Ring Energy, Inc. (NYSE: REI) grows Q2 2026 cash flow and cuts debt

Q: How did Ring Energy (REI) perform financially in Q2 2026?

Ring Energy reported Q2 2026 revenue of $104.7 million and net income of $64.8 million ($0.27 per diluted share) . Adjusted Net Income was $24.0 million and Adjusted EBITDA reached $54.5 million , both significantly higher than in the first quarter.

Q: What were Ring Energy (REI)’s production and cost metrics for Q2 2026?

Average Q2 2026 production was 19,990 Boe/d , including 12,683 Bo/d of oil. Lease operating expense was $10.12 per Boe , near the low end of guidance, and All-in Cash Operating Costs were $21.59 per Boe , modestly lower than in Q1 2026.

Q: What guidance did Ring Energy (REI) provide for the second half of 2026?

For 2H 2026, Ring guided to oil production of 13,000–13,950 Bo/d and total volumes of 20,600–21,800 Boe/d . It expects lease operating expense of $10.00–$10.60 per Boe and capital spending of $80–$100 million , focused largely on longer horizontal wells.

Q: What is Ring Energy (REI)’s initial outlook for full-year 2027?

Initial 2027 guidance targets production of 21,500–23,500 Boe/d with oil at 63% of volumes, capital spending of $135–$165 million , and LOE of $9.80–$10.60 per Boe , implying about 10% production growth and ~10% lower capital than 2026.

Q: How are Ring Energy (REI)’s hedges positioned for the remainder of 2026?

As of August 4, 2026, Ring had roughly 1.7 million barrels of oil hedged for the rest of 2026 at an average upside protection price of $71.47 , and about 2.4 Bcf of natural gas hedged at an average downside protection price of $3.78 .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Ring Energy reported strong second-quarter 2026 results, with revenue of $104.7 million and net income of $64.8 million ($0.27 per diluted share), including a $42.2 million unrealized gain on derivative contracts. Adjusted Net Income was $24.0 million ($0.10 per diluted share) and Adjusted EBITDA rose to $54.5 million, up 42% from the first quarter.

Average production was 19,990 Boe/d, with oil at 12,683 Bo/d; lease operating expense was $10.12 per Boe, near the low end of guidance. The company generated $40.8 million of net cash from operating activities and $4.4 million of Adjusted Free Cash Flow, while reducing revolver borrowings by $66 million to $360 million and ending June 30 with total liquidity of about $226.1 million and a 1.7x Consolidated Total Debt to LQA Consolidated EBITDAX ratio.

Ring increased its 2026 development program, emphasizing longer laterals, and issued updated guidance for the second half of 2026 of 13,000–13,950 Bo/d oil and $10.00–$10.60 LOE per Boe. Initial 2027 guidance targets production growth of about 10% over 2026, LOE per Boe about 1% lower, and capital spending about 10% lower than full-year 2026.

Positive

Q2 2026 revenue of $104.7 million and Adjusted EBITDA of $54.5 million each increased 42% versus Q1 2026, while net income swung to $64.8 million, reflecting markedly stronger operational performance and pricing.
Total liquidity of approximately $226.1 million and a reduced credit facility balance of $360 million lowered the Consolidated Total Debt to LQA Consolidated EBITDAX ratio to 1.7x, improving balance sheet flexibility.

Negative

Year-to-date 2026 Adjusted Free Cash Flow was $4.6 million, down from $30.6 million in the prior-year period, as higher capital expenditures and derivative settlements offset revenue growth.

Filing Explained

The completed common-stock raise increased issued and outstanding shares to 260,520,291 at June 30, 2026, from 207,656,929 at December 31, 2025, and the cash-flow statement records $64,780,500 of issuance proceeds; absent offsetting changes, this reduces existing holders’ percentage ownership.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 7.01 Regulation FD Disclosure Disclosure

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

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Q2 2026 Revenue: $104.7 million Q2 2026 Net Income: $64.8 million Q2 2026 Adjusted EBITDA: $54.5 million +5 more

8 metrics

Q2 2026 Revenue $104.7 million Oil, natural gas and NGL revenues for the quarter ended June 30, 2026

Q2 2026 Net Income $64.8 million Net income for the quarter ended June 30, 2026

Q2 2026 Adjusted EBITDA $54.5 million Adjusted EBITDA, up 42% from Q1 2026

Average Daily Production 19,990 Boe/d Average sales volumes in Q2 2026

Lease Operating Expense $10.12 per Boe Q2 2026 lease operating expense per Boe

Total Liquidity $226.1 million Cash plus borrowing base availability at June 30, 2026

Credit Facility Borrowings $360 million Outstanding on revolving credit facility at June 30, 2026

Debt to LQA Consolidated EBITDAX 1.7x Consolidated Total Debt to LQA Consolidated EBITDAX at June 30, 2026

Key Terms

ceiling test impairment, Adjusted Free Cash Flow, All-In Cash Operating Costs, two-way collars, +1 more

5 terms

ceiling test impairment financial

"Ceiling test impairment | — | 162,086,257 | —"

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 Free Cash Flow financial

"Adjusted Free Cash Flow 1 ($MM) | $4.4 | $0.2 |"

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.

All-In Cash Operating Costs financial

"The Company defines All-In Cash Operating Costs, a non-GAAP financial measure"

two-way collars financial

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

Consolidated EBITDAX financial

"The Company defines “Consolidated EBITDAX” in accordance with its existing senior"

Earnings Snapshot

Revenue: $104.7 million · Guidance included

quarter ended June 30, 2026

Revenue $104.7 million up 42% vs Q1 2026 and up 27% vs Q2 2025

Net Income $64.8 million compared with a loss of $220.6 million in Q1 2026

Adjusted EBITDA $54.5 million up 42% from $38.3 million in Q1 2026 and up 6% vs Q2 2025

Guidance

For 2H 2026 Ring guides to 13,000–13,950 Bo/d oil, 20,600–21,800 Boe/d total, LOE of $10.00–$10.60 per Boe and capital spending of $80–$100 million; initial 2027 outlook calls for 21,500–23,500 Boe/d, capital of $135–$165 million and LOE of $9.80–$10.60 per Boe.

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Available on EDGAR 08/06/2026 - 04:39 PM Accepted by SEC EDGAR 08/06/2026 - 04:38 PM

FAQ

How did Ring Energy (REI) perform financially in Q2 2026?

Ring Energy reported Q2 2026 revenue of $104.7 million and net income of $64.8 million ($0.27 per diluted share). Adjusted Net Income was $24.0 million and Adjusted EBITDA reached $54.5 million, both significantly higher than in the first quarter.

What were Ring Energy (REI)’s production and cost metrics for Q2 2026?

Average Q2 2026 production was 19,990 Boe/d, including 12,683 Bo/d of oil. Lease operating expense was $10.12 per Boe, near the low end of guidance, and All-in Cash Operating Costs were $21.59 per Boe, modestly lower than in Q1 2026.

What is Ring Energy (REI)’s liquidity and debt position as of June 30, 2026?

As of June 30, 2026, Ring Energy had total liquidity of about $226.1 million, including $225.0 million available under its revolving credit facility and $1.1 million of cash. Borrowings on the credit facility were $360 million, down $66 million from March 31.

What guidance did Ring Energy (REI) provide for the second half of 2026?

For 2H 2026, Ring guided to oil production of 13,000–13,950 Bo/d and total volumes of 20,600–21,800 Boe/d. It expects lease operating expense of $10.00–$10.60 per Boe and capital spending of $80–$100 million, focused largely on longer horizontal wells.

What is Ring Energy (REI)’s initial outlook for full-year 2027?

Initial 2027 guidance targets production of 21,500–23,500 Boe/d with oil at 63% of volumes, capital spending of $135–$165 million, and LOE of $9.80–$10.60 per Boe, implying about 10% production growth and ~10% lower capital than 2026.

How are Ring Energy (REI)’s hedges positioned for the remainder of 2026?

As of August 4, 2026, Ring had roughly 1.7 million barrels of oil hedged for the rest of 2026 at an average upside protection price of $71.47, and about 2.4 Bcf of natural gas hedged at an average downside protection price of $3.78.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________________________________________________________________

FORM 8-K

_____________________________________________________________________________________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report: August 5, 2026

(Date of earliest event reported)

______________________________________________________________________________________

RING ENERGY, INC.

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________________________

Nevada

001-36057

90-0406406

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1725 Hughes Landing Blvd., Suite 900

The Woodlands, TX 77380

(Address of principal executive offices) (Zip Code)

(281) 397-3699

(Registrant’s telephone number, including area code)

Not Applicable.

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

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


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


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


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


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

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


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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Ring Energy, Inc. (the “Company”) issued a press release announcing its financial and operating results for the second quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosure.

On August 6, 2026, the Company posted to its website a company presentation (the “Presentation Materials”) that management intends to use from time to time. The Company may use the Presentation Materials, possibly with modifications, in presentations to current and potential investors, lenders, creditors, vendors, customers and others with an interest in the Company and its business.

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

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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


Exhibit No.									Description
99.1									Press Release dated August 5, 2026
99.2									Presentation Materials dated August 6, 2026
104									Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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


		RING ENERGY, INC.

Date:	August 6, 2026	By:	/s/ Sundip S. Johl
			Sundip S. Johl
			Chief Financial Officer

Exhibit 99.1

RING ENERGY RELEASES SECOND QUARTER 2026 RESULTS, ADVANCES DEVELOPMENT PROGRAM AND PROVIDES INITIAL 2027 OUTLOOK

Strengthened Balance Sheet, Operational Progress and Encouraging Well Results Support Ring’s Transition to Its Next Phase of Value Creation

The Woodlands, TX – August 5, 2026 – Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the second quarter of 2026, announced an expanded development program for second half of 2026, updated guidance for the remainder of 2026 and provided guidance for 2027.

Second Quarter 2026 Highlights

Strengthened Financial Position

•Reported net income of $64.8 million (included a $42.2 million unrealized mark-to-market gain on commodity derivative contracts), or $0.27 per diluted share, and Adjusted Net Income1 of $24.0 million, or $0.10 per diluted share;

•Reduced borrowings under the Company’s revolving credit facility by $66 million during the quarter and increased liquidity to approximately $226.1 million at June 30, 2026;

•Increased Adjusted EBITDA1 42% to $54.5 million from $38.3 million in the first quarter; year-to-date Adjusted EBITDA totaled $92.8 million; and

•Generated net cash provided by operating activities of $40.8 million and remained cash flow positive for over 6 consecutive years.

