Core Viewpoint - Ring Energy, Inc. reported a positive Q1 2024 with sales volumes exceeding guidance, driven by higher oil production and lower operating expenses, despite challenges in natural gas pricing [2][10]. Sales and Production - Ring sold 19,034 BOEPD in Q1 2024, which was 3% above the high-end of its guidance [2] - The oil cut was 70%, resulting in 13,394 barrels per day in oil sales, 5% above expectations [2] - The company experienced less downtime than anticipated, contributing to higher volumes [2] Financial Performance - Total revenue for Q1 2024 was $366 million, with oil sales generating $363 million at $75.50 per barrel [4] - Natural gas revenues were negative $0.8 million, but NGLs contributed $3 million, leading to a realized price of $4.29 per BOE for combined NGLs and natural gas [3][4] - Lease operating expenses were $10.60 per BOE, lower than the guidance of $10.75 to $11.25 [2] Future Outlook - Projected sales volumes for 2024 have been increased to 18,700 BOEPD, with oil sales expected to be 13,150 barrels per day [8] - The company anticipates generating $366 million in revenue for 2024, with a projected free cash flow of $55 million [8][10] - Net debt is expected to reduce to around $370 million by the end of 2024, with leverage at 1.5x [8][9] Valuation - The estimated value of Ring is now $2.50 per share, reflecting reduced free cash flow expectations and leverage risks [5][9] - The valuation could increase if sales volumes exceed expectations or if leverage is reduced [9][10]

bjdlzx Ring Energy, Inc. (NYSE:REI) management has long been trying to get this company to an appropriate operating model with adequate cash flow and a marketacceptable debt ratio, as the last article (and more before it) discussed. This kind of transition can weigh on an investor's patience. However, the result should be a higher stock price valuation based upon fewer debt fears combined with an ability to return capital to shareholders that the market now demands. This time around, management reported sig ...

Core Viewpoint - The article highlights the potential for significant gains in penny stocks, particularly in the context of rising speculation driven by anticipated rate cuts and the recent surge in meme stocks [2][3]. Group 1: Latam Logistic Properties - Latam Logistic Properties (NYSE:LPA) experienced a remarkable stock increase of 1,730% last month, indicating a strong interest in meme stocks [1]. Group 2: Standard Lithium (SLI) - Standard Lithium (NYSE:SLI) is identified as an undervalued penny stock, with a recent stock surge of 35% attributed to a partnership with Equinor (NYSE:EQNR) for U.S. lithium projects [5][6]. - The South West Arkansas project has an after-tax net present value (NPV) of $4.5 billion, requiring a development capital investment of $1.3 billion, which has been alleviated by the partnership [5]. - The company also has an asset in Lanxess with an after-tax NPV of $722 million, while its current market valuation stands at $300 million, suggesting significant upside potential [6]. Group 3: Wallbox (WBX) - Wallbox (NYSE:WBX) is positioned to thrive in the electric vehicle charging industry despite recent challenges, with the stock showing a marginal increase of 7% year-to-date [7][8]. - The company is approaching adjusted EBITDA breakeven in Q2, indicating improving margins and potential for sustained EBITDA margin expansion beyond 2024 [9]. - For Q1 2024, Wallbox reported a revenue growth of 23% year-on-year, reaching 43.1 million euros, with future growth expected from the acquisition of ABL and new product launches [10]. Group 4: Ring Energy (REI) - Ring Energy (NYSE:REI) is noted for its attractive valuation, with a proven reserve base of 129.8 million barrels of oil equivalent (mmboe) and a PV10 valuation of $1.65 billion, indicating significant undervaluation [11][12]. - The company is expected to benefit from potential rate cuts and a bullish sentiment in the oil market, which could lead to a breakout rally for its stock [11][13]. - Ring Energy has a history of production growth through acquisitions, and increasing free cash flows may support further inorganic growth [13].

Exhibit 99.1 RING ENERGY ANNOUNCES FIRST QUARTER 2024 RESULTS, PROVIDES SECOND QUARTER 2024 OUTLOOK AND REITERATES FULL YEAR 2024 GUIDANCE ~ Crude Oil and Boe Sales Volumes Exceed High End of Q1 Guidance ~ ~ LOE per Boe and Capital Spending Below Low End of Q1 Guidance ~ The Woodlands, TX – May 6, 2024 – Ring Energy, Inc. (NYSE American: REI) ("Ring" or the "Company") today reported operational and financial results for the first quarter of 2024. Also, the Company provided an outlook for the second quarter ...

