On August 31, 2022, in connection with the closing of the Purchase Agreement, Ring Energy, Inc. entered into the Nomination Agreement, whereby Stronghold has the right to designate two directors to the Board. Stronghold designated Roy I. Ben-Dor and David S. Habachy to the Board. On September 1, 2022, the Board increased the size of the Board from seven members to nine members and appointed Messrs.

Ben-Dor and Habachy as directors to hold office until Ring's annual meeting of stockholders in 2023 and the election of their successors. Roy I. Ben-Dor, age 39, joined Warburg in 2011. He has been a Managing Director at Warburg since January 2020.

He was a Principal at Warburg from 2016 through 2019. Previously, he worked at McKinsey & Company in New York. He is a Director of Artis Exploration, Citizen Energy, Eco Material Technologies, Stronghold OpCo, ViridiEnergy and Zenith Energy.

He also works with ClimeCo, Gradiant Corporation, Montana Renewables, and Terra Energy Partners. Mr. Ben-Dor received a BA cum laude in Psychology and Economics with Distinction from Duke University, a JD magna cum laude from Harvard Law School and an MBA with High Distinction (“Baker Scholar”) from Harvard Business School. David S. Habachy, age 46, served as a Managing Director on the Energy team of Warburg from 2017 until July 2022.?

Previously, Mr. Habachy served as Managing Director and member of the Investment Committee of the Kayne Anderson Energy Funds.? Additionally, while at Kayne Anderson, Mr. Habachy served on numerous boards of oil and gas upstream E&P and midstream companies in the U.S. and Canada from 2008 to 2017. Prior to entering into private equity in 2008, Mr. Habachy spent 10 years in asset management, operations and consulting in the upstream E&P business.

He started his petroleum engineering career at Arco/Vastar in 1998. Mr. Habachy serves on the board of directors of Earthstone Energy, Inc., a company with a class of equity securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Additionally, Mr. Habachy currently serves on the Investment Committee Board for Memorial Hermann Health System and is a board member of the Houston Producers Forum.

Mr. Habachy holds a B.S. in Chemical Engineering and an MBA degree with George Kozmetsky high honors distinction from The University of Texas at Austin.