Continued Operational and All-In Cash Cost1 Improvements

•Produced 12,683 barrels of oil per day and 19,990 barrels of oil equivalent (“Boe”) per day, both within guidance;

•Reported lease operating expense of $10.12 per Boe, near the low end of guidance and below first quarter levels; and

•Reduced Company all-in-cash costs by 5% in first half 2026 to $21.68 per Boe as compared to first half 2025.

Advanced Development and Infrastructure Initiatives

•Invested approximately $43.2 million in capital expenditures during the quarter, including three ~2-mile horizontal wells drilled, one saltwater disposal well (“SWD”), a frac pond, and other infrastructure projects; and

•Continued execution of multiple technical and operational initiatives aimed at improving capital efficiency, expanding development opportunities and enhancing long-term stockholder value.

Positioned for Improved Returns and Sustainable Growth

•Second half 2026 oil production guidance range of 13,000 to 13,950 Bopd, with the midpoint approximately 2% above prior guidance.

•Second half 2026 LOE per Boe guidance range of $10.00 to $10.60, with the midpoint approximately 2% below prior guidance.

•Initial 2027 guidance targets:

◦Production growth approximately 10% over full-year 2026;

◦LOE per Boe approximately 1% lower than full-year 2026; and

◦Capital expenditures approximately 10% lower than full-year 2026.

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “The second quarter marked another period of efficient and effective execution for Ring Energy. We delivered production within guidance, reduced per-Boe operating costs, significantly increased Adjusted EBITDA, and generated positive Adjusted Free Cash Flow1 for the 27th straight quarter. Additionally, we continued strengthening our balance sheet while positioning the Company for the next phase of its development strategy. The equity offering completed during the quarter gave us the balance sheet capacity to fund the acceleration of our development transition without losing focus on decreasing our leverage ratio. Rather than choosing between strengthening the balance sheet and investing in the highest-return phase of our development plan, the timing of this raise allowed us to do both. We expect our expanded drilling program to be funded primarily through operating cash flow going forward, with leverage continuing to trend toward our 1.25x target as this investment cycle completes. When considering these results and the expansion of our undeveloped drilling inventory due to our 2026 capital program, the Company is meaningfully stronger in almost every regard than it was at the beginning of the year."

Mr. McKinney concluded, “Over the past eighteen months, we have strengthened our balance sheet, improved liquidity and advanced a number of initiatives designed to enhance long-term value of our asset base. Looking ahead and supported by improving commodity prices, greater exposure to those prices through an improved hedge position and encouraging early drilling results, we are increasing our capital investment program for the remainder of 2026 that will allow for our transition to a more capital efficient development program of longer lateral wells and co-horizontal-development of our stacked-pay drilling opportunities. We strongly believe this transition will enhance economic returns, improve capital efficiency and increase the long-term value of our inventory. As a result, we expect increased production, reserves and free cash flow generation over time. We expect to fund this expanded program primarily through operating cash flow while maintaining Ring's commitment to financial discipline, free cash flow generation, balance sheet strength and per share return metrics. Also, as a part of our ongoing portfolio management, we continue to evaluate select non-core assets that do not fit our long-term development plans and any proceeds from such divestitures would be directed toward further debt reduction, consistent with our capital allocation priorities.”

___________________________________

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.

Summary Results and Additional Key Items



	Q2 2026	Q1 2026	Q2 2026 to Q1 2026 % Change	Q2 2025	Q2 2026 to Q2 2025 % Change	YTD 2026	YTD 2025	YTD % Change
Average Daily Sales Volumes (Boe/d)	19,990	19,351	3%	21,295	(6)%	19,672	19,851	(1)%
Crude Oil (Bo/d)	12,683	12,276	3%	14,511	(13)%	12,480	13,299	(6)%
Net Sales (MBoe)	1,819.1	1,741.6	4%	1,937.9	(6)%	3,560.7	3,593.1	(1)%
Realized Price - All Products ($/Boe)	$57.55	$42.30	36%	$42.63	35%	$50.09	$45.00	11%
Realized Price - Crude Oil ($/Bo)	$95.45	$68.97	38%	$62.69	52%	$82.50	$66.17	25%
Revenues ($MM)	$104.7	$73.7	42%	$82.6	27%	$178.4	$161.7	10%
Net Income (Loss) ($MM)	$64.8	$(220.6)	129%	$20.6	215%	$(155.8)	$29.7	(625)%
Adjusted Net Income1 ($MM)	$24.0	$7.4	224%	$11.0	118%	$31.4	$21.7	45%
Adjusted EBITDA1 ($MM)	$54.5	$38.3	42%	$51.5	6%	$92.8	$97.9	(5)%
Capital Expenditures ($MM)	$43.2	$34.5	25%	$16.8	157%	$77.7	$49.3	58%
Adjusted Free Cash Flow1 ($MM)	$4.4	$0.2	NM (2)	$24.8	(82)%	$4.6	$30.6	(85)%

(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.

(2) Not meaningful.

Select Expenses and Other Items


	Q2 2026	Q1 2026	Q2 2026 to Q1 2026 % Change	Q2 2025	Q2 2026 to Q2 2025 % Change	YTD 2026	YTD 2025	YTD % Change
Lease operating expenses (“LOE”) ($MM)	$18.4	$18.1	2%	$20.2	(9)%	$36.5	$39.9	(9)%
Lease operating expenses ($/BOE)	$10.12	$10.41	(3)%	$10.45	(3)%	$10.26	$11.11	(8)%
Depreciation, depletion and amortization ($MM)	$20.1	$21.4	(6)%	$25.6	(21)%	$41.5	$48.2	(14)%
Depreciation, depletion and amortization ($/BOE)	$11.06	$12.29	(10)%	$13.19	(16)%	$11.66	$13.41	(13)%
General and administrative expenses (“G&A”) ($MM)	$8.0	$7.4	8%	$7.1	13%	$15.4	$15.8	(3)%
General and administrative expenses ($/BOE)	$4.37	$4.27	2%	$3.68	19%	$4.32	$4.39	(2)%
G&A excluding share-based compensation ($MM)	$5.8	$5.9	(2)%	$5.8	—%	$11.7	$12.7	(8)%
G&A excluding share-based compensation ($/BOE)	$3.19	$3.40	(6)%	$2.99	7%	$3.29	$3.54	(7)%
G&A excluding share-based compensation & transaction costs ($MM)	$5.8	$5.9	(2)%	$5.8	—%	$11.7	$12.7	(8)%
G&A excluding share-based compensation & transaction costs ($/BOE)	$3.19	$3.40	(6)%	$2.99	7%	$3.29	$3.54	(7)%
Interest expense ($MM)	$8.4	$8.6	(2)%	$11.8	(29)%	$17.0	$21.3	(20)%
Interest expense ($/BOE)	$4.61	$4.94	(7)%	$6.07	(24)%	$4.77	$5.92	(19)%
Gain (loss) on derivative contracts ($MM) (1)	$23.7	$(82.2)	129%	$14.6	62%	$(58.5)	$13.7	(527)%
Realized gain (loss) on derivative contracts ($MM)	$(18.5)	$(5.2)	(256)%	$0.6	NM (2)	$(23.7)	$0.1	NM (2)
Unrealized gain (loss) on derivative contracts ($MM)	$42.2	$(77.0)	155%	$14.0	201%	$(34.8)	$13.6	(356)%

(1) A summary listing of the Company’s outstanding derivative positions as of August 4, 2026 is included in the tables shown later in this release. As of August 4, 2026, for the remainder (July through December) of 2026, the Company has approximately 1.7 million barrels of oil (approximately 70% of oil sales guidance midpoint) hedged at an average upside protection price of $71.47 and approximately 2.4 billion cubic feet of natural gas (approximately 62% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.78.

(2) Not meaningful.

Balance Sheet and Liquidity

Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at June 30, 2026 was approximately $226.1 million, consisting of $225.0 million of availability under our revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $1.1 million in cash and cash equivalents. On June 30, 2026, the Company had $360 million in borrowings outstanding on its credit facility that has a current borrowing base of $585 million. This reflects a reduction of $66 million from the balance of $426 million at March 31, 2026. The Company intends to resume debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

Drilling and Completion Activity

In 2Q 2026 the Company continued execution of its development program across its core positions. In the Northwest Shelf the Company drilled and completed one 1.5-mile horizontal (98% working interest) and one 1-mile horizontal well (100% working interest) in Yoakum County. In the Central Basin Platform, the Company drilled and completed one 1.5-mile horizontal well (99% working interest) in Andrews County, and one 1.5-mile horizontal well (96% working interest) in Crane County. The latter of these two wells, while completed, was not put on pump until 3Q 2026 and did not contribute significant volumes in 2Q 2026. Also in Crane County, the Company drilled three 2-mile horizontal wells (each with working interest of 100%) and was in the process of drilling one SWD well. The three 2-mile horizontal wells represent the first laterals of this length drilled by the Company in an area that

has been historically developed with vertical wells. All four of these wells are expected to be completed during the third quarter of 2026.

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


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

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

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

	Total	7	4	3

(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 and Full-Year 2027 Sales Volumes, Capital Investment and Operating Expense Guidance

Since providing its original 2026 development outlook, Ring has continued to refine its development plan towards horizontal drilling and allocate capital toward its highest-return opportunities. Under the revised plan, wells exceeding 1.5 miles in length are expected to represent approximately 70% of planned 2026 drilling activity, compared to approximately 42% contemplated in the original plan. This evolution reflects encouraging early well results, improved operational execution and the attractive economics associated with extended-reach laterals. Ring believes the increased concentration of longer lateral opportunities has the potential to enhance capital efficiency, improve project economics and support the Company's strategy of generating higher returns while responsibly growing production.

Based on the spending guidance, the Company expects the following estimated allocation of capital:

•Approximately 57% for new drilling, completions, and related facilities;

•23% for capital workovers, recompletions, and stimulation activities;

•14% for infrastructure projects; and

•6% for land, non-operated capital, compliance and other.

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.


