Impairment-driven loss hits Ring Energy (NYSE: REI) Q1 2026 results

Q: How did Ring Energy (REI) perform financially in Q1 2026?

Ring Energy generated oil and gas revenues of $73.7 million in Q1 2026 and reported a net loss of $220.6 million , or $(1.06) per diluted share. The loss was driven mainly by a large non-cash impairment and unrealized hedge losses, while adjusted results remained positive.

Q: What caused Ring Energy’s large net loss in Q1 2026?

The Q1 2026 net loss of $220.6 million primarily reflects a non-cash $162.1 million ceiling test impairment under the full cost method and a $77.0 million unrealized derivative loss. These accounting items outweighed otherwise positive operating performance and cash generation for the quarter.

Q: What were Ring Energy’s production levels and margins in Q1 2026?

Ring Energy sold an average of 19,351 Boe/d , including 12,276 Bo/d , during Q1 2026, essentially at guidance midpoints. Lease operating expense was $10.41 per Boe , below the low end of guidance, supporting a cash operating margin of $20.53 per Boe despite price volatility.

Q: Did Ring Energy generate positive cash flow in Q1 2026?

Yes. Net cash provided by operating activities was $25.9 million in Q1 2026, extending Ring Energy’s streak to 26 consecutive quarters of positive operating cash flow. Adjusted Free Cash Flow was modest at $0.2 million after $34.5 million of capital expenditures, including accelerated infrastructure spending.

Q: What is Ring Energy’s debt and liquidity position as of March 31, 2026?

At March 31, 2026, Ring Energy had $426 million outstanding on its revolving credit facility, which had a $585 million borrowing base. Total liquidity was about $160.0 million , including $159.0 million of revolver availability and $1.0 million in cash and cash equivalents.

Q: Who is Ring Energy’s Principal Financial Officer after the May 2026 changes?

Effective May 4, 2026, the Board appointed Sundip “Sonu” S. Johl as Principal Financial Officer in addition to his roles as Executive Vice President, Chief Financial Officer and Treasurer. Rocky Kwon , the prior Principal Financial Officer, continues as Vice President, Chief Accounting Officer and Principal Accounting Officer.

Q: What guidance did Ring Energy provide for the remaining quarters of 2026?

For Q2–Q4 2026, Ring Energy guided to total production midpoints of 20,200–20,600 Boe/d with oil around 64–65% of volumes. Planned capital spending midpoints are $32 million for Q2, $31 million for Q3 and $21 million for Q4, with LOE targeted near $10.50 per Boe .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Ring Energy, Inc. reported first quarter 2026 results showing solid operations but a large accounting loss. The company generated oil and gas revenues of $73.7 million on average sales of 19,351 Boe/d, including 12,276 Bo/d, roughly in line with guidance. Lease operating expense was $10.41 per Boe, below the low end of guidance, supporting a cash operating margin of $20.53 per Boe. Despite this, Ring posted a net loss of $220.6 million, or $(1.06) per diluted share, mainly from a non-cash $162.1 million ceiling test impairment under the full cost method and a $77.0 million unrealized derivative loss. On an adjusted basis, the company earned Adjusted Net Income of $7.4 million ($0.04 per diluted share) and Adjusted EBITDA of $38.3 million, while net cash provided by operating activities was $25.9 million, marking its 26th consecutive quarter of positive operating cash flow. Capital expenditures were $34.5 million, including accelerated infrastructure spending to support longer laterals. Liquidity at March 31, 2026 totaled about $160.0 million, with $426 million drawn on a $585 million borrowing base. The company also disclosed that Sundip “Sonu” S. Johl has been appointed Principal Financial Officer in addition to his roles as Executive Vice President, Chief Financial Officer and Treasurer, while Rocky Kwon continues as Vice President, Chief Accounting Officer and Principal Accounting Officer.

Positive

None.

Negative

Large non-cash charges drove a steep GAAP loss: Q1 2026 net loss was $220.6 million, or $(1.06) per diluted share, mainly from a $162.1 million ceiling test impairment and a $77.0 million unrealized derivative loss, which also reduced reported equity compared with year-end 2025.

Insights

Strong operations and cash flow, but a large non-cash impairment drove a steep GAAP loss.

Ring Energy delivered Q1 2026 volumes of 19,351 Boe/d and revenue of $73.7 million, with lease operating expense at $10.41 per Boe, below guidance. This supported $38.3 million of Adjusted EBITDA and $30.4 million of Adjusted Cash Flow from Operations.

The headline $220.6 million net loss is dominated by a non-cash $162.1 million ceiling test impairment and a $77.0 million unrealized derivative loss, tied to lower SEC pricing and hedge mark-to-market swings. Excluding these, Adjusted Net Income was $7.4 million, or $0.04 per diluted share.

Leverage remains material but covenant headroom looks comfortable: total debt under the credit facility was $426 million, versus Pro Forma Consolidated EBITDAX of $176.4 million, implying a leverage ratio of 2.42 against a 3.00 maximum. Management reaffirmed 2026 guidance and highlighted 26 consecutive quarters of positive operating cash flow, suggesting the impairment is an accounting reset rather than a change in the underlying operating trajectory.

8-K Event Classification

4 items: 2.02, 5.02, 7.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

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, and exhibit attachments filed with this report.

Key Figures

Revenue: $73.7 million Net loss: $220.6 million Ceiling test impairment: $162.1 million +5 more

8 metrics

Revenue $73.7 million Oil, natural gas and NGL revenues for Q1 2026

Net loss $220.6 million GAAP net loss for Q1 2026, or $(1.06) per diluted share

Ceiling test impairment $162.1 million Non-cash impairment charge in Q1 2026 under full cost method

Adjusted Net Income $7.4 million Q1 2026 Adjusted Net Income, $0.04 per diluted share

Adjusted EBITDA $38.3 million Q1 2026 Adjusted EBITDA with 52% margin

Average production 19,351 Boe/d Q1 2026 average daily sales volumes; 12,276 Bo/d oil

LOE per Boe $10.41 Q1 2026 lease operating expense per Boe, below guidance low end

Debt and liquidity $426M debt, $160M liquidity Revolver borrowings and total liquidity as of March 31, 2026

Key Terms

ceiling test impairment, Adjusted EBITDA, Adjusted Free Cash Flow, full cost method, +1 more

5 terms

ceiling test impairment financial

"the Company recorded a non-cash impairment charge of $162.1 million in the first quarter of 2026"

A ceiling test impairment is an accounting check that compares the recorded value of an asset to the maximum amount that can realistically be recovered from it; if the recorded value is higher than that recoverable amount (the “ceiling”), the company must write the asset down to that lower number. For investors this matters because such write-downs lower reported profits and net asset values, and they signal that future cash flows tied to the asset may be weaker than previously expected — think of marking a car’s book value down to what you could actually sell it for today.

Adjusted EBITDA financial

"Adjusted EBITDA 1 ($MM) | $38.3 | $38.4 | —% | $46.4"

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 1 ($MM) | $0.2 | $5.7 | (96)% | $5.8"

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.

full cost method financial

"The Company accounts for its assets under the full cost method of accounting"

The full cost method is an accounting approach that treats nearly all exploration and development spending as an asset on the balance sheet rather than as immediate expense, then spreads that cost over the life of the discovered resource. For investors, it can make profits look steadier and assets larger in the short term, but it can also mask failed projects and trigger big write-downs later if expected reserves or prices fall—similar to counting every shopping trip as a long-term pantry investment instead of a current expense.

two-way collars financial

"Two-way collars: | Hedged volume (Bbl) | 273,000 | 563,685 | 368,000"

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

05/07/2026 - 04:22 PM

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: May 6, 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 May 6, 2026, Ring Energy, Inc. (the “Company”) issued a press release announcing its financial and operating results for the first quarter ended March 31, 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 4, 2026, the Board of Directors (the “Board”) of the Company appointed Sundip “Sonu” S. Johl as Principal Financial Officer of the Company in addition to his current positions as Executive Vice President, Chief Financial Officer and Treasurer of the Company. Rocky Kwon previously served as Principal Financial Officer of the Company and will continue to serve as Vice President, Chief Accounting Officer and Principal Accounting Officer of the Company.

Mr. Johl has served as the Company’s Executive Vice President, Chief Financial Officer and Treasurer since February 2026. From 2020 through January 2026, Mr. Johl was Managing Director, Co-Head of Energy Investment Banking at Raymond James & Associates, Inc., where he advised public and private E&P companies doing business in the Permian Basin as well as other major U.S. onshore basins. From 2018 to 2020, Mr. Johl was Managing Director, Co-Head of E&P at UBS Investment Banking Global Energy Group. From 2009 to 2018, Mr. Johl was a Director at Citi Investment Banking Global Energy Group. He has a Bachelor of Science degree in Electrical Engineering from San Jose State University and a Master of Business Administration degree from the Darden Graduate School of Business Administration at the University of Virginia.

There are no family relationships between Mr. Johl and any of the Company’s directors or executive officers. There is no arrangement or understanding between Mr. Johl and any other persons pursuant to which Mr. Johl was appointed as Principal Financial Officer of the Company. There are no related party transactions involving Mr. Johl that are reportable under Item 404(a) of Regulation S-K.

Item 7.01 Regulation FD Disclosure.

On May 7, 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 May 6, 2026
99.2									Presentation Materials dated May 7, 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:	May 7, 2026	By:	/s/ Sundip S. Johl
			Sundip S. Johl
			Chief Financial Officer

Exhibit 99.1

RING ENERGY RELEASES FIRST QUARTER 2026 RESULTS

The Woodlands, TX – May 6, 2026 – Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the first quarter of 2026.

