				234,543,417				204,223,621

Adjusted Net Income per Diluted Share	$	0.10			$	0.10			$	0.06			$	0.25			$	0.17

Reconciliation of Net income (loss) to Adjusted EBITDA

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


	(Unaudited for All Periods)
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Net income (loss)	$	(16,600,229)		$	64,793,310		$	(51,631,530)		$	(172,398,401)		$	(21,885,905)

Interest expense, net	7,587,115			8,231,012			9,978,067			24,347,207			31,074,541
Unrealized loss (gain) on change in fair value of derivatives	41,022,685			(42,183,506)			2,141,925			75,794,093			(11,453,090)
Ceiling test impairment	—			—			72,912,330			162,086,257			72,912,330
Income tax (benefit) expense	1,387,957			1,088,046			(12,800,947)			(9,512,410)			(3,652,345)
Depreciation, depletion and amortization	20,900,733			20,114,890			25,225,345			62,421,571			73,411,242
Asset retirement obligation accretion	405,729			401,944			390,563			1,203,169			1,099,363
Transaction costs - A&D	—			—			10			—			2,786
Share-based compensation	2,497,039			2,149,596			1,618,600			6,171,443			4,661,397
Loss (gain) on disposal of assets	(52,331)			(104,150)			(105,642)			(156,481)			(385,545)
Other income	—			(9,600)			—			(15,437)			(159,712)

Adjusted EBITDA	$	57,148,698		$	54,481,542		$	47,728,721		$	149,941,011		$	145,625,062

Adjusted EBITDA Margin (1)	56		%	52		%	61		%	53		%	61		%

(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Oil, Natural Gas, and Natural Gas Liquids Revenue.

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

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


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

Net Cash Provided by Operating Activities	$	63,050,556	$	40,789,293	$	44,492,325	$	129,734,550	$	106,160,584
Adjustments - Condensed Statements of Cash Flows
Changes in operating assets and liabilities	(12,639,911)		6,194,462		(6,086,921)		(1,954,061)		12,010,558
Transaction costs - A&D	—		—		10		—		2,786
Income tax expense (benefit) - current	(124,460)		59,649		39,772		30,776		323,626
Capital expenditures	(64,035,184)		(43,169,155)		(24,589,282)		(141,709,849)		(73,868,326)
Proceeds from divestiture of oil and natural gas properties (1)	—		602,471		100		4,868,950		100
Credit loss expense	(50,871)		(92,432)		(907)		(143,303)		(19,029)

Other income	—		(9,600)		—		(15,437)		(159,712)

Adjusted Free Cash Flow	$	(13,799,870)	$	4,374,688	$	13,855,097	$	(9,188,374)	$	44,450,587


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

Adjusted EBITDA	$	57,148,698	$	54,481,542	$	47,728,721	$	149,941,011	$	145,625,062

Net interest expense (excluding amortization of deferred financing costs)	(6,913,384)		(7,540,170)		(9,284,442)		(22,288,486)		(27,306,249)
Capital expenditures	(64,035,184)		(43,169,155)		(24,589,282)		(141,709,849)		(73,868,326)
Proceeds from divestiture of oil and natural gas properties (1)	—		602,471		100		4,868,950		100

Adjusted Free Cash Flow	$	(13,799,870)	$	4,374,688	$	13,855,097	$	(9,188,374)	$	44,450,587

(1) Proceeds from divestitures of oil and natural gas properties for purposes of Adjusted Free Cash Flow excludes proceeds of $30.5 million from the sale of certain non-core assets for the three and nine months ended September 30, 2026.

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

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


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

Net Cash Provided by Operating Activities	$	63,050,556	$	40,789,293	$	44,492,325	$	129,734,550	$	106,160,584

Changes in operating assets and liabilities	(12,639,911)		6,194,462		(6,086,921)		(1,954,061)		12,010,558

Adjusted Cash Flow from Operations	$	50,410,645	$	46,983,755	$	38,405,404	$	127,780,489	$	118,171,142

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

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


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

General and administrative expense (G&A)	$	9,046,598	$	7,954,230	$	8,139,771	$	24,439,606	$	23,898,266
Share-based compensation	2,497,039		2,149,596		1,618,600		6,171,443		4,661,397
G&A excluding share-based compensation	$	6,549,559	$	5,804,634	$	6,521,171	18,268,163		19,236,869
Transaction costs - A&D	—		—		10		—		2,786
G&A excluding share-based compensation and transaction costs	$	6,549,559	$	5,804,634	$	6,521,161	$	18,268,163	$	19,234,083

Calculation of Leverage Ratio

“Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility.

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

The Company defines “Indebtedness” in accordance with its existing senior revolving credit facility and generally means (i) all obligations of the Company for borrowed money, (ii) all obligations of the Company evidenced by notes or other similar instruments, (iii) all obligations of the Company in respect of the deferred purchase price of property or services, (iv) all obligations of the Company under any conditional sale relating to property acquired the Company, (v) all capital lease obligations of the Company, (vi) all obligations, contingent or otherwise, of the Company in respect of letters of credit or similar extensions of credit, (vii) all guarantees of the Company of the type of Indebtedness described in clauses (i) through (vi) above, (viii) all Indebtedness of a third party secured by any lien on property owned by the Company, whether or not such Indebtedness has been assumed by the Company, (ix) all off-balance sheet liabilities, (x) all hedging obligations and (xi) the undischarged balance of any production payment created by the Company or for the creation of which the Company directly or indirectly received payment.

The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility and means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of.

The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. The following tables show the leverage ratio calculations for the quarters ended September 30, 2026 and September 30, 2025.