	2H 2026	FY 2027
	UPDATED	NEW
Sales Volumes:
Total Oil (Bo/d)	13,000 - 13,950	13,550 - 14,650

Total (Boe/d)	20,600 - 21,800	21,500 - 23,500

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

Capital Program:
Capital spending(1) (millions)	$80 - $100	$135 - $165

New >1.5 mile lateral wells drilled	10 to 14	20 to 30

DUC wells (complete in Q3)	3	—


Operating Expenses:
LOE (per Boe)	$10.00 - $10.60	$9.80 - $10.60

(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, August 6, 2026 at 11:00 a.m. ET (10 a.m. CT) to discuss its 2Q 2026 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is set to begin. Please reference the “Ring Energy 2Q 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

Sonu Singh Johl

Executive Vice President, Chief Financial Officer and Treasurer

Phone: 281-397-3699

Email: IR@ringenergy.com

RING ENERGY, INC.

Condensed Statements of Operations

(Unaudited)



	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025

Oil, Natural Gas, and Natural Gas Liquids Revenues	$	104,681,489	$	73,671,664	$	82,602,759	$	178,353,153	$	161,693,966

Costs and Operating Expenses
Lease operating expenses	18,409,462		18,122,344		20,245,981		36,531,806		39,923,533
Gathering, transportation and processing costs	101,902		117,049		133,809		218,951		337,421
Ad valorem taxes	2,202,160		2,202,537		1,648,647		4,404,697		3,180,755
Oil and natural gas production taxes	5,047,619		3,553,891		3,832,607		8,601,510		7,417,062
Depreciation, depletion and amortization	20,114,890		21,405,948		25,569,914		41,520,838		48,185,897
Ceiling test impairment	—		162,086,257		—		162,086,257		—
Asset retirement obligation accretion	401,944		395,496		382,251		797,440		708,800
Operating lease expense	175,090		175,091		175,090		350,181		350,181
General and administrative expense	7,954,230		7,438,778		7,138,519		15,393,008		15,758,495

Total Costs and Operating Expenses	54,407,297		215,497,391		59,126,818		269,904,688		115,862,144

Income (Loss) from Operations	50,274,192		(141,825,727)		23,475,941		(91,551,535)		45,831,822

Other Income (Expense)
Interest income	148,540		70,529		69,658		219,069		159,716
Interest (expense)	(8,379,552)		(8,599,609)		(11,757,404)		(16,979,161)		(21,256,190)
Gain (loss) on derivative contracts	23,724,426		(82,230,925)		14,648,054		(58,506,499)		13,719,264
Gain (loss) on disposal of assets	104,150		—		155,293		104,150		279,903
Other income	9,600		5,837		150,770		15,437		159,712
Net Other Income (Expense)	15,607,164		(90,754,168)		3,266,371		(75,147,004)		(6,937,595)

Income (Loss) Before Benefit from (Provision for) Income Taxes	65,881,356		(232,579,895)		26,742,312		(166,698,539)		38,894,227

Benefit from (Provision for) Income Taxes	(1,088,046)		11,988,413		(6,107,425)		10,900,367		(9,148,602)

Net Income (Loss)	$	64,793,310	$	(220,591,482)	$	20,634,887	$	(155,798,172)	$	29,745,625

Basic Earnings (Loss) per Share	$	0.28	$	(1.06)	$	0.10	$	(0.70)	$	0.15
Diluted Earnings (Loss) per Share	$	0.27	$	(1.06)	$	0.10	$	(0.70)	$	0.15

Basic Weighted-Average Shares Outstanding	233,951,765		208,558,546		206,522,356		221,259,803		202,964,856
Diluted Weighted-Average Shares Outstanding	237,808,489		208,558,546		206,982,327		221,259,803		204,085,207

RING ENERGY, INC.

Condensed Operating Data

(Unaudited)


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2026			2026			2025			2026			2025

Net sales volumes:
Oil (Bbls)	1,154,147			1,104,823			1,320,508			2,258,970			2,407,202
Natural gas (Mcf)	1,764,659			1,689,512			1,703,808			3,454,171			3,319,004
Natural gas liquids (Bbls)	370,819			355,173			333,374			725,992			632,740
Total oil, natural gas and natural gas liquids (Boe)(1)	1,819,076			1,741,581			1,937,850			3,560,657			3,593,109

% Oil	64		%	64		%	68		%	64		%	67		%
% Natural Gas	16		%	16		%	15		%	16		%	15		%
% Natural Gas Liquids	20		%	20		%	17		%	20		%	18		%

Average daily sales volumes:
Oil (Bbls/d)	12,683			12,276			14,511			12,480			13,299
Natural gas (Mcf/d)	19,392			18,772			18,723			19,084			18,337
Natural gas liquids (Bbls/d)	4,075			3,946			3,663			4,011			3,496
Average daily equivalent sales (Boe/d)	19,990			19,351			21,295			19,672			19,851

Average realized sales prices:
Oil ($/Bbl)	$	95.45		$	68.97		$	62.69		$	82.50		$	66.17
Natural gas ($/Mcf)	(5.20)			(2.54)			(1.31)			(3.90)			(0.77)
Natural gas liquids ($/Bbls)	9.96			4.96			6.19			7.52			7.83
Barrel of oil equivalent ($/Boe)	$	57.55		$	42.30		$	42.63		$	50.09		$	45.00

Average costs and expenses per Boe ($/Boe):
Lease operating expenses	$	10.12		$	10.41		$	10.45		$	10.26		$	11.11
Gathering, transportation and processing costs	0.06			0.07			0.07			0.06			0.09
Ad valorem taxes	1.21			1.26			0.85			1.24			0.89
Oil and natural gas production taxes	2.77			2.04			1.98			2.42			2.06
Depreciation, depletion and amortization	11.06			12.29			13.19			11.66			13.41
Ceiling test impairment	—			93.07			—			45.52			—
Asset retirement obligation accretion	0.22			0.23			0.20			0.22			0.20
Operating lease expense	0.10			0.10			0.09			0.10			0.10
G&A (including share-based compensation)	4.37			4.27			3.68			4.32			4.39
G&A (excluding share-based compensation)	3.19			3.40			2.99			3.29			3.54
G&A (excluding share-based compensation and transaction costs)	3.19			3.40			2.99			3.29			3.54

(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
	June 30, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	1,137,410	$	902,913
Accounts receivable	43,460,514		30,938,908
Joint interest billing receivables, net	1,083,368		1,623,991
Derivative assets	6,335,601		21,468,134
Inventory	5,626,261		5,312,715
Prepaid expenses and other assets	3,195,806		1,822,751
Total Current Assets	60,838,960		62,069,412
Properties and Equipment
Oil and natural gas properties, full cost method	1,804,582,372		1,891,510,431
Financing lease asset subject to depreciation	3,687,531		3,633,586
Fixed assets subject to depreciation	3,389,403		3,504,788
Total Properties and Equipment	1,811,659,306		1,898,648,805
Accumulated depreciation, depletion and amortization	(610,047,201)		(569,180,901)
Net Properties and Equipment	1,201,612,105		1,329,467,904
Operating lease asset	963,396		1,285,159
Derivative assets	10,154,821		9,739,430
Deferred financing costs	7,987,814		9,337,344
Total Assets	$	1,281,557,096	$	1,411,899,249

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	98,068,202	$	90,258,731
Income tax liability	514,966		356,436
Financing lease liability	693,432		730,564
Operating lease liability	491,796		586,614
Derivative liabilities	11,373,096		841,193
Notes payable	1,496,304		505,752

Asset retirement obligations	291,844		418,526
Total Current Liabilities	112,929,640		93,697,816

Non-current Liabilities

Deferred income taxes	11,243,098		22,298,701
Revolving line of credit	360,000,000		420,000,000
Financing lease liability, less current portion	533,212		593,146
Operating lease liability, less current portion	569,328		819,223
Derivative liabilities	12,035,055		2,512,692
Asset retirement obligations	30,823,001		29,972,429
Total Liabilities	528,133,334		569,894,007
Commitments and contingencies
Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	—		—
Common stock - $0.001 par value; 450,000,000 shares authorized; 260,520,291 shares and 207,656,929 shares issued and outstanding, respectively	260,520		207,657
Additional paid-in capital	879,941,415		812,777,586
Retained earnings (Accumulated deficit)	(126,778,173)		29,019,999
Total Stockholders’ Equity	753,423,762		842,005,242
Total Liabilities and Stockholders' Equity	$	1,281,557,096	$	1,411,899,249

RING ENERGY, INC.

Condensed Statements of Cash Flows

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025

Cash Flows From Operating Activities
Net income (loss)	$	64,793,310	$	(220,591,482)	$	20,634,887	$	(155,798,172)	$	29,745,625
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	20,114,890		21,405,948		25,569,914		41,520,838		48,185,897
Ceiling test impairment	—		162,086,257		—		162,086,257		—
Asset retirement obligation accretion	401,944		395,496		382,251		797,440		708,800
Amortization of deferred financing costs	690,842		694,148		1,836,174		1,384,990		3,074,667
Share-based compensation	2,149,596		1,524,808		1,351,839		3,674,404		3,042,797
Credit loss expense	92,432		—		205		92,432		18,122
(Gain) loss on disposal of assets	(104,150)		—		(155,293)		(104,150)		(279,903)
Deferred income tax expense (benefit)	1,026,087		(12,242,582)		5,950,639		(11,216,495)		8,755,985
Excess tax expense (benefit) related to share-based compensation	2,310		158,582		9,326		160,892		108,763
(Gain) loss on derivative contracts	(23,724,426)		82,230,925		(14,648,054)		58,506,499		(13,719,264)
Cash received (paid) for derivative settlements, net	(18,459,080)		(5,276,011)		677,843		(23,735,091)		124,249
Changes in operating assets and liabilities:
Accounts receivable	1,996,197		(14,069,612)		(1,809,302)		(12,073,415)		(2,373,460)
Inventory	522,702		(836,248)		(2,083,798)		(313,546)		(1,336,734)
Prepaid expenses and other assets	(1,769,310)		396,255		(1,560,295)		(1,373,055)		(935,483)
Accounts payable	(6,503,785)		10,221,636		(2,495,394)		3,717,851		(12,880,531)
Settlement of asset retirement obligation	(440,266)		(203,419)		(363,691)		(643,685)		(571,271)
Net Cash Provided by Operating Activities	40,789,293		25,894,701		33,297,251		66,683,994		61,668,259

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

Payments to purchase oil and natural gas properties	(1,611,607)		(2,781,731)		(150,183)		(4,393,338)		(797,289)
Payments to develop oil and natural gas properties	(39,928,636)		(32,506,820)		(18,173,374)		(72,435,456)		(49,256,881)
Payments to acquire or improve fixed assets subject to depreciation	—		—		(135,386)		—		(169,661)
Proceeds from sale of fixed assets subject to depreciation	100,832		—		—		100,832		17,360
Proceeds from divestiture of oil and natural gas properties	602,471		4,266,479		—		4,868,950		—



