EX-99.2 3 reiq4fy2024earningsvf030.htm EX-99.2
NYSE American: REIwww.ringenergy.com March 6, 2025 Q4 & FY 2024 OVERVIEW 2025 GUIDANCE Exhibit 99.2

Ring Energy, Inc. 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. Additionally, forward-looking statements include statements about the expected benefits to the Company and its shareholders from the proposed acquisition of oil and gas properties (the “Lime Rock Acquisition”) from Lime Rock Resources IV-A, L.P. and Lime Rock Resources IV-C, L.P. (collectively, “Lime Rock” or “LRR”) and the anticipated completion of the Lime Rock Acquisition or the timing thereof. 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; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; 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, 2024, and its other filings with the SEC. All forward-looking statements, expressed or implied, included 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. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures 2 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 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,” “All- in Cash Operating Costs,” and “Cash Operating Margin.” 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.

Ring Energy, Inc. Ring Energy - Independent Oil & Gas Company 3 Focused on Conventional Permian Assets in Texas Ring Energy Assets Northwest Shelf Central Basin Platform 1.SEC Proved Reserves as of 12/31/2024 utilizing SEC prices, YE 2024 SEC Pricing Oil $71.96 per bbl Gas $2.13 per Mcf. 2.PV-10 is a Non-GAAP financial measure. See Appendix for reconciliation to GAAP measure. 3. Includes all acreage and identified new drill locations as of year-end 2024 operated and non- operated across 1P, 2P and 3P reserve categories. Q4 2024 Net Production 19,658 Boe/d (66% oil and 85% liquids) 2024 SEC Proved Reserves1,2 ~134.2 MMBoe/ PV10 ~$1.46 Billion Proved Developed ~69% Permian Basin Gross / Net Acres3 97,599 / 80,919 400+ Locations3 Includes operated & non-operated 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 Yoakum Gaines Andrews Ector Crane Ward High Operational Ownership ~96% Operated WI ~81% Oil NRI ~84% Gas NRI Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI

Ring Energy, Inc. 1. Adjusted EBITDA, and Adjusted Free Cash Flow are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 2. Cash Operating Costs, see appendix for definition, are costs on a $ per Boe basis. 3. Leverage Ratio see appendix, 2023 Leverage Ratio includes EBITDA from Founder O&G assets. 4. 1P is total proved reserves as of 12/31/2024 using YE 2024 SEC Pricing Oil $71.96 per bbl Gas $2.13 per Mcf. 2024 Highlights - Improved Portfolio Comparison 4 Improved Portfolio Leads to Superior Results Realized $/Boe Oil Sales Bo Adjusted EBITDA1 CapEx Cash Operating Costs2 Adjusted Free Cash Flow1 Leverage Ratio3 13,283 Bo/d 2024 $50.94 Per Boe 2024 12,548 Bo/d 2023 $233 Million 2024 $152 Million 2024 $44 Million 2024 1.66x Ratio 2024 $23.04 Per Boe 2024 $54.60 Per Boe 2023 $236 Million 2023 $152 Million 2023 $23.46 Per Boe 2023 1.62x Ratio 2023 $45 Million 2023 Sales Boe 19,648 Boe/d 2024 18,119 Boe/d 2023 Debt Balance $385 Million 2024 $425 Million 2023 SEC 1P Reserves4 134.2 MMBoe 2024 129.8 MMBoe 2023 69% Oil 68% Oil 6% 8% -1% -2% 7% -9% 3%-0.4% 2% Company Record -4% Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI

Ring Energy, Inc. NWS CBP-N Penwell CBP-S 19% 60% 21% Proved Reserves1 and Inventory 5 SEC YE 2024 Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Locations by Area PD ~93 MMBoe PUD ~42 MMBoe Organic Reserve Replacement in 2024 Increased Proved Reserves 3% Increased PD Reserves 5% ~134 MMBoe 23% 77% 1. Reserves as of Dec 31, 2024 utilizing SEC prices, YE24 SEC Pricing Oil $71.96 per bbl Gas $2.130 per Mcf. 2. PV-10 is 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. $1,463 MM PD $1130 MM PUD $333 MM Oil 60% Gas 19% NGL 21% ~134 MMBoe 210+ PUD Locations 220+ PDNP Opportunities 430+3 Total Proved Only Locations & Opportunities 31% 69% Replaced Production and Divested Volumes 7.2MM BOE Produced 1.2MM BOE Divested 16MM BOE of Extensions 3.3x previous year extensions of 4.8MM BOE Maintained YoY PUD count at 210+ without acquisition Replaced the 44 wells that were drilled in 2024 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI

Ring Energy, Inc. D&C / Infrastructure Recomp/Cap Workovers Land/Non-op/Other ESG Improvements FY 2025 Guidance Pro Forma “PF” Outlook 6 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Assumes 3 Full Quarters of Lime Rock Asset1 Operations FY 2025 CAPEX Allocation $154 million Mid Point 73% 19% 3% 1. Lime Rock CBP assets “pending” acquisition expected to close at end of Q1 2025. 2. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and ESG improvements. 5% Sales Volumes Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 REI Only PF PF PF PF Guidance Total (Bo/d) 11,700 – 12,000 13,700 – 14,700 14,000 – 15,000 14,400 – 15,400 13,600 – 14,200 Mid Point (Bo/d) 11,850 14,200 14,500 14,900 13,900 Total (Boe/d) 18,000 – 18,500 20,500 – 22,500 20,700 – 22,700 21,000 – 23,000 20,000 – 22,000 Mid Point (Boe/d) 18,250 21,500 21,700 22,000 21,000 - Oil (%) 65% 66% 67% 68% 66% - NGLs (%) 19% 18% 18% 18% 18% - Gas (%) 16% 16% 15% 14% 16% Capital Program Capital2 (millions) $26 – $34 $34 – $42 $46 – $54 $32 – $40 $138 – $170 Mid Point (millions) $30 $38 $50 $36 $154 - New Hz wells drilled 4 – 5 8 – 9 11 – 13 4 – 5 27 – 32 - New Vertical wells drilled 3 – 4 3 – 5 4 – 6 5 – 7 15 – 22 - DUC Wells 0 1 0 0 1 - Wells completed & online 7 – 9 12 – 15 15 – 19 9 – 12 43 – 55 Operating Expenses LOE (per Boe) $11.75 – $12.25 $11.50 – $12.50 $11.25 – $12.25 $11.00 – $12.00 $11.25 – $12.25 Mid Point (per Boe) $12.00 $12.00 $11.75 $11.50 $11.75

Ring Energy, Inc. Oil Sales 13,500 to 14,300 Bo/d Mid-point 13,900 Bo/d 2023 2024 2025E 12 13 14 12.5 13.3 13.9 R at io 0.0 0.5 1.0 1.5 2.0 WTI $65 $70 $752023 YE 2026E Positioned for Success in 2025 & Beyond 7 1. Estimated AFCF is based on internal management financial model and assumes mid point of guidance for Net Sales production & capex with adjustable oil price as of Jan‘25, gas HH strip price 02/28/2025 and NGL realization of ~16% of WTI oil price. 2. Estimated AFCF yield is based on assumptions above for AFCF and Ring’s stock price and market capitalization as 03/05/2025. C ap ex R an g e M ill io ns $140 $145 $150 $155 $160 $152 $152 $154 2023 2024E Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI A FC F $ M M A FC F Yi el d % $0 $20 $40 $60 30% 20% 10% 0% 16% 18% 7% 15% 22% 2023 PF Outlook – Building Scale and Improving Key Metrics from Accretive Acquisitions Pursue Operational Excellence & Building Scale Maximizing Adj. Free Cash Flow1,2 Enhancing Balance Sheet Targeting Leverage Ratio1 < 1.0xDisciplined Capital Investment ’25E Capital Projects: ~ 49 New Drills 1.62x ~1.5x <1.4x <1.1x 2024 2023 2024 2025E 10 12 14 16 12.5 13.3 13.9 2023 2024 2025E 15 20 25 18.1 19.6 21.0 Total Sales 20,000 to 22,000 Boe/d Mid-point 21,000 Boe/d Up ~5% 2023 2024 2025E 16 18 20 22 18.1 19.6 21.0 Up ~7% 1.66x ~1.6x 2024 YE 2025E 2024 WTI $65 $70 $75