	(Unaudited)
	Three Months Ended
	December 31,		March 31,		June 30,		September 30,		Last Four Quarters
	2025		2026		2026		2026
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	(12,845,294)	$	(220,591,482)	$	64,793,310	$	(16,600,229)	$	(185,243,695)
Plus: Consolidated interest expense	9,065,509		8,529,080		8,231,012		7,587,115		33,412,716
Plus: Income tax provision (benefit)	(3,800,401)		(11,988,413)		1,088,046		1,387,957		(13,312,811)
Plus: Depreciation, depletion and amortization	23,002,908		21,405,948		20,114,890		20,900,733		85,424,479
Plus: non-cash charges reasonably acceptable to Administrative Agent	23,025,119		240,961,475		(39,631,966)		43,925,453		268,280,081
Consolidated EBITDAX	$	38,447,841	$	38,316,608	$	54,595,292	$	57,201,029	$	188,560,770
Plus: Pro Forma Acquired Consolidated EBITDAX	—		—		—		—		—
Less: Pro Forma Divested Consolidated EBITDAX	—		—		—		—		—
Pro Forma Consolidated EBITDAX	$	38,447,841	$	38,316,608	$	54,595,292	$	57,201,029	$	188,560,770

Non-cash charges reasonably acceptable to Administrative Agent:
Asset retirement obligation accretion	$	390,892	$	395,496	$	401,944	$	405,729
Unrealized loss (gain) on derivative assets	(14,753,449)		76,954,914		(42,183,506)		41,022,685
Ceiling test impairment	35,913,116		162,086,257		—		—
Share-based compensation	1,474,560		1,524,808		2,149,596		2,497,039
Total non-cash charges reasonably acceptable to Administrative Agent	$	23,025,119	$	240,961,475	$	(39,631,966)	$	43,925,453

	As of
	September 30,		Corresponding
	2026		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	350,000,000	1.85
Notes payable	1,006,152		0.01

Capital lease obligations	1,086,600		0.01
Consolidated Total Debt	$	352,092,752	1.87
Pro Forma Consolidated EBITDAX	188,560,770
Leverage Ratio	1.87
Maximum Allowed	≤ 3.00x


	(Unaudited)
	Three Months Ended
	December 31,		March 31,		June 30,		September 30,		Last Four Quarters
	2024		2025		2025		2025
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	5,657,519	$	9,110,738	$	20,634,887	$	(51,631,530)	$	(16,228,386)
Plus: Consolidated interest expense	9,987,731		9,408,728		11,687,746		9,978,067		41,062,272
Plus: Income tax provision (benefit)	1,803,629		3,041,177		6,107,425		(12,800,947)		(1,848,716)
Plus: Depreciation, depletion and amortization	24,548,849		22,615,983		25,569,914		25,225,345		97,960,091
Plus: non-cash charges reasonably acceptable to Administrative Agent	8,994,957		2,392,703		(12,236,121)		77,063,418		76,214,957
Consolidated EBITDAX	$	50,992,685	$	46,569,329	$	51,763,851	$	47,834,353	$	197,160,218
Plus: Pro Forma Acquired Consolidated EBITDAX	5,244,078		7,392,359		—		—		12,636,437
Less: Pro Forma Divested Consolidated EBITDAX	77,819		8,855		—		—		86,674
Pro Forma Consolidated EBITDAX	$	56,314,582	$	53,970,543	$	51,763,851	$	47,834,353	$	209,883,329

Non-cash charges reasonably acceptable to Administrative Agent:
Asset retirement obligation accretion	$	323,085	$	326,549	$	382,251	$	390,563
Unrealized loss (gain) on derivative assets	6,999,552		375,196		(13,970,211)		2,141,925
Ceiling test impairment	—		—		—		72,912,330
Share-based compensation	1,672,320		1,690,958		1,351,839		1,618,600
Total non-cash charges reasonably acceptable to Administrative Agent	$	8,994,957	$	2,392,703	$	(12,236,121)	$	77,063,418

	As of
	September 30,		Corresponding
	2025		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	428,000,000	2.04
Notes payable	1,001,829		—
Lime Rock deferred payment	10,000,000		0.05
Capital lease obligations	1,275,826		0.01
Consolidated Total Debt	$	440,277,655	2.10
Pro Forma Consolidated EBITDAX	209,883,329
Leverage Ratio	2.10
Maximum Allowed	≤ 3.00x

Calculation of Consolidated Total Debt to LQA Consolidated EBITDAX

The Company defines Consolidated Total Debt to LQA Consolidated EBITDAX as Consolidated Total Debt divided by LQA (“Last Quarter Annualized”) Consolidated EBITDAX. Consolidated Total Debt and Consolidated EBITDAX are defined pursuant to the Company’s existing senior revolving credit facility. The Company believes this metric is more reflective of its current leverage ratio profile by annualizing Consolidated EBITDAX for the most recent period. Consolidated Total Debt to LQA Consolidated EBITDAX and Consolidated EBTIDAX are non-GAAP financial measures and may not be comparable to similarly titled measures used by other companies and should not be considered as a substitute for measured prepared in accordance with GAAP. Therefore, the Company believes it is important to view this ratio and Consolidated EBITDAX as supplemental to its entire financial statements.


	Three Months Ended
	September 30,
	2026
Consolidated Total Debt	$	352,092,752
Consolidated EBITDAX	57,201,029
LQA Consolidated EBITDAX	$	228,804,116
Consolidated Total Debt to LQA Consolidated EBITDAX	1.5

All-In Cash Operating Costs

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


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025
All-In Cash Operating Costs:
Lease operating expenses (including workovers)	$	19,367,227	$	18,409,462	$	20,518,472	$	55,899,033	$	60,442,005
G&A excluding share-based compensation	6,549,559		5,804,634		6,521,171		18,268,163		19,236,869
Net interest expense (excluding amortization of deferred financing costs)	6,913,384		7,540,170		9,284,442		22,288,486		27,306,249
Operating lease expense	124,187		175,090		175,091		474,368		525,272
Oil and natural gas production taxes	4,584,698		5,047,619		3,670,987		13,186,208		11,088,049
Ad valorem taxes	2,210,911		2,202,160		2,446,565		6,615,608		5,627,320
Gathering, transportation and processing costs	180,787		101,902		126,569		399,738		463,990
All-in cash operating costs	$	39,930,753	$	39,281,037	$	42,743,297	$	117,131,604	$	124,689,754

Boe	1,898,428		1,819,076		1,912,611		5,459,086		5,505,721

All-in cash operating costs per Boe	$	21.03	$	21.59	$	22.35	$	21.46	$	22.65

Cash Operating Margin

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


	(Unaudited for All Periods)
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2026		2026		2025		2026		2025
Cash Operating Margin
Realized revenues per Boe	$	53.91	$	57.55	$	41.10	$	51.42	$	43.64
All-in cash operating costs per Boe	21.03		21.59		22.35		21.46		22.65
Cash Operating Margin per Boe	$	32.88	$	35.96	$	18.75	$	29.96	$	20.99

NYSE American: REI www.ringenergy.com www.ringenergy.com Q3 2026 EARNINGS DISCIPLINED PORTFOLIO MANAGEMENT DRIVING LONG-TERM VALUE