Insurance proceeds received for damage to oil and natural gas properties	—		—		99,913		—		99,913
Net Cash Used in Investing Activities	(40,836,940)		(31,022,072)		(18,359,030)		(71,859,012)		(120,966,327)

Cash Flows From Financing Activities
Proceeds from revolving line of credit	55,000,000		48,000,000		56,322,997		103,000,000		170,322,997
Payments on revolving line of credit	(121,000,000)		(42,000,000)		(68,322,997)		(163,000,000)		(107,322,997)
Proceeds from issuance of common stock	64,780,500		—		—		64,780,500		—

Payments for taxes withheld on vested restricted shares, net	—		(965)		(57,015)		(965)		(953,446)
Proceeds from notes payable	1,657,810		—		1,648,539		1,657,810		1,648,539
Payments on notes payable	(161,506)		(505,752)		(160,120)		(667,258)		(656,517)
Payment of deferred financing costs	—		(35,460)		(5,381,602)		(35,460)		(5,381,602)
Reduction of financing lease liabilities	(132,383)		(192,729)		(88,874)		(325,112)		(225,301)
Net Cash Provided by (Used in) Financing Activities	144,421		5,265,094		(16,039,072)		5,409,515		57,431,673

Net Increase (Decrease) in Cash	96,774		137,723		(1,100,851)		234,497		(1,866,395)
Cash at Beginning of Period	1,040,636		902,913		1,100,851		902,913		1,866,395
Cash at End of Period	$	1,137,410	$	1,040,636	$	—	$	1,137,410	$	—

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of August 4, 2026

The following tables reflect the details of current derivative contracts as of August 4, 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)	Q3 2026		Q4 2026		Q1 2027		Q2 2027		Q3 2027		Q4 2027		Q1 2028		Q2 2028

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






Two-way collars:
Hedged volume (Bbl)	563,685		368,000		2,935		—		32,910		33,435		430,080		415,580
Weighted average put price	$	60.82	$	65.00	$	62.50	$	—	$	60.00	$	60.00	$	55.59	$	57.50
Weighted average call price	$	76.19	$	80.00	$	73.65	$	—	$	72.30	$	72.30	$	66.02	$	73.02







Swaps: WTI NYMEX Rolls
Hedged volume (BBL)	270,000		—		—		—		—		—		—		—
Weighted average swap price	$	5.83	$	—	$	—	$	—	$	—	$	—	$	—	$	—


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

NYMEX Swaps:
Hedged volume (MMBtu)	600,016		1,072,305		439,678		423,035		1,079,906		1,046,151		1,012,567		984,322
Weighted average swap price	$	4.19	$	3.99	$	4.02	$	4.02	$	3.86	$	4.02	$	3.77	$	3.77

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


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

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


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

Waha basis swaps:
Hedged volume (MMBtu)	374,623		411,451		196,372		480,325		464,360		449,846		435,403		—
Weighted average spread price (1)	$	2.15	$	1.81	$	0.78	$	0.78	$	0.78	$	0.78	$	0.68	$	—

El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)	874,121		788,851		960,307		636,710		615,547		596,306		577,163		—
Weighted average spread price (1)	$	2.16	$	1.92	$	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,” “Consolidated Total Debt to LQA Consolidated EBITDAX,” “All-In Cash Operating Costs,” and “Cash Operating Margin.” Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

Reconciliation of Net income (loss) to Adjusted Net Income

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


	(Unaudited for All Periods)
	Three Months Ended												Six Months Ended
	June 30,				March 31,				June 30,				June 30,				June 30,
	2026				2026				2025				2026				2025
	Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted		Total		Per share - diluted
Net income (loss)	$	64,793,310	$	0.27	$	(220,591,482)	$	(1.06)	$	20,634,887	$	0.10	$	(155,798,172)	$	(0.70)	$	29,745,625	$	0.15

Share-based compensation	2,149,596		0.01		1,524,808		0.01		1,351,839		0.01		3,674,404		0.02		3,042,797		0.02
Ceiling test impairment	—		—		162,086,257		0.78		—		—		162,086,257		0.72		—		—
Unrealized loss (gain) on change in fair value of derivatives	(42,183,506)		(0.18)		76,954,914		0.37		(13,970,211)		(0.07)		34,771,408		0.16		(13,595,015)		(0.07)
Transaction costs - A&D	—		—		—		—		1,000		—		—		—		2,776		—
Tax impact on adjusted items	(757,785)		—		(12,557,544)		(0.06)		2,964,996		0.01		(13,315,329)		(0.06)		2,464,350		0.01

Adjusted Net Income	$	24,001,615	$	0.10	$	7,416,953	$	0.04	$	10,982,511	$	0.05	$	31,418,568	$	0.14	$	21,660,533	$	0.11

Diluted Weighted-Average Shares Outstanding	237,808,489				208,558,546				206,982,327				221,259,803				204,085,207

Adjusted Net Income per Diluted Share	$	0.10			$	0.04			$	0.05			$	0.14			$	0.11

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									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2026			2026			2025			2026			2025
Net income (loss)	$	64,793,310		$	(220,591,482)		$	20,634,887		$	(155,798,172)		$	29,745,625

Interest expense, net	8,231,012			8,529,080			11,687,746			16,760,092			21,096,474
Unrealized loss (gain) on change in fair value of derivatives	(42,183,506)			76,954,914			(13,970,211)			34,771,408			(13,595,015)
Ceiling test impairment	—			162,086,257			—			162,086,257			—
Income tax (benefit) expense	1,088,046			(11,988,413)			6,107,425			(10,900,367)			9,148,602
Depreciation, depletion and amortization	20,114,890			21,405,948			25,569,914			41,520,838			48,185,897
Asset retirement obligation accretion	401,944			395,496			382,251			797,440			708,800
Transaction costs - A&D	—			—			1,000			—			2,776
Share-based compensation	2,149,596			1,524,808			1,351,839			3,674,404			3,042,797
Loss (gain) on disposal of assets	(104,150)			—			(155,293)			(104,150)			(279,903)
Other income	(9,600)			(5,837)			(150,770)			(15,437)			(159,712)

Adjusted EBITDA	$	54,481,542		$	38,310,771		$	51,458,788		$	92,792,313		$	97,896,341

Adjusted EBITDA Margin	52		%	52		%	62		%	52		%	61		%

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025

Net Cash Provided by Operating Activities	$	40,789,293	$	25,894,701	$	33,297,251	$	66,683,994	$	61,668,259
Adjustments - Condensed Statements of Cash Flows
Changes in operating assets and liabilities	6,194,462		4,491,388		8,312,480		10,685,850		18,097,479
Transaction costs - A&D	—		—		1,000		—		2,776
Income tax expense (benefit) - current	59,649		95,587		147,460		155,236		283,854
Capital expenditures	(43,169,155)		(34,505,509)		(16,827,513)		(77,674,665)		(49,279,044)
Proceeds from divestiture of oil and natural gas properties	602,471		4,266,479		—		4,868,950		—
Credit loss expense	(92,432)		—		(205)		(92,432)		(18,122)
Loss (gain) on disposal of assets	—		—		—		—		—
Other income	(9,600)		(5,837)		(150,770)		(15,437)		(159,712)

Adjusted Free Cash Flow	$	4,374,688	$	236,809	$	24,779,703	$	4,611,496	$	30,595,490


	(Unaudited for All Periods)
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025

Adjusted EBITDA	$	54,481,542	$	38,310,771	$	51,458,788	$	92,792,313	$	97,896,341

Net interest expense (excluding amortization of deferred financing costs)	(7,540,170)		(7,834,932)		(9,851,572)		(15,375,102)		(18,021,807)
Capital expenditures	(43,169,155)		(34,505,509)		(16,827,513)		(77,674,665)		(49,279,044)
Proceeds from divestiture of oil and natural gas properties	602,471		4,266,479		—		4,868,950		—

Adjusted Free Cash Flow	$	4,374,688	$	236,809	$	24,779,703	$	4,611,496	$	30,595,490

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025

Net Cash Provided by Operating Activities	$	40,789,293	$	25,894,701	$	33,297,251	$	66,683,994	$	61,668,259

Changes in operating assets and liabilities	6,194,462		4,491,388		8,312,480		10,685,850		18,097,479

Adjusted Cash Flow from Operations	$	46,983,755	$	30,386,089	$	41,609,731	$	77,369,844	$	79,765,738

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025

General and administrative expense (G&A)	$	7,954,230	$	7,438,778	$	7,138,519	$	15,393,008	$	15,758,495
Share-based compensation	2,149,596		1,524,808		1,351,839		3,674,404		3,042,797
G&A excluding share-based compensation	$	5,804,634	$	5,913,970	$	5,786,680	11,718,604		12,715,698
Transaction costs - A&D	—		—		1,000		—		2,776
G&A excluding share-based compensation and transaction costs	$	5,804,634	$	5,913,970	$	5,785,680	$	11,718,604	$	12,712,922

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 June 30, 2026 and June 30, 2025.


