Ring Energy : Q1 2024 Earnings Corporate Presentation

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 historical fact included in this Presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, guidance, plans and objectives of management are forward-looking statements. When used in this Presentation, the words "could," "may," "will," "believe," "anticipate," "intend," "estimate," "expect," "guidance," "project," "goal," "plan," "potential," "probably," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. 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: 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 particularly in the winter; 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 Securities and Exchange Commission ("SEC"), including its Form 10-K for the fiscal year ended December 31, 2023, and its other filings with the SEC. 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," "Leverage Ratio" and "All-in Cash Operating Costs." 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.

Q1 2024 Net Production

~19,034 Boe/d

(70% oil and 85% liquids)

2023 SEC Proved Reserves1,2

129.8 MMBoe/ PV10 ~$1.65 Billion

Proved Developed ~68%

Permian Basin

Gross / Net Acres3

96,127 / 80,535

450+ Proved Locations3

High Operational Ownership

~98% Operated WI

~81% Oil NRI

~85% Gas NRI

1. SEC Proved Reserves as of 12/31/2023 utilizing SEC prices, YE 2023 SEC Pricing Oil $74.70 per bbl Gas $2.64 per Mc.f.
2. PV-10is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure.
3. Includes all acreage and locations as of year-end 2023 operated and non-operated across "PDNP" and "PUD" reserve categories and project types.

Ring Energy Assets

Northwest Shelf Central Basin Platform

Includes operated & non-operated

Yoakum

Gaines

Andrews

Ector

Ward

Crane

Differentiated approach by applying unconventional technology and thinking to conventional Permian assets

Ring Assets Characteristics:

• Shallow Base Decline
• Long Life Wells (> 35 years)
• Highly Oil Weighted
• High Operating Margin
• High Netbacks (NRI> 80%)
• Low D&C Cost Inventory
• Low Breakevens

Adding Size

and Scale

Upgraded portfolio helped drive Q1 performance; exceeded high end of guidance on oil sales volumes by 5% and total sales by 3%

Operational

Excellence

Reducing cost structure in Q1 by delivering operating expenses (LOE per Boe) and capex below low end of guidance safely & responsibly

Growing Adj

EBITDA and AFCF1

18 consecutive qtrs. generating

positive AFCF; increased Adj EBITDA

by 6% and AFCF by 48% as

compared to Q1'23

Enhancing the

Balance Sheet

3 Year Track record of improving

balance sheet & growing liquidity; Q1 liquidity is same level as Q1'23 despite $75 MM Founders acquisition (Q3'23)

Value Focused

Proven Strategy

Clear sight to reduce debt and

leverage ratio by executing

disciplined organic capital program

focused on maximizing FCF

Continued growth through balance

sheet enhancing accretive

acquisitions that help achieve the size and scale necessary to position the Company to return capital to stockholders

6%

4%

6%

7%

5%

48%

Track Record of Improving Corporate Returns

Strong CROCE %

• Disciplined and successful capital program driving returns
• Shallower declining production base contributes to higher returns
• High quality inventory together with operating proficiency and efficient execution on capital program led to increased profitability
• Multiple asset core areas in NWS & CBP with existing infrastructure provide diverse inventory of high return, low cost horizontals and verticals providing flexibility to react to volatile market conditions and ability to maximize AFCF generation

EV/2023 Adjusted EBITDA2,3

2023 Adjusted FCF3,4 Yield

22%

PDP Decline: 2024E PDP Base Decline %

26%