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Forward–Looking Statements This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this Presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, guidance, plans and objectives of management are forward- looking statements. When used in this Presentation, the words “could,” “may,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “guidance,” “project,” “goal,” “plan,” “potential,” “probably,” “strategy,” “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 2026 and 2027 guidance for sales volumes, number of potential well locations and associated inventory life, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, and operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the 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 natural gas 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; political instability or armed conflict in major oil and natural gas producing regions outside the United States, including military hostilities in the Middle East (including the recent conflict between the United States and Iran), Russia, and Ukraine; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties that are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC. All forward-looking statements, expressed or implied, included in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be incorrect. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by applicable law. The financial and operating estimates contained in this Presentation represent our reasonable estimates as of the date of this Presentation. Neither our independent auditors nor any other third party has examined, reviewed or compiled the estimates and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the estimates are based are described in more detail herein. Some of these assumptions inevitably will not materialize, and unanticipated events may occur that could affect our results. Therefore, our actual results achieved during the periods covered by the estimates will vary from the estimated results. Investors are not to place undue reliance on the estimates included herein. 2 Supplemental Non-GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (“GAAP”), such as “Adjusted 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,” “Consolidated Total Debt to LQA Consolidated EBITDAX,” “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. See Appendix for definitions and reconciliation to GAAP measures. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI OPERATED PERMIAN POSITION Ring: A Differentiated Permian Company 3 An operated conventional Permian company with scale, inventory depth and a long-life production base. 1. Leverage ratio is a Non-GAAP financial measure. See Appendix for definitions and reconciliation to GAAP measures. 2. “LQA” is Consolidated Total Debt to LQA Consolidated EBITDAX as of September 30, 2026. See Appendix for reconciliation of Non-GAAP financial measures to GAAP measures. 3. Market data is as of October 30, 2026. Balance sheet data is as of September 30, 2026. CAPITAL STRUCTURE & LIQUIDITY3 $1.43 Share Price 260.5MM Shares Outstanding ~$370MM Market Capitalization $350MM Total Debt ~$720MM Enterprise Value $236MM Liquidity 96K+ Net Acres 99% Operated 10+ Proven Pay Zones RING ENERGY AT A GLANCE 20% PDP Decline Long-Life Production Base ASSET LONGEVITY 20+ yrs Reserve Life 10+ yrs Development Inventory Leverage Ratio1 1.5x LQA Leverage2 SCALE 20 MBoepd Production $1.3B Proved PV-10 Ring Energy Assets Northwest Shelf “NWS” Central Basin Platform “CBP” Includes operated & non-operated Horseshoe Atoll Capitan Reef Trend Northwest Shelf Delaware Basin Midland Basin Central Basin Platform

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI A Disciplined Framework for Capital Allocation 4 We allocate capital to maximize long-term per-share value while maintaining balance sheet strength and flexibility through commodity cycles. 1. Leverage ratio is a Non-GAAP financial measure. See Appendix for definitions and reconciliation to GAAP measures. Create Long-Term Value per Share Target Leverage Ratio1: <1.25x Through the Cycle 01 Financial Strength Balance Sheet First • Preserve liquidity • Target leverage ratio1 <1.25x • Maintain financial flexibility • Protect downside across commodity cycles Focus on Returns, Margins and Capital Efficiency 02 High-Return Development Maximize Returns Allocate Capital Based on Market Conditions 03 Actively Manage The Portfolio Optimize The Portfolio 04 Long-Term Value Creation Grow Value Per Share • Maximize returns from existing infrastructure • Prioritize high-return drilling opportunities • Improve capital efficiency and well economics • Expand high-return inventory • Align activity with commodity prices • Pace development to maximize returns • Evaluate non-core asset sales and accretive acquisitions • Preserve strategic flexibility • Increase NAV per share • Grow reserves organically • Lower cost of capital • Compound value per share Q3 PORTFOLIO ACTIONS REFLECT THIS FRAMEWORK IN PRACTICE

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI 5% 8% 70% 95% 92% 30% 2024 2025 2026E Horizontals > 1.5 mile Horizontals <= 1.0 mile Ring’s Acreage in Core Development Areas 5 Horizontal development is expanding the opportunity across Ring’s conventional asset base. Source: Enverus as of April 27, 2026. 1. Guidance Midpoint. Ring 2026E New Drills >80% Horizontal1 with Increased Lateral Length Horizontal Activity Across Ring’s Core Operating Areas Legend 2013+ HZ Producing Ring Acreage Active Rigs Ring Core Operating Areas >90% of Ring Acreage Resides in Most Active Horizontal Development Counties 50% 67% 81% 50% 33% 19% 2024 2025 2026E Ring Horizontal Gross Wells Drilled Horizontal Vertical Ring Horizontal Development Breakdown Horizontal Development has Accelerated Across Ring’s Core Counties 0 25 50 75 100 125 150 2010 2013 2016 2019 2022 2025 M b o e /d Yoakum Andrews Crane / Ector ▪ Pre 2015 – infancy of horizontal tech ▪ Post 2015 - ~1,200+ horizontal wells drilled on core CBP & NWS counties ▪ CBP & NWS resurgence pioneered by horizontals drilled by Ring, Riley Permian, Blackbeard, Burk Royalty & Elevation ▪ Multi-Bench Hz targets include: Judkins, McKnight, Glorieta, Upper Clearfork, Tubb, Wichita Albany, Wolfcamp, Barnett & Devonian

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI ✓Strengthened Balance Sheet • Reduced debt by $10MM • Maintained significant liquidity • Leverage approximately 1.5x LQA EBITDAX2 Q3 2026: Upgrading the Portfolio & Executing Plan 6 1. All-in-Cash Operating Costs is a Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. 2. Ratio of leverage calculated as Consolidated Total Debt to LQA Consolidated EBITDAX as of September 30, 2026. See Appendix for reconciliation of Non-GAAP financial measures to GAAP measures. ✓Continued Operational Discipline • Brought online Company’s first 2-mile co- development wells • Reduced drilling and completion costs to ~ $475 per lateral foot • LOE of $10.20 per Boe (Below the mid-point of guidance) • All-in-Cash Operating Costs1 of $21.03 per Boe (3% improvement QoQ) ✓Expanded Core Inventory • Leased ~16,500 net acres in core operating areas in the Central Basin Platform for $18.8MM • Increased Crane & Ector County footprint by ~25%, adding long-lateral locations adjacent to existing operations ✓Monetized Non-Core Assets • Generated $30.5MM from two non-core asset sales • Capitalized on higher oil prices to sell assets at accretive, premium valuations • Accelerated value from non-core assets Monetized non-core assets at accretive valuations, expanded core inventory and reduced debt.