	(Unaudited)
	Three Months Ended
	September 30,		December 31,		March 31,		June 30,		Last Four Quarters
	2025		2025		2026		2026
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	(51,631,530)	$	(12,845,294)	$	(220,591,482)	$	64,793,310	$	(220,274,996)
Plus: Consolidated interest expense	9,978,067		9,065,509		8,529,080		8,231,012		35,803,668
Plus: Income tax provision (benefit)	(12,800,947)		(3,800,401)		(11,988,413)		1,088,046		(27,501,715)
Plus: Depreciation, depletion and amortization	25,225,345		23,002,908		21,405,948		20,114,890		89,749,091
Plus: non-cash charges reasonably acceptable to Administrative Agent	77,063,418		23,025,119		240,961,475		(39,631,966)		301,418,046
Consolidated EBITDAX	$	47,834,353	$	38,447,841	$	38,316,608	$	54,595,292	$	179,194,094
Plus: Pro Forma Acquired Consolidated EBITDAX	—		—		—		—		—
Less: Pro Forma Divested Consolidated EBITDAX	—		—		—		—		—
Pro Forma Consolidated EBITDAX	$	47,834,353	$	38,447,841	$	38,316,608	$	54,595,292	$	179,194,094

Non-cash charges reasonably acceptable to Administrative Agent:
Asset retirement obligation accretion	$	390,563	$	390,892	$	395,496	$	401,944
Unrealized loss (gain) on derivative assets	2,141,925		(14,753,449)		76,954,914		(42,183,506)
Ceiling test impairment	72,912,330		35,913,116		162,086,257		—
Share-based compensation	1,618,600		1,474,560		1,524,808		2,149,596
Total non-cash charges reasonably acceptable to Administrative Agent	$	77,063,418	$	23,025,119	$	240,961,475	$	(39,631,966)

	As of
	June 30,		Corresponding
	2026		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	360,000,000	2.00
Notes payable	1,496,304		0.01
Deferred payment	—		—
Capital lease obligations	$	1,226,644	0.01
Consolidated Total Debt	$	362,722,948	2.02
Pro Forma Consolidated EBITDAX	179,194,094
Leverage Ratio	2.02
Maximum Allowed	≤ 3.00x


	(Unaudited)
	Three Months Ended
	September 30,		December 31,		March 31,		June 30,		Last Four Quarters
	2024		2024		2025		2025
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	33,878,424	$	5,657,519	$	9,110,738	$	20,634,887	$	69,281,568
Plus: Consolidated interest expense	10,610,539		9,987,731		9,408,728		11,687,746		41,694,744
Plus: Income tax provision (benefit)	10,087,954		1,803,629		3,041,177		6,107,425		21,040,185
Plus: Depreciation, depletion and amortization	25,662,123		24,548,849		22,615,983		25,569,914		98,396,869
Plus: non-cash charges acceptable to Administrative Agent	(26,228,108)		8,994,957		2,392,703		(12,236,121)		(27,076,569)
Consolidated EBITDAX	$	54,010,932	$	50,992,685	$	46,569,329	$	51,763,851	$	203,336,797
Plus: Pro Forma Acquired Consolidated EBITDAX	7,838,163		5,244,078		7,392,359		—		20,474,600
Less: Pro Forma Divested Consolidated EBITDAX	(600,460)		77,819		8,855		—		(513,786)
Pro Forma Consolidated EBITDAX	$	61,248,635	$	56,314,582	$	53,970,543	$	51,763,851	$	223,297,611

Non-cash charges acceptable to Administrative Agent:
Asset retirement obligation accretion	$	354,195	$	323,085	$	326,549	$	382,251
Unrealized loss (gain) on derivative assets	(26,614,390)		6,999,552		375,196		(13,970,211)

Share-based compensation	32,087		1,672,320		1,690,958		1,351,839
Total non-cash charges acceptable to Administrative Agent	$	(26,228,108)	$	8,994,957	$	2,392,703	$	(12,236,121)

	As of
	June 30,		Corresponding
	2025		Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	448,000,000	2.01
Lime Rock deferred payment	10,000,000		0.04
Consolidated Total Debt	$	458,000,000	2.05
Pro Forma Consolidated EBITDAX	223,297,611
Leverage Ratio	2.05
Maximum Allowed	≤ 3.00x

Calculation of Consolidated Total Debt to LQA Consolidated EBITDAX

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


	Three Months Ended
	June 30,
	2026
Consolidated Total Debt	$	362,722,948
Consolidated EBITDAX	54,595,292
LQA Consolidated EBITDAX	$	218,381,168
Consolidated Total Debt to LQA Consolidated EBITDAX	1.7

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025
All-In Cash Operating Costs:
Lease operating expenses (including workovers)	$	18,409,462	$	18,122,344	$	20,245,981	$	36,531,806	$	39,923,533
G&A excluding share-based compensation	5,804,634		5,913,970		5,786,680		11,718,604		12,715,698
Net interest expense (excluding amortization of deferred financing costs)	7,540,170		7,834,932		9,851,572		15,375,102		18,021,807
Operating lease expense	175,090		175,091		175,090		350,181		350,181
Oil and natural gas production taxes	5,047,619		3,553,891		3,832,607		8,601,510		7,417,062
Ad valorem taxes	2,202,160		2,202,537		1,648,647		4,404,697		3,180,755
Gathering, transportation and processing costs	101,902		117,049		133,809		218,951		337,421
All-in cash operating costs	$	39,281,037	$	37,919,814	$	41,674,386	$	77,200,851	$	81,946,457

Boe	1,819,076		1,741,581		1,937,850		3,560,657		3,593,109

All-in cash operating costs per Boe	$	21.59	$	21.77	$	21.51	$	21.68	$	22.81

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2026		2026		2025		2026		2025
Cash Operating Margin
Realized revenues per Boe	$	57.55	$	42.30	$	42.63	$	50.09	$	45.00
All-in cash operating costs per Boe	21.59		21.77		21.51		21.68		22.81
Cash Operating Margin per Boe	$	35.96	$	20.53	$	21.12	$	28.41	$	22.19

NYSE American: REI www.ringenergy.com www.ringenergy.com Q2 2026 EARNINGS UPDATED GUIDANCE NEXT PHASE OF VALUE CREATION

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Forward – Looking Statements This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this Presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, guidance, plans and objectives of management are forward- looking statements. When used in this Presentation, the words “could,” “may,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “guidance,” “project,” “goal,” “plan,” “potential,” “probably,” “strategy,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain such identifying words. Forward-looking statements also include assumptions and projections for 2026 and 2027 guidance for sales volumes, number of potential well locations and associated inventory life, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, and operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of natural gas oversupply, changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; political instability or armed conflict in major oil and natural gas producing regions outside the United States, including military hostilities in the Middle East (including the recent conflict between the United States and Iran), Russia, and Ukraine; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties that are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC. All forward-looking statements, expressed or implied, included in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be incorrect. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by applicable law. The financial and operating estimates contained in this Presentation represent our reasonable estimates as of the date of this Presentation. Neither our independent auditors nor any other third party has examined, reviewed or compiled the estimates and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the estimates are based are described in more detail herein. Some of these assumptions inevitably will not materialize, and unanticipated events may occur that could affect our results. Therefore, our actual results achieved during the periods covered by the estimates will vary from the estimated results. Investors are not to place undue reliance on the estimates included herein. 2 Supplemental Non-GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (“GAAP”), such as “Adjusted Net Income”, “Adjusted EBITDA,” “PV-10,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “Leverage Ratio,” “Consolidated Total Debt to LQA Consolidated EBITDAX,” “All-in Cash Operating Costs,” and “Cash Operating Margin.” While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. See Appendix for definitions and reconciliation to GAAP measures. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI A Proven Cash Flow Machine: Over 6 Consecutive Years of Positive AFCF1 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life Drilling Inventory: 10+ years with 500+ Identified Locations2 Disciplined Consolidator in the Heart of the Permian: 3rd Largest E&P in CBP Texas3 Nimble Operator: High NRIs, Stacked Pay Zones with Multi-bench Hz Potential Ring Energy’s Strategic Advantage 3 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. Source Enverus trailing twelve months as of Dec. 2025 for operators' Gross production on per Boe basis in the Texas CBP & NWS. A Leader Redefining Conventional Assets Through Unconventional Thinking & Modern Technology to Deliver Sustainable Returns

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Conventional E&P Built for the Future 4 Transformation in Motion and Foundation Laid for Sustained Value Creation 1. Leverage ratio is a Non-GAAP financial measure. See Appendix for definitions and reconciliation to GAAP measures. 2. “LQA” is Consolidated Total Debt to LQA Consolidated EBITDAX as of Jun 30, 2026. See Appendix for reconciliation of Non-GAAP financial measures to GAAP measures. 3. Market data is as of August 3, 2026. Balance sheet data is as of June 30, 2026. 4. Implied price per share calculated as PV-10 minus total debt divided by outstanding shares. 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 → 20.0 +127% vs. YE 2020 PV-10 ($MM) $638 → $1,318 +107% vs. YE 2020 Inventory Runway 10+ yrs Long-duration development visibility Lowered Leverage 3.6x1 → 1.7x2 -53% 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 Today3 $328MM Market Cap +481% vs. YE 2020 $687MM Enterprise Value +88% vs. YE 2020 $1,318MM 1P PV-10 >$3.50 Implied Price per Share4 $266MM Liquidity +457% 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 A Multi-Year Transformation Delivering Scale, Inventory Depth, and a Stronger Balance Sheet YE 2020 LQA

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Ring's Future Opportunity 5 Modern Technology is Unlocking the Full Potential of Ring’s Conventional Asset Base, Creating a Significantly Larger Horizontal Inventory Opportunity Modern horizontal drilling combines higher-quality rock, advanced technology and scale to unlock more value than historical vertical development. + + = 1 QUALITY ROCK Long-life conventional reservoirs 2 MODERN TECHNOLOGY Horizontal drilling + completion design 3 LARGE ACREAGE POSITION Scale supports repeatable development Increased Inventory & Value Potential A larger, more durable opportunity set than historical vertical development suggested

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Ring’s Thesis: Conventional Rock is the Opportunity 6 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 → over 15 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. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI 5% 8% 70% 95% 92% 30% 2024 2025 2026E Horizontals > 1.5 mile Horizontals <= 1.0 mile 61% 64% 59% 58% 48% 41% 2020 2021 2022 2023 2024 2025 Horizontal TILs by County2 Andrews Crane Ector Yoakum Other Ring Horizontal Development Ramping Up Significantly Why Now? Today’s Modern Horizontal Technology 7 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 Ring Horizontal Development Breakdown Ring Energy’s Core Acreage Spans the Most Active Conventional Horizontal Development Areas Source: Enverus as of April 27, 2026.