First Quarter 2026 Highlights

•Sold 12,276 barrels of oil per day (“Bo/d”) and 19,351 barrels of oil equivalent per day (“Boe/d”) both of which were essentially at the mid-point of guidance;

•Reported a net loss of $220.6 million, or $(1.06) per diluted share, driven primarily by a $162.1 million non-cash ceiling test impairment and a $77.0 million unrealized mark-to-market derivative loss related to changes in forward commodity prices;

•Generated Adjusted Net Income1 of $7.4 million, or $0.04 per diluted share;

•Closed the sale of ~ 200 Boe/d of non-operated NWS assets for $4.5 million, valued at approximately 4.5 times estimated next twelve months cash flow2;

•Incurred Lease Operating Expense (“LOE”) of $10.41 per Boe, 3% below the low end of guidance due to ongoing efforts to reduce costs;

•Invested $34.5 million in capital expenditures, accelerating targeted infrastructure investments to expand flexibility and unlock more capital efficient longer lateral inventory;

•Improved NWS spud‑to‑TD drilling time by ~15% versus the 2025 average;

•Generated net cash flow from operating activities of $25.9 million and remained cash flow positive for the 26th consecutive quarter; and

•Increased borrowings by $6 million to accelerate the capture of attractively priced opportunities while maintaining liquidity of $160.0 million as of March 31, 2026.

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We successfully delivered on our sales guidance, handsomely beat on LOE, while investing ahead of our drilling campaign and extending our track record to 26 consecutive quarters of positive cash flow. Looking to the future, we believe the market has yet to recognize the potential impact of supply disruptions stemming from the Iranian Conflict and what that could mean for long term oil prices. Because we expect oil prices to remain elevated longer than the market currently implies, we made targeted adjustments late in the quarter to capture attractively priced opportunities that provide optionality and the potential to meaningfully expand our drilling inventory, improve capital efficiency and build long term stockholder value.”

Mr. McKinney concluded, “While we remained focused on operating within Adjusted Free Cash Flow1 during the first quarter of 2026, we temporarily paused debt reduction to invest in select opportunities which are compelling on a risk-adjusted basis. We are acting early to capture upside potential before sustained higher oil prices translate into higher costs and increased competition. We believe these actions should improve our production later in the year and into 2027; however, it is too early to reflect any increases in our production guidance at this time. Looking ahead, we expect to resume our focus on debt reduction during the remainder of 2026, as we balance growth with strengthening our balance sheet and increasing the Company’s size and scale.”

___________________________________

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 The cash flow for the next twelve months (“NTM”) represents field level cash flow based on a strip price as of January 12, 2026.

Summary Results and Additional Key Items



	Q1 2026	Q4 2025	Q1 2026 to Q4 2025 % Change	Q1 2025	Q1 2026 to Q1 2025 % Change
Average Daily Sales Volumes (Boe/d)	19,351	20,508	(6)%	18,392	5%
Crude Oil (Bo/d)	12,276	13,124	(6)%	12,074	2%
Net Sales (MBoe)	1,741.6	1,886.8	(8)%	1,655.3	5%
Realized Price - All Products ($/Boe)	$42.30	$35.45	19%	$47.78	(11)%
Realized Price - Crude Oil ($/Bo)	$68.97	$57.47	20%	$70.40	(2)%
Revenues ($MM)	$73.7	$66.9	10%	$79.1	(7)%
Net Income (Loss) ($MM)	$(220.6)	$(12.8)	1623%	$9.1	(2524)%
Adjusted Net Income1 ($MM)	$7.4	$3.6	106%	$10.7	(31)%
Adjusted EBITDA1 ($MM)	$38.3	$38.4	—%	$46.4	(17)%
Capital Expenditures ($MM)	$34.5	$24.3	42%	$32.5	6%
Adjusted Free Cash Flow1 ($MM)	$0.2	$5.7	(96)%	$5.8	(97)%

(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


	Q1 2026	Q4 2025	Q1 2026 to Q4 2025 % Change	Q1 2025	Q1 2026 to Q1 2025 % Change
Lease operating expenses (“LOE”) ($MM)	$18.1	$18.9	(4)%	$19.7	(8)%
Lease operating expenses ($/BOE)	$10.41	$10.02	4%	$11.89	(12)%
Depreciation, depletion and amortization ($MM)	$21.4	$23.0	(7)%	$22.6	(5)%
Depreciation, depletion and amortization ($/BOE)	$12.29	$12.19	1%	$13.66	(10)%
General and administrative expenses (“G&A”) ($MM)	$7.4	$8.0	(8)%	$8.6	(14)%
General and administrative expenses ($/BOE)	$4.27	$4.26	—%	$5.21	(18)%
G&A excluding share-based compensation ($MM)	$5.9	$6.6	(11)%	$6.9	(14)%
G&A excluding share-based compensation ($/BOE)	$3.40	$3.47	(2)%	$4.19	(19)%
G&A excluding share-based compensation & transaction costs ($MM)	$5.9	$6.5	(9)%	$6.9	(14)%
G&A excluding share-based compensation & transaction costs ($/BOE)	$3.40	$3.46	(2)%	$4.18	(19)%
Interest expense ($MM)	$8.6	$9.1	(5)%	$9.5	(9)%
Interest expense ($/BOE)	$4.94	$4.83	2%	$5.74	(14)%
Gain (loss) on derivative contracts ($MM) (1)	$(82.2)	$17.5	(570)%	$(0.9)	(9033)%
Realized gain (loss) on derivative contracts ($MM)	$(5.2)	$2.7	(293)%	$(0.5)	(940)%
Unrealized gain (loss) on derivative contracts ($MM)	$(77.0)	$14.8	(620)%	$(0.4)	(19150)%

(1) A summary listing of the Company’s outstanding derivative positions as of May 5, 2026 is included in the tables shown later in this release. As of May 5, 2026, for the remainder (April through December) of 2026, the Company has approximately 2.6 million barrels of oil (approximately 72% of oil sales guidance midpoint) hedged at an average upside protection price of $73.27 and approximately 3.8 billion cubic feet of natural gas (approximately 73% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.78.

Balance Sheet and Liquidity

Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at March 31, 2026 was approximately $160.0 million, consisting of $159.0 million of availability under our revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $1.0 million in cash and cash equivalents. On March 31, 2026, the Company had $426 million in borrowings outstanding on its credit facility that has a current borrowing base of $585 million. This reflects an increase of $6 million from the balance of $420 million at December 31, 2025. The Company intends to resume debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

Ceiling Test Impairment

The Company accounts for its assets under the full cost method of accounting, which requires calculation of the limitation on capitalized costs (the full cost ceiling) each quarter. Due to a decrease in the twelve month average SEC commodity pricing over the past quarter, the Company recorded a non-cash impairment charge of $162.1 million in the first quarter of 2026. This non-cash charge had no net impact on cash flows.

Drilling and Completion Activity

In 1Q 2026 the Company continued execution of its development program across its core operated positions. In the Northwest Shelf (Yoakum County), Ring drilled and completed five one-mile horizontal wells, each with a working interest of approximately 91%. In addition, the Company in the Central Basin Platform (Crane County), completed one previously drilled one-mile horizontal DUC well, and drilled and completed one vertical well, with a 100% working interest.

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


Quarter	Area	Wells Drilled	Wells Completed

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

(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.

Remaining Quarters of 2026 Sales Volumes, Capital Investment and Operating Expense Guidance

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.


	Q2	Q3	Q4
	2026	2026	2026
Sales Volumes:
Total Oil (Bo/d)	12,450 – 13,450	12,750 – 13,750	12,800 – 13,800
Midpoint (Bo/d)	12,950	13,250	13,300
Total (Boe/d)	19,400 – 21,000	19,700 – 21,300	19,800 – 21,400
Midpoint (Boe/d)	20,200	20,500	20,600
Oil (%)	64%	65%	65%
NGLs (%)	20%	20%	20%
Gas (%)	16%	15%	15%

Capital Program:
Capital spending(1) (millions)	$28 - $36	$27 - $35	$17 - $25
Midpoint (millions)	$32	$31	$21
New Hz wells drilled	5 - 7	5 - 7	3 - 5
New Vertical wells drilled	1 - 2	1 - 2	1

Wells completed and online	6 - 9	6 - 9	4 - 6

Operating Expenses:
LOE (per Boe)	$10.05 - $11.05	$10.00 - $11.00	$10.00 - $11.00
Midpoint (per Boe)	$10.55	$10.50	$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 Thursday, May 7, 2026 at 11:00 a.m. ET (10 a.m. CT) to discuss its 1Q 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 to begin. Please reference the “Ring Energy 1Q 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 remaining quarters of 2026 guidance for sales volumes, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by 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

Al Petrie Advisors

Al Petrie, Senior Partner

Phone: 281-975-2146 Email: apetrie@ringenergy.com

RING ENERGY, INC.

Condensed Statements of Operations

(Unaudited)



	Three Months Ended
	March 31,		December 31,		March 31,
	2026		2025		2025

Oil, Natural Gas, and Natural Gas Liquids Revenues	$	73,671,664	$	66,882,770	$	79,091,207

Costs and Operating Expenses
Lease operating expenses	18,122,344		18,911,801		19,677,552
Gathering, transportation and processing costs	117,049		121,097		203,612
Ad valorem taxes	2,202,537		2,279,266		1,532,108
Oil and natural gas production taxes	3,553,891		3,224,183		3,584,455
Depreciation, depletion and amortization	21,405,948		23,002,908		22,615,983
Ceiling test impairment	162,086,257		35,913,116		—
Asset retirement obligation accretion	395,496		390,892		326,549
Operating lease expense	175,091		175,090		175,091
General and administrative expense	7,438,778		8,030,310		8,619,976

Total Costs and Operating Expenses	215,497,391		92,048,663		56,735,326

Income (Loss) from Operations	(141,825,727)		(25,165,893)		22,355,881

Other Income (Expense)
Interest income	70,529		56,910		90,058
Interest (expense)	(8,599,609)		(9,122,419)		(9,498,786)
Gain (loss) on derivative contracts	(82,230,925)		17,495,270		(928,790)
Gain (loss) on disposal of assets	—		60,855		124,610
Other income	5,837		29,582		8,942
Net Other Income (Expense)	(90,754,168)		8,520,198		(10,203,966)

Income (Loss) Before Benefit from (Provision for) Income Taxes	(232,579,895)		(16,645,695)		12,151,915

Benefit from (Provision for) Income Taxes	11,988,413		3,800,401		(3,041,177)

Net Income (Loss)	$	(220,591,482)	$	(12,845,294)	$	9,110,738

Basic Earnings (Loss) per Share	$	(1.06)	$	(0.06)	$	0.05
Diluted Earnings (Loss) per Share	$	(1.06)	$	(0.06)	$	0.05

Basic Weighted-Average Shares Outstanding	208,558,546		207,233,067		199,314,182
Diluted Weighted-Average Shares Outstanding	208,558,546		207,233,067		201,072,594

RING ENERGY, INC.

