Ring Energy - Independent Oil & Gas Company Focused on Conventional Permian Assets in Texas 2Q 2025 Net Production 21,295 Boe/d (68% oil and 85% liquids) Yoakum 2024 SEC Proved Reserves1,2 Differentiated approach by 134…
Strength, Flexibility, & Resilience Proven, Value Focused Strategy Demonstrates Strength in Low & Volatile Oil Price Environments Since 2021, we have Adding Size and Increased our production by 23% CAGR from accretive acquisitions &…
Q2 2025 Scorecard Q2 First Full Quarter with LRR Benefit Oil Lease All-in Cash Adjusted Sales Realized Adjusted Debt Leverage Sales CapEx Operating Operating Free Cash Boe /Boe EBITDA1 Balance Ratio3 Bo Costs Costs2 Flow1…
Focused on Maximizing FCF in 2025 & Beyond Outlook High Margin, Low Decline, High Netback Assets Drive Success Through Volatile Oil Prices Pursue Operational Excellence & Maximizing 2025E AFCF1,2 Building Scale Total Sales FY25E…
Distinguishing Attributes: What Makes Ring Different Differentiated Approach by Applying Unconventional Technology and Thinking to Conventional Permian Assets Ring Conventional Assets Characteristics: Shallow Base Decline, High…
Distinguishing Attributes: High Operating Margins Rings Conventional Assets with High Netbacks Drive Strong Cash Operating Margins vs. Peers1,2 1Q 2025 TTM Cash Operating Margin and Realized Pricing (/Boe) Operational Excellence and…
Enhanced Value for Stockholders Addition of Lime Rock CBP Assets and Strong Q2 Performance Led to Improved Metrics and AFCF Production/Share Boe/Share All-in-Cash Operating Costs1 /Boe Adjusted Free Cash Flow1 /Boe 0.010 25 14.00…
Track Record of Strategic Consolidation Four Acquisitions Since 2019 Increases Net Production by 3.0x Legend Acquisition Track Record Ring Energy Legacy 20,000 Lime Rock Resources Rings pursuit of accretive, balance Founders Oil &…
Permian Basin Conventional Opportunities Focused on Consolidating Conventional Assets in the Central Basin Platform & Northwest Shelf Publics NWS Acquire accretive, balance sheet enhancing CBP & NWS assets Privates CBP/NWS Publics…
Ring Trading at Discount Compared to Recent Transactions REI Suggested Valuation Using APA Divestiture and MNR Acquisition Valuation Metrics for CBP & NWS Assets Public and Private Buyers Paying Higher Valuation Multiples for…
Robust Value Proposition Through Commodity Price Cycles 2025 and Beyond Remaining focused on maximizing FCF generation to strengthen the balance sheet Strong Cash Operating margins help deliver superior results & helps manage risk…
Competitive Value for Stockholders Track Record of 3 Consecutive Years of Corporate Returns Above 15% Despite Drop in Commodity Prices Cash Return on Capital Employed1 Avg WTI /Bbl & Avg Realized /Boe (CROCE) % Strong CROCE % 25.0%…
ASSET OVERVIEW www.ringenergy.com
Committed to Sustainable Success 2024 Sustainability Report Progressing our ESG Journey A Target Zero Day is a Day that Results in: Download Report PDF Created ESG Task Force and established Target Zero 365 (TZ-365) Safety &…
Proved Reserves1 and Inventory Reserves by Category (%) Reserves by PV-102 (MM) Reserves by Product (%) Locations by Area3 19% NWS SEC YE 2024, excl. LRR 23% 21% 31% CBP-N REI Legacy 134 1,463 134 Penwell MMBoe MM…
Assets Overview Deep Inventory of High-Return Drilling and Re-Completion Locations Select Recent New Drill Horizontal Well Results Northwest Shelf Select Recent New Drill Vertical Well Results Peak IP Lateral Geological Central…
LRR Acquisition Expands Legacy High-Return Area Continuing Our Transformation to a Scaled Conventional Permian Operator Legend Ring Energy Leasehold Transaction Summary (MM) Asset Overview Lime Rock Resources Bolt-on acquisition of…
Impact of Founders Acquisition Performance Exceeded Initial Expectations REI Pro Forma Post Closing Performance Founders Acquisition 75MM REI Net Prod. (MBoe/d) 1 REI Net Debt MM 100 21.0 450 Cash Due Close 16% growth to PF Net…
Assets Overview New Drill Inventory Performance 2023 vs 2024 (2025 not enough wells drilled YTD for statistical comparison) Consistent HZ Well Performance Enhanced Vertical Well Performance San Andres Horizontal Play EUR (MBoe) per 1000…
San Andres Horizontal Play Characteristics Proven, Conventional, Top Tier Returns San Andres Hz Delaware Hz Midland Hz High ROR Oil Play Permian Basin has produced 30 BBbl Low D&C Costs San Andres accounts for 40% Lower 1st Year…
Vertical Multi-Stacked Pay Characteristics Proven, Conventional, Top Tier Returns CBP Vt Stack & Frac Delaware Hz Midland Hz High ROR Oil Play Central Basin Platform has produced 15 BBboe Low D&C Costs Vertical multi-stage fracs…
THANK YOU Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: 281-397-3699 Company Contact Analyst Coverage Al Petrie Alliance Global Partners (AGP) ROTH Capital Partners (281) 975-2146 Poe Fratt…
APPENDIX www.ringenergy.com
REI Historical Price Performance1 Price Performance Since January 1, 2022 5.5 6.5 MM warrants 140.00 exercised 5.0 Stronghold Announcement 120.00 4.5 3.0 MM warrants exercised 4.0 4.5 MM warrants 100.00 Founders exercised…
Income Statement and Operational Stats Income Statement Operational Stats (Unaudited) (Unaudited) Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March…
(Unaudited) Balance Sheet June 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents 1,866,395 (Unaudited) Accounts receivable 38,729,543 36,172,316 Statements of Cash Flows Three Months Ended Six Months Ended…
Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Per Per Per Per Per share - share - share -…
Non-GAAP Reconciliations Adjusted EBITDA (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024 Net income…
Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024…
Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) (Unaudited) (Unaudited) Three Months Ended Three Months Ended Last Four September 30, December 31, March 31, June 30,…
Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) (Unaudited) Last Four Quarters Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Consolidated EBITDAX Calculation: Net…
Non-GAAP Reconciliations (cont.) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) (Unaudited for All Periods) As of and for the twelve months ended Three Months Ended Six Months Ended December 31,…
Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Six Months Ended Trailing Twelve Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March 31, 2025 2025 2024…
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