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Horizontals Revitalize Legacy Fields and Fuel Rapid Production Growth in the Last ~ 5 Years 8 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 2026 vs 2015 2026 576 Hz Wells Pre-2015 32 Hz Wells 2026 517 Hz Wells Pre-2015 172 Hz Wells 2026 658 Hz Wells Pre-2015 257 Hz Wells CBP Multi-Bench Development Yoakum County Yoakum County Andrews County Andrews County Ector County Ector County Crane County Crane County Source: Enverus. Multi-benchMulti-bench Multi-bench Andrews 2026 vs 2015 Ector / Crane 2026 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 0 25 50 75 100 125 150 2010 2013 2016 2019 2022 2025 M b o e /d Yoakum Andrews Crane / Ector

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI 30% 70% Vertical Horizontal 92% 8% Vertical Horizontal Horizontals Unlock Higher-Return Inventory 9 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. Q2 2026 Earnings | August 6, 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 10 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

www.ringenergy.com | NYSE American: REI Q2 2026 EARNINGS | AUGUST 6, 2026 Q2 RESULTS

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI ✓ Improving Capital Efficiency • Invested in infrastructure to support more capital efficient pad development • Expanded longer horizontal inventory (>1.5-mile laterals) and co-development depth • Drilled the Company’s first 2-mile horizontal wells Q2 2026 – Executing the Plan 12 1. Adjusted Free Cash Flow and All-in-Cash Operating Costs are Non-GAAP financial measures. See Appendix for definitions and reconciliations to GAAP measures. 2. Ratio of leverage calculated as Consolidated Total Debt to LQA Consolidated EBITDAX as of Jun 30, 2026. See Appendix for reconciliation of Non-GAAP financial measures to GAAP measures. ✓Enhanced Visibility Into 2027 • Accelerated earnings and cash flow growth due to enhanced capital efficiency and production • 6+ consecutive years of positive Adjusted Free Cash Flow1 ✓Continued Operational Discipline • LOE of $10.12 per Boe (Near low end of guidance range and 4% better than mid-point) • All-in-Cash Operating Costs1 of $21.59 per Boe (1% improvement QoQ) ✓Strengthened Balance Sheet • Raised $69MM of gross primary equity proceeds at $1.35/share • Reduced debt by $66MM and increased liquidity by 41% to $226MM • Debt reduced to approximately 1.7x LQA EBITDAX2 We Raised Capital to Reduce Debt – Positioning the Company for its Next Phase of Value Creation

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Oil Sales Volumes (Bo/d) LOE (per Boe) Total Sales Volumes (Boe/d) 12,850 12,700 12,100 12,450 13,850 13,600 12,500 13,450 13,332 13,124 12,276 12,683 Q3 2025 Q4 2025 Q1 2026 Q2 2026 19,200 19,100 19,100 19,400 21,200 20,700 19,600 21,000 20,789 20,508 19,351 19,990 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $11.00 $10.75 $10.75 $10.05 $12.00 $11.75 $11.25 $11.05 $10.73 $10.02 $10.41 $10.12 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $23 $18 $28 $28 $31 $28 $36 $24.6 $24.3 $34.5 $43.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 & FY 2026E Guidance vs Actuals 13 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. Capital1 ($MM) Q1 negatively affected by Winter storm (~540 Boe/d) and Non-op Divestiture (~200 Boe/d) TTM Consistently Meeting Net Sales & LOE Guidance Ranges Guidance Range Actuals 1H 2026 accelerated targeted infrastructure and leasing investments to expand operational flexibility and support longer horizontal more capital efficient development

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Disciplined Capital Allocation Framework 14 Create Long-Term Value per Share Target Leverage: <1.25x Through the Cycle 01 Financial Strength Balance Sheet First • Preserve liquidity • Target leverage <1.25x • Maintain financial flexibility • Protect downside across commodity cycles Focus on Returns, Margins and Capital Efficiency 02 High-Return Development Maximize Returns Adjust Capital Allocation Based on Market Conditions 03 Strategic Optionality Adjust to Markets We allocate capital to maximize long-term, per-share value by maintaining a strong balance sheet, investing in high-return opportunities and preserving flexibility through commodity cycles. 04 Long-Term Value Creation Grow Value Per Share • Maximize returns from existing infrastructure • Prioritize high-return drilling opportunities • Improve capital efficiency and well economics • Expand high-return inventory • Align activity with commodity prices • Pace development to maximize returns • Evaluate non-core asset sales and accretive acquisitions • Preserve strategic flexibility • Increase NAV per share • Expand drilling inventory • Grow reserves organically • Lower cost of capital

www.ringenergy.com | NYSE American: REI Q2 2026 EARNINGS | AUGUST 6, 2026 OPERATION IMPROVEMENTS & UPDATED GUIDANCE 15

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Significant Reduction in Cash Costs 16 Structural Cost Cutting Initiatives Expected to Drive Sustainable Cash Cost Improvement Through YE 2027 1. Illustrative annual savings calculated assuming 20,000 Boe of daily production. 3. Capital & Infrastructure • Facilities optimization • Continuous well design improvement • Multi-pad, multi-well development • Water infrastructure 1. Operating Cost Actions • LOE optimization • Proactively renegotiate agreements to lower rates • Reduce well failure rates with chemical treatment • Increase efficiency of well workover program 2. Corporate Efficiency • Reduce debt to lower interest expense • Organizational efficiency • Technology rationalization • Corporate overhead discipline Cash Cost Savings ($ / BOE) Bridge $22.81 $21.68 -$0.85 -$0.25 -$0.70 -$0.03 $0.70 2025 1H LOE Optimization Corporate / Other Interest Expense Sev & Adv Taxes GP&T 2026 1H Total Operating Improvements: >$1.50 / BOE >$10MM in Annual Savings a Year1

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Investing Today to Enhance Future Returns 17 Infrastructure Investments Lower Future Development Costs, Improve Well-Level Economics and Enhance Returns Across Future Drilling Programs Expected Future D&C Cost Savings1 ~$50 - $100 per foot 1. Expected future D&C cost savings per foot is for 2H 2026E & 27E Hz development wells over 1.5 miles. Upfront Infrastructure Investment Lower Development Costs and Improved Reliability Higher Well-Level Returns / More Efficient Capital Allocation Increased Free Cash Flow and Financial Flexibility Increased Stockholder Value [capital spend per item, how many wells will it support, expected saving per well $/unit cost for each item] Frac Pond Water Storage Reduces sourcing costs and completion cycle times $2 to $3 MM Central Tank Batteries Built ahead of development Reduces Future Facility Capital per Well $3 to $5 MM Salt-Water Disposal Multi-Well Infrastructure Improves Flow Assurance and Reduces Water Handling Costs $2 to $5 MM Strategic Infrastructure Investments Improve Reliability, Accelerate Cycle Times and Reduce Unit Costs Across Future Development Reducing Hz D&C Cost Per Lateral Foot1 [Update figures]

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI LOE (per Boe) Updated Guidance 18 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. 12,100 12,450 13,000 13,550 12,500 13,450 13,950 14,650 12,276 12,683 Q1 2026 Q2 2026 2H 2026 Updated FY 2027 19,100 19,400 20,600 21,500 19,600 21,000 21,800 23,500 19,351 19,990 Q1 2026 Q2 2026 2H 2026 Updated FY 2027 $10.75 $10.05 $10.00 $9.80 $11.25 $11.05 $10.60 $10.60 $10.41 $10.12 Q1 2026 Q2 2026 2H 2026 Updated FY 2027 Oil Sales Volumes (Bo/d) Total Sales Volumes (Boe/d) $28 $28 $40 $34 $34 $36 $50 $41 $34.5 $43.2 Q1 2026 Q2 2026 2H 2026 Updated FY 2027 Capital1 per Quarter ($MM) Guidance Range Actuals Guidance

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Updated Guidance (Continued) 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. Sales Volumes 2H 2026 FY 2027 UPDATE INITIAL OUTLOOK Total (Bo/d) 13,000 – 13,950 13,550 – 14,650 Total (Boe/d) 20,600 – 21,800 21,500 – 23,500 – Oil (%) 63% 63% – NGLs (%) 20% 20% – Gas (%) 17% 17% Capital Program Capital1 ($MM) $80 – $100 $135 – $165 – New >1.5-mile Hz wells drilled 10 to 14 20 to 30 – Previously drilled wells to be brought online in Q3 3 Operating Expenses LOE (per Boe) $10.00 – $10.60 $9.80 – $10.60 1% 5% 10% 26% 58% 1% 5% 14% 23% 57% Compliance Land, Non-op Infrastructure Cap WO + Recomplete D&C + CTR Updated Guidance Original Guidance 2026 Capital Program1 19% 39% 42% 4% 26% 70% Vertical 1-mile > 1.5-mile Updated Guidance Original Guidance 2026 Well Lateral Length

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Meaningful Upside to Adjusted Free Cash Flow1,2 20 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 August 2026 $3.50 per MCF Flat. Differential assumptions oil (-$1.00), gas ‘26E (-$5.00) ‘27E (-$4.00), and NGL realizations of 11% in ’26E & 15% in ’27E of WTI oil price. Realized Price vs. After-Hedge Realized Price ($/Boe) 2026E & 2027E Adjusted Free Cash Flow1,2 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 $85 Realized Oil price ($/Bbl) 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 21% at $61.77/Bbl 43% at $65.34/Bbl 39% at $61.66/Bbl 33% at $59.74/Bbl 46% at $60.82 x $76.19/Bbl 30% at $65.00 x $80.00/Bbl 3% at $60.00 x $72.30/Bbl 33% 27% 61% 64% 0% 20% 40% 60% 80% 100% Q3 2026 Q4 2026 1H 2027 2H 2027 Swaps (weighted average) Collars (capped at call strike price) Unhedged $74.87 $63.53 26E based on mid-point updated guidance, includes current hedges $42.30 $57.55 $39.27 $47.40 0 20 40 60 80 Q1 2026 Q2 2026 Realized Price After-Hedge Realized Price 27E based on mid-point updated guidance, includes current hedges Bo/d 13,475 13,475 14,100 14,100 2026E includes Infrastructure Investment for Future Capital Efficiency

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI $10.73 $10.41 $10.12 $3.01 $3.30 $3.98 $0.17 $0.17 $0.15 $4.83 $4.50 $4.15 $3.49 $3.40 $3.19 2025 Q1 2026 Q2 2026 LOE Prod. & ad valorem tax G&T, Other Interest Cash G&A Strengthening the Business Through Cost Discipline 21 Operational Cost Improvements Continue to Enhance Margins and FCF generation 1. All-in Cash Operating Costs is an Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. All-in Cash Operating Costs include lease operating expenses (incl. workovers), G&A excluding share-based compensation, net interest expense, lease operating expense, production and ad valorem taxes, and gathering, transportation and processing costs. Improving Margins with Disciplined Cost Control $21.59 1% below Q1 2026 38% of realized price Q2 All-in Cash Op. Costs1 per Boe Q2 LOE per Boe $10.12 47% of total cash costs All-in Cash Operating Costs1 per Boe