Condensed Operating Data

(Unaudited)


	Three Months Ended
	March 31,			December 31,			March 31,
	2026			2025			2025

Net sales volumes:
Oil (Bbls)	1,104,823			1,207,425			1,086,694
Natural gas (Mcf)	1,689,512			1,808,355			1,615,196
Natural gas liquids (Bbls)	355,173			377,937			299,366
Total oil, natural gas and natural gas liquids (Boe)(1)	1,741,581			1,886,755			1,655,259

% Oil	64		%	64		%	66		%
% Natural Gas	16		%	16		%	16		%
% Natural Gas Liquids	20		%	20		%	18		%

Average daily sales volumes:
Oil (Bbls/d)	12,276			13,124			12,074
Natural gas (Mcf/d)	18,772			19,656			17,947
Natural gas liquids (Bbls/d)	3,946			4,108			3,326
Average daily equivalent sales (Boe/d)	19,351			20,508			18,392

Average realized sales prices:
Oil ($/Bbl)	$	68.97		$	57.47		$	70.40
Natural gas ($/Mcf)	(2.54)			(2.49)			(0.19)
Natural gas liquids ($/Bbls)	4.96			5.29			9.65
Barrel of oil equivalent ($/Boe)	$	42.30		$	35.45		$	47.78

Average costs and expenses per Boe ($/Boe):
Lease operating expenses	$	10.41		$	10.02		$	11.89
Gathering, transportation and processing costs	0.07			0.06			0.12
Ad valorem taxes	1.26			1.21			0.93
Oil and natural gas production taxes	2.04			1.71			2.17
Depreciation, depletion and amortization	12.29			12.19			13.66
Ceiling test impairment	93.07			19.03			—
Asset retirement obligation accretion	0.23			0.21			0.20
Operating lease expense	0.10			0.09			0.11
G&A (including share-based compensation)	4.27			4.26			5.21
G&A (excluding share-based compensation)	3.40			3.47			4.19
G&A (excluding share-based compensation and transaction costs)	3.40			3.46			4.18

(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
	March 31, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	1,040,636	$	902,913
Accounts receivable	45,731,039		30,938,908
Joint interest billing receivables, net	901,472		1,623,991
Derivative assets	4,016,834		21,468,134
Inventory	6,148,963		5,312,715
Prepaid expenses and other assets	1,426,496		1,822,751
Total Current Assets	59,265,440		62,069,412
Properties and Equipment
Oil and natural gas properties, full cost method	1,761,765,033		1,891,510,431
Financing lease asset subject to depreciation	3,676,412		3,633,586
Fixed assets subject to depreciation	3,504,788		3,504,788
Total Properties and Equipment	1,768,946,233		1,898,648,805
Accumulated depreciation, depletion and amortization	(590,499,944)		(569,180,901)
Net Properties and Equipment	1,178,446,289		1,329,467,904
Operating lease asset	1,125,245		1,285,159
Derivative assets	7,199,724		9,739,430
Deferred financing costs	8,678,656		9,337,344
Total Assets	$	1,254,715,354	$	1,411,899,249

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	102,616,433	$	90,258,731
Income tax liability	535,318		356,436
Financing lease liability	686,697		730,564
Operating lease liability	539,464		586,614
Derivative liabilities	43,082,871		841,193
Notes payable	—		505,752

Asset retirement obligations	397,413		418,526
Total Current Liabilities	147,858,196		93,697,816

Non-current Liabilities

Deferred income taxes	10,214,701		22,298,701
Revolving line of credit	426,000,000		420,000,000
Financing lease liability, less current portion	487,110		593,146
Operating lease liability, less current portion	695,226		819,223
Derivative liabilities	17,234,923		2,512,692
Asset retirement obligations	30,247,250		29,972,429
Total Liabilities	632,737,406		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; 209,395,110 shares and 207,656,929 shares issued and outstanding, respectively	209,395		207,657
Additional paid-in capital	813,340,036		812,777,586
Retained earnings (Accumulated deficit)	(191,571,483)		29,019,999
Total Stockholders’ Equity	621,977,948		842,005,242
Total Liabilities and Stockholders' Equity	$	1,254,715,354	$	1,411,899,249

RING ENERGY, INC.

Condensed Statements of Cash Flows

(Unaudited)


	Three Months Ended
	March 31,		December 31,		March 31,
	2026		2025		2025

Cash Flows From Operating Activities
Net income (loss)	$	(220,591,482)	$	(12,845,294)	$	9,110,738
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	21,405,948		23,002,908		22,615,983
Ceiling test impairment	162,086,257		35,913,116		—
Asset retirement obligation accretion	395,496		390,892		326,549
Amortization of deferred financing costs	694,148		691,228		1,238,493
Share-based compensation	1,524,808		1,474,560		1,690,958
Credit loss expense	—		—		17,917
(Gain) loss on disposal of assets	—		(60,855)		(124,610)
Deferred income tax expense (benefit)	(12,242,582)		(3,650,179)		2,805,346
Excess tax expense (benefit) related to share-based compensation	158,582		(201,533)		99,437
(Gain) loss on derivative contracts	82,230,925		(17,495,270)		928,790
Cash received (paid) for derivative settlements, net	(5,276,011)		2,741,821		(553,594)
Changes in operating assets and liabilities:
Accounts receivable	(14,069,612)		2,153,443		(564,158)
Inventory	(836,248)		(327,355)		747,064
Prepaid expenses and other assets	396,255		454,986		624,812
Accounts payable	10,221,636		12,513,783		(10,385,137)
Settlement of asset retirement obligation	(203,419)		(67,428)		(207,580)
Net Cash Provided by Operating Activities	25,894,701		44,688,823		28,371,008

Cash Flows From Investing Activities
Payments for the Lime Rock Acquisition	—		(9,293,884)		(70,859,769)

Payments to purchase oil and natural gas properties	(2,781,731)		(1,016,517)		(647,106)
Payments to develop oil and natural gas properties	(32,506,820)		(24,955,052)		(31,083,507)
Payments to acquire or improve fixed assets subject to depreciation	—		(4,402)		(34,275)
Proceeds from sale of fixed assets subject to depreciation	—		—		17,360
Proceeds from divestiture of oil and natural gas properties	4,266,479		—		—




Net Cash Used in Investing Activities	(31,022,072)		(35,269,855)		(102,607,297)

Cash Flows From Financing Activities
Proceeds from revolving line of credit	48,000,000		30,500,000		114,000,000
Payments on revolving line of credit	(42,000,000)		(38,500,000)		(39,000,000)


Payments for taxes withheld on vested restricted shares, net	(965)		(228,359)		(896,431)

Payments on notes payable	(505,752)		(496,077)		(496,397)
Payment of deferred financing costs	(35,460)		66,871		—
Reduction of financing lease liabilities	(192,729)		(145,397)		(136,427)
Net Cash Provided by (Used in) Financing Activities	5,265,094		(8,802,962)		73,470,745

Net Increase (Decrease) in Cash	137,723		616,006		(765,544)
Cash at Beginning of Period	902,913		286,907		1,866,395
Cash at End of Period	$	1,040,636	$	902,913	$	1,100,851

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of May 5, 2026

The following tables reflect the details of current derivative contracts as of May 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)	Q2 2026		Q3 2026		Q4 2026		Q1 2027		Q2 2027		Q3 2027		Q4 2027		Q1 2028

Swaps:
Hedged volume (Bbl)	622,601		263,400		529,000		509,500		492,000		432,000		412,963		—
Weighted average swap price	$	66.43	$	61.77	$	65.34	$	62.82	$	60.45	$	61.80	$	57.59	$	—






Two-way collars:
Hedged volume (Bbl)	273,000		563,685		368,000		—		—		—		—		400,080
Weighted average put price	$	55.00	$	60.82	$	65.00	$	—	$	—	$	—	$	—	$	55.45
Weighted average call price	$	65.65	$	76.19	$	105.65	$	—	$	—	$	—	$	—	$	65.45







Swaps: WTI NYMEX Rolls
Hedged volume (BBL)	819,000		828,000		—		—		—		—		—		—
Weighted average swap price	$	5.30	$	5.98	$	—	$	—	$	—	$	—	$	—	$	—


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

NYMEX Swaps:
Hedged volume (MMBtu)	1,165,628		600,016		1,072,305		439,678		423,035		1,079,906		1,046,151		1,012,567
Weighted average swap price	$	3.82	$	4.19	$	3.99	$	4.02	$	4.02	$	3.86	$	4.02	$	3.77

Two-way collars:
Hedged volume (MMBtu)	139,000		648,728		128,000		717,000		694,000		—		—		—
Weighted average put price	$	3.50	$	3.10	$	3.50	$	3.99	$	3.00	$	—	$	—	$	—
Weighted average call price	$	5.42	$	4.24	$	5.42	$	5.21	$	4.32	$	—	$	—	$	—


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

NYMEX Swaps:
Hedged volume (MMBtu)	984,322		956,865		931,539		908,117		886,933		866,585		846,134
Weighted average swap price	$	3.77	$	3.77	$	3.77	$	3.67	$	3.67	$	3.67	$	3.67


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

Waha basis swaps:
Hedged volume (MMBtu)	—		—		169,880		196,372		480,325		464,360		449,846		435,403
Weighted average spread price (1)	$	—	$	—	$	1.32	$	0.78	$	0.78	$	0.78	$	0.78	$	0.68

El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)	—		—		225,184		960,307		636,710		615,547		596,306		577,163
Weighted average spread price (1)	$	—	$	—	$	1.35	$	0.72	$	0.67	$	0.67	$	0.67	$	0.60

(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,” “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
	March 31,				December 31,				March 31,
	2026				2025				2025
	Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted
Net income (loss)	$	(220,591,482)	$	(1.06)	$	(12,845,294)	$	(0.06)	$	9,110,738	$	0.05