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Q3 2026 Expanded Core Inventory and Reduced Debt 7 10.0MM$18.8MM$ Leasehold acquisitions within Ring’s existing operating footprint Portfolio Upgrade Debt Reduction 30.5MM$ Monetized non-core assets to redeploy capital into core inventory and reduce debt Non-Core Asset Sales HIGHER-QUALITY INVENTORY + LOWER LEVERAGE = A STRONGER RING ENERGY

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI ~3.3x 2027E EBITDA Multiple1 Creating Value Through Active Portfolio Management Successful divestitures capture attractive value that helped pay down debt. 8 ~$49 MM Total Proceeds ~800 Boe/d ~3.6x Avg. EBITDA Multiple ~$4,100 / acre Avg. Leasehold Value ~$1,300 / acre Implied REI Value / Acre2 YTD 2026 Divestiture Summary Implied Value Allocation Metrics Ring Implied Valuation Metrics vs vs 1. Analyst median 2027 EBITDA estimate as of 10/30/2026. 2. $/acre value calculated using $30,000/boe to approximate production value. 3. Non-Core assets include select assets in Yoakum, Gaines, Andrews, Crane, Ward, and Ector Counties. ~14,400 Net Leasehold Acres ~1,300 Net Mineral Acres ~$12,300 / acre Avg. Mineral Value Includes divestiture Closed in October 2026 CONSISTENTLY CAPTURING ATTRACTIVE VALUE FROM NON-CORE3 ASSETS

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI LOE (per Boe) Q3 2026 Actuals & Updated Q4 26E & 27E Guidance 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. 12,700 12,100 12,450 12,900 13,200 13,600 12,500 13,450 13,950 13,500 14,300 13,124 12,276 12,683 12,818 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 19,100 19,100 19,400 20,600 20,400 21,000 20,700 19,600 21,000 21,800 21,200 23,000 20,508 19,351 19,990 20,635 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 $10.75 $10.75 $10.05 $10.00 $9.80 $9.70 $11.75 $11.25 $11.05 $10.60 $10.30 $10.50 $10.02 $10.41 $10.12 $10.20 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 Oil Sales Volumes (Bo/d) Total Sales Volumes (Boe/d) $18.0 $28.0 $28.0 $40.0 $43.0 $33.8 $28.0 $34.0 $36.0 $50.0 $48.0 $41.3 $24.3 $34.5 $43.2 $64.0 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 Capital per Quarter1 ($MM) Guidance Range Actuals Guidance 9 Q4 Volumes affected by ~600 Boe/d of divestitures Capex weighted to 1H 2027Q1 negatively affected by Winter storm (~540 Boe/d) Non-op Divestiture (~200 Boe/d)

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Updated Guidance (Continued) 10 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. Sales Volumes Q4 2026E FY 2027E Update Update Total (Bo/d) 12,900 – 13,500 13,200 – 14,300 Total (Boe/d) 20,400 – 21,200 21,000 – 23,000 – Oil (%) 63% 63% – NGLs (%) 20% 20% – Gas (%) 17% 17% Capital Program Capital1 ($MM) $43 – $48 $135 - $165 – >1.5-mile Hz wells drilled 5 20 to 30 – >1.5-mile Hz wells brought online 5 20 to 30 – DUC wells (complete in Q1 ‘27) 4 - Operating Expenses LOE (per Boe) $9.80 – $10.30 $9.70 - $10.50 Q4 2026E Capital Program1 19% 39% 42% 4% 26% 70% Vertical 1-mile > 1.5-mile Updated Guidance Original Guidance 2026 Well Lateral Length Post divestures 1% 5% 22% 27% 44% Compliance Land + Non-Op Cap WO + Recomplete Infrastucture D&C + CTR Infrastr

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI $44 $50 $0 $20 MM $40 MM $60 MM $80 MM $100 MM $120 MM 2024 2025 $70 $80 $90 $70 $80 $90 6,745 bopd at $70.60/Bbl 8,661 bopd at $71.23/Bbl 7,407 bopd at $67.19/Bbl 6,696 bopd at $68.89/Bbl 4,489 bopd at $57.59 4,000 bopd at $65.00 x $80.00/Bbl 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Swaps Collars Unhedged Meaningful Upside to Adjusted Free Cash Flow1,2 11 2026 hedges support the development plan while unhedged and collar volumes give exposure to upside. 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. 2. Estimated AFCF is based on projections of internal management financial model and assumes mid point of guidance for "net sales“, LOE & capex with flat WTI oil price beginning in December 2026 $3.50 per MCF Flat. Differential assumptions oil (-$1.00), gas (-$3.75), and NGL realizations of 15% of WTI oil price. 3. Q1 2027 includes 33 Bbl/d of $62.50 x $73.65 collars; Q3 2027 includes 358 Bbl/d of $60.00 x $72.30 collars; Q4 2027 includes 363 Bbl/d of $60.00 x 72.30 collars. Realized Price vs. After-Hedge Realized Price ($/Boe) 2026E & 2027E Adjusted Free Cash Flow1,2 Daily Hedge Volumes (Bbl/d)3 FY 2026E WTI FY 2027E Realized Oil price ($/Bbl) $74.87 $63.53 26E based on mid-point updated guidance, includes current hedges 27E based on mid-point updated guidance, includes current hedges $42.30 $57.55 $53.91 $39.27 $47.40 $47.50 $0 $20 $40 $60 $80 Q1 2026 Q2 2026 Q3 2026 Realized Price After-Hedge Realized Price 2026E includes Infrastructure Investment for Future Capital Efficiency

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Ring Energy’s Strategic Advantage 12 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. Source Enverus trailing twelve months as of Dec. 2025 for operators' Gross production on per Boe basis in the Texas CBP & NWS. A Proven Cash Flow Machine: Over 6 Consecutive Years of Positive AFCF1 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life Drilling Inventory: 10+ years with 500+ Identified Locations2 Disciplined Consolidator in the Heart of the Permian: 3rd Largest E&P in CBP Texas3 Nimble Operator: High NRIs, Stacked Pay Zones with Multi-bench Hz Potential A Leader Redefining Conventional Assets Through Unconventional Thinking & Modern Technology to Deliver Sustainable Returns

www.ringenergy.com | NYSE American: REI Q3 2026 EARNINGS | NOVEMBER 6, 2026 OPERATIONAL IMPROVEMENTS 13

