Core Insights - Ring Energy, Inc. reaffirmed its borrowing base at $585 million under its $1.0 billion senior revolving credit facility, indicating strong support from its banking syndicate [1][5] - The company aims to strengthen its balance sheet, manage costs, and maintain production levels as it prepares for 2026, focusing on a value-driven strategy to navigate price cycles and enhance shareholder value [2] Company Overview - Ring Energy, Inc. is engaged in oil and gas exploration, development, and production, with a primary focus on its assets in the Permian Basin [3]

Summary of Ring Energy Conference Call - December 09, 2025 Company Overview - **Company**: Ring Energy (NYSEAM:REI) - **Industry**: Exploration and Production in the Oil and Gas sector - **Key Assets**: Concentrated in conventional plays in the Permian Basin - **Recent Acquisition**: $100 million acquisition of assets in Andrews County from Limerock Resources [3][4] Core Financial Performance - **Production**: - Q3 2025 average production: 20,789 BOE per day, with 64% being oil [3] - Oil production percentage decreased from 68% in Q2 2025 to 64% in Q3 2025, with a forecast of 66% for Q4 2025 [6][8] - **Cash Flow**: Generated $13.9 million of adjusted free cash flow in Q3 2025 [3] - **Debt Reduction**: - Reduced outstanding borrowings by $20 million in Q3 2025 - Total long-term debt repayment of approximately $32 million since the Limerock acquisition [3][26] Operational Insights - **Performance of Limerock Assets**: Exceeded production forecasts by nearly 15% in April 2025, with ongoing strong performance [4] - **Cost Management**: - Lease operating expenses averaged $10.73 per BOE, below guidance of $11 per BOE [9] - Initiatives to reduce costs include optimizing chemical usage and reducing operator numbers by 50% in certain areas [9][11] - **Production Efficiency**: Seasonal issues and gas gathering system efficiency impacted production mix percentages [6][7] Capital Allocation and Future Plans - **2026 Capital Plans**: - Focus on capital-efficient projects, with a base case oil price assumption of $60 WTI [22][23] - Plans to allocate capital to drilling more horizontal wells, including longer lateral sections [34][35] - **Break-even Costs**: Competitive break-even costs expected to decrease due to lower service costs [15][16] - **Debt Management**: Prioritizing debt repayment over capital spending in a lower oil price environment [31] Strategic Outlook - **Market Positioning**: - Positioned to withstand potential lower oil prices due to lower decline rates and high operating margins [41] - Focus on building a larger inventory of low break-even drilling opportunities for future growth [42] - **Long-term Vision**: Aiming for significant organic growth when oil prices recover, with a strong emphasis on reducing debt and enhancing liquidity [41][42] Additional Insights - **Inventory Growth**: Current inventory includes over 210 proved undeveloped locations and 220 workover opportunities [32] - **Technological Advancements**: Emphasis on modern drilling and completion technologies to improve capital efficiency [36][37] This summary encapsulates the key points discussed during the Ring Energy conference call, highlighting the company's financial performance, operational strategies, capital allocation plans, and future outlook in the oil and gas industry.

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Core Viewpoint - Ring Energy, Inc. is actively engaging with investors through a fireside chat to discuss its strategies for navigating the volatile global oil market and preparing for 2026 [1][2]. Group 1: Event Details - The fireside chat will take place on December 9, 2025, at 10:00 AM Central Time, led by Jeff Robertson from Water Tower Research [2]. - Interested parties can register for the event via a provided Zoom link [2]. - The presentation will also be accessible on Ring's website under the "Overview" page in the "Investors" section [3]. Group 2: Company Overview - Ring Energy, Inc. focuses on oil and gas exploration, development, and production, with current operations centered on its Permian Basin assets [4]. - The company is constructing a 2026 capital budget aimed at reducing leverage across various oil price scenarios [6]. - Ring is also identifying future development inventory within its existing asset base [6].

Core Insights - The presentation is part of RioCan Real Estate Investment Trust's 2025 Investor Day, aimed at providing insights into the company's strategy and performance [1][3] - Jennifer Suess, the Senior VP of ESG, General Counsel, and Corporate Secretary, highlights the achievements of various departments within the organization [2] Company Overview - RioCan has a dedicated team focused on environmental, social, and governance (ESG) initiatives, which is integral to its overall strategy [2] - The company aims to showcase its industry-leading team and the strategic framework that drives its operations [2][3] Forward-Looking Statements - The presentation includes forward-looking statements, with a full disclosure available for investors [3]