Ring Energy, Inc. Peer 11Peer 10Peer 9Peer 8Peer 7 Peer 6MedianPeer 5Peer 4Peer 3Peer 2REIPeer 1 $0 $10 $20 $30 $40 $50 $60 $70 $80 $ 6 .7 3 $ 8 .3 4 $ 9 .0 0 $ 9 .5 7 $ 1 6 .9 6 $ 1 7 .9 0 $ 2 0 .1 0 $ 2 2 .3 0 $ 2 4 .6 0 $ 2 6 .4 4 $ 2 8 .0 5 $ 3 0 .4 1 $ 3 2 .3 2 $41.72 $34.76 $42.63 $40.00 $30.38 $39.62$41.02$40.33 $38.27 $42.20 $71.33 $53.40$52.25 Cash Operating Margin Realized Pricing Distinguishing Attributes: High Operating Margins 8 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Ring’s Conventional Assets with High Netbacks Drive Strong Cash Operating Margins vs. Peers1,2 3Q 2024 TTM Cash Operating Margin and Realized Pricing ($/Boe) Operational Excellence and Cost Control Drive Profitability • High oil weighting of ~68% (85% mix of oil + liquids) contributes to high realized pricing per Boe • Low cash operating costs and maintaining cost discipline drive margin expansion • Generating over $30 per Boe in margin TTM demonstrates strength of long-life asset base • Strong cash operating margins allow the Company to withstand volatile commodity price swings • Robust margins lead to increased cash flow, debt reduction and stronger returns “ Improving operational margins leads to higher returns...pursuing strategic acquisitions of high margin assets leads to sustainable higher returns “ - Paul McKinney 1. Peers include: Amplify Energy, Battalion, Baytex, Berry Corporation, Civitas, Crescent Energy, Mach Natural Resources, Riley Permian, Vital Energy, TXO Partners and W&T Offshore. 2. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 03/01/2025. 3. Cash Operating Margins is defined as revenues (excluding hedges) less LOE, cash G&A (excluding share-based compensation), interest expense, workovers, operating expenses, production taxes, ad valorem taxes and gathering/transportation costs.

Ring Energy, Inc. Peer 1 Ring Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 0% 5% 10% 15% 20% 25% 30% 35% 40% 20% 22% 25% 29% 30% 33% 34% 34% 35% 36% 37% Distinguishing Attributes: Low PDP Base Decline Ring’s Conventional Assets have Shallow Base Decline2 Versus Other Permian & Shale Players PDP ONLY Decline1: 2024E PDP BOE Base Decline % Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 1. Source: Enverus as of Feb 2025, using ENVERUS base decline model function. The declines are all yearly declines using Aug/Sep/Oct 2024 as starting period for each company selected (by any size). Includes: Civitas, Devon, Diamondback, Mach Natural Resources, Magnolia, Ovintiv, Permian Resources, Riley Permian, SM Energy (Midland) and Vital Energy. 2. Ring Energy decline is Pro Forma internal management estimates for PDP Ring legacy and the acquisition of Lime Rock Resources’ CBP assets. 9 Median 33%

Ring Energy, Inc. 2023 2024 0.030 0.032 0.034 0.036 0.038 0.040 Enhanced Value for Stockholders 10 Improved Metrics - Increased Production, Reduction in Costs, and Increased Proved Reserves on per Share Basis Production/Share Boe/Share 0.034 Up 6% 1. See Appendix for calculation of All-in Cash Operating Costs. 2. YE 2023 & 2024 CGA SEC Proved Reserves (MMBoe) divided by total shares outstanding in the period. All-in-Cash Operating Costs1 $/Boe SEC 1P Reserves/Share2 Boe/Share Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 2023 2024 $ 20 $ 21 $ 22 $ 23 $ 24 $ 25 23.46 23.04 2023 2024 0.600 0.620 0.640 0.660 0.680 0.700 0.66 0.67 Up 1% $22.99 all-in cash operating costs decreased despite inflationary pressures Down 2% 0.036

Ring Energy, Inc. Competitive Value for Stockholders Track Record of 3 Consecutive Years of Corporate Returns Above 15% Despite Drop in Commodity Prices Cash Return on Capital Employed1 (CROCE) % Strong CROCE % • Disciplined and successful capital program driving returns • Shallow decline 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 1. The Company defines “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. 2022 – ‘24 CROCE Avg of 17.9% Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Avg WTI $/Bbl & Avg Realized $/Boe 11

Ring Energy, Inc. Consistent Value for Stockholders 12 Minimized the Effect of a 7% Reduction in Realized Prices 1. Adjusted Cash Flow from Operations (ACFFO), Adjusted EBITDA and Adjusted FCF are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Adjusted EBITDA1 $MM 2023 2024 $35 $40 $45 $50 $55 $45 $44 Adjusted Free Cash Flow1 2023 2024 $ 150 $ 175 $ 200 $ 225 $ 250 $197 $195 ACFFO1 $MM 2023 2024 $ 175 $ 200 $ 225 $ 250 $ 275 $236 $233 $MM

Ring Energy, Inc. 2018A Daily Production (Boe/d) Wishbone Stronghold Founders Lime Rock 2H 2025E Daily Production (Boe/d) 6,100 Track Record of Strategic Consolidation 13 Acquisition Track Record  Ring’s Value Focused Proven Strategy pursuing accretive, balance sheet enhancing acquisitions is a key component of our future growth  M&A wave of conventional Permian assets from majors, large independents, private equity-backed operators and private family-owned companies  Limited buyer competition from public companies uniquely positions Ring as a consolidator for future acquisitions  Experienced management team with shared vision and positioned to capitalize on attractive M&A opportunities  Track record of disciplined M&A, which has allowed Ring to acquire undeveloped locations “virtually free” as proved developed value of reserves has underpinned purchase price for the past four acquisitions Three Acquisitions & One Pending Since 2019 Increases Net Production by >3.5x Year Completed Wishbone (2019) Stronghold (2022) Founders (2023) Lime Rock (2025) Total Acquired Acquisition Price ($MM) $300 $465 $75 $100 $940 Consideration Mix (% Cash / % Stock) 90% / 10% 51% / 49% 100% / 0% 90% / 10% 64% / 36% Acquired Net Acreage ~38,000 ~37,000 ~3,600 ~17,700 ~96,300 Number of New Drill Locations1 >190 (Hz) >280 (Vt) >50 (Vt) >40 (Hz) >560 Acreage includes operated and Non-Operated WI Legend Ring Energy Legacy Lime Rock Resources Founders Oil & Gas Stronghold Energy Operating Wishbone Energy Partners Note: See Appendix for disclaimers regarding non-GAAP measures and footnotes ~22,000 1. Includes all locations operated and non-operated “PUD” reserve categories and 2P / 3P locations at the time of the acquisition. Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Pending