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Potential Catalysts for 2026 & Beyond 22 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 www.ringenergy.com Q2 2026 EARNINGS | AUGUST 6, 2026 THANK YOU Company Contact Sonu Singh Johl (281) 397-3699 IR@ringenergy.com Al Petrie (281) 975-2146 apetrie@ringenergy.com Analyst Coverage Tuohy 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 77380 Phone: (281) 397-3699 Alliance Global Partners (AGP) Poe Fratt (314) 719-6084 pfratt@allianceg.com Bank of America Securities Conor Fitzpatrick (646) 855-5711 conor.fitzpatrick@bofa.com

www.ringenergy.com | NYSE American: REI Q2 2026 EARNINGS | AUGUST 6, 2026 APPENDIX

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI $4 $6 $8 $10 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) Q1 2026 & Q2 2026 REI Legacy LRR Operational Excellence 25 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 2026E ~10% reduction ~$500 ~$1.4 Million per month savings $11.5 $9.9 $19.7 $14.3 $10.3 $12.4 $10.4 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) Q1 2026 & Q2 2026 REI Legacy LRR Combined $2/Boe (~17%) 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 ~$0.5 Million per month savings Targeting 5-10% reduction

Ring Energy, Inc. Q2 2026 Earnings | August 6, 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 26 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 $2.50 per Mcf gas prices. P e rm ia n P e n n sy lv a n ia n M Is si ss ip p ia n Geologic Period Target Formation “Stacked Pay Zones” CBP Active WPS CBP Hz Potential NWS Active WPS Permian Grayburg ✓ ✓ 4-6 San Andres Judkins ✓ ✓ McKnight ✓ ✓ 4-6 ✓ ✓ 6-8 Holt ✓ ✓ Glorieta ✓ ✓ Clearfork Upper ✓ ✓ Tubb ✓ ✓ 4-6 ✓ Lower ✓ Wichita - Albany ✓ ✓ Wolfcamp ✓ ✓ 3-5 ✓ Pennsyl- vanian Penn Mississ- ippian Barnett Shale ✓ Mississippian Lime Woodford Devonian Devonian ✓ ✓ 3-4 Includes operated & NonOP ✓ Vertical ✓ Horizontal 500+ Total Gross New Drill Locations2 Horizontal Horizontal & Vertical CBP North Penwell CBP South Core Assets Central Basin Platform “CBP” Northwest Shelf “NWS” Counties Andrews, Crane, Ector, Gaines Yoakum Net Acres ~79,000 ~17,000 Operated WI / NRI ~96% / ~81% ~92% / ~69% Net Production ~12 Mboe/d (68% oil) ~8.3 Mboe/d (62% oil) Total Capital ($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. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Operational Discipline Delivered Higher AFCF1 27 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. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI NWS CBP-N Penwell CBP-S 19% 59% 22% High-Quality Proved Reserves1 Create Durable AFCF 28 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. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Oil Derivative Summary (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. As of August 4, 2026 29 Oil Hedges (WTI) 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 Q1 2030 Swaps: Hedged volume (Bbl) 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — — Weighted average swap price $ 61.77 $ 65.34 $ 62.82 $ 60.45 $ 61.80 $ 57.59 $ — $ — $ — $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 563,685 368,000 2,935 — 32,910 33,435 430,080 415,580 — — — — — — — Weighted average put price $ 60.82 $ 65.00 $ 62.50 $ — $ 60.00 $ 60.00 $ 55.59 $ 57.50 $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 76.19 $ 80.00 $ 73.65 $ — $ 72.30 $ 72.30 $ 66.02 $ 73.02 $ — $ — $ — $ — $ — $ — $ — Swaps: WTI NYMEX Rolls Hedged volume (BBL) $ 270,000 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average swap price $ 5.83 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — The Company has hedged: Bal2026: ~ 1.7 million barrels of oil at avg upside protection price of $71.47 2027: ~ 1.9 million barrels of oil at avg upside protection price of $61.20

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Gas Derivative Summary As of August 4, 2026 (1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above. 30 Gas Hedges (Henry Hub) 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 Q1 2030 NYMEX Swaps: Hedged volume (MMBtu) 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 $ 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) 648,728 128,000 717,000 694,000 — — — — — — — — — — — Weighted average put price $ 3.10 $ 3.50 $ 3.99 $ 3.00 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 4.24 $ 5.42 $ 5.21 $ 4.32 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Gas Hedges (basis differential) 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 Q1 2030 Waha basis swaps: Hedged volume (MMBtu) 374,623 411,451 196,372 480,325 464,360 449,846 435,403 — — — — — — — — Weighted average spread price (1) $ 2.15 $ 1.81 $ 0.78 $ 0.78 $ 0.78 $ 0.78 $ 0.68 $ — $ — $ — $ — $ — $ — $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) 874,121 788,851 960,307 636,710 615,547 596,306 577,163 — — — — — — — — Weighted average spread price (1) $ 2.16 $ 1.92 $ 0.72 $ 0.67 $ 0.67 $ 0.67 $ 0.60 $ — $ — $ — $ — $ — $ — $ — $ — The Company has hedged: Bal2026: ~ 2.4 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

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI “Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility. The Company defines “Consolidated Total Debt” in accordance with its existing senior revolving credit facility and means, as of any date, all Indebtedness of the Company on a consolidated basis as of such date, but excluding hedging obligations. The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility and means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of. The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. The Company defines “Consolidated Total Debt to LQA Consolidated EBITDAX” as Consolidated Total Debt divided by LQA (“Last Quarter Annualized”) Consolidated EBITDAX. Consolidated Total Debt and Consolidated EBITDAX are defined pursuant to the Company’s existing senior revolving credit facility. The Company believes this metric is more reflective of its current leverage ratio profile by annualizing Consolidated EBITDAX for the most recent period. Consolidated Total Debt to LQA Consolidated EBITDAX and Consolidated EBTIDAX are non-GAAP financial measures and may not be comparable to similarly titled measures used by other companies and should not be considered as a substitute for measures prepared in accordance with GAAP. Therefore, the Company believes it is important to view this ratio and Consolidated EBITDAX as supplemental to its entire financial statements. PV-10 is a Non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 measure of the Company’s oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to its estimated proved reserves independent of its income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to its reserves. Management believes the use of a pre-tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The Company defines “Cash Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. The Company defines All-In Cash Operating Costs, a Non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company. The Company defines Cash Operating Margin, a Non-GAAP financial measure, as realized revenues per Boe less “all-in cash operating costs” per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company. Non-GAAP Disclosure Certain financial information included in this Presentation are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These Non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “PV-10,” “Leverage Ratio,” “Consolidated Total Debt to LQA Consolidated EBITDAX”, “All-in Cash Operating Costs,” and "Cash Operating Margin." Management uses these Non-GAAP financial measures in its analysis of performance. In addition, CROCE is a key metric used to determine a portion of the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. “Adjusted Net Income” is calculated as net income (loss)minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare the Company’s results with its peers. The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities (as reflected on the Company’s Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures (“A&D”), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in the Company’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this financial performance measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. 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 31

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations Adjusted Net Income 32 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net income (loss) $ 64,793,310 $ 0.27 $(220,591,482) $ (1.06) $ 20,634,887 $ 0.10 $(155,798,172) $ (0.70) $ 29,745,625 $ 0.15 Share-based compensation 2,149,596 0.01 1,524,808 0.01 1,351,839 0.01 3,674,404 0.02 3,042,797 0.02 Ceiling test impairment — — 162,086,257 0.78 — — 162,086,257 0.72 — — Unrealized loss (gain) on change in fair value of derivatives (42,183,506) (0.18) 76,954,914 0.37 (13,970,211) (0.07) 34,771,408 0.16 (13,595,015) (0.07) Transaction costs - A&D — — — — 1,000 — — — 2,776 — Tax impact on adjusted items (757,785) — (12,557,544) (0.06) 2,964,996 0.01 (13,315,329) (0.06) 2,464,350 0.01 Adjusted Net Income 24,001,615 $ 0.10 7,416,953 $ 0.04 10,982,511 $ 0.05 31,418,568 $ 0.14 21,660,533 $ 0.11 Diluted Weighted-Average Shares Outstanding 237,808,489 208,558,546 206,982,327 221,259,803 204,085,207 Adjusted Net Income per Diluted Share $ 0.10 $ 0.04 $ 0.05 $ 0.14 $ 0.11

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted EBITDA 1. Adjusted EBITDA Margin is Adj. EBITDA divided by oil, natural gas, and natural gas liquids revenue. 33 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2026 2026 2025 2025 2025 2026 2025 Net income (loss) $ 64,793,310 $ (220,591,482) $ (12,845,294) $ (51,631,530) $ 20,634,887 $ (155,798,172) $ 29,745,625 Interest expense, net 8,231,012 8,529,080 9,065,509 9,978,067 11,687,746 16,760,092 21,096,474 Unrealized loss (gain) on change in fair value of derivatives (42,183,506) 76,954,914 (14,753,449) 2,141,925 (13,970,211) 34,771,408 (13,595,015) Ceiling test impairment — 162,086,257 35,913,116 72,912,330 — 162,086,257 — Income tax (benefit) expense 1,088,046 (11,988,413) (3,800,401) (12,800,947) 6,107,425 (10,900,367) 9,148,602 Depreciation, depletion and amortization 20,114,890 21,405,948 23,002,908 25,225,345 25,569,914 41,520,838 48,185,897 Asset retirement obligation accretion 401,944 395,496 390,892 390,563 382,251 797,440 708,800 Transaction costs - A&D — — 25,000 10 1,000 — 2,776 Share-based compensation 2,149,596 1,524,808 1,474,560 1,618,600 1,351,839 3,674,404 3,042,797 Loss (gain) on disposal of assets (104,150) — (60,855) (105,642) (155,293) (104,150) (279,903) Other income (9,600) (5,837) (29,582) — (150,770) (15,437) (159,712) Adjusted EBITDA $ 54,481,542 $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 92,792,313 $ 97,896,341 Adjusted EBITDA Margin 1 52 % 52 % 57 % 61 % 62 % 52 % 61 %

