On August 31, 2012, Robert Steve Owens resigned as a director and as Chief Executive Officer, Chief Financial Officer and as President of the Ring Energy, Inc. Also on August 31, 2012, William R. Broaddrick was appointed as the Interim Chief Executive Officer and Interim Chief Financial Officer. Mr. Broaddrick has served as treasurer and controller since June 27, 2012. Mr. Broaddrick, age 35, served as a director and chief financial officer of Stanford Energy, Inc., a wholly owned subsidiary of the company from January 2011 until June 2012.

Also on August 31, 2012, Robert Morley resigned from Audit Committee and Lloyd Tim Rochford was appointed to the committee. The company created a Compensation Committee and appointed Mr. Rochford and Stan McCabe as the initial members of the committee.