Share-based compensation	1,524,808		0.01		1,474,560		0.01		1,690,958		0.01
Ceiling test impairment	162,086,257		0.78		35,913,116		0.17		—		—
Unrealized loss (gain) on change in fair value of derivatives	76,954,914		0.37		(14,753,449)		(0.07)		375,196		—
Transaction costs - A&D	—		—		25,000		—		1,776		—
Tax impact on adjusted items	(12,557,544)		(0.06)		(6,213,517)		(0.03)		(500,646)		(0.01)

Adjusted Net Income	$	7,416,953	$	0.04	$	3,600,416	$	0.02	$	10,678,022	$	0.05

Diluted Weighted-Average Shares Outstanding	208,558,546				207,233,067				201,072,594

Adjusted Net Income per Diluted Share	$	0.04			$	0.02			$	0.05

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
	March 31,			December 31,			March 31,
	2026			2025			2025
Net income (loss)	$	(220,591,482)		$	(12,845,294)		$	9,110,738

Interest expense, net	8,529,080			9,065,509			9,408,728
Unrealized loss (gain) on change in fair value of derivatives	76,954,914			(14,753,449)			375,196
Ceiling test impairment	162,086,257			35,913,116			—
Income tax (benefit) expense	(11,988,413)			(3,800,401)			3,041,177
Depreciation, depletion and amortization	21,405,948			23,002,908			22,615,983
Asset retirement obligation accretion	395,496			390,892			326,549
Transaction costs - A&D	—			25,000			1,776
Share-based compensation	1,524,808			1,474,560			1,690,958
Loss (gain) on disposal of assets	—			(60,855)			(124,610)
Other income	(5,837)			(29,582)			(8,942)

Adjusted EBITDA	$	38,310,771		$	38,382,404		$	46,437,553

Adjusted EBITDA Margin	52		%	57		%	59		%

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

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


	(Unaudited for All Periods)
	Three Months Ended
	March 31,		December 31,		March 31,
	2026		2025		2025

Net Cash Provided by Operating Activities	$	25,894,701	$	44,688,823	$	28,371,008
Adjustments - Condensed Statements of Cash Flows
Changes in operating assets and liabilities	4,491,388		(14,727,429)		9,784,999
Transaction costs - A&D	—		25,000		1,776
Income tax expense (benefit) - current	95,587		51,311		136,394
Capital expenditures	(34,505,509)		(24,343,200)		(32,451,531)
Proceeds from divestiture of oil and natural gas properties	4,266,479		—		—
Credit loss expense	—		—		(17,917)

Other income	(5,837)		(29,582)		(8,942)

Adjusted Free Cash Flow	$	236,809	$	5,664,923	$	5,815,787


	(Unaudited for All Periods)
	Three Months Ended
	March 31,		December 31,		March 31,
	2026		2025		2025

Adjusted EBITDA	$	38,310,771	$	38,382,404	$	46,437,553

Net interest expense (excluding amortization of deferred financing costs)	(7,834,932)		(8,374,281)		(8,170,235)
Capital expenditures	(34,505,509)		(24,343,200)		(32,451,531)
Proceeds from divestiture of oil and natural gas properties	4,266,479		—		—

Adjusted Free Cash Flow	$	236,809	$	5,664,923	$	5,815,787

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
	March 31,		December 31,		March 31,
	2026		2025		2025

Net Cash Provided by Operating Activities	$	25,894,701	$	44,688,823	$	28,371,008

Changes in operating assets and liabilities	4,491,388		(14,727,429)		9,784,999

Adjusted Cash Flow from Operations	$	30,386,089	$	29,961,394	$	38,156,007

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
	March 31,		December 31,		March 31,
	2026		2025		2025

General and administrative expense (G&A)	$	7,438,778	$	8,030,310	$	8,619,976
Shared-based compensation	1,524,808		1,474,560		1,690,958
G&A excluding share-based compensation	$	5,913,970	$	6,555,750	$	6,929,018
Transaction costs - A&D	—		25,000		1,776
G&A excluding share-based compensation and transaction costs	$	5,913,970	$	6,530,750	$	6,927,242

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 March 31, 2026 and March 31, 2025.


	(Unaudited)
	Three Months Ended
	June 30,		September 30,		December 31,		March 31,		Last Four Quarters
	2025		2025		2025		2026
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	20,634,887	$	(51,631,530)	$	(12,845,294)	$	(220,591,482)	$	(264,433,419)
Plus: Consolidated interest expense	11,687,746		9,978,067		9,065,509		8,529,080		39,260,402
Plus: Income tax provision (benefit)	6,107,425		(12,800,947)		(3,800,401)		(11,988,413)		(22,482,336)
Plus: Depreciation, depletion and amortization	25,569,914		25,225,345		23,002,908		21,405,948		95,204,115
Plus: non-cash charges reasonably acceptable to Administrative Agent	(12,236,121)		77,063,418		23,025,119		240,961,475		328,813,891
Consolidated EBITDAX	$	51,763,851	$	47,834,353	$	38,447,841	$	38,316,608	$	176,362,653
Plus: Pro Forma Acquired Consolidated EBITDAX	—		—		—		—		—
Less: Pro Forma Divested Consolidated EBITDAX	—		—		—		—		—
Pro Forma Consolidated EBITDAX	$	51,763,851	$	47,834,353	$	38,447,841	$	38,316,608	$	176,362,653

Non-cash charges reasonably acceptable to Administrative Agent:
Asset retirement obligation accretion	$	382,251	$	390,563	$	390,892	$	395,496
Unrealized loss (gain) on derivative assets	(13,970,211)		2,141,925		(14,753,449)		76,954,914
Ceiling test impairment	—		72,912,330		35,913,116		162,086,257
Share-based compensation	1,351,839		1,618,600		1,474,560		1,524,808
Total non-cash charges reasonably acceptable to Administrative Agent	$	(12,236,121)	$	77,063,418	$	23,025,119	$	240,961,475

	As of
	March 31,		Corresponding
	2026		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	426,000,000	2.42
Notes payable	—		—
Deferred payment	—		—
Capital lease obligations	$	1,173,807	—
Consolidated Total Debt	$	427,173,807	2.42
Pro Forma Consolidated EBITDAX	176,362,653
Leverage Ratio	2.42
Maximum Allowed	≤ 3.00x


	(Unaudited)
	Three Months Ended
	June 30,		September 30,		December 31,		March 31,		Last Four Quarters
	2024		2024		2024		2025
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	22,418,994	$	33,878,424	$	5,657,519	$	9,110,738	$	71,065,675
Plus: Consolidated interest expense	10,801,194		10,610,539		9,987,731		9,408,728		40,808,192
Plus: Income tax provision (benefit)	6,820,485		10,087,954		1,803,629		3,041,177		21,753,245
Plus: Depreciation, depletion and amortization	24,699,421		25,662,123		24,548,849		22,615,983		97,526,376
Plus: non-cash charges acceptable to Administrative Agent	1,664,064		(26,228,108)		8,994,957		2,392,703		(13,176,384)
Consolidated EBITDAX	$	66,404,158	$	54,010,932	$	50,992,685	$	46,569,329	$	217,977,104
Plus: Pro Forma Acquired Consolidated EBITDAX	10,329,116		7,838,163		5,244,078		7,392,359		30,803,716
Less: Pro Forma Divested Consolidated EBITDAX	(469,376)		(600,460)		77,819		8,855		(983,162)
Pro Forma Consolidated EBITDAX	$	76,263,898	$	61,248,635	$	56,314,582	$	53,970,543	$	247,797,658

Non-cash charges acceptable to Administrative Agent:
Asset retirement obligation accretion	$	352,184	$	354,195	$	323,085	$	326,549
Unrealized loss (gain) on derivative assets	(765,898)		(26,614,390)		6,999,552		375,196

Share-based compensation	2,077,778		32,087		1,672,320		1,690,958
Total non-cash charges acceptable to Administrative Agent	$	1,664,064	$	(26,228,108)	$	8,994,957	$	2,392,703

	As of
	March 31,		Corresponding
	2025		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	460,000,000	1.86
Lime Rock deferred payment	10,000,000		0.04
Consolidated Total Debt	$	470,000,000	1.90
Pro Forma Consolidated EBITDAX	247,797,658
Leverage Ratio	1.90
Maximum Allowed	≤ 3.00x

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
	March 31,		December 31,		March 31,
	2026		2025		2025
All-In Cash Operating Costs:
Lease operating expenses (including workovers)	$	18,122,344	$	18,911,801	$	19,677,552
G&A excluding share-based compensation	5,913,970		6,555,750		6,929,018
Net interest expense (excluding amortization of deferred financing costs)	7,834,932		8,374,281		8,170,235
Operating lease expense	175,091		175,090		175,091
Oil and natural gas production taxes	3,553,891		3,224,183		3,584,455
Ad valorem taxes	2,202,537		2,279,266		1,532,108
Gathering, transportation and processing costs	117,049		121,097		203,612
All-in cash operating costs	$	37,919,814	$	39,641,468	$	40,272,071

Boe	1,741,581		1,886,755		1,655,259

All-in cash operating costs per Boe	$	21.77	$	21.01	$	24.33

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
	March 31,		December 31,		March 31,
	2026		2025		2025
Cash Operating Margin
Realized revenues per Boe	$	42.30	$	35.45	$	47.78
All-in cash operating costs per Boe	21.77		21.01		24.33
Cash Operating Margin per Boe	$	20.53	$	14.44	$	23.45

NYSE American: REI www.ringenergy.com www.ringenergy.com REDEFINING CONVENTIONAL ASSETS Q1 2026 EARNINGS REAFFIRM GUIDANCE • Consider changing title of deck since we are telling Ring story