Ring Energy, Inc. Sep-23 Sep-24 0 1,000 2,000 3,000 4,000 Days Online C um O il, B B Ls 0 50 100 150 200 250 300 100 1,000 10,000 MILLARD B 108 MILLARD B 109 MILLARD C 103 SCHARBAUER C 201 SCHARBAUER C 206 SCHARBAUER C NW 101 SCHARBAUER C NW 106 MILLARD B 116 MILLARD D 104 MILLARD E 103 MILLARD E 105 SCHARBAUER C 103 Impact of Founders Acquisition 14 Founders 2022- 23 REI 2024 $0.0 $1.0 $2.0 $3.0 Net Sept. 2023 Sept 2024 % Diff Boe/d 1,887 2,654 41% Bo/d 1,497 1,821 22% Lift Cost $/Boe $14.84 $12.27 -17% (MMBoe) YE 2023 Q3 2024 % Diff YE'23 1P 7.9 8.0 1% Sales Prod. 0.9 PDP 4.2 5.3 26% # of Wells Drilled 0 12 # Locations Remaining1 ~50 ~50 Reduced Capex by 28% Performance Exceeded Initial Expectations Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Founders Acquisition $75MM REI Net Prod. (MBoe/d) 1 REI Net Debt $MM Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 16.0 17.0 18.0 19.0 20.0 21.0 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 $350 $375 $400 $425 $450 Production (G) Boe/d 2 LOE $/Boe D&C $MM 90 Day Cum MBoe 2 Proved Reserves MMBoe 3 Close date Aug 15, 2023 $0 $25 $50 $75 $100 Cash Due @ Close Eff date (Post Adj Close) Deferred Payment 67% cash 18% adjust 15% @ month 4 17.3 REI Standalone REI Pro Forma 20.1 16% growth to PF company REI Standalone $397 $392 Net Debt reduced over 5 qtrs Q4 2023 FY 2024 $0 $5 $10 $15 $20 $25 Reduced LOE by 20% Founders Penwell Asset in Ector County – Post Closing Performance REI Pro Forma – Post Closing Performance Increased Gross Prod by 38% YE 23 YE 24 0.0 5.0 10.0 15.0 Increased 1P Reserves by 46% Pre 2023 Post 2023 0 5 10 15 20 25 Increased Performance by 24% 1. 3-stream net production 2. 2-stream gross production as reported to Texas RRC 3. CGA Proved reserves for Penwell Field REI Pro Forma

Ring Energy, Inc. A B C D E F G H I J K L 112 40 27 26 24 23 20 18 11 10 10 7 7 6 G ro ss P ro d uc ti o n (2 -S tr ea m M b o e/ d ) Source: Enverus, Gross production data as of October 2024 Note: Companies include Blackbeard Operating, Burk Royalty, Diversified, Elevation Resources, Formentera Partners, Hilcorp, Kinder Morgan, Occidental, Riley Petroleum, Ring Energy, Sabinal Energy, Scout Energy, and Steward Energy. Delaware Basin CBP NWS Eastern Shelf Midland Basin Publics Privates REI CBP/NWS Publics CBP/NWS Privates The Prize in CBP & NWS (Texas Only) is… ~ 411,000 Boepd (G) 82% Oil Peers 15 Pro Forma Pre-LRR Acquire accretive, balance sheet enhancing CBP & NWS assets  CBP & NWS remain the “shale era” underexplored opportunity in the Permian Basin  Conventional opportunities are the focus of Ring Energy’s deep bench of technical talent  Ring has a proven track record of generating superior returns by applying new drilling and completion technologies to overlooked conventional zones  M&A wave of conventional targets continues with divestitures from majors and large independents  Lower cost, shallower decline, and less public E&P competition sets the stage for accretive acquisitions  We view CBP & NWS assets as targets for growth Opportunity-Rich Basin Why is Ring Focused on Consolidating Conventional Assets in the Central Basin Platform & Northwest Shelf? Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 5th4th

Ring Energy, Inc. Compelling Value Proposition 16 Ring Trading at Discount to Peers1,2 Pe er 1 Pe er 2 REI Pe er 3 Pe er 4 M edian Pe er 5 Pe er 6 Pe er 7 Pe er 8 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x EV /P V -1 0 % O il Pe er 1 REI Pe er 2 Pe er 3 Pe er 4 M edian Pe er 5 Pe er 6 Pe er 7 Pe er 8 Pe er 9 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% EV/2024 Adjusted EBITDA3EV/PV-103 YE23 1P Reserves & % Oil Despite a Track Record of Success Including Strong Returns, Significant Cash Flow, Improved Balance Sheet and Meaningful Growth, Ring Currently Trades at a Discount to Peers 1. Peers include: Amplify, Berry Corporation, Crescent Energy, HighPeak Energy, Permian Resources, Riley Permian, Mach Natural Resources, Vital Energy and W&T Offshore. 2. Source information for data obtained from Peer Reports and Capital IQ and Factset as of 3/3/2025. 3. Adjusted EBITDA and PV-10 are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI

Ring Energy, Inc. E nt er p ri se V al ue ($ M M ) R EI S ha re P ri ce ($ /s ha re ) APA Divestiture REI @ 3/4/2025 REI @ APA Prod Mult $500 $550 $600 $650 $700 $750 $800 $850 $900 $950 $1,000 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $1.21 $2.52 Share Price ($/sh) Ring Trading at Discount Compared to Recent Transaction REI Suggested Valuation Using APA CBP & NWS Assets Divestiture Valuation Metrics Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI17 Private Buyers Paying Higher Valuation Multiples for Conventional Permian Assets $950MM $627MM $889MM APA Non-Core asset divestiture in CBP & NWS REI trading share price and EV as of March 4, 2025 REI indicative trading share price and EV using APA Valuation Metrics 1. APA Corp press release on September 10, 2024, asset sale of non-core properties in Permian Basin. 2. Source ENVERUS as of 11/5/2024. 3. Field Level Margin $ per Boe is calculated as realized $ per Boe minus LOE, GP&T, operating lease exp., severance and ad valorem taxes. 4. Ring Energy decline is Pro Forma internal management estimates for PDP Ring legacy and the acquisition of Lime Rock Resources’ CBP assets. APA Permian Divestiture1 Date Announced 9/10/2024 Sale Price ($MM) $950 Net Production (Boe/d) 21,000 $ per Boe/d $45,238 Current REI Valuation3 3/4/2025 Share Price $1.21 Shares Outstanding (MM) ~200 Equity Value ($MM) $242 Debt Outstanding YE24 $385 Enterprise Value ($MM) $627 2024 Net Production (Boe/d) 19,648 $ per Boe/d $31,912 REI at APA Valuation Metrics EV @ Production metric 45.2K $889 Equity Value ($MM) $504 Share Price ($) $2.52 Asset Metrics Comparison REI APA Divestiture1,2 2025E Net Production (Boe/d) ~21,000 21,000 % Oil 66% 57% 2024 Field Level Margin3 ($/Boe) $36.52 < REI NTM PDP4 Decline % 22% 7% 2024 LOE ($/Boe) $10.89 > REI CO2 Operations NO YES Operated Well Count (G) 935 ~5,100+

Ring Energy, Inc. Value Proposition 18 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 2025+ and Beyond Continue delivering competitive returns through disciplined pursuit of value focused strategy Target leverage ratio below 1.0x and position Ring to return capital to stockholders Remaining focused on maximizing FCF generation in a volatile commodity price environment Strong Cash Operating margins help deliver superior results & helps manage risk in market downturns Disciplined capital program focused on slightly increasing oil production, and maximizing FCF generation leads to further debt reduction Pursuing accretive, balance sheet enhancing acquisitions to increase scale, lower break-even costs, build inventory and accelerate ability to pay down debt

www.ringenergy.com FINANCIAL OVERVIEW VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI

Ring Energy, Inc. Adding Size and Scale to the Portfolio • Recorded Net Income of $67.5 million, or $0.34 per diluted share • Reported Adjusted Net Income of $69.5 million, or $0.35 per diluted share • Generated Adjusted EBITDA of $233.3 million despite a 7% reduction in realized prices Maintaining Operational Excellence • Grew sales volumes year-over-year (“Y-O-Y”) by 8% to a record 19,648 Boe/d and oil sales by 6% to a record 13,283 Bo/d • Reduced Y-O-Y all-in cash operating costs (on a Boe basis) by 2% • Maintained capital spending flat at $151.9 million while improving capital efficiency on horizontal wells by 11% to ~492 per foot and vertical wells by ~3% on a per completed interval basis Meaningful Free Cash Flow Generation • Recorded Adjusted Cash Flow from Operations of $195.3 million • Delivered Adjusted Free Cash Flow of $43.6 million, remaining cash flow positive for over 5 years • Generated Cash Return on Capital Employed (“CROCE”) of 15.9% 1 Maintains Strong Balance Sheet • Paid down $40.0 million in debt and $70.0 million since closing the Founders acquisition • Reaffirmed borrowing base at $600 million, exited 2024 with ~$217 million of liquidity, borrowings of $385 million and a Leverage Ratio of 1.66x Creates a Stronger and More Resilient Ring • Organically grew Proved Reserves by 4.4 MMBoe or 3% to 134.2 MMBoe • Improving value focused strategy with organic reserve replacement and accretive acquisitions to position the company to return capital to stockholders Delivering Value in 2024 20 Compelling Strategy and Portfolio Leads to Shareholder Value Creation Source: REI YE 2024 Press release dated March 5, 2025. Note: See Appendix for disclaimers regarding non-GAAP measures and footnotes 1. The Company defines “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI

Ring Energy, Inc. 1.62x Q4 2023 1.67x Q1 2024 1.59x Q2 2024 1.59x Q3 2024 Historical Metrics 21 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Quarterly Analysis of AFCF1 Leverage Ratio (LTM)2 Disciplined and Efficient Capital Spending Focused on Sustainably Generating AFCF Enhances Our Unrelenting Goal to Strengthen the Balance Sheet 1. Adjusted EBITDA and Adjusted Free Cash Flow are Non-GAAP financial measures. See Appendix for reconciliation to GAAP measures. 2. Net Interest Expense included in table is interest expense net of interest income and excludes deferred financing costs amortization. A d j. EB IT D A / C ap Ex / In t E xp -$50 -$40 -$30 -$20 -$10 $0 $10 $20 $30 $40 $50 $60 $70 $65.4 $62.0 $66.4 $54.0 $50.9 -$38.8 -$36.3 -$35.4 -$42.7 -$37.6 -$10.3 -$10.2 -$9.6 -$9.4 -$8.7 $16.3 $15.6 $21.4 $1.9 $4.7 Adj EBITDA $MM CapEx $MM Net Interest Exp $MM Adj. Free Cash Flow $MM 1.66x Q4 2024 21 1 $56.01 $54.56 $55.06 $48.24 $46.14

Ring Energy, Inc. Reducing Debt & Increasing Liquidity Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Disciplined Capital Spending & Sustainably Generating AFCF RBL Balance & Adjusted Debt Paydown1,2 ($ Million) Liquidity3 ($ Million) 1. Paydown of $17 million is net of the $182 million that was borrowed to fund the Stronghold acquisition. 2. Paydown of $19 million is net of the $50 million that was borrowed to fund the Founders acquisition. 3. Liquidity is defined as cash and cash equivalents plus available borrowings under Ring’s credit agreement. Stronghold Acquisition1 Stronghold Acquisition final deferred payment Stronghold Acquisition Founders Acquisition2 Founders Acquisition Founders Acquisition final deferred payment FY Adv tax payment and other one- time cash items Adj. Debt Paydown ($MM) RBL Balance ($MM) 22

www.ringenergy.com ASSET OVERVIEW VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI

Ring Energy, Inc. Committed to ESG 24 Critical to Sustainable Success 2024 Sustainability Report Progressing our ESG Journey A Target Zero Day is a Day that Results in: Zero Company or Contractor OSHA Recordable Injury, and Zero Agency Reportable Spill or Release as Defined by TRRC, EPA, TCEQ, etc., and Zero Preventable Vehicle Incidents, and Zero H2S Alarms of 10PPM or Greater Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI • Created ESG Task Force and established Target Zero 365 (TZ-365) Safety & Environmental Initiative in 2021to monitor and guide company’s adherence to ESG standards. – Designed to protect the workforce, environment, communities and financial sustainability. – Focused on Safety-first environment and achieving high percentage of Target Zero Days. • 2024 Continued to build staff and programs/processes to improve ESG performance and reduce emissions. – Hired additional personnel to support Safety and Environmental functions. – Implementing contractor management program. – Reduced methane emissions ~26% YoY with focus on eliminating pneumatic device venting and facility upgrades. • 2024-’25 Capital Program includes Emission Reduction plans with: – Continued upgrades of Tank Vent Control Systems including High and Low pressure Flares. – Continued upgrades of vessel controls to eliminate pneumatic devices and/or convert to non-vent controls. – Established Leak Detection and Repair program and migrating in-house to increase quality and reduce costs. Download Report PDF

Ring Energy, Inc. 77-81% Oil Assets Overview 25 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI New Drill Inventory Performance Consistent HZ Well Performance San Andres Horizontal Play EUR (MBoe) per 1000’ Lateral Feet Enhanced Vertical Well Performance CBP Vertical Multi-Stacked Play 2 D&C Capex $ per Effective Lateral Foot 73% Oil Vertical D&C Capex1 $ per Frac Stage ($M) 87-91% Oil 67-71% Oil - l 77-81% Oil 68-74% Oil Updated D&C Range 2024 2023 2024 $ 400 $ 450 $ 500 $ 550 $ 600 Reduced by 11% Th ou sa nd s 2023 2024 50 75 100 2023 2024 $ 225 $ 250 $ 275 Reduced by 3% 1. PJ Lea new drills are 6 frac stages and Penwell new drills are 7 frac stages. C um 9 0 -D ay / w el l A vg - B O E 2023 2024 0 5,000 10,000 15,000 20,000 ~77% Oil ~79% Oil

Ring Energy, Inc. Assets Overview Value Focused Proven Strategy | November 4, 2024 | NYSE American: REI Deep Inventory of High-Return Drilling and Re-Completion Locations 1. Vertical completion no lateral length noted. 2. Peak IP 60 (Boepd) based on best rolling 60-day average. 3. Peak IP 30 (Boepd) based on best continuous rolling 30-day average, due to lack of 60 day production data. 4. Peak IP 15 (Boepd) based on best continuous rolling 15-day average, due to lack of 60 day production data. Select Recent New Drill Horizontal Well Results – Northwest Shelf Select Recent New Drill Horizontal Well Results – Central Basin Platform 26