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow 34 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2026 2026 2025 2025 2025 2026 2025 Net Cash Provided by Operating Activities $ 40,789,293 $ 25,894,701 $ 44,688,823 $ 44,492,325 $ 33,297,251 $ 66,683,994 $ 61,668,259 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities 6,194,462 4,491,388 (14,727,429) (6,086,921) 8,312,480 10,685,850 18,097,479 Transaction costs - A&D — — 25,000 10 1,000 — 2,776 Income tax expense (benefit) - current 59,649 95,587 51,311 39,772 147,460 155,236 283,854 Capital expenditures (43,169,155) (34,505,509) (24,343,200) (24,589,282) (16,827,513) (77,674,665) (49,279,044) Proceeds from divestiture of oil and natural gas properties 602,471 4,266,479 — 100 — 4,868,950 — Credit loss expense (92,432) — — (907) (205) (92,432) (18,122) Other income (9,600) (5,837) (29,582) — (150,770) (15,437) (159,712) Adjusted Free Cash Flow $ 4,374,688 $ 236,809 $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 4,611,496 $ 30,595,490 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2026 2026 2025 2025 2025 2026 2025 Adjusted EBITDA $ 54,481,542 $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 92,792,313 $ 97,896,341 Net interest expense (excluding amortization of deferred financing costs) (7,540,170) (7,834,932) (8,374,281) (9,284,442) (9,851,572) (15,375,102) (18,021,807) Capital expenditures (43,169,155) (34,505,509) (24,343,200) (24,589,282) (16,827,513) (77,674,665) (49,279,044) Proceeds from divestiture of oil and natural gas properties 602,471 4,266,479 — 100 — 4,868,950 — Adjusted Free Cash Flow $ 4,374,688 $ 236,809 $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 4,611,496 $ 30,595,490

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) 35 (Unaudited) Three Months Ended Last Four QuartersSeptember 30, December 31, March 31, June 30, 2025 2025 2026 2026 Consolidated EBITDAX Calculation: Net Income (Loss) $ (51,631,530) $ (12,845,294) $ (220,591,482) $ 64,793,310 $ (220,274,996) Plus: Consolidated interest expense 9,978,067 9,065,509 8,529,080 8,231,012 35,803,668 Plus: Income tax provision (benefit) (12,800,947) (3,800,401) (11,988,413) 1,088,046 (27,501,715) Plus: Depreciation, depletion and amortization 25,225,345 23,002,908 21,405,948 20,114,890 89,749,091 Plus: non-cash charges reasonably acceptable to Administrative Agent 77,063,418 23,025,119 240,961,475 (39,631,966) 301,418,046 Consolidated EBITDAX $ 47,834,353 $ 38,447,841 $ 38,316,608 $ 54,595,292 $ 179,194,094 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX — — — — — Pro Forma Consolidated EBITDAX $ 47,834,353 $ 38,447,841 $ 38,316,608 $ 54,595,292 $ 179,194,094 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 390,563 $ 390,892 $ 395,496 $ 401,944 Unrealized loss (gain) on derivative assets 2,141,925 (14,753,449) 76,954,914 (42,183,506) Ceiling test impairment 72,912,330 35,913,116 162,086,257 — Share-based compensation 1,618,600 1,474,560 1,524,808 2,149,596 Total non-cash charges reasonably acceptable to Administrative Agent $ 77,063,418 $ 23,025,119 $ 240,961,475 $ (39,631,966) As of June 30, Corresponding 2026 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 360,000,000 2.00 Notes payable 1,496,304 0.01 Capital lease obligations 1,226,644 0.01 Consolidated Total Debt 362,722,948 2.02 Pro Forma Consolidated EBITDAX 179,194,094 Leverage Ratio 2.02 Maximum Allowed ≤ 3.00x (Unaudited) Three Months Ended Last Four QuartersSeptember 30, December 31, March 31, June 30, 2024 2024 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ 33,878,424 $ 5,657,519 $ 9,110,738 $ 20,634,887 $ 69,281,568 Plus: Consolidated interest expense 10,610,539 9,987,731 9,408,728 11,687,746 41,694,744 Plus: Income tax provision (benefit) 10,087,954 1,803,629 3,041,177 6,107,425 21,040,185 Plus: Depreciation, depletion and amortization 25,662,123 24,548,849 22,615,983 25,569,914 98,396,869 Plus: non-cash charges acceptable to Administrative Agent (26,228,108) 8,994,957 2,392,703 (12,236,121) (27,076,569) Consolidated EBITDAX $ 54,010,932 $ 50,992,685 $ 46,569,329 $ 51,763,851 $ 203,336,797 Plus: Pro Forma Acquired Consolidated EBITDAX 7,838,163 5,244,078 7,392,359 — 20,474,600 Less: Pro Forma Divested Consolidated EBITDAX (600,460) 77,819 8,855 — (513,786) Pro Forma Consolidated EBITDAX $ 61,248,635 $ 56,314,582 $ 53,970,543 $ 51,763,851 $ 223,297,611 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 354,195 $ 323,085 $ 326,549 $ 382,251 Unrealized loss (gain) on derivative assets (26,614,390) 6,999,552 375,196 (13,970,211) Share-based compensation 32,087 1,672,320 1,690,958 1,351,839 Total non-cash charges acceptable to Administrative Agent $ (26,228,108) $ 8,994,957 $ 2,392,703 $ (12,236,121) As of June 30, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 448,000,000 2.01 Lime Rock deferred payment 10,000,000 0.04 Consolidated Total Debt $ 458,000,000 2.05 Pro Forma Consolidated EBITDAX 223,297,611 Leverage Ratio 2.05 Maximum Allowed ≤ 3.00x

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) 36 (Unaudited) Last Four Quarters Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ (220,274,996) $ (264,433,419) $ (34,731,199) $ (16,228,386) $ 69,281,568 Plus: Consolidated interest expense 35,803,668 39,260,402 40,140,050 41,062,272 41,694,744 Plus: Income tax provision (benefit) (27,501,715) (22,482,336) (7,452,746) (1,848,716) 21,040,185 Plus: Depreciation, depletion and amortization 89,749,091 95,204,115 96,414,150 97,960,091 98,396,869 Plus: non-cash charges acceptable to Administrative Agent 301,418,046 328,813,891 90,245,119 76,214,957 (27,076,569) Consolidated EBITDAX $ 179,194,094 $ 176,362,653 $ 184,615,374 $ 197,160,218 $ 203,336,797 Plus: Pro Forma Acquired Consolidated EBITDAX — — 7,392,359 12,636,437 20,474,600 Less: Pro Forma Divested Consolidated EBITDAX — — 8,855 86,674 (513,786) Pro Forma Consolidated EBITDAX $ 179,194,094 $ 176,362,653 $ 192,016,588 $ 209,883,329 $ 223,297,611 As of As of As of As of As of June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Leverage Ratio Covenant: Revolving line of credit $ 360,000,000 $ 426,000,000 $ 420,000,000 $ 428,000,000 $ 448,000,000 Notes payable 1,496,304 — 505,752 1,001,829 Estimated deferred payment — — — 10,000,000 10,000,000 Capital lease obligations 1,226,644 1,173,807 1,323,710 1,275,826 Consolidated Total Debt 362,722,948 427,173,807 421,829,462 440,277,655 458,000,000 Pro Forma Consolidated EBITDAX 179,194,094 176,362,653 192,016,588 209,883,329 223,297,611 Leverage Ratio 2.02 2.42 2.20 2.10 2.05 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x Three Months Ended June 30, 2026 Consolidated Total Debt $ 362,722,948 Consolidated EBITDAX 54,595,292 LQA Consolidated EBITDAX $ 218,381,168 Consolidated Total Debt to LQA Consolidated EBITDAX 1.7 Consolidated Total Debt to LQA Consolidated EBITDAX

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 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 37 (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Net Cash Provided by Operating Activities $ 40,789,293 $ 25,894,701 $ 33,297,251 $ 66,683,994 $ 61,668,259 Changes in operating assets and liabilities 6,194,462 4,491,388 8,312,480 10,685,850 18,097,479 Adjusted Cash Flow from Operations $ 46,983,755 $ 30,386,089 $ 41,609,731 $ 77,369,844 $ 79,765,738 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 % (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 General and administrative expense (G&A) $ 7,954,230 $ 7,438,778 $ 7,138,519 $ 15,393,008 $ 15,758,495 Share-based compensation 2,149,596 1,524,808 1,351,839 3,674,404 3,042,797 G&A excluding share-based compensation $ 5,804,634 $ 5,913,970 $ 5,786,680 11,718,604 12,715,698 Transaction costs - A&D — — 1,000 — 2,776 G&A excluding share-based compensation and transaction costs $ 5,804,634 $ 5,913,970 $ 5,785,680 $ 11,718,604 $ 12,712,922

Ring Energy, Inc. Q2 2026 Earnings | August 6, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs Cash Operating Margin 38 (Unaudited for All Periods) Three Months Ended Six Months Ended Trailing Twelve Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March 31, 2026 2026 2025 2026 2025 2026 2026 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 18,409,462 $ 18,122,344 $ 20,245,981 $ 36,531,806 $ 39,923,533 $ 75,962,079 $ 77,798,598 G&A excluding share-based compensation 5,804,634 5,913,970 5,786,680 11,718,604 12,715,698 24,795,525 24,777,571 Net interest expense (excluding amortization of deferred financing costs) 7,540,170 7,834,932 9,851,572 15,375,102 18,021,807 33,033,825 35,345,227 Operating lease expense 175,090 175,091 175,090 350,181 350,181 700,362 700,362 Oil and natural gas production taxes 5,047,619 3,553,891 3,832,607 8,601,510 7,417,062 15,496,680 14,281,668 Ad valorem taxes 2,202,160 2,202,537 1,648,647 4,404,697 3,180,755 9,130,528 8,577,015 Gathering, transportation and processing costs 101,902 117,049 133,809 218,951 337,421 466,617 498,524 All-in cash operating costs $ 39,281,037 $ 37,919,814 $ 41,674,386 $ 77,200,851 $ 81,946,457 $ 159,585,616 $ 161,978,965 Boe 1,819,076 1,741,581 1,937,850 3,560,657 3,593,109 7,360,023 7,478,797 All-in cash operating costs per Boe $ 21.59 $ 21.77 $ 21.51 $ 21.68 $ 22.81 $ 21.68 $ 21.66 (Unaudited for All Periods) Three Months Ended Six Months Ended Trailing Twelve Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March 31, 2026 2026 2025 2026 2025 2026 2026 Cash Operating Margin Realized revenues per Boe $ 57.55 $ 42.30 $ 42.63 $ 50.09 $ 45.00 $ 44.00 $ 40.35 All-in cash operating costs per Boe 21.59 21.77 21.51 21.68 22.81 21.68 21.66 Cash Operating Margin per Boe $ 35.96 $ 20.53 $ 21.12 $ 28.41 $ 22.19 $ 22.32 $ 18.69

Source: View Original Filing on SEC EDGAR

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