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI 60 75 50 60 80 100 80 90 $4 $6 $8 $10 Q4 2024 & Q1 2025 (Pre LRR Acquisition) 2026 YTD REI Legacy LRR Operational Excellence 14 Driving sustainable free cash flow through capital efficiency and ongoing reductions to operating costs. 1. D&C Cost is drilling, completion, equipment and connect to facility costs per lateral foot. 2026 excludes shorter lateral test wells. 2. EUR = estimated ultimate recovery based on internal Q3 estimates. Total horizontal well counts per year 2025 (12) and YTD 2026 (13). Reducing Hz D&C Cost Per Lateral Foot1 Hz Well EUR Oil & Boe per Lateral Foot2 Structural Reduction in Monthly LOE $MM Reducing LOE $ per Boe Includes Founders Acquisition $400 $450 $500 $550 2025 2026 YTD ~6% reduction Includes five 2-mi laterals YTD ~$1.8 Million per month savings $12.4 $10.2 $8 $9 $10 $11 $12 $13 Q4 2024 & Q1 2025 (Pre LRR Acquisition) 2026 YTD ~18% Reduction $2.18 per Boe since LRR Acquisition 2025 2026 YTD Developed Benches San Andres | Tubb San Andres | Judkins | Tubb | McKnight | Wolfcamp Oil EUR (Bo/ft) BOE EUR (Boe/ft) EUR Range Similar Well Performance Across 3 Additional Benches

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Significant Reduction in Cash Costs 15 Structural cost cutting initiatives expected to drive sustainable cash cost improvement through YE 2027. 1. Illustrative annual savings calculated assuming 20,000 Boe of daily production. 3. Capital & Infrastructure • Facilities optimization • Continuous well design improvement • Multi-pad, multi-well development • Water infrastructure 1. Operating Cost Actions • LOE optimization • Proactively renegotiate agreements to lower rates • Reduce well failure rates with chemical treatment • Increase efficiency of well workover program 2. Corporate Efficiency • Reduce debt to lower interest expense • Organizational efficiency • Technology rationalization • Corporate overhead discipline Cash Cost Savings ($ / BOE) Bridge Total Operating Improvements: >$1.30 / BOE ~$10MM in Annual Savings1 $22.35 ($0.53) ($1.21) $0.04 $0.38 $21.03 Q3 2025 LOE Optimization Interest GP&T / Other Sev & Adv Taxes Q3 2026

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Investing Today to Enhance Future Returns 16 Infrastructure investments lower future development costs, improve well-level economics and enhance returns across future drilling programs. Expected Future D&C Cost Savings1 ~$50 - $100 per foot 1. Expected future D&C cost savings per foot is for 2H 2026E & 27E Hz development wells over 1.5 miles. Upfront Infrastructure Investment Lower Development Costs and Improved Reliability Higher Well-Level Returns / More Efficient Capital Allocation Increased Free Cash Flow and Financial Flexibility Increased Stockholder Value Frac Pond Water Storage Reduces sourcing costs and completion cycle times $2 to $3 MM Central Tank Batteries Built ahead of development Reduces Future Facility Capital per Well $3 to $5 MM Salt-Water Disposal Multi-Well Infrastructure Improves Flow Assurance and Reduces Water Handling Costs $2 to $5 MM

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Strengthening the Business Through Cost Discipline 17 Operational cost improvements continue to enhance margins and free cash flow generation. 1. All-in Cash Operating Costs is an Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. $21.03 3% below Q2 2026 39% of realized price Q3 All-in Cash Op. Costs1 per Boe Q3 LOE per Boe $10.20 49% of total cash costs All-in Cash Operating Costs1 per Boe $10.73 $10.41 $10.12 $10.20 $3.20 $3.30 $3.98 $3.58 $0.16 $0.17 $0.15 $0.16 $4.85 $4.50 $4.15 $3.64 $3.41 $3.40 $3.19 $3.45 2025 Q1 2026 Q2 2026 Q3 2026 LOE Prod Tax GP&T / Other Interest Cash G&A

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Potential Catalysts for 2026 & Beyond 18 Organically Grow High-Quality Inventory and Reserves Further Strengthen Balance Sheet and Increase Financial Flexibility Ongoing Cost and Capital Efficiency Gains Substantial Upside, Proved Reserves Trading Discount and Increasing Commodity Prices

www.ringenergy.com www.ringenergy.com Q3 2026 EARNINGS | NOVEMBER 6, 2026 THANK YOU Company Contact Sonu Singh Johl (281) 397-3699 IR@ringenergy.com Al Petrie (281) 975-2146 apetrie@ringenergy.com Analyst Coverage Tuohy Brothers 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 77380 Phone: (281) 397-3699 Alliance Global Partners (AGP) Poe Fratt (314) 719-6084 pfratt@allianceg.com Bank of America Securities William Janela (646) 743-0185 william.janela@bofa.com Mizuho Securities USA LLC Nitin Kumar (212) 282-3953 nitin.kumar@mizuhogroup.com

www.ringenergy.com | NYSE American: REI Q3 2026 EARNINGS | NOVEMBER 6, 2026 APPENDIX

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Oil Derivative Summary (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. As of November 5, 2026 21 Oil Hedges (WTI) Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Q2 2030 Swaps: Hedged volume (Bbl) 620,500 779,500 674,000 616,000 412,963 — — — — — — — — — — Weighted average swap price $ 70.60 $ 71.23 $ 67.19 $ 68.89 $ 57.59 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 368,000 2,935 — 32,910 33,435 430,080 415,580 402,614 276,000 — — — — — — Weighted average put price $ 65.00 $ 62.50 $ — $ 60.00 $ 60.00 $ 55.59 $ 57.50 $ 60.00 $ 60.00 $ — $ — $ — $ — $ — $ — Weighted average call price $ 80.00 $ 73.65 $ — $ 72.30 $ 72.30 $ 66.02 $ 73.02 $ 77.21 $ 81.80 $ — $ — $ — $ — $ — $ — Swaps: WTI NYMEX Rolls Hedged volume (BBL) 300,000 — — — — — — — — — — — — — — Weighted average swap price $ 5.82 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — The Company has hedged: Bal2026: ~ 1.0 million barrels of oil at avg upside protection price of $74.10 2027: ~ 2.6 million barrels of oil at avg upside protection price of $67.42

