Ring Energy : Q2 2023 Earnings Corporate Presentation

VALUE FOCUSED PROVEN STRATEGY

Q2 2023 EARNINGS

www.ringenergy.com		NYSE American: REI

Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

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 strictly historical facts included in this Presentation constitute forward-looking statements and may often, but not always, be identified by the use of such words as "may," "will," "should," "could," "intends," "estimates," "expects," "anticipates," "plans," "project," "guidance," "target," "potential," "possible," "probably," and "believes" or the negative variations thereof or comparable terminology. 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 benefits of the proposed acquisition of oil and gas properties (the "Founders

Acquisition") from Founders Oil & Gas IV, LLC ("Founders") to Ring and its stockholders, the anticipated completion of the Founders Acquisition or the timing thereof, 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 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: the ability to complete the Founders Acquisition on anticipated terms and timetable; Ring's ability to integrate its combined operations successfully after the Founders Acquisition and achieve anticipated benefits from it; the possibility that various closing conditions for the Founders Acquisition may not be satisfied or waived; risks relating to any unforeseen liabilities of Ring or Founders; 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; 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; 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 SEC, including its Form 10-K for the fiscal year ended December 31, 2022, and its other filings. All forward-looking statements 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.

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," "Liquidity" and "Leverage Ratio." 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. For definitions of such non-GAAP financial measures and their reconciliations to GAAP measures, please see the Appendix.

2 Ring Energy, Inc. Value focused Proven Strategy | August 3, 2023 | NYSE American: REI

Independent Oil & Gas Company

Focused on Conventional Permian Assets in Texas

Q2 2023 Net Sales

17,271 Boe/d

84% liquids 16% gas

Highly oil weighted 69% oil

2022 SEC Proved Reserves1,2

138.1 MMBoe/ PV10 $2.77 Billion

Proved Developed 65%

Gross / Net Acres3

Permian Basin

102,557 / 83,709

400+ Proved Locations

1. Reserves as of 1/1/23 utilizing SEC prices, YE 2022 SEC Pricing Oil $90.15 per bbl Gas $6.358 per Mc.f
2. PV-10is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure.
3. Includes all locations operated and non-operated across "PDNP" and "PUD" reserve categories and project types.

Ring Energy Assets

"NWS" Northwest Shelf "CBP" Central Basin Platform

NWS

CBP

3	Ring Energy, Inc.	Value focused Proven Strategy | August 3, 2023 | NYSE American: REI

Value Focused Proven Strategy

Sustainably Deliver Competitive Returns

5. Pursue Strategic A&D to Lower Breakeven Costs & Build Inventory

4. Focus on Maximizing

AFCF1 and Strengthening Balance Sheet

1. Attract and Retain Highly Qualified People

2. Pursue Operational Excellence with

a Sense of Urgency

3. Invest in High-Margin, High RoR Projects

1. Adjusted Free Cash Flow (AFCF) is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measures.

4		Ring Energy, Inc.	Value focused Proven Strategy | August 3, 2023 | NYSE American: REI

Q2 2023 Highlights

Proven Strategy Leads to Record Results

2022 Transformational Year

2023

Continuing to produce outstanding results

BOE		Adjusted		Adjusted				Adjusted
	Cash
			CapEx		Free Cash
Production		Flow From		EBITDA1
					Flow1
		Operations1

Q2 2023Q2 2023Q2 2023 Q2 2023Q2 2023

17,271

$44.0

$53.5

$31.6

$12.6

Boe/d

Million

Million

Million

Million

84% Liquids

69% Oil

Q1 2023

Q1 2023

Q1 2023

Q1 2023

Q1 2023

18,292

$49.4

$58.6

$38.9

$10.5

Boe/d

Million

Million

Million

Million

Leverage

Ratio2

Q2 2023

1.64x

Ratio

Q1 2023

1.65x

Ratio

Liquidity3

Q2 2023

$204

Million

Q1 2023

$179

Million

1. Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Cash Flow from Operations (ACFFO) are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures.
2. Leverage ratio is defined in the Appendix.
3. Liquidity is defined as cash on hand and available borrowings under the Company's credit agreement.

5		Ring Energy, Inc.	Value focused Proven Strategy | August 3, 2023 | NYSE American: REI