Group 1 - The article discusses the investment analysis of oil and gas companies, specifically focusing on Ring Energy, Inc. (REI), which has been working to reduce its debt since fiscal year 2020 [2] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the need for patience and experience in navigating investment opportunities [2] - The investment group, Oil & Gas Value Research, seeks undervalued oil companies and midstream companies that are currently out of favor, providing a platform for investors to share insights [2] Group 2 - Ring Energy has engaged in conservative acquisitions to improve its financial position and is viewed as a company with potential for growth in a volatile market [2] - The article indicates that the author holds a long position in REI shares, suggesting a personal belief in the company's future performance [3] - The investment analysis is part of a broader service that offers detailed breakdowns of companies' financial health, competitive positioning, and development prospects [1]

Core Insights - Ring Energy, Inc. (REI) has been working to overcome significant debt challenges since fiscal year 2020, indicating a strategic focus on financial recovery and growth in a volatile industry [2] Group 1: Company Overview - Ring Energy is involved in the oil and gas sector, which is characterized as a boom-bust, cyclical industry, requiring patience and experience for successful navigation [2] - The company has engaged in conservative acquisitions to improve its financial standing and competitive position within the industry [2] Group 2: Investment Strategy - The investment group Oil & Gas Value Research, led by a retired CPA with an MBA and MA, focuses on identifying undervalued oil companies and out-of-favor midstream companies that present compelling investment opportunities [2] - The group provides a platform for investors to discuss recent information and share ideas, enhancing collaborative investment strategies [2]

Group 1 - The article does not provide any specific content related to a company or industry, as it appears to be a technical issue regarding browser settings and ad-blockers [1]

Financial Performance - Ring Energy generated $13.9 million of Adjusted Free Cash Flow in Q3 2025, maintaining cash flow positivity for 24 consecutive quarters[3] - The company reported a net loss of $51.6 million, including $72.9 million of non-cash ceiling test impairment charges, with Adjusted Net Income of $13.1 million[4] - Oil, natural gas, and natural gas liquids revenues for Q3 2025 were $78.6 million, a decrease of 5.5% from $82.6 million in Q2 2025 and a decrease of 12% from $89.2 million in Q3 2024[18] - Net loss for Q3 2025 was $51.6 million, compared to a net income of $20.6 million in Q2 2025 and $33.9 million in Q3 2024[18] - Basic earnings per share for Q3 2025 were $(0.25), compared to $0.10 in Q2 2025 and $0.17 in Q3 2024[18] - Adjusted Net Income for Q3 2025 was $13.12 million, or $0.06 per diluted share, compared to $10.98 million, or $0.05 per diluted share in Q2 2025[34] - Adjusted EBITDA for Q3 2025 was $47.73 million, with an Adjusted EBITDA margin of 61%[37] - Adjusted EBITDA for Q3 2025 was $47,728,721, down from $51,458,788 in Q2 2025 and down from $54,010,932 in Q3 2024[40] Sales and Production - Average daily sales volumes were 20,789 Boe/d, a 3% increase compared to Q3 2024, while crude oil sales were 13,332 Bo/d, a 1% increase year-over-year[5] - Average daily oil sales volumes for Q3 2025 were 13,332 Bbls/d, a decrease from 14,511 Bbls/d in Q2 2025 and 13,204 Bbls/d in Q3 2024[20] - The percentage of oil in total sales volumes for Q3 2025 was 64%, down from 68% in Q2 2025 and 66% in Q3 2024[20] - Total net sales volumes for Q3 2025 were 1,912,611 Boe, slightly down from 1,937,850 Boe in Q2 2025 and up from 1,849,934 Boe in Q3 2024[20] - For Q4 2025, the company projects total oil sales volumes between 12,700 and 13,600 Bo/d, with a midpoint of 13,150 Bo/d[11] Expenses and Costs - Total costs and operating expenses for Q3 2025 were $133.6 million, significantly higher than $59.1 million in Q2 2025 and $59.4 million in Q3 2024[18] - Lease Operating Expense (LOE) was $10.73 per Boe, 2% below the low end of guidance, reflecting ongoing cost reduction efforts[4] - General and Administrative Expense (G&A) for Q3 2025 was $8,139,771, an increase from $7,138,519 in Q2 2025 and $6,421,567 in Q3 2024[44] - G&A excluding share-based compensation for Q3 2025 was $6,521,171, compared to $5,786,680 in Q2 2025 and $6,389,480 in Q3 2024[44] - All-in cash operating costs for the three months ended September 30, 2025, were $42,743,297, with a per Boe cost of $22.35[58] - Cash operating margin per Boe for the three months ended September 30, 2025, was $18.75, compared to $21.12 for the same period in 2024[61] Capital Expenditures and Guidance - Capital expenditures for Q3 2025 were $24.6 million, below the midpoint of guidance, and the company plans to reduce capital spending by 36% year-over-year[4] - The full-year capital spending guidance is set at $92 to $102 million, with a midpoint of $97 million, allocating 60% for drilling and completion activities[12] - Capital expenditures for Q3 2025 totaled $24,589,282, compared to $16,827,513 in Q2 2025 and $42,691,163 in Q3 2024[40] Impairments and Non-Cash Charges - The company recorded a non-cash impairment charge of $72.9 million due to a decrease in average commodity pricing, which had no impact on cash flows[8] - The company reported a ceiling test impairment of $72.9 million in Q3 2025, with no impairments reported in Q2 2025[18] - The company incurred a ceiling test impairment of $72.91 million during the three months ended September 30, 2025[25] - Total non-cash charges acceptable to the Administrative Agent amounted to $(29,695,076) for the three months ended September 30, 2025[55] Liquidity and Debt - The company exited Q3 2025 with $157.3 million in liquidity, having paid down $20 million of debt, exceeding guidance by $2 million[4] - Cash and cash equivalents decreased to $286,907 from $1.87 million at the end of the previous year, indicating a significant decline in liquidity[25] - The company reported a consolidated total debt of $440,277,655, with a leverage ratio of 2.10 as of September 30, 2025[53] - The revolving line of credit increased to $428 million from $385 million, indicating a rise of about 11.1%[23] - The leverage ratio as of September 30, 2024, was 1.59, well below the maximum allowed of 3.00x[55] Shareholder Information - The company has a total of 206,688,003 diluted weighted-average shares outstanding as of Q3 2025[34] - Total stockholders' equity decreased to $847.66 million from $858.64 million, a decline of approximately 1.3%[23] - Share-based compensation for the three months ended September 30, 2025, was $2,458,682[55] Hedging Activities - The company has hedged 241,755 barrels of oil for Q4 2025 at a weighted average swap price of $65.56 per barrel[27] - The company has hedged 84,300 MMBtu of natural gas for Q4 2025 at a weighted average swap price of $4.25 per MMBtu[27] - The total hedged volume for oil in Q1 2026 is 608,350 barrels at a weighted average swap price of $67.95 per barrel[27] Operational Efficiency - Ring Energy drilled and completed five wells in Q3 2025, maintaining a focus on operational efficiency and capital discipline[9]