Ring Energy, Inc. San Andres Horizontal Play Characteristics 27 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Proven, Conventional, Top Tier Returns San Andres Hz Delaware Hz Midland Hz High ROR Oil Play    Low D&C Costs  Lower 1st Year Decline  Low Lease Acquisition Cost  Long life wells  Oil IPs >750 Bbl/d   Multiple Benches   > 85% Oil  $30-35/Bbl D&C Break-even2  1. D&C capex range is for CBP & NWS 1.0 & 1.5 mile laterals in 2024. 2. Break-even costs is for core inventory in NWS & CBP horizontal asset areas. The range in break-even based on YTD capex spend and depends on lateral length, asset area, completion and artificial lift type. • Permian Basin has produced >30 BBbl — San Andres accounts for ~40% • Low D&C costs1 $2.3 - $3.4 MM per Hz well • Vertical depth of ~5,000’ • Typical oil column of 200’ - 300’ • Life >35+ years • Initial peak oil rates of 300 - 700 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood

Ring Energy, Inc. Vertical Multi-Stacked Pay Characteristics 28 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Proven, Conventional, Top Tier Returns CBP Vt Stack & Frac Delaware Hz Midland Hz High ROR Oil Play    Low D&C Costs  Lower 1st Year Decline  Low Lease Acquisition Cost  Long life wells  Oil IPs >750 Bbl/d   Multiple Benches    High NRI’s  $35-$40/Bbl D&C Break-even2  • Central Basin Platform has produced >15 BBboe — Vertical multi-stage fracs targeting legacy reservoirs that have been productive throughout the basin (Clearfork to Wolfcamp) • Low D&C costs1 $1.0 - $1.9 MM per well • Targeted Vertical completion depths of ~4,000-7,000’ • Typical oil column of 1,000-1,500’ • Life >30+ years • Initial peak oil rates of 150 - 400 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood 1. D&C capex range for verticals include all CBP-S inventory. 2. Break-even costs is for core inventory in NWS & CBP horizontal asset areas. The range in break-even based on YTD capex spend and depends on lateral length, asset area, completion and artificial lift type.

www.ringenergy.com VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI THANK YOU Company Contact Al Petrie (281) 975-2146 apetrie@ringenergy.com Wes Harris (281) 975-2146 wharris@ringenergy.com Analyst Coverage Alliance Global Partners (A.G.P.) Jeff Grampp (949) 296 4171 jgrampp@allianceg.com ROTH Capital Partners John M. White (949) 720-7115 jwhite@roth.com Truist Financial Neal Dingmann (713) 247-9000 neal.dingmann@truist.com Tuohy Bothers Investment Noel Parks (215) 913-7320 nparks@tuohybrothers.com Water Tower Research Jeff Robertson (469) 343-9962 jeff@watertowerresearch.com Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: 281-397-3699

www.ringenergy.com APPENDIX VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI

Ring Energy, Inc. Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 1.20 68.37 Ring Energy, Inc. - Price (Left) WTI Crude Oil ($/bbl) - Price (Right) REI Historical Price Performance1 31 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Price Performance Since January 1, 2022 (1) Sources Factset as of 3/3/2025 Stronghold Announcement Founders Announcement 6.5 MM warrants exercised 3.0 MM warrants exercised 4.5 MM warrants exercised 14.5 MM warrants exercised Warburg Pincus sell down 12.6 MM shares Warburg Pincus sell down 4.4 MM shares Warburg Pincus sell down 6.2 MM shares Warburg Pincus sell down 6.6 MM shares

Ring Energy, Inc. Financial Overview 32 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. Gas Hedges (Henry Hub) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 NYMEX Swaps: Hedged volume (MMBtu) 451,884 647,200 330,250 11,400 26,600 555,300 17,400 513,300 Weighted average swap price $ 3.77 $ 3.46 $ 3.72 $ 3.74 $ 3.74 $ 3.39 $ 3.74 $ 3.74 Two-way collars: Hedged volume (MMBtu) 22,016 27,300 308,200 598,000 553,500 — 515,728 — Weighted average put price $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.50 $ — $ 3.00 $ — Weighted average call price $ 4.40 $ 4.15 $ 4.75 $ 4.15 $ 5.03 $ — $ 3.93 $ — Oil Hedges (WTI) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Swaps: Hedged volume (Bbl) 193,397 151,763 351,917 141,755 477,350 457,101 59,400 423,000 Weighted average swap price $ 68.68 $ 68.53 $ 71.41 $ 69.13 $ 70.16 $ 69.38 $ 66.70 $ 66.70 Two-way collars: Hedged volume (Bbl) 474,750 464,100 225,400 404,800 — — 379,685 — Weighted average put price $ 57.06 $ 60.00 $ 65.00 $ 60.00 $ — $ — $ 60.00 $ — Weighted average call price $ 75.82 $ 69.85 $ 78.91 $ 75.68 $ — $ — $ 72.50 $ — Oil Hedges (basis differential) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Argus basis swaps: Hedged volume (Bbl) 177,000 273,000 276,000 276,000 — — — — Weighted average spread price (1) $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ — $ — $ — $ — Derivative Summary as of December 31, 2024

Ring Energy, Inc. Income Statement and Operational Stats 33 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Income Statement Operational Stats (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly. (Unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Oil, Natural Gas, and Natural Gas Liquids Revenues $ 83,440,546 $ 89,244,383 $ 99,942,718 $ 366,327,414 $ 361,056,001 Costs and Operating Expenses Lease operating expenses 20,326,216 20,315,282 18,732,082 78,310,949 70,158,227 Gathering, transportation and processing costs 130,230 102,420 464,558 506,333 457,573 Ad valorem taxes 2,421,595 2,164,562 1,637,722 8,069,064 6,757,841 Oil and natural gas production taxes 3,857,147 4,203,851 4,961,768 16,116,565 18,135,336 Depreciation, depletion and amortization 24,548,849 25,662,123 24,556,654 98,702,843 88,610,291 Asset retirement obligation accretion 323,085 354,195 351,786 1,380,298 1,425,686 Operating lease expense 175,090 175,091 175,090 700,362 541,801 General and administrative expense (including share-based compensation) 8,035,977 6,421,567 8,164,799 29,640,300 29,188,755 Total Costs and Operating Expenses 59,818,189 59,399,091 59,044,459 233,426,714 215,275,510 Income from Operations 23,622,357 29,845,292 40,898,259 132,900,700 145,780,491 Other Income (Expense) Interest income 124,765 143,704 96,984 491,946 257,155 Interest (expense) (10,112,496) (10,754,243) (11,603,892) (43,311,810) (43,926,732) Gain (loss) on derivative contracts (6,254,448) 24,731,625 29,250,352 (2,365,917) 2,767,162 Gain (loss) on disposal of assets — — 44,981 89,693 (87,128) Other income 80,970 — 72,725 106,656 198,935 Net Other Income (Expense) (16,161,209) 14,121,086 17,861,150 (44,989,432) (40,790,608) Income Before Provision for Income Taxes 7,461,148 43,966,378 58,759,409 87,911,268 104,989,883 Provision for Income Taxes (1,803,629) (10,087,954) (7,862,930) (20,440,954) (125,242) Net Income $ 5,657,519 $ 33,878,424 $ 50,896,479 $ 67,470,314 $ 104,864,641 Basic Earnings per Share $ 0.03 $ 0.17 $ 0.26 $ 0.34 $ 0.55 Diluted Earnings per Share $ 0.03 $ 0.17 $ 0.26 $ 0.34 $ 0.54 Basic Weighted-Average Shares Outstanding 198,166,543 198,177,046 195,687,725 197,937,683 190,589,143 Diluted Weighted-Average Shares Outstanding 200,886,010 200,723,863 197,848,812 200,277,380 195,364,850 (Unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net sales volumes: Oil (Bbls) 1,188,272 1,214,788 1,254,619 4,861,628 4,579,942 Natural gas (Mcf) 1,683,793 1,705,027 1,613,102 6,423,674 6,339,158 Natural gas liquids (Bbls) 339,589 350,975 261,020 1,258,814 976,852 Total oil, natural gas and natural gas liquids (Boe)(1) 1,808,493 1,849,934 1,784,490 7,191,054 6,613,321 % Oil 66 % 66 % 70 % 68 % 69 % % Natural gas 15 % 15 % 15 % 15 % 16 % % Natural gas liquids 19 % 19 % 15 % 17 % 15 % Average daily sales volumes: Oil (Bbls/d) 12,916 13,204 13,637 13,283 12,548 Natural gas (Mcf/d) 18,302 18,533 17,534 17,551 17,368 Natural gas liquids (Bbls/d) 3,691 3,815 2,837 3,439 2,676 Average daily equivalent sales (Boe/d) 19,658 20,108 19,397 19,648 18,119 Average realized sales prices: Oil ($/Bbl) $ 68.98 $ 74.43 $ 77.33 $ 74.87 $ 76.21 Natural gas ($/Mcf) (0.96) (2.26) (0.12) (1.44) 0.05 Natural gas liquids ($/Bbls) 9.08 7.66 11.92 9.23 11.95 Barrel of oil equivalent ($/Boe) $ 46.14 $ 48.24 $ 56.01 $ 50.94 $ 54.60 Average costs and expenses per Boe ($/Boe): Lease operating expenses $ 11.24 $ 10.98 $ 10.50 $ 10.89 $ 10.61 Gathering, transportation and processing costs 0.07 0.06 0.26 0.07 0.07 Ad valorem taxes 1.34 1.17 0.92 1.12 1.02 Oil and natural gas production taxes 2.13 2.27 2.78 2.24 2.74 Depreciation, depletion and amortization 13.57 13.87 13.76 13.73 13.40 Asset retirement obligation accretion 0.18 0.19 0.20 0.19 0.22 Operating lease expense 0.10 0.09 0.10 0.10 0.08 General and administrative expense (including share-based compensation) 4.44 3.47 4.58 4.12 4.41 G&A (excluding share-based compensation) 3.52 3.45 3.20 3.36 3.08 G&A (excluding share-based compensation and transaction costs) 3.51 3.45 3.00 3.35 3.01

