Ring Energy : Q3 2022 Earnings Corporate Presentation

VALUE FOCUSED

PROVEN STRATEGY

www.ringenergy.com

NYSE American: REI

Forward-Looking Statements and

Cautionary Note Regarding Hydrocarbon Disclosures

Forward -Looking Statements

This Presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, 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. These forward-looking statements include statements regarding the Company's financial position, future revenues, net income, potential evaluations, business strategy and plans and objectives for future operations. The forward-looking statements include statements about the expected benefits to the Company and to its stockholders from the acquisition of certain assets (the "Stronghold Assets") from Stronghold Energy II Operating, LLC ("Stronghold OpCo") and Stronghold Energy II Royalties, LP ("Stronghold RoyaltyCo", together with Stronghold OpCo, collectively, "Stronghold"); Forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause actual results to be materially different than any future results expressed or implied in those statements. 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 Company's ability to integrate the Stronghold Assets and achieve the anticipated benefits therefrom; risks relating to any unforeseen liability of the Company or the Stronghold Assets; declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and 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 or production history; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base under the Company's credit facility; the impacts of hedging on results of operations; the Company's ability to replace oil and natural gas reserves; any loss of senior management or technical personnel; and the direct and indirect impact on most or all of the foregoing due to the COVID-19 pandemic. Some of the factors that could cause actual results to differ materially from expected results are described under "Risk Factors" in our 2021 annual report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on March 16, 2022, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. Although the Company believes that the assumptions upon which such forward-looking statements are based are reasonable, it can give no assurance that such assumptions will prove to be correct. 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 publicly 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 projections and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the projections 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 projected results. Prospective investors are cautioned not to place undue reliance on the estimates included herein.

Cautionary Note regarding Hydrocarbon Disclosures

The SEC has generally permitted oil and natural gas companies, in their filings with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC's definitions for such terms. We use the terms "estimated ultimate recovery," or "EURs," "probable," "possible," and "non-proven" reserves, reserve "potential" or "upside" or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines prohibit us from including in filings with the SEC. Reference to EURs of natural gas and oil includes amounts that are not yet classified as proved reserves under SEC definitions, but that we believe should ultimately be produced and are based on previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by us. Factors affecting the ultimate recovery of reserves that may be recovered include the scope of our drilling programs, which will be directly affected by capital availability, drilling and production costs, commodity prices, availability of services and equipment, permit expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and mechanical factors affecting recovery rates. Accordingly, actual quantities that may be recovered from our interests will differ from our estimates and could be significantly less than our targeted recovery rate. In addition, our estimates may change significantly as we receive additional data.

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," "Free Cash Flow," or "FCF," and "Cash Flow from Operations." 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.

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www.ringenergy.com NYSE American: REI

Ring Energy - Independent Oil & Gas Company

Focused on Conventional Permian Assets in Texas & New Mexico

Deliver competitive and sustainable returns by developing, acquiring, exploring for, and

commercializing oil and natural gas resources VITAL TO THE WORLD'S HEALTH AND WELFARE

Consistently Generated

Positive Cash Flow

for 12 Qtrs

Q3 2022 Net Sales1

13,278 Boe/d

76% oil 13% gas 11% NGL

2021 SEC Proved Reserves2,3

77.8 MMBoe/PV10 $1,332MM 85% Oil

Gross / Net Acres2

83,604 / 64,380

Market Cap

~$544 million4

Enterprise Value

~$979 million4,5

REI

Closing Price $3.124

52-week range $1.81 - $5.09

REI

Avg. Daily Share Volume (90-Day) ~2.05 million4

"NWS" Northwest Shelf

"CBP" Central Basin Platform

"DB" Delaware Basin

NEW"SE II" Stronghold Energy II Acquisition

MEXICO

NWS

Core Areas

CBP

DB SEII

Non-Core

Area

1. Based on Q3'22 financials
2. As of December 31, 2021 (2-stream) Ring Legacy Only SEC Proved Reserves
3. PV-10is a Non-GAAP financial measure. See appendix for reconciliation to GAAP measure
4. As of November 8, 2022
5. Enterprise Value (EV) is market cap plus outstanding debt based on number of shares outstanding at end of Q3 2022

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www.ringenergy.com NYSE American: REI

• Successfully closed accretive transaction
• Record quarterly sales revenue of $94.4 MM - highest in Company history
• Increased sales volumes2 42% to 13,278 Boe/d (76% oil, 13% natural gas, 11% NGLs)
• Grew net income 79% over Q2 2022 to $75.1 million
• Grew Adj. EBITDA1 18% over Q2 2022 to $56.0 MM - highest in Company history
• Paid down debt3 by $17.0 million since closing Stronghold acquisition
• Reduced leverage ratio4 to 1.4x compared to ~ 3.5x at YE 2021
• Increased liquidity to ~$165 million, more than $100 million higher than YE 2021
• Drilled 8 wells, completed 9 wells and performed 3 recompletions
• Grew Cash Flow from Operations1 by 10% to $48.9 million

Q3 2022 Highlights

Executing our Strategy

Q3 2022 Highlights

$75.1 MM	$9.71 MM
Net Income	Free Cash Flow

$56.01 MM	$17.03 MM
Adjusted EBITDA	Debt Repayment

13,278 Boe/d	$10.67
(76% oil)
LOE per Boe
Net Sales per day

1. Adjusted EBITDA, Free Cash Flow and Cash Flow from Operations are Non-GAAP financial measures and reconciled in Ring's earnings releases

2. Includes 1 month of Stronghold acquisition closed on August 31, 2022 as well as conversion from 2-stream to 3-stream

3. Debt repayment Ring as of Aug. 31, 2022, pro-forma debt balance at closing ~ $452 million

4. Leverage ratio based on annualized third quarter EBITDA adjusted for the pro-forma effects of the Transaction from the beginning of the quarters as per credit agreement.

4

www.ringenergy.com NYSE American: REI

to ESG

Success

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www.ringenergy.com NYSE American: REI