Financial Data and Key Metrics Changes - The company reported oil sales of 13,332 barrels per day, slightly below the midpoint of guidance, while total sales were 20,789 barrels of oil equivalent per day, exceeding the midpoint of guidance [5][6] - Adjusted free cash flow for the quarter was $13.9 million, down from $24.8 million in the previous quarter, primarily due to higher capital spending and lower EBITDA [8][14] - The net loss for Q3 was $51.6 million or $0.25 per diluted share, including $72.9 million in non-cash impairment charges, compared to a net income of $20.6 million or $0.10 per diluted share in Q2 [13] Business Line Data and Key Metrics Changes - Lifting costs were reported at $10.73 per BOE, below the low end of guidance for the second consecutive quarter [7][11] - The company achieved a reduction in debt by $20 million during the quarter, exceeding guidance by $2 million [8][14] Market Data and Key Metrics Changes - Realized pricing for the third quarter decreased by 4% to $41.10 per BOE, driven by a 16% reduction in NGL prices [10] - The average realized oil price increased by 3% to $64.32, while realized gas prices remained negative but improved from the previous quarter [10][11] Company Strategy and Development Direction - The company focuses on maximizing adjusted free cash flow and reducing debt, with a disciplined approach to capital spending [5][8] - There is an emphasis on organic growth through reserves and inventory growth rather than acquisitions, especially in a challenging price environment [19][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational performance despite weak commodity prices and indicated a commitment to maintaining capital discipline [5][8] - The company plans to continue prioritizing debt reduction and improving leverage ratios, with expectations of potential growth when commodity prices recover [17][19] Other Important Information - The company updated its production guidance for the full year to 13,100-13,500 barrels of oil per day and 19,800-20,400 BOE per day [15] - The company is exploring opportunities for non-core divestitures to further reduce debt [18][41] Q&A Session Summary Question: Thoughts on terming out the revolver in the current interest rate environment - Management indicated that all options are on the table for strengthening the balance sheet, including evaluating the credit facility [24][25] Question: Expectations for service costs in the upcoming year - Management noted that service costs remain under pressure, and while they hope for stability, the situation is uncertain [29][30] Question: Positioning of Ring Energy's stock relative to peers - Management believes the stock is undervalued compared to peers and expects gradual improvement in stock performance [34][36] Question: Scenarios for further debt reduction in 2026 - Management projected a potential debt reduction of around $10 million in Q4, with uncertainties affecting the final amount [38][39] Question: Clarification on the $10 million deferred payment related to Lime Rock - Management confirmed that the deferred payment impacts the overall debt reduction strategy, emphasizing the focus on paying down debt [40][41] Question: Organic growth opportunities with existing assets - Management highlighted the potential for organic growth through developing existing reserves and inventory, particularly in the Central Basin Platform and Northwest Shelf [63][64]