Ring Energy, Inc.34 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI (Unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Cash Flows From Operating Activities Net income $ 5,657,519 $ 33,878,424 $ 50,896,479 $ 67,470,314 $ 104,864,641 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 24,548,849 25,662,123 24,556,654 98,702,843 88,610,291 Asset retirement obligation accretion 323,085 354,195 351,786 1,380,298 1,425,686 Amortization of deferred financing costs 1,299,078 1,226,881 1,221,479 4,969,174 4,920,714 Share-based compensation 1,672,320 32,087 2,458,682 5,506,017 8,833,425 Credit loss expense (26,747) 8,817 92,142 160,847 134,007 (Gain) loss on disposal of assets — — — (89,693) — Deferred income tax expense (benefit) 1,723,338 10,005,502 7,735,437 19,935,413 (425,275) Excess tax expense (benefit) related to share-based compensation 9,011 7,553 319,541 104,344 478,304 (Gain) loss on derivative contracts 6,254,448 (24,731,625) (29,250,352) 2,365,917 (2,767,162) Cash received (paid) for derivative settlements, net 745,104 (1,882,765) (3,255,192) (5,193,673) (9,084,920) Changes in operating assets and liabilities: Accounts receivable 349,474 5,529,542 6,825,601 3,594,504 1,154,085 Inventory 580,161 1,148,418 (588,100) 2,089,116 3,113,782 Prepaid expenses and other assets 295,555 545,529 158,163 93,509 226,688 Accounts payable 4,462,089 (225,196) (4,952,335) (5,076,738) (1,451,422) Asset retirement obligation (613,603) (222,553) (836,778) (1,588,480) (1,862,385) Net Cash Provided by Operating Activities 47,279,681 51,336,932 55,733,207 194,423,712 198,170,459 Cash Flows From Investing Activities Payments for the Stronghold Acquisition — — — — (18,511,170) Payments for the Founders Acquisition — — (12,324,388) — (62,227,145) Payments to purchase oil and natural gas properties (1,423,483) (164,481) (557,323) (2,210,826) (2,162,585) Payments to develop oil and natural gas properties (36,386,055) (42,099,874) (39,563,282) (153,945,456) (152,559,314) Payments to acquire or improve fixed assets subject to depreciation — (33,938) (282,519) (185,524) (492,317) Proceeds from sale of fixed assets subject to depreciation — — (1) 10,605 332,229 Proceeds from divestiture of oil and natural gas properties 121,232 — 1,500,000 121,232 1,554,558 Proceeds from sale of Delaware properties — — (7,993) — 7,600,699 Proceeds from sale of New Mexico properties — — (420,745) (144,398) 3,891,757 Proceeds from sale of CBP vertical wells — 5,500,000 — 5,500,000 — Net Cash Used in Investing Activities (37,688,306) (36,798,293) (51,656,251) (150,854,367) (222,573,288) Cash Flows From Financing Activities Proceeds from revolving line of credit 22,000,000 27,000,000 46,000,000 130,000,000 225,000,000 Payments on revolving line of credit (29,000,000) (42,000,000) (49,000,000) (170,000,000) (215,000,000) Proceeds from issuance of common stock from warrant exercises — — — — 12,301,596 Payments for taxes withheld on vested restricted shares, net — (17,273) (225,788) (919,249) (520,153) Proceeds from notes payable 58,774 — 72,442 1,560,281 1,637,513 Payments on notes payable (475,196) (442,976) (488,776) (1,597,618) (1,603,659) Payment of deferred financing costs (42,746) — (52,222) (88,450) (52,222) Reduction of financing lease liabilities (265,812) (257,202) (224,809) (954,298) (776,388) Net Cash Provided by (Used in) Financing Activities (7,724,980) (15,717,451) (3,919,153) (41,999,334) 20,986,687 Net Increase (Decrease) in Cash 1,866,395 (1,178,812) 157,803 1,570,011 (3,416,142) Cash at Beginning of Period — 1,178,812 138,581 296,384 3,712,526 Cash at End of Period $ 1,866,395 $ — $ 296,384 $ 1,866,395 $ 296,384 December 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 1,866,395 $ 296,384 Accounts receivable 36,172,316 38,965,002 Joint interest billing receivables, net 1,083,164 2,422,274 Derivative assets 5,497,057 6,215,374 Inventory 4,047,819 6,136,935 Prepaid expenses and other assets 1,781,341 1,874,850 Total Current Assets 50,448,092 55,910,819 Properties and Equipment Oil and natural gas properties, full cost method 1,809,309,848 1,663,548,249 Financing lease asset subject to depreciation 4,634,556 3,896,316 Fixed assets subject to depreciation 3,389,907 3,228,793 Total Properties and Equipment 1,817,334,311 1,670,673,358 Accumulated depreciation, depletion and amortization (475,212,325) (377,252,572) Net Properties and Equipment 1,342,121,986 1,293,420,786 Operating lease asset 1,906,264 2,499,592 Derivative assets 5,473,375 11,634,714 Deferred financing costs 8,149,757 13,030,481 Total Assets $ 1,408,099,474 $ 1,376,496,392 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 95,729,261 $ 104,064,124 Income tax liability 328,985 — Financing lease liability 906,119 956,254 Operating lease liability 648,204 568,176 Derivative liabilities 6,410,547 7,520,336 Notes payable 496,397 533,734 Asset retirement obligations 517,674 165,642 Total Current Liabilities 105,037,187 113,808,266 Non-current Liabilities Deferred income taxes 28,591,802 8,552,045 Revolving line of credit 385,000,000 425,000,000 Financing lease liability, less current portion 647,078 906,330 Operating lease liability, less current portion 1,405,837 2,054,041 Derivative liabilities 2,912,745 11,510,368 Asset retirement obligations 25,864,843 28,082,442 Total Liabilities 549,459,492 589,913,492 Commitments and contingencies Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding — — Common stock - $0.001 par value; 450,000,000 shares authorized; 198,561,378 shares and 196,837,001 shares issued and outstanding, respectively 198,561 196,837 Additional paid-in capital 800,419,719 795,834,675 Retained earnings (Accumulated deficit) 58,021,702 (9,448,612) Total Stockholders’ Equity 858,639,982 786,582,900 Total Liabilities and Stockholders' Equity $ 1,408,099,474 $ 1,376,496,392 Statements of Cash FlowsBalance Sheet

Ring Energy, Inc. Non-GAAP Disclosure 35 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Certain financial information included in this Presentation are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “PV-10,” “Leverage Ratio,” “All-in Cash Operating Costs,” and "Cash Operating Margin." Management uses these non-GAAP financial measures in its analysis of performance. In addition, Adjusted EBITDA and CROCE are key metrics used to determine a portion of the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. “Adjusted Net Income” is calculated as net income (loss) minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for executed acquisitions and divestitures (A&D). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare our results with our peers. The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense),unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on our Statements of Cash Flows), plus transaction costs for executed acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, our definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in our capital expenditures guidance provided to investors. Our management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of our current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in our Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non- GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. “Leverage” or the “Leverage Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our consolidated total debt as of such date to (ii) our Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under our existing senior revolving credit facility. The Company defines “Consolidated EBITDAX” in accordance with our existing senior revolving credit facility that means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to our senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants, to the extent that during such period we shall have consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets so acquired or disposed of. Also set forth in our existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The table below provides detail of PV- 10 to the standardized measure of discounted future net cash flows as of December 31, 2024. ($ in 000’s) Present value of estimated future net revenues (PV-10) $1,462,827 Future income taxes, discounted at 10% 229,891 Standardized measure of discounted future net cash flows $1,232,936 PV-10” is a financial measure not prepared in accordance with GAAP that differs from a measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 measure of the Company’s oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to its estimated proved reserves independent of its income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to its reserves. Management believes the use of a pre-tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The Company defines “Cash Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. The Company defines “All-In Cash Operating Costs,” a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company. The Company defines “Cash Operating Margin,” a non-GAAP financial measure, as realized revenues per Boe less all-in cash operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company. The “Current Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i)our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification (“ASC”) 815, plus the unused line of credit. The Company’s non-cash current assets include the derivative asset marked to market value. Basedon its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.

Ring Energy, Inc. Non-GAAP Reconciliations 36 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Adjusted Net Income Adjusted EBITDA 1. Adjusted EBITDA Margin is Adj. EBITDA divided by oil, natural gas, and natural gas liquids revenue. (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net Income $ 5,657,519 $ 0.03 $33,878,424 $ 0.17 $50,896,479 $ 0.26 $67,470,314 $ 0.34 $104,864,641 $ 0.54 Share-based compensation 1,672,320 0.01 32,087 — 2,458,682 0.01 5,506,017 0.03 8,833,425 0.05 Unrealized loss (gain) on change in fair value of derivatives 6,999,552 0.03 (26,614,390) (0.13) (32,505,544) (0.16) (2,827,756) (0.02) (11,852,082) (0.07) Transaction costs - executed A&D 21,017 — — — 354,616 — 24,556 — 417,166 — Tax impact on adjusted items (2,008,740) (0.01) 6,132,537 0.03 (35,631) — (628,405) — (1,788,248) (0.01) Adjusted Net Income $12,341,668 $ 0.06 $13,428,658 $ 0.07 $21,168,602 $ 0.11 $69,544,726 $ 0.35 $100,474,902 $ 0.51 Diluted Weighted-Average Shares Outstanding 200,886,010 200,723,863 197,848,812 200,277,380 195,364,850 Adjusted Net Income per Diluted Share $ 0.06 $ 0.07 $ 0.11 $ 0.35 $ 0.51 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net Income $ 5,657,519 $33,878,424 $50,896,479 $ 67,470,314 $104,864,641 Interest expense, net 9,987,731 10,610,539 11,506,908 42,819,864 43,669,577 Unrealized loss (gain) on change in fair value of derivatives 6,999,552 (26,614,390) (32,505,544) (2,827,756) (11,852,082) Income tax (benefit) expense 1,803,629 10,087,954 7,862,930 20,440,954 125,242 Depreciation, depletion and amortization 24,548,849 25,662,123 24,556,654 98,702,843 88,610,291 Asset retirement obligation accretion 323,085 354,195 351,786 1,380,298 1,425,686 Transaction costs - executed A&D 21,017 — 354,616 24,556 417,166 Share-based compensation 1,672,320 32,087 2,458,682 5,506,017 8,833,425 Loss (gain) on disposal of assets — — (44,981) (89,693) 87,128 Other income (80,970) — (72,725) (106,656) (198,935) Adjusted EBITDA $50,932,732 $54,010,932 $65,364,805 $233,320,741 $235,982,139 Adjusted EBITDA Margin 61 % 61 % 65 % 64 % 65 % 1

Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 37 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Leverage Ratio Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net Cash Provided by Operating Activities $ 47,279,681 $ 51,336,932 $ 55,733,207 $ 194,423,712 $ 198,170,459 Adjustments - Statements of Cash Flows Changes in operating assets and liabilities (5,073,676) (6,775,740) (606,551) 888,089 (1,180,748) Transaction costs - executed A&D 21,017 — 354,616 24,556 417,166 Income tax expense (benefit) - current 71,280 74,899 (192,048) 401,197 72,213 Capital expenditures (37,633,168) (42,691,163) (38,817,080) (151,946,171) (151,969,735) Proceeds from divestiture of equipment for oil and natural gas properties 121,232 — — 121,232 54,558 Credit loss expense 26,747 (8,817) (92,142) (160,847) (134,007) Loss (gain) on disposal of assets — — (44,981) — 87,128 Other income (80,970) — (72,725) (106,656) (198,935) Adjusted Free Cash Flow $ 4,732,143 $ 1,936,111 $ 16,262,296 $ 43,645,112 $ 45,318,099 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Adjusted EBITDA $ 50,932,732 $ 54,010,932 $ 65,364,805 $ 233,320,741 $ 235,982,139 Net interest expense (excluding amortization of deferred financing costs) (8,688,653) (9,383,658) (10,285,429) (37,850,690) (38,748,863) Capital expenditures (37,633,168) (42,691,163) (38,817,080) (151,946,171) (151,969,735) Proceeds from divestiture of equipment for oil and natural gas properties 121,232 — — 121,232 54,558 Adjusted Free Cash Flow $ 4,732,143 $ 1,936,111 $ 16,262,296 $ 43,645,112 $ 45,318,099 Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2024 2024 2024 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ 5,515,377 $ 22,418,994 $ 33,878,424 $ 5,657,519 $ 67,470,314 Plus: Consolidated interest expense 11,420,400 10,801,194 10,610,539 9,987,731 42,819,864 Plus: Income tax provision (benefit) 1,728,886 6,820,485 10,087,954 1,803,629 20,440,954 Plus: Depreciation, depletion and amortization 23,792,450 24,699,421 25,662,123 24,548,849 98,702,843 Plus: non-cash charges acceptable to Administrative Agent 19,627,646 1,664,064 (26,228,108) 8,994,957 4,058,559 Consolidated EBITDAX $ 62,084,759 $ 66,404,158 $ 54,010,932 $ 50,992,685 $ 233,492,534 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX (124,084) (469,376) (600,460) 77,819 (1,116,101) Pro Forma Consolidated EBITDAX $ 61,960,675 $ 65,934,782 $ 53,410,472 $ 51,070,504 $ 232,376,433 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 350,834 $ 352,184 $ 354,195 $ 323,085 Unrealized loss (gain) on derivative assets 17,552,980 (765,898) (26,614,390) 6,999,552 Share-based compensation 1,723,832 2,077,778 32,087 1,672,320 Total non-cash charges acceptable to Administrative Agent $ 19,627,646 $ 1,664,064 $ (26,228,108) $ 8,994,957 As of December 31, 2024 Leverage Ratio Covenant: Revolving line of credit $ 385,000,000 Pro Forma Consolidated EBITDAX 232,376,433 Leverage Ratio 1.66 Maximum Allowed ≤ 3.00x

Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 38 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Leverage Ratio (Prior Year End) Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2023 2023 2023 2023 Consolidated EBITDAX Calculation: Net Income (Loss) $ 32,715,779 $ 28,791,605 $ (7,539,222) $ 50,896,479 $ 104,864,641 Plus: Consolidated interest expense 10,390,279 10,471,062 11,301,328 11,506,908 43,669,577 Plus: Income tax provision (benefit) 2,029,943 (6,356,295) (3,411,336) 7,862,930 125,242 Plus: Depreciation, depletion and amortization 21,271,671 20,792,932 21,989,034 24,556,654 88,610,291 Plus: non-cash charges acceptable to Administrative Agent (7,823,887) (470,875) 36,396,867 (29,695,076) (1,592,971) Consolidated EBITDAX $ 58,583,785 $ 53,228,429 $ 58,736,671 $ 65,127,895 $ 235,676,780 Plus: Pro Forma Acquired Consolidated EBITDAX 15,385,792 9,542,529 4,810,123 — 29,738,444 Less: Pro Forma Divested Consolidated EBITDAX (1,346,877) (357,122) (672,113) (67,092) (2,443,204) Pro Forma Consolidated EBITDAX $ 72,622,700 $ 62,413,836 $ 62,874,681 $ 65,060,803 $ 262,972,020 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 365,847 $ 353,878 $ 354,175 $ 351,786 Unrealized loss (gain) on derivative assets (10,133,430) (3,085,065) 33,871,957 (32,505,544) Share-based compensation 1,943,696 2,260,312 2,170,735 2,458,682 Total non-cash charges acceptable to Administrative Agent $ (7,823,887) $ (470,875) $ 36,396,867 $ (29,695,076) As of December 31, 2023 Leverage Ratio Covenant: Revolving line of credit $ 425,000,000 Pro Forma Consolidated EBITDAX 262,972,020 Leverage Ratio 1.62 Maximum Allowed ≤ 3.00x

Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 39 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net Cash Provided by Operating Activities $47,279,681 $51,336,932 $55,733,207 $ 194,423,712 $ 198,170,459 Changes in operating assets and liabilities (5,073,676) (6,775,740) (606,551) 888,089 (1,180,748) Adjusted Cash Flow from Operations $42,206,005 $44,561,192 $55,126,656 $ 195,311,801 $ 196,989,711 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 General and administrative expense (G&A) $ 8,035,977 $ 6,421,567 $ 8,164,799 $ 29,640,300 $ 29,188,755 Shared-based compensation 1,672,320 32,087 2,458,682 5,506,017 8,833,425 G&A excluding share-based compensation 6,363,657 6,389,480 5,706,117 24,134,283 20,355,330 Transaction costs - executed A&D 21,017 — 354,616 24,556 417,166 G&A excluding share-based compensation and transaction costs $ 6,342,640 $ 6,389,480 $ 5,351,501 $ 24,109,727 $ 19,938,164 Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net (Boe) PV-10 Balance, December 31, 2023 82,141,277 146,396,322 23,218,564 129,759,229 $ 1,647,031,127 Purchase of minerals in place — — — — Extensions, discoveries and improved recovery 11,495,236 10,630,769 2,738,451 16,005,482 Sales of minerals in place (1,140,568) (56,020) (16,361) (1,166,266) Production (4,861,628) (6,423,674) (1,258,814) (7,191,054) Revisions of previous quantity estimates (6,730,246) (730,235) 3,621,245 (3,230,707) Balance, December 31, 2024 80,904,071 149,817,162 28,303,085 134,176,684 $ 1,462,827,136 As of and for the twelve months ended December 31, December 31, December 31, 2024 2023 2022 Total long term debt (i.e. revolving line of credit) $385,000,000 $425,000,000 $415,000,000 Total stockholders' equity 858,639,982 786,582,900 661,103,391 Average debt 405,000,000 420,000,000 352,500,000 Average stockholders' equity 822,611,441 723,843,146 480,863,799 Average debt and stockholders' equity $1,227,611,441 $1,143,843,146 $833,363,799 Net Cash Provided by Operating Activities $194,423,712 $198,170,459 $196,976,729 Less change in WC (Working Capital) (888,089) 1,180,748 24,091,577 Adjusted Cash Flows From Operations (ACFFO) $195,311,801 $196,989,711 $172,885,152 CROCE (ACFFO)/(Average D+E) 15.9 % 17.2 % 20.7 %

Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 40 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 20,326,216 $ 20,315,282 $ 18,732,082 $ 78,310,949 $ 70,158,227 G&A excluding share-based compensation 6,363,657 6,389,480 5,706,117 24,134,283 20,355,330 Net interest expense (excluding amortization of deferred financing costs) 8,688,653 9,383,658 10,285,429 37,850,690 38,748,863 Operating lease expense 175,090 175,091 175,090 700,362 541,801 Oil and natural gas production taxes 3,857,147 4,203,851 4,961,768 16,116,565 18,135,336 Ad valorem taxes 2,421,595 2,164,562 1,637,722 8,069,064 6,757,841 Gathering, transportation and processing costs 130,230 102,420 464,558 506,333 457,573 All-in cash operating costs $ 41,962,588 $ 42,734,344 $ 41,962,766 $ 165,688,246 $ 155,154,971 Boe 1,808,493 1,849,934 1,784,490 7,191,054 6,613,321 All-in cash operating costs per Boe $ 23.20 $ 23.10 $ 23.52 $ 23.04 $ 23.46 Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Cash Operating Margin Realized revenues per Boe $ 46.14 $ 48.24 $ 56.01 $ 50.94 $ 54.60 All-in cash operating costs per Boe 23.20 23.10 23.52 23.04 23.46 Cash Operating Margin per Boe $ 22.94 $ 25.14 $ 32.49 $ 27.90 $ 31.14 Cash Operating Margin As of December 31, 2024 Current Assets 50,448,092 Less: Current derivative assets 5,497,057 Current Assets per Covenant 44,951,035 Revolver Availability (Facility less debt less LCs) 214,965,000 Current Assets per Covenant 259,916,035 Current Liabilities 105,037,187 Less: Current financing lease liability 906,119 Less: Current operating lease liability 648,204 Less: Current derivative liabilities 6,410,547 Current Liabilities per Covenant 97,072,317 Current Ratio 2.68 Minimum Allowed > or = 1.00x Current Ratio