Ring Energy, Inc. Q1 2026 Earnings | May 7, 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 quarterly 2026 guidance for sales volumes, number of potential well locations and associated inventory life, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, and operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of oversupply, changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; 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 which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC. All forward-looking statements, expressed or implied, included in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be incorrect. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by applicable law. The financial and operating estimates contained in this Presentation represent our reasonable estimates as of the date of this Presentation. Neither our independent auditors nor any other third party has examined, reviewed or compiled the estimates and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the estimates are based are described in more detail herein. Some of these assumptions inevitably will not materialize, and unanticipated events may occur that could affect our results. Therefore, our actual results achieved during the periods covered by the estimates will vary from the estimated results. Investors are not to place undue reliance on the estimates included herein. 2 Supplemental Non-GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (“GAAP”), such as “Adjusted Net Income”, “Adjusted EBITDA,” “PV-10,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “Leverage Ratio,” “All- in Cash Operating Costs,” and “Cash Operating Margin.” While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. See Appendix for definitions and reconciliation to GAAP measures. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Ring Energy’s Strategic Advantage 3 Proven Model with Low Decline, High Margin, Long-Life Assets Driving Sustainable AFCF1 Through Cycles A leader redefining conventional assets by using unconventional thinking and modern technology to deliver sustainable returns 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. See Appendix for definitions and reconciliation to GAAP measures. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. Source ENVERUS trailing twelve months as of Dec. 2025 for operators' Gross production on per Boe basis in the Texas CBP & NWS. A Proven Cash Flow Machine: 26 Consecutive Quarters of AFCF1 10+ Years of Drilling Inventory: 500+ Identified Locations2 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life 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 • Insert tag line? Revise it to be what team thinks is best

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI A Modern Conventional E&P Built for the Future 4 Transformation in Motion and Foundation Laid for Sustained Value Creation 1. Market data is as of May 1, 2026. Balance sheet data is as of March 31, 2026. Transformation Milestones New Leadership Positioned for Recovery Stronghold Acquisition Doubled Production, Reserves and Inventory Margin Expansion Increased Adj FCF Founders Acquisition Debt Reduction Organic Focus Optimize Costs Record Production & Adj FCF Cost Structure Reduction Scale Add- Organic Reserve Growth Lime Rock Acquisition 1P Reserves (MMBoe) 76.5 → 153 +100% vs. YE 2020 Ring has built scale, inventory depth, and reduced leverage, creating a stronger foundation for long-term value Production (MBoe/d) 8.8 → 20.3 +130% vs. YE 2020 PV-10 ($MM) $638 → $1,318 +107% vs. YE 2020 Inventory Runway 10+ yrs Long-duration development visibility Leverage Ratio 3.6x → 2.2x -38% vs. YE 2020 Reserve life 20+ yrs Cycle-resilient cash flow base 2020 2022 2023 2024 2025+2021 Value-Focused Proven Strategy Disciplined Development Reset Stabilize Transform Execute Optimize Sustainable Ring Today1 (May 1, 2026) $381MM Market Cap +575% vs. YE 2020 $806MM Enterprise Value +120% vs. YE 2020 $160MM Liquidity +294% vs. YE 2020 10+ Proven Pay Zones +400% vs. YE 2020 Yoakum Gaines Andrews Ector Crane Ward Ring Energy Assets Northwest Shelf “NWS” Central Basin Platform “CBP” Includes operated & non-operated 96k+ Net Acres 99% Operated Since YE 2020, Ring has More Than Doubled Production and Reserves, Reduced Leverage, and Built a Scaled, Durable Permian Company for Long-Term Returns. Deploying Unconventional Wisdom in CBP & NWS A Multi-Year Transformation Delivering Scale, Inventory Depth, and a Stronger Balance Sheet

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Ring’s Thesis: Conventional Rock Is the Opportunity 5 The Central Basin Platform is the Heart of the Permian with Substantial Oil Left to Recover Source: Enverus as of Apr. 23, 2026. Note: Greater Permian includes the Central Basin Platform, Northwest Shelf, Eastern Shelf, Texas Shelf and New Mexico Shelf 1. Utilizing “Oil and Gas Resources Remaining in the Permian Basin: Targets for Additional Hydrocarbon Recovery” adjusted for production since publication CBP & Northwest Shelf Dominate Historical Permian Oil ProductionPermian Platform and Shelf Fairways 0 5,000 10,000 15,000 20,000 Delaware Midland CBP + N. Shelf Cumulative Oil Production (MMbbl) New Mexico Shelf Northwest Shelf Central Basin Platform Eastern Shelf Texas Shelf Substantial Remaining Oil Resource → over15 billion barrels of recoverable oil remaining1 in the CBP from bypassed tighter conventional stacked pay zones Conventional Reservoirs → typically have higher porosity & permeability resulting in lower declines and longer well lives Material Upside Ahead → The application of modern drilling / completion technology, and longer lateral development will unlock the next chapter of the CBP Greater Permian has Substantial Remaining Oil Reserves to Recover Using Today's Technologies

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 61% 64% 59% 58% 48% 41% 2020 2021 2022 2023 2024 2025 Horizontal TILs by County2 Andrews Crane Ector Yoakum Other Horizontal Development Ramping Significantly Why Now? Today’s Modern Horizontal Technology 6 Unlocking Permian’s Next Chapter – Ring’s Core Acreage is Well Positioned 1. Includes the Central Basin Platform, Northwest Shelf, Eastern Shelf, Texas Shelf and New Mexico Shelf per Enverus. 2. Other counties include Borden, Chaves, Cochran, Coke, Cottle, Crockett, Crosby, Dickens, Ector, Eddy, Fisher, Foard, Gaines, Garza, Glasscock, Hale, Hockley, Howard, Irion, Kent, King, Lamb, Lea, Lubbock, Mitchell, Motley, Nolan, Pecos, Roosevelt, Schleicher, Scurry, Sterling, Stonewall, Terry, Tom Green, Upton, Ward, and Winkler. 3. Guidance Midpoint. Ring Acreage Concentrated in the Highest-Activity Counties Ring 2026E New Drills are >80% Horizontal3 with Increased Lateral Length 29% 36% 42% 54% 63% 73% 71% 64% 58% 46% 37% 27% 2020 2021 2022 2023 2024 2025 Greater Permian Horizontal vs. Vertical TILs1 Horizontal Vertical 39% 2 41% 42%36% 52% 59% Material Horizontal Activity Across The CBP 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 5% 8% >60% 95% 92% <40% 2024 2025 2026E Horizontals > 1.0 mile Horizontals < 1.0 mile Ring Horizontal Development Breakdown • Why now, REI is well positioned • We need to know about how many wells drilled per year • Approx 1mile fix bar cahrt Ring Energy’s Core Acreage Spans the Most Active Conventional Horizontal Development Areas Source: Enverus as of April 27, 2026.

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Horizontals Revitalize Legacy Fields and Fuel Rapid Production Growth in the Last ~ 5 Years 7 Legend HZ Wells ▪ 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 Yoakum 2025 vs 2015 2025 552 Hz Wells 2015 32 Hz Wells 2025 517 Hz Wells 2015 172 Hz Wells 2025 593 Hz Wells 2015 257 Hz Wells CBP Multi-Bench Development Yoakum County Yoakum County Andrews County Andrews County Ector County Ector County Crane County Crane County 0 25 50 75 100 125 150 M b o e /d ( G ) Yoakum Andrews Crane / Ector Source: Enverus. Multi-benchMulti-bench Multi-bench Andrews 2025 vs 2015 Ector / Crane 2025 vs 2015 • Proof it works, and its repeatable and scalable Horizontal Drilling Extending Life of Legacy Fields CBP & NWS Surging Growth Trajectory Expected to Continue Proof it’s Working – It’s Repeatable and Scalable

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 30% 70% Vertical Horizontal 92% 8% Vertical Horizontal Horizontals Unlock Higher-Return Inventory 8 Shifting to Horizontal Development High-Grades and Increases Capital Efficient Inventory Potential >65% Increase in PV-10 Strategic Repositioning of CBP South Inventory to Horizontal Legacy YE’25 Proved Inventory 2026+ Inventory2 CBP South Multi-Bench Horizontal Development Opportunity Significantly Enhancing Single-Well Profitability and Oil Recovery1 14 Horizontal Locations 200+ Horizontal Locations VERTICAL HORIZONTAL VERTICAL HORIZONTAL >180% Increase in Oil Recovery Prospective on REI Acreage Actively Developed Offset REI Judkins McKnight Glorieta Upper Clearfork Tubb Wichita Albany Lower Wichita Albany Wolfcamp Additional Deep3 Potential Up to 3 Additional Targets as Deep Activity Moves West Ring CBP South Operating Areas Up to 8 Prospective Horizontal Development Targets Identified Note: Based on $70 / $3.50 Flat Pricing for WTI / HH 1. Reflects average metrics for currently identified economic vertical and horizontal inventory in Crane and Ector Counties 2. Includes all identified horizontal locations in Crane and Ector Counties 3. Deep targets include the Pennsylvanian, Barnett / Mississippian, and the Devonian Ector Crane To Discuss: • Hz PV10 is to 1.0mi? Lets add 2.0mi % increase as well Ring’s Execution Organically Maximizes Inventory Shifting to Horizontal Development High-Grades and Provides Capital Efficient Inventory Potential CBP-South includes assets in Ector & Crane Why is it Meaningful to Ring Today?

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Meaningful Upside to Adjusted Free Cash Flow 9 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 June 2026 $3.50 per MCF Flat. Differential assumptions oil (-$1.00), gas ‘26E (-$5.50) ‘27E (- $3.40), and NGL realizations of 8% in ’26E & 10% in ’27E of WTI oil price. 3. AFCF yield for 2024 & 2025 based on year-end market capitalizations; 2026E & 2027E based on assumptions above for AFCF and Ring’s stock price and market capitalization as of 5/1/2026. Internal 2026E & 2027E Adjusted Free Cash Flow1,2 2026E & 2027E Adjusted Free Cash Flow Yield2,3 18% 28% 9% 13% 17% 12% 20% 28% 0% 10% 20% 30% 2024 2025 $65 $75 $85 $65 $75 $85 WTI Disciplined Hedging Protects Cash Flow & Preserves Flexibility Our hedge position was built to support our capital development program in a lower-price scenario, while retaining meaningful upside through collars and unhedged volumes FY 2026E WTI FY 2027E $44 $50 $0MM $25MM $50MM $75MM $100MM 2024 2025 $65 $75 $85 $65 $75 $85 27E assumes flat prod to Q4’26 mid-point guidance, 27E capex ~$120MM, includes current hedges Realized Oil price ($/Bbl) FY 2026E FY 2027E Note: Percentages for 2026 volumes are based on the midpoint of the Company’s oil production guidance. Percentages for 2027 volumes are based on projecting the Company’s Q426 oil production guidance flat through 2027. Expanded Inventory Drives Stronger Sustainable AFCF add impact of hedges Swap FCF 59% at $66.77/Bbl 32% at $64.15/Bbl 41% at $61.66/Bbl 35% at $59.74/Bbl 17% at $64.12/Bbl 39% at $87.83/Bbl 24% 29% 59% 65% 0% 20% 40% 60% 80% 100% 1H 2026 2H 2026 1H 2027 2H 2027 Swaps (weighted average) Collars (capped at call strike price) Unhedged $74.87 $63.53 26E based on mid-point guidance, includes current hedges