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Gas Derivative Summary As of November 5, 2026 (1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above. 22 Gas Hedges (Henry Hub) Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Q2 2030 NYMEX Swaps: Hedged volume (MMBtu) 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956,865 931,539 908,117 886,933 866,585 846,134 — — Weighted average swap price $ 3.99 $ 4.02 $ 4.02 $ 3.86 $ 4.02 $ 3.77 $ 3.77 $ 3.77 $ 3.77 $ 3.67 $ 3.67 $ 3.67 $ 3.67 $ — $ — Two-way collars: Hedged volume (MMBtu) 128,000 717,000 694,000 — — — — — — — — — — — — Weighted average put price $ 3.50 $ 3.99 $ 3.00 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 5.42 $ 5.21 $ 4.32 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Gas Hedges (basis differential) Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Q2 2030 Waha basis swaps: Hedged volume (MMBtu) 411,451 196,372 480,325 464,360 449,846 435,403 — — — — — 259,975 253,840 — — Weighted average spread price (1) $ 1.81 $ 0.78 $ 0.78 $ 0.78 $ 0.78 $ 0.68 $ — $ — $ — $ — $ — $ 0.61 $ 0.71 $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) 788,851 960,307 636,710 615,547 596,306 577,163 — — — — — 606,610 592,294 — — Weighted average spread price (1) $ 1.92 $ 0.72 $ 0.67 $ 0.67 $ 0.67 $ 0.60 $ — $ — $ — $ — $ — $ 0.54 $ 0.64 $ — $ — The Company has hedged: Bal2026: ~ 1.2 BCF of natural gas at avg downside protection price of $3.93 2027: ~ 4.4 BCF of natural gas at avg downside protection price of $3.81

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI “Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility. The Company defines “Consolidated Total Debt” in accordance with its existing senior revolving credit facility and means, as of any date, all Indebtedness of the Company on a consolidated basis as of such date, but excluding hedging obligations. The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility and means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of. The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. The Company defines “Consolidated Total Debt to LQA Consolidated EBITDAX” as Consolidated Total Debt divided by LQA (“Last Quarter Annualized”) Consolidated EBITDAX. Consolidated Total Debt and Consolidated EBITDAX are defined pursuant to the Company’s existing senior revolving credit facility. The Company believes this metric is more reflective of its current leverage ratio profile by annualizing Consolidated EBITDAX for the most recent period. Consolidated Total Debt to LQA Consolidated EBITDAX and Consolidated EBTIDAX are non-GAAP financial measures and may not be comparable to similarly titled measures used by other companies and should not be considered as a substitute for measures prepared in accordance with GAAP. Therefore, the Company believes it is important to view this ratio and Consolidated EBITDAX as supplemental to its entire financial statements. 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. Non-GAAP Disclosure 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,” “Consolidated Total Debt to LQA Consolidated EBITDAX,” “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 (loss) minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare the Company’s results with its peers. The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities (as reflected on the Company’s Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures (“A&D”), current income tax expense (benefit), proceeds from divestitures of oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in the Company’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this financial performance measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. The table below provides detail of PV-10 to the standardized measure of discounted future net cash flows as of December 31, 2025. ($ in 000’s) Present value of estimated future net revenues (PV-10) $ 1,318,208 Future income taxes, discounted at 10% $ 194,715 Standardized measure of discounted future net cash flows $ 1,123,493 23

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations Adjusted Net Income 24 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net income (loss) $ (16,600,229) $ (0.06) $ 64,793,310 $ 0.27 $ (51,631,530) $ (0.25) $(172,398,401) $ (0.74) $ (21,885,905) $ (0.11) Share-based compensation 2,497,039 0.01 2,149,596 0.01 1,618,600 0.01 6,171,443 0.03 4,661,397 0.02 Ceiling test impairment — — — — 72,912,330 0.35 162,086,257 0.69 72,912,330 0.37 Unrealized loss (gain) on change in fair value of derivatives 41,022,685 0.15 (42,183,506) (0.18) 2,141,925 0.01 75,794,093 0.33 (11,453,090) (0.06) Transaction costs - A&D — — — — 10 — — — 2,786 — Tax impact on adjusted items 331,774 — (757,785) — (11,920,971) (0.06) (12,983,555) (0.06) (9,456,621) (0.05) Adjusted Net Income $ 27,251,269 $ 0.10 $ 24,001,615 $ 0.10 $ 13,120,364 $ 0.06 $ 58,669,837 $ 0.25 $ 34,780,897 $ 0.17 Diluted Weighted-Average Shares Outstanding 260,533,239 237,808,489 206,688,003 234,543,417 204,223,621 Adjusted Net Income per Diluted Share $ 0.10 $ 0.10 $ 0.06 $ 0.25 $ 0.17

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted EBITDA 1. Adjusted EBITDA Margin is Adj. EBITDA divided by oil, natural gas, and natural gas liquids revenue. 25 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net income (loss) $ (16,600,229) $ 64,793,310 $ (220,591,482) $ (12,845,294) $ (51,631,530) $ (172,398,401) $ (21,885,905) Interest expense, net 7,587,115 8,231,012 8,529,080 9,065,509 9,978,067 24,347,207 31,074,541 Unrealized loss (gain) on change in fair value of derivatives 41,022,685 (42,183,506) 76,954,914 (14,753,449) 2,141,925 75,794,093 (11,453,090) Ceiling test impairment — — 162,086,257 35,913,116 72,912,330 162,086,257 72,912,330 Income tax (benefit) expense 1,387,957 1,088,046 (11,988,413) (3,800,401) (12,800,947) (9,512,410) (3,652,345) Depreciation, depletion and amortization 20,900,733 20,114,890 21,405,948 23,002,908 25,225,345 62,421,571 73,411,242 Asset retirement obligation accretion 405,729 401,944 395,496 390,892 390,563 1,203,169 1,099,363 Transaction costs - A&D — — — 25,000 10 — 2,786 Share-based compensation 2,497,039 2,149,596 1,524,808 1,474,560 1,618,600 6,171,443 4,661,397 Loss (gain) on disposal of assets (52,331) (104,150) — (60,855) (105,642) (156,481) (385,545) Other income — (9,600) (5,837) (29,582) — (15,437) (159,712) Adjusted EBITDA $ 57,148,698 $ 54,481,542 $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 149,941,011 $ 145,625,062 Adjusted EBITDA Margin 1 56 % 52 % 52 % 57 % 61 % 53 % 61 %

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow 26 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net Cash Provided by Operating Activities $ 63,050,556 $ 40,789,293 $ 25,894,701 $ 44,688,823 $ 44,492,325 $ 129,734,550 $ 106,160,584 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities (12,639,911) 6,194,462 4,491,388 (14,727,429) (6,086,921) (1,954,061) 12,010,558 Transaction costs - A&D — — — 25,000 10 — 2,786 Income tax expense (benefit) - current (124,460) 59,649 95,587 51,311 39,772 30,776 323,626 Capital expenditures (64,035,184) (43,169,155) (34,505,509) (24,343,200) (24,589,282) (141,709,849) (73,868,326) Proceeds from divestiture of oil and natural gas properties (1) — 602,471 4,266,479 — 100 4,868,950 100 Credit loss expense (50,871) (92,432) — — (907) (143,303) (19,029) Other income — (9,600) (5,837) (29,582) — (15,437) (159,712) Adjusted Free Cash Flow $ (13,799,870) $ 4,374,688 $ 236,809 $ 5,664,923 $ 13,855,097 $ (9,188,374) $ 44,450,587 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Adjusted EBITDA $ 57,148,698 $ 54,481,542 $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 149,941,011 $ 145,625,062 Net interest expense (excluding amortization of deferred financing costs) (6,913,384) (7,540,170) (7,834,932) (8,374,281) (9,284,442) (22,288,486) (27,306,249) Capital expenditures (64,035,184) (43,169,155) (34,505,509) (24,343,200) (24,589,282) (141,709,849) (73,868,326) Proceeds from divestiture of oil and natural gas properties (1) — 602,471 4,266,479 — 100 4,868,950 100 Adjusted Free Cash Flow $ (13,799,870) $ 4,374,688 $ 236,809 $ 5,664,923 $ 13,855,097 $ (9,188,374) $ 44,450,587 (1) Proceeds from divestitures of oil and natural gas properties for purposes of Adjusted Free Cash Flow excludes proceeds of $30.5 million from the sale of certain non-core assets for the three and nine months ended September 30, 2026.

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) 27 (Unaudited) Three Months Ended Last Four QuartersDecember 31, March 31, June 30, September 30, 2025 2026 2026 2026 Consolidated EBITDAX Calculation: Net Income (Loss) $ (12,845,294) $ (220,591,482) $ 64,793,310 $ (16,600,229) $ (185,243,695) Plus: Consolidated interest expense 9,065,509 8,529,080 8,231,012 7,587,115 33,412,716 Plus: Income tax provision (benefit) (3,800,401) (11,988,413) 1,088,046 1,387,957 (13,312,811) Plus: Depreciation, depletion and amortization 23,002,908 21,405,948 20,114,890 20,900,733 85,424,479 Plus: non-cash charges reasonably acceptable to Administrative Agent 23,025,119 240,961,475 (39,631,966) 43,925,453 268,280,081 Consolidated EBITDAX $ 38,447,841 $ 38,316,608 $ 54,595,292 $ 57,201,029 $ 188,560,770 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX — — — — — Pro Forma Consolidated EBITDAX $ 38,447,841 $ 38,316,608 $ 54,595,292 $ 57,201,029 $ 188,560,770 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 390,892 $ 395,496 $ 401,944 $ 405,729 Unrealized loss (gain) on derivative assets (14,753,449) 76,954,914 (42,183,506) 41,022,685 Ceiling test impairment 35,913,116 162,086,257 — — Share-based compensation 1,474,560 1,524,808 2,149,596 2,497,039 Total non-cash charges reasonably acceptable to Administrative Agent $ 23,025,119 $ 240,961,475 $ (39,631,966) $ 43,925,453 As of September 30, Corresponding 2026 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 350,000,000 1.85 Notes payable 1,006,152 0.01 Capital lease obligations 1,086,600 0.01 Consolidated Total Debt $ 352,092,752 1.87 Pro Forma Consolidated EBITDAX 188,560,770 Leverage Ratio 1.87 Maximum Allowed ≤ 3.00x (Unaudited) Three Months Ended Last Four QuartersDecember 31, March 31, June 30, September 30, 2024 2025 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ 5,657,519 $ 9,110,738 $ 20,634,887 $ (51,631,530) $ (16,228,386) Plus: Consolidated interest expense 9,987,731 9,408,728 11,687,746 9,978,067 41,062,272 Plus: Income tax provision (benefit) 1,803,629 3,041,177 6,107,425 (12,800,947) (1,848,716) Plus: Depreciation, depletion and amortization 24,548,849 22,615,983 25,569,914 25,225,345 97,960,091 Plus: non-cash charges reasonably acceptable to Administrative Agent 8,994,957 2,392,703 (12,236,121) 77,063,418 76,214,957 Consolidated EBITDAX $ 50,992,685 $ 46,569,329 $ 51,763,851 $ 47,834,353 $ 197,160,218 Plus: Pro Forma Acquired Consolidated EBITDAX 5,244,078 7,392,359 — — 12,636,437 Less: Pro Forma Divested Consolidated EBITDAX 77,819 8,855 — — 86,674 Pro Forma Consolidated EBITDAX $ 56,314,582 $ 53,970,543 $ 51,763,851 $ 47,834,353 $ 209,883,329 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 323,085 $ 326,549 $ 382,251 $ 390,563 Unrealized loss (gain) on derivative assets 6,999,552 375,196 (13,970,211) 2,141,925 Ceiling test impairment — — — 72,912,330 Share-based compensation 1,672,320 1,690,958 1,351,839 1,618,600 Total non-cash charges reasonably acceptable to Administrative Agent $ 8,994,957 $ 2,392,703 $ (12,236,121) $ 77,063,418 As of September 30, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 428,000,000 2.04 Notes payable 1,001,829 — Lime Rock deferred payment 10,000,000 0.05 Capital lease obligations 1,275,826 0.01 Consolidated Total Debt $ 440,277,655 2.10 Pro Forma Consolidated EBITDAX 209,883,329 Leverage Ratio 2.10 Maximum Allowed ≤ 3.00x

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) 28 Three Months Ended June 30, 2026 Consolidated Total Debt $ 362,722,948 Consolidated EBITDAX 54,595,292 LQA Consolidated EBITDAX $ 218,381,168 Consolidated Total Debt to LQA Consolidated EBITDAX 1.7 Consolidated Total Debt to LQA Consolidated EBITDAX (Unaudited) Last Four Quarters Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ (185,243,695) $ (220,274,996) $ (264,433,419) $ (34,731,199) $ (16,228,386) Plus: Consolidated interest expense 33,412,716 35,803,668 39,260,402 40,140,050 41,062,272 Plus: Income tax provision (benefit) (13,312,811) (27,501,715) (22,482,336) (7,452,746) (1,848,716) Plus: Depreciation, depletion and amortization 85,424,479 89,749,091 95,204,115 96,414,150 97,960,091 Plus: non-cash charges reasonably acceptable to Administrative Agent 268,280,081 301,418,046 328,813,891 90,245,119 76,214,957 Consolidated EBITDAX $ 188,560,770 $ 179,194,094 $ 176,362,653 $ 184,615,374 $ 197,160,218 Plus: Pro Forma Acquired Consolidated EBITDAX — — — 7,392,359 12,636,437 Less: Pro Forma Divested Consolidated EBITDAX — — — 8,855 86,674 Pro Forma Consolidated EBITDAX $ 188,560,770 $ 179,194,094 $ 176,362,653 $ 192,016,588 $ 209,883,329 As of As of As of As of As of September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Leverage Ratio Covenant: Revolving line of credit $ 350,000,000 $ 360,000,000 $ 426,000,000 $ 420,000,000 $ 428,000,000 Notes payable 1,006,152 1,496,304 — 505,752 1,001,829 Estimated deferred payment — — — — 10,000,000 Capital lease obligations 1,086,600 1,226,644 1,173,807 1,323,710 1,275,826 Consolidated Total Debt $ 352,092,752 $ 362,722,948 $ 427,173,807 $ 421,829,462 $ 440,277,655 Pro Forma Consolidated EBITDAX 188,560,770 179,194,094 176,362,653 192,016,588 209,883,329 Leverage Ratio 1.87 2.02 2.42 2.20 2.10 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x Three Months Ended September 30, 2026 Consolidated Total Debt $ 352,092,752 Consolidated EBITDAX 57,201,029 LQA Consolidated EBITDAX $ 228,804,116 Consolidated Total Debt to LQA Consolidated EBITDAX 1.5

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 29 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 Net Cash Provided by Operating Activities $ 63,050,556 $ 40,789,293 $ 44,492,325 $ 129,734,550 $ 106,160,584 Changes in operating assets and liabilities (12,639,911) 6,194,462 (6,086,921) (1,954,061) 12,010,558 Adjusted Cash Flow from Operations $ 50,410,645 $ 46,983,755 $ 38,405,404 $ 127,780,489 $ 118,171,142 (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 General and administrative expense (G&A) $ 9,046,598 $ 7,954,230 $ 8,139,771 $ 24,439,606 $ 23,898,266 Share-based compensation 2,497,039 2,149,596 1,618,600 6,171,443 4,661,397 G&A excluding share-based compensation $ 6,549,559 $ 5,804,634 $ 6,521,171 $ 18,268,163 $ 19,236,869 Transaction costs - A&D — — 10 — 2,786 G&A excluding share-based compensation and transaction costs $ 6,549,559 $ 5,804,634 $ 6,521,161 $ 18,268,163 $ 19,234,083 Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net (Boe) PV-10 Balance, December 31, 2024 80,904,071 149,817,162 28,303,085 134,176,684 $ 1,462,827,136 Purchase of minerals in place 9,915,483 10,067,543 2,373,336 13,966,743 Extensions, discoveries and improved recovery 7,281,553 10,624,783 2,133,786 11,186,136 Sales of minerals in place — — — — Production (4,841,164) (6,980,958) (1,387,818) (7,392,476) Revisions of previous quantity estimates (2,939,895) 12,652,046 2,171,955 1,340,734 Balance, December 31, 2025 90,320,048 176,180,576 33,594,344 153,277,821 $ 1,318,208,128 As of and for the twelve months ended December 31, December 31, December 31, 2025 2024 2023 Total long term debt (i.e. revolving line of credit) $420,000,000 $385,000,000 $425,000,000 Total stockholders' equity 836,275,746 858,639,982 786,582,900 Average debt $402,500,000 $405,000,000 $420,000,000 Average stockholders' equity 847,457,864 822,611,441 723,843,146 Average debt and stockholders' equity $1,249,957,864 $1,227,611,441 $1,143,843,146 Net Cash Provided by Operating Activities $150,849,407 $194,423,712 $198,170,459 Less change in WC (Working Capital) 2,716,871 (888,089) 1,180,748 Adjusted Cash Flows From Operations (ACFFO) $148,132,536 $195,311,801 $196,989,711 CROCE (ACFFO)/(Average D+E) 11.9 % 15.9 % 17.2 %

Ring Energy, Inc. Q3 2026 Earnings | November 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs Cash Operating Margin 30 (Unaudited for All Periods) Three Months Ended Nine Months Ended Trailing Twelve Months Ended September 30, June 30, September 30, September 30, September 30, September 30, June 30, 2026 2026 2025 2026 2025 2026 2026 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 19,367,227 $ 18,409,462 $ 20,518,472 $ 55,899,033 $ 60,442,005 $ 74,810,834 $ 75,962,079 G&A excluding share-based compensation 6,549,559 5,804,634 6,521,171 18,268,163 19,236,869 24,823,913 24,795,525 Net interest expense (excluding amortization of deferred financing costs) 6,913,384 7,540,170 9,284,442 22,288,486 27,306,249 30,662,767 33,033,825 Operating lease expense 124,187 175,090 175,091 474,368 525,272 649,458 700,362 Oil and natural gas production taxes 4,584,698 5,047,619 3,670,987 13,186,208 11,088,049 16,410,391 15,496,680 Ad valorem taxes 2,210,911 2,202,160 2,446,565 6,615,608 5,627,320 8,894,874 9,130,528 Gathering, transportation and processing costs 180,787 101,902 126,569 399,738 463,990 520,835 466,617 All-in cash operating costs $ 39,930,753 $ 39,281,037 $ 42,743,297 $ 117,131,604 $ 124,689,754 $ 156,773,072 $ 159,585,616 Boe 1,898,428 1,819,076 1,912,611 5,459,086 5,505,721 7,345,839 7,360,023 All-in cash operating costs per Boe $ 21.03 $ 21.59 $ 22.35 $ 21.46 $ 22.65 $ 21.34 $ 21.68 (Unaudited for All Periods) Three Months Ended Nine Months Ended Trailing Twelve Months Ended September 30, June 30, September 30, September 30, September 30, September 30, June 30, 2026 2026 2025 2026 2025 2026 2026 Cash Operating Margin Realized revenues per Boe $ 53.91 $ 57.55 $ 41.10 $ 51.42 $ 43.64 $ 47.32 $ 44.00 All-in cash operating costs per Boe 21.03 21.59 22.35 21.46 22.65 21.34 21.68 Cash Operating Margin per Boe $ 32.88 $ 35.96 $ 18.75 $ 29.96 $ 20.99 $ 25.97 $ 22.32

Source: View Original Filing on SEC EDGAR

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