Financial Data and Key Metrics Changes - In Q1 2024, the company sold 13,394 barrels of oil per day, which was 5% higher than the top end of sales guidance, and total product sales volumes were 19,034 barrels of oil equivalent (Boe) per day, 3% above guidance [9][10] - Adjusted net income for Q1 was $20.3 million, or $0.10 per diluted share, compared to $21.2 million, or $0.11 per diluted share in Q4 2023 [19] - Adjusted EBITDA for Q1 was $62 million, down from $65.4 million in Q4 2023, while net cash provided by operating activities was $45.2 million, compared to $55.7 million in Q4 2023 [34] Business Line Data and Key Metrics Changes - The company increased oil to 70% of its product mix, with lease operating expenses (LOE) at $10.60 per Boe, below guidance [10][12] - Capital expenditures for Q1 were $36.3 million, which included drilling and completion of 5 horizontal wells and 6 vertical wells, coming in below guidance [10][34] Market Data and Key Metrics Changes - The average natural gas price differential from NYMEX futures pricing for Q1 was a negative $2.57 per Mcf, an improvement from negative $3.12 per Mcf in Q4 2023 [18] - Revenue for Q1 was $94.5 million, a 5% decrease from Q4 2023, with oil accounting for 98% of revenue despite being 70% of production [18] Company Strategy and Development Direction - The company plans to maintain a phased 2-rig drilling program to retain flexibility in response to changing commodity prices and market conditions [15][24] - The focus remains on operational excellence, improving the balance sheet, and pursuing strategic acquisitions to enhance growth [24][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial success of Q1, attributing it to strategic acquisitions and improved efficiencies [31] - The company anticipates production for Q2 to range between 18,500 and 19,100 Boe per day, with oil production between 13,000 and 13,400 barrels per day [15][23] Other Important Information - The company paid down $3 million of debt in Q1 and $33 million since the Founders acquisition, exiting the quarter with $179.3 million of liquidity [14][21] - Adjusted free cash flow for Q1 was $15.6 million, representing the 18th consecutive quarter of positive adjusted free cash flow [13] Q&A Session Summary Question: Can you discuss the economics of the investment types in your areas? - Management noted robust economics in the San Andres horizontal oil play and strong drilling results from Founders' assets, which have a higher percentage of oil [26] Question: What are the limitations regarding infrastructure and takeaway? - Management acknowledged challenges with gas takeaway in the Central Basin Platform but noted that additional infrastructure improvements are expected [28] Question: How much capital can be allocated to P.J. Lea and Penwell areas? - Management confirmed flexibility to add capital in P.J. Lea, with no constraints, while Penwell is still addressing some saltwater disposal issues [70] Question: Why is the Q2 CapEx guidance consistent with Q1 despite better performance? - Management indicated that the consistency in guidance reflects conservatism and potential additional costs related to operational hiccups and ESG improvements [71]

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission file number 001-36057 Ring Energy, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Ring Energy, Inc. (NYSE:REI) Q4 2023 Earnings Conference Call March 8, 2024 11:00 AM ET Company Participants Al Petrie - Investor Relations Paul McKinney - Chairman & CEO Travis Thomas - EVP & CFO Marinos Baghdati - EVP, Operations Conference Call Participants Jeff Grampp - Alliance Global Partners Neal Dingmann - Truist Noel Parks - Tuohy Brothers Jeff Robertson - Water Tower Research Operator Good morning, and welcome to the Ring Energy Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator ...

[Ring Energy Q4 and Full Year 2023 Results](index=1&type=section&id=Ring%20Energy%20Q4%20and%20Full%20Year%202023%20Results) [2023 Q4 and Full Year Highlights](index=1&type=section&id=2023%20Q4%20and%20Full%20Year%20Highlights) Ring Energy achieved record Q4 and full-year 2023 results, with significant growth in sales, Adjusted EBITDA, and Free Cash Flow, alongside debt reduction and strong reserves Q4 and Full Year 2023 Performance Highlights | Metric | Q4 2023 | Full Year 2023 | YoY Change (Full Year) | | :--- | :--- | :--- | :--- | | Total Sales Volumes (Boe/d) | 19,397 (Record) | 18,119 (Record) | +47% | | Oil Sales Volumes (Bo/d) | 13,637 (Record) | 12,548 (Record) | +32% | | Net Income ($ million) | $50.9 | $104.9 | -24% | | Adjusted Net Income ($ million) | $21.2 | $100.5 | -7% | | Adjusted EBITDA ($ million) | $65.4 (Record) | $236.0 (Record) | +21% | | Adjusted Free Cash Flow ($ million) | $16.3 (Record) | $45.3 | +30% | - The company paid down **$3.0 million** of debt in Q4 2023 and a total of **$30.0 million** since the Founders Acquisition in August 2023, exiting the year with a Leverage Ratio of **1.62x**[4](index=4&type=chunk) - Year-end 2023 proved reserves were **129.8 million barrels of oil equivalent (MMBoe)** with a **PV-10 value of $1.6 billion**, based on SEC pricing[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management credits 2023 record results to successful acquisitions and drilling, with 2024 focused on disciplined capital, debt reduction, and accretive acquisitions - Management credits the **47% increase in sales volumes** and **21% increase in Adjusted EBITDA** to the successful execution and integration of two acquisitions made over the past 18 months[4](index=4&type=chunk)[5](index=5&type=chunk) - The strategic focus for 2024 includes: disciplined capital spending for oil production, allocating excess cash for debt reduction, and seeking accretive acquisitions[5](index=5&