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI NWS CBP-N Penwell CBP-S 19% 59% 22% High-Quality Proved Reserves Create Durable AFCF 10 Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years 1. Reserves as of December 31, 2025 utilizing SEC prices, YE 2025 SEC Pricing: $61.82 per Bbl Oil & $3.387 per Mcf Gas. 2. PV-10 is a Non-GAAP financial measure. See Appendix for definition and reconciliation. 3. Changes in proved reserves due to price and differentials (see Form 10-K for year ended December 31, 2025 for details). 4. See Form 10-K for year ended December 31, 2025 for additional information. Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Reserve Extensions4 (MMBoe) 24% 76% $1,318 MM PD $1,007 MM PUD $312 MM Oil (MMBO) 90.3 Gas (BCF) 176.2 NGL (MMBbL) 33.6 ~153 MMBoe 245+ PUD Locations 235+ PDNP Opportunities PD ~104 MMBoe PUD ~49 MMBoe 32% 68% ~153 MMBoe LRR Acquisition + Organic Reserve Replacement in 2025 Increased Proved Reserves 14% Increased PD Reserves 12% Replaced Production and SEC Price3 Volumes 7.4MM BOE Produced 5.9MM BOE SEC Price 11.2MM BOE of Extensions 90% horizontal extensions 11.2 0 5 10 15 20 2023 2024 2025 Proved Locations by Area 3 years of reserve replacement & extensions Proved Reserves1 and Inventory Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years Value Proposition – Proved Reserves1 Trading at Discount

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 110 57 26 26 23 21 20 13 10 8 8 7 6 6 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Permian’s Premier Conventional Consolidator 11 Ring is One of the Top Three Operators in the CBP & NWS – Uniquely Positioned to Lead Consolidation Source: Enverus TTM 12/2025, Companies include Basin O&G, Blackbeard Operating, Burk Royalty, ConocoPhillips, Crescent Energy, Elevation Resources, Formentera Partners, Hilcorp, Kinder Morgan, OXY, Riley Petroleum, Ring Energy, Diversified Energy, Mach Natural Resources and Scout CBP & NWS: Fragmented Ownership is an Opportunity • Scale gives Ring the edge – Top-tier CBP/NWS footprint enables efficient acquisition integration • Less competition, better deals – Fewer competitors and low-cost assets drive superior acquisition economics • Ring has already proven it – Track record of accretive M&A and successful integrations • Conventional is Ring’s core competency – Deep technical strength unlocks value others overlook • The prize is massive – ~410 Mboepd of fragmented conventional production remaining G ro ss P ro d u c ti o n (2 -S tr e a m M b o e /d ) Delaware Basin CBP NWS Eastern Shelf Midland Basin Publics Privates REI CBP/NWS Publics CBP/NWS Privates % Oil 81% 68% 77% 80% 85% 78% 85% 59% 91% 90% 64% 77% 75% 81% 49% Ranking 1 2 3 4 5

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Potential Catalysts for 2026 & Beyond 12 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 To Discuss: • Undervalued proved reserves

www.ringenergy.com | NYSE American: REI Q1 2026 EARNINGS | MAY 7, 2026 Q1 UPDATE AND OUTLOOK

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI ✓Accelerated Capital Spend • Capture upside potential before sustained higher oil prices translate into higher costs and increased competition • Invested in targeted infrastructure in order to expand flexibility and unlock more capital efficient longer lateral inventory Q1 2026 – Operational Results 14 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. ✓26th Consecutive Quarter of Positive Adjusted Free Cash Flow1 ✓Maintained Cost Reductions • LOE of $10.41 per Boe (Beat guidance low end range and 5% better than mid-point) • All-in-Cash Costs of $21.77 per Boe (11% less than Q1 2025 ) ✓Production in-line with Guidance • 12,276 barrels of oil sold per day (near the mid-point of guidance) • 19,351 barrels of oil equivalent sold per day (mid-point of guidance) Delivered on Production Guidance and Reduced Operating Costs while Accelerating Capital Delivered on Guidance, Reduced Costs and Accelerated Capital Deployment

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI REI Historical Stock Price Performance 15 Price Performance Since July 1, 2025- Outperforming Most SMID CAP Peers YTD & LTM Source: Facset, as of May 1st, 2026 8-K disclosing Warburg is out $55 $65 $75 $85 $95 $105 $115 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 Mar '26 Apr '26 May '26 Quarterly Filing Date Ring Energy, Inc. ($/share) - Left WTI Crude Oil ($/bbl) - Right $0.79 $1.82

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Sales Volumes Q1 2026 Q1 2026 % Guidance Actuals Difference Total Oil (Bo/d) 12,100 – 12,500 Mid Point (Bo/d) 12,300 12,276 0% Total (Boe/d) 19,100 – 19,600 Mid Point (Boe/d) 19,350 19,351 0% - Oil (%) 64% 64% - NGLs (%) 20% 20% - Gas (%) 16% 16% Capital Program Capital1 ($MM) $28 – $34 Mid Point ($MM) $31 $34.5 11% Operating Expenses LOE (per Boe) $10.75 – $11.25 Mid Point (per Boe) $11.00 $10.41 -5% Q1 2026E Guidance vs Actuals 16 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. Q1 Guidance Met Expectations ✓ Met mid-point production oil & Boe’s ✓ Beat mid-point of lifting cost by 5% ▪ Slightly exceed high end capex, accelerated spend to benefit ‘26 outlook

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI $4 $6 $8 $10 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) REI Legacy LRR FY 2025 – Operational Excellence 17 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. 2. Well performance cumulative oil production gross barrels of oil normalized to 5,000 lateral feet. Total horizontal well counts per year 2023 (20), 2024 (21) and 2025 (12). Reducing Hz D&C Cost Per Lateral Foot1 Hz Well Performance Oil Bbls per 5,000 Lateral Feet2 Structural Reduction in Monthly LOE $MM Reducing LOE $ per Boe Includes Founders Acquisition $400 $500 $600 2023/24 Avg 2025 ~10% reduction ~$500 ~$1.4 Million per month savings l $11.5 $9.9 $19.7 $14.3 $12.4 $10.4 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) REI Legacy LRR Combined ~16% reduction combined, since LRR Acquisition - 20,000 40,000 60,000 0 6 12 18 24 N o rm a li ze d C u m . O il ( B b ls ) Months On 2023 2024 2025 Optimizing well spacing & landing zones with higher intensity fracs

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 10+ years of drilling inventory at current activity levels Converting legacy proved vertical zones into multi-bench Hz value Proved Vt 30% Proved Hz 19% LOC Hz 51% High-Margin Assets with Multi-Zone Horizontal Upside 18 Unlocking Value Transitioning to Multi-Bench Horizontal Locations 1. Break-even costs is for core inventory in CBP & NWS asset areas. The range in break-even is based on at least a 10% rate of return on recent capex spend, differentials, and depends on lateral length, asset area, completion and artificial lift type. 2. Defined as locations that we estimate that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. P e rm ia n P e n n sy lv a n ia n M Is si ss ip p ia n Geologic Period Target Formation “Stacked Pay Zones” CBP Active WPS CBP Hz Potential NWS Active WPS Permian Grayburg ✓ ✓ 4-6 San Andres Judkins ✓ ✓ McKnight ✓ ✓ 4-6 ✓ ✓ 6-8 Holt ✓ ✓ Glorieta ✓ ✓ Clearfork Upper ✓ ✓ Tubb ✓ ✓ 4-6 ✓ Lower ✓ Wichita - Albany ✓ ✓ Wolfcamp ✓ ✓ 3-5 ✓ Pennsyl- vanian Penn Mississ- ippian Barnett Shale ✓ Mississippian Lime Woodford Devonian Devonian ✓ ✓ 3-4 Includes operated & NonOP ✓ Vertical ✓ Horizontal 500+ Total Gross New Drill Locations2 Horizontal Horizontal & Vertical CBP North Penwell CBP South 2025 Core Assets Central Basin Platform “CBP” Northwest Shelf “NWS” Counties Andrews, Crane, Ector, Gaines Yoakum Net Acres ~79,000 ~17,000 Operated WI / NRI ~96% / ~81% ~92% / ~69% Net Production ~12 Mboe/d (68% oil) ~8.3 Mboe/d (62% oil) Total Capital ($MM) ~$69 ~$29 New Drill Program 7 Hz & 6 Vt wells 5 Hz wells Field Level EBITDA Margin ~60% ~78% Breakeven Costs1 < $50 per Bbl < $40 per Bbl NWS

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Reaffirming 2026 Guidance 19 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. $115 2026E Guidance Midpoint Total Capex Comparison $MM 1% 6% 25% 10% 58% Capex Allocation 2026E D&C + CTR Capital Workover, Recompletions Land, Non-op Compliance Upgrades Sales Volumes Q2 2026 Q3 2026 Q4 2026 Total (Bo/d) 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 Mid Point (Bo/d) 12,950 13,250 13,300 Total (Boe/d) 19,400 – 21,000 19,700 – 21,300 19,800 – 21,400 Mid Point (Boe/d) 20,200 20,500 20,600 - Oil (%) 64% 65% 65% - NGLs (%) 20% 20% 20% - Gas (%) 16% 15% 15% Capital Program Capital1 ($MM) $28 – $36 $27 – $35 $17 – $25 Mid Point (millions) $32 $31 $21 - New Hz wells drilled 5 – 7 5 – 7 3 – 5 - New Vertical wells drilled 1 – 2 1 – 2 1 - DUC Wells 0 0 0 - Wells completed & online 6 – 9 6 – 9 4 – 6 Operating Expenses LOE (per Boe) $10.05– $11.05 $10.00 – $11.00 $10.00 – $11.00 Mid Point (per Boe) $10.55 $10.50 $10.50 Infrastructure

www.ringenergy.com www.ringenergy.com Q1 2026 EARNINGS | MAY 7, 2026 THANK YOU Company Contact Al Petrie (281) 975-2146 apetrie@ringenergy.com Analyst Coverage Tuohy Bothers Investment Noel Parks (215) 913-7320 nparks@tuohybrothers.com Water Tower Research Jeff Robertson (469) 343-9962 jeff@watertowerresearch.com Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: (281) 397-3699 Alliance Global Partners (AGP) Poe Fratt (314) 719-6084 pfratt@allianceg.com

www.ringenergy.com | NYSE American: REI Q1 2026 EARNINGS | MAY 7, 2026 APPENDIX

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Operational Discipline Delivered Higher AFCF1 22 Business Execution Driving Growth And Stronger AFCF1 Despite ~18% Lower Realized Prices 1. Adjusted Free Cash Flow and All-in-Cash Operating Costs are Non-GAAP financial measures. See Appendix for definitions and reconciliation to GAAP measures. 2. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. 3. Reinvestment rate expressed as percentage of Adjusted EBITDA. ✓Operational Excellence✓Additional Size & Scale ✓ Cash Flow Generation $45 $44 $50 $40 $45 $50 $55 2023 2024 2025 Adjusted Free Cash Flow1 $MM Commodity Prices $76.2 $74.9 $63.5 $50 $60 $70 $80 2023 2024 2025 Realized Oil $ per Bbl $54.6 $50.9 $41.6 $30 $40 $50 $60 2023 2024 2025 Realized $ per Boe 500+ FOG AQ LRR AQ 130 134 153 $100 $120 $140 $160 2023 2024 2025 Proved Reserves2 MMBoe 18.1 19.7 20.3 $16 $18 $20 $22 2023 2024 2025 Sales MBoe/d $152 $152 $98 $0 $100 $200 2023 2024 2025 Capex $MM 64% 65% 53% Reinvestment Rate3 $23.5 $23.0 $22.2 $10 $15 $20 $25 2023 2024 2025 All-in-Cash Op. Costs1 $/Boe $11.6 $11.0 $10.4 $0 $4 $8 $12 2023 2024 2025 F&D Costs $/Boe

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Derivative Summary (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. Oil Hedges (WTI) Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Swaps: Hedged volume (Bbl) 622,601 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — Weighted average swap price $ 66.43 $ 61.77 $ 65.34 $ 62.82 $ 60.45 $ 61.80 $ 57.59 $ — $ — $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 273,000 563,685 368,000 — — — — 400,080 — — — — — — — Weighted average put price $ 55.00 $ 60.82 $ 65.00 $ — $ — $ — $ — $ 55.45 $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 65.65 $ 76.19 $ 105.65 $ — $ — $ — $ — $ 65.45 $ — $ — $ — $ — $ — $ — $ — Swaps: WTI NYMEX Rolls Hedged volume (BBL) $ 819,000 $ 828,000 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average swap price $ 5.30 $ 5.98 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — As of May 5, 2026 Th Company has hedged: Bal2026: ~ 2.6 million barrels of oil at avg upside protection price of $73.27 2027: ~ 1.8 million barrels of oil at avg upside protection price of $60.78 23

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Derivative Summary Gas Hedges (Henry Hub) Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 NYMEX Swaps: Hedged volume (MMBtu) 1,165,628 600,016 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956,865 931,539 908,117 886,933 866,585 846,134 Weighted average swap price $ 3.82 $ 4.19 $ 3.99 $ 4.02 $ 4.02 $ 3.86 $ 4.02 $ 3.77 $ 3.77 $ 3.77 $ 3.77 $ 3.67 $ 3.67 $ 3.67 $ 3.67 Two-way collars: Hedged volume (MMBtu) 139,000 648,728 128,000 717,000 694,000 — — — — — — — — — — Weighted average put price $ 3.50 $ 3.10 $ 3.50 $ 3.99 $ 3.00 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 5.42 $ 4.24 $ 5.42 $ 5.21 $ 4.32 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — As of May 5, 2026 Gas Hedges (basis differential) Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Waha basis swaps: Hedged volume (MMBtu) — — 169,880 196,372 480,325 464,360 449,846 435,403 — — — — — — — Weighted average spread price (1) $ — $ — $ 1.32 $ 0.78 $ 0.78 $ 0.78 $ 0.78 $ 0.68 $ — $ — $ — $ — $ — $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) — — 225,184 960,307 636,710 615,547 596,306 577,163 — — — — — — — Weighted average spread price (1) $ — $ — $ 1.35 $ 0.72 $ 0.67 $ 0.67 $ 0.67 $ 0.60 $ — $ — $ — $ — $ — $ — $ — The Company has hedged: Bal2026: ~ 3.8 BCF of natural gas at avg downside protection price of $3.78 2027: ~ 4.4 BCF of natural gas at avg downside protection price of $3.81 (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. 24

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in the Company’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this financial performance measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. “Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility. The Company defines “Consolidated 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. 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,” “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 equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The 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 25

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Total Per share - diluted Total Per share - diluted Total Per share - diluted Net income (loss) $(220,591,482) $ (1.06) $ (12,845,294) $ (0.06) $ 9,110,738 $ 0.05 Share-based compensation 1,524,808 0.01 1,474,560 0.01 1,690,958 0.01 Ceiling test impairment 162,086,257 0.78 35,913,116 0.17 — — Unrealized loss (gain) on change in fair value of derivatives 76,954,914 0.37 (14,753,449) (0.07) 375,196 — Transaction costs - A&D — — 25,000 — 1,776 — Tax impact on adjusted items (12,557,544) (0.06) (6,213,517) (0.03) (500,646) (0.01) Adjusted Net Income 7,416,953 $ 0.04 3,600,416 $ 0.02 10,678,022 $ 0.05 Diluted Weighted-Average Shares Outstanding 208,558,546 207,233,067 201,072,594 Adjusted Net Income per Diluted Share $ 0.04 $ 0.02 $ 0.05 26

Ring Energy, Inc. Q1 2026 Earnings | May 7, 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. (Unaudited for All Periods) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Net income (loss) $ (220,591,482) $ (12,845,294) $ (51,631,530) $ 20,634,887 $ 9,110,738 Interest expense, net 8,529,080 9,065,509 9,978,067 11,687,746 9,408,728 Unrealized loss (gain) on change in fair value of derivatives 76,954,914 (14,753,449) 2,141,925 (13,970,211) 375,196 Ceiling test impairment 162,086,257 35,913,116 72,912,330 — — Income tax (benefit) expense (11,988,413) (3,800,401) (12,800,947) 6,107,425 3,041,177 Depreciation, depletion and amortization 21,405,948 23,002,908 25,225,345 25,569,914 22,615,983 Asset retirement obligation accretion 395,496 390,892 390,563 382,251 326,549 Transaction costs - A&D — 25,000 10 1,000 1,776 Share-based compensation 1,524,808 1,474,560 1,618,600 1,351,839 1,690,958 Loss (gain) on disposal of assets — (60,855) (105,642) (155,293) (124,610) Other income (5,837) (29,582) — (150,770) (8,942) Adjusted EBITDA $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 46,437,553 Adjusted EBITDA Margin 1 52 % 57 % 61 % 62 % 59 % 27

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Net Cash Provided by Operating Activities $ 25,894,701 $ 44,688,823 $ 44,492,325 $ 33,297,251 $ 28,371,008 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities 4,491,388 (14,727,429) (6,086,921) 8,312,480 9,784,999 Transaction costs - A&D — 25,000 10 1,000 1,776 Income tax expense (benefit) - current 95,587 51,311 39,772 147,460 136,394 Capital expenditures (34,505,509) (24,343,200) (24,589,282) (16,827,513) (32,451,531) Proceeds from divestiture of oil and natural gas properties 4,266,479 — 100 — — Credit loss expense — — (907) (205) (17,917) Other income (5,837) (29,582) — (150,770) (8,942) Adjusted Free Cash Flow $ 236,809 $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 5,815,787 (Unaudited for All Periods) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Adjusted EBITDA $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 46,437,553 Net interest expense (excluding amortization of deferred financing costs) (7,834,932) (8,374,281) (9,284,442) (9,851,572) (8,170,235) Capital expenditures (34,505,509) (24,343,200) (24,589,282) (16,827,513) (32,451,531) Proceeds from divestiture of oil and natural gas properties 4,266,479 — 100 — — Adjusted Free Cash Flow $ 236,809 $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 5,815,787 28

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) (Unaudited) Three Months Ended Last Four QuartersJune 30, September 30, December 31, March 31, 2025 2025 2025 2026 Consolidated EBITDAX Calculation: Net Income (Loss) $ 20,634,887 $ (51,631,530) $ (12,845,294) $ (220,591,482) $ (264,433,419) Plus: Consolidated interest expense 11,687,746 9,978,067 9,065,509 8,529,080 39,260,402 Plus: Income tax provision (benefit) 6,107,425 (12,800,947) (3,800,401) (11,988,413) (22,482,336) Plus: Depreciation, depletion and amortization 25,569,914 25,225,345 23,002,908 21,405,948 95,204,115 Plus: non-cash charges reasonably acceptable to Administrative Agent (12,236,121) 77,063,418 23,025,119 240,961,475 328,813,891 Consolidated EBITDAX $ 51,763,851 $ 47,834,353 $ 38,447,841 $ 38,316,608 $ 176,362,653 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX — — — — — Pro Forma Consolidated EBITDAX $ 51,763,851 $ 47,834,353 $ 38,447,841 $ 38,316,608 $ 176,362,653 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 382,251 $ 390,563 $ 390,892 $ 395,496 Unrealized loss (gain) on derivative assets (13,970,211) 2,141,925 (14,753,449) 76,954,914 Ceiling test impairment — 72,912,330 35,913,116 162,086,257 Share-based compensation 1,351,839 1,618,600 1,474,560 1,524,808 Total non-cash charges reasonably acceptable to Administrative Agent $ (12,236,121) $ 77,063,418 $ 23,025,119 $ 240,961,475 As of March 31, Corresponding 2026 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 426,000,000 2.42 Notes payable — — Deferred payment — — Capital lease obligations 1,173,807 — Consolidated Total Debt 427,173,807 2.42 Pro Forma Consolidated EBITDAX 176,362,653 Leverage Ratio 2.42 Maximum Allowed ≤ 3.00x (Unaudited) Three Months Ended Last Four QuartersJune 30, September 30, December 31, March 31, 2024 2024 2024 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ 22,418,994 $ 33,878,424 $ 5,657,519 $ 9,110,738 $ 71,065,675 Plus: Consolidated interest expense 10,801,194 10,610,539 9,987,731 9,408,728 40,808,192 Plus: Income tax provision (benefit) 6,820,485 10,087,954 1,803,629 3,041,177 21,753,245 Plus: Depreciation, depletion and amortization 24,699,421 25,662,123 24,548,849 22,615,983 97,526,376 Plus: non-cash charges acceptable to Administrative Agent 1,664,064 (26,228,108) 8,994,957 2,392,703 (13,176,384) Consolidated EBITDAX $ 66,404,158 $ 54,010,932 $ 50,992,685 $ 46,569,329 $ 217,977,104 Plus: Pro Forma Acquired Consolidated EBITDAX 10,329,116 7,838,163 5,244,078 7,392,359 30,803,716 Less: Pro Forma Divested Consolidated EBITDAX (469,376) (600,460) 77,819 8,855 (983,162) Pro Forma Consolidated EBITDAX $ 76,263,898 $ 61,248,635 $ 56,314,582 $ 53,970,543 $ 247,797,658 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 352,184 $ 354,195 $ 323,085 $ 326,549 Unrealized loss (gain) on derivative assets (765,898) (26,614,390) 6,999,552 375,196 Share-based compensation 2,077,778 32,087 1,672,320 1,690,958 Total non-cash charges acceptable to Administrative Agent $ 1,664,064 $ (26,228,108) $ 8,994,957 $ 2,392,703 As of March 31, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 460,000,000 1.86 Lime Rock deferred payment 10,000,000 0.04 Consolidated Total Debt $ 470,000,000 1.90 Pro Forma Consolidated EBITDAX 247,797,658 Leverage Ratio 1.90 Maximum Allowed ≤ 3.00x 29

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) (Unaudited) Last Four Quarters Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ (264,433,419) $ (34,731,199) $ (16,228,386) $ 69,281,568 $ 71,065,675 Plus: Consolidated interest expense 39,260,402 40,140,050 41,062,272 41,694,744 40,808,192 Plus: Income tax provision (benefit) (22,482,336) (7,452,746) (1,848,716) 21,040,185 21,753,245 Plus: Depreciation, depletion and amortization 95,204,115 96,414,150 97,960,091 98,396,869 97,526,376 Plus: non-cash charges acceptable to Administrative Agent 328,813,891 90,245,119 76,214,957 (27,076,569) (13,176,384) Consolidated EBITDAX $ 176,362,653 $ 184,615,374 $ 197,160,218 $ 203,336,797 $ 217,977,104 Plus: Pro Forma Acquired Consolidated EBITDAX — 7,392,359 12,636,437 20,474,600 30,803,716 Less: Pro Forma Divested Consolidated EBITDAX — 8,855 86,674 (513,786) (983,162) Pro Forma Consolidated EBITDAX $ 176,362,653 $ 192,016,588 $ 209,883,329 $ 223,297,611 $ 247,797,658 As of As of As of As of As of March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Leverage Ratio Covenant: Revolving line of credit $ 426,000,000 $ 420,000,000 $ 428,000,000 $ 448,000,000 $ 460,000,000 Notes payable — 505,752 1,001,829 Estimated deferred payment — — 10,000,000 10,000,000 10,000,000 Capital lease obligations 1,173,807 1,323,710 1,275,826 Consolidated Total Debt 427,173,807 421,829,462 440,277,655 458,000,000 470,000,000 Pro Forma Consolidated EBITDAX 176,362,653 192,016,588 209,883,329 223,297,611 247,797,658 Leverage Ratio 2.42 2.20 2.10 2.05 1.90 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x 30

Ring Energy, Inc. Q1 2026 Earnings | May 7, 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 (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Net Cash Provided by Operating Activities $ 25,894,701 $ 44,688,823 $ 28,371,008 Changes in operating assets and liabilities 4,491,388 (14,727,429) 9,784,999 Adjusted Cash Flow from Operations $ 30,386,089 $ 29,961,394 $ 38,156,007 (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 General and administrative expense (G&A) $ 7,438,778 $ 8,030,310 $ 8,619,976 Shared-based compensation 1,524,808 1,474,560 1,690,958 G&A excluding share-based compensation $ 5,913,970 $ 6,555,750 $ 6,929,018 Transaction costs - A&D — 25,000 1,776 G&A excluding share-based compensation and transaction costs $ 5,913,970 $ 6,530,750 $ 6,927,242 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 % 31

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Trailing Twelve Months Ended March 31, December 31, March 31, March 31, December 31, 2026 2025 2025 2026 2025 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 18,122,344 $ 18,911,801 $ 19,677,552 $ 77,798,598 $ 79,353,806 G&A excluding share-based compensation 5,913,970 6,555,750 6,929,018 24,777,571 25,792,619 Net interest expense (excluding amortization of deferred financing costs) 7,834,932 8,374,281 8,170,235 35,345,227 35,680,530 Operating lease expense 175,091 175,090 175,091 700,362 700,362 Oil and natural gas production taxes 3,553,891 3,224,183 3,584,455 14,281,668 14,312,232 Ad valorem taxes 2,202,537 2,279,266 1,532,108 8,577,015 7,906,586 Gathering, transportation and processing costs 117,049 121,097 203,612 498,524 585,087 All-in cash operating costs $ 37,919,814 $ 39,641,468 $ 40,272,071 $ 161,978,965 $ 164,331,222 Boe 1,741,581 1,886,755 1,655,259 7,478,797 7,392,476 All-in cash operating costs per Boe $ 21.77 $ 21.01 $ 24.33 $ 21.66 $ 22.23 (Unaudited for All Periods) Three Months Ended Trailing Twelve Months Ended March 31, December 31, March 31, March 31, December 31, 2026 2025 2025 2026 2025 Cash Operating Margin Realized revenues per Boe $ 42.30 $ 35.45 $ 47.78 $ 40.35 $ 41.55 All-in cash operating costs per Boe 21.77 21.01 24.33 21.66 22.23 Cash Operating Margin per Boe $ 20.53 $ 14.44 $ 23.45 $ 18.69 $ 19.32 Cash Operating Margin 32

Source: View Original Filing on SEC EDGAR

FAQ

How did Ring Energy (REI) perform financially in Q1 2026?

Ring Energy generated oil and gas revenues of $73.7 million in Q1 2026 and reported a net loss of $220.6 million, or $(1.06) per diluted share. The loss was driven mainly by a large non-cash impairment and unrealized hedge losses, while adjusted results remained positive.

What caused Ring Energy’s large net loss in Q1 2026?

The Q1 2026 net loss of $220.6 million primarily reflects a non-cash $162.1 million ceiling test impairment under the full cost method and a $77.0 million unrealized derivative loss. These accounting items outweighed otherwise positive operating performance and cash generation for the quarter.

What were Ring Energy’s production levels and margins in Q1 2026?

Ring Energy sold an average of 19,351 Boe/d, including 12,276 Bo/d, during Q1 2026, essentially at guidance midpoints. Lease operating expense was $10.41 per Boe, below the low end of guidance, supporting a cash operating margin of $20.53 per Boe despite price volatility.

Did Ring Energy generate positive cash flow in Q1 2026?

Yes. Net cash provided by operating activities was $25.9 million in Q1 2026, extending Ring Energy’s streak to 26 consecutive quarters of positive operating cash flow. Adjusted Free Cash Flow was modest at $0.2 million after $34.5 million of capital expenditures, including accelerated infrastructure spending.

What is Ring Energy’s debt and liquidity position as of March 31, 2026?

At March 31, 2026, Ring Energy had $426 million outstanding on its revolving credit facility, which had a $585 million borrowing base. Total liquidity was about $160.0 million, including $159.0 million of revolver availability and $1.0 million in cash and cash equivalents.

Who is Ring Energy’s Principal Financial Officer after the May 2026 changes?

Effective May 4, 2026, the Board appointed Sundip “Sonu” S. Johl as Principal Financial Officer in addition to his roles as Executive Vice President, Chief Financial Officer and Treasurer. Rocky Kwon, the prior Principal Financial Officer, continues as Vice President, Chief Accounting Officer and Principal Accounting Officer.

What guidance did Ring Energy provide for the remaining quarters of 2026?

For Q2–Q4 2026, Ring Energy guided to total production midpoints of 20,200–20,600 Boe/d with oil around 64–65% of volumes. Planned capital spending midpoints are $32 million for Q2, $31 million for Q3 and $21 million for Q4, with LOE targeted near $10.50 per Boe.

Filing Exhibits & Attachments

5 documents

Impairment-driven loss hits Ring Energy (NYSE: REI) Q1 2026 results

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8-K Event Classification

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FAQ

How did Ring Energy (REI) perform financially in Q1 2026?

What caused Ring Energy’s large net loss in Q1 2026?

What were Ring Energy’s production levels and margins in Q1 2026?

Did Ring Energy generate positive cash flow in Q1 2026?

What is Ring Energy’s debt and liquidity position as of March 31, 2026?

Who is Ring Energy’s Principal Financial Officer after the May 2026 changes?

What guidance did Ring Energy provide for the remaining quarters of 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Impairment-driven loss hits Ring Energy (NYSE: REI) Q1 2026 results

Rhea-AI Filing Summary

Positive

Negative

Insights

Energy sector financial analyst negative

8-K Event Classification

Key Figures

Key Terms

Offering Details

FAQ

How did Ring Energy (REI) perform financially in Q1 2026?

What caused Ring Energy’s large net loss in Q1 2026?

What were Ring Energy’s production levels and margins in Q1 2026?

Did Ring Energy generate positive cash flow in Q1 2026?

What is Ring Energy’s debt and liquidity position as of March 31, 2026?

Who is Ring Energy’s Principal Financial Officer after the May 2026 changes?

What guidance did Ring Energy provide for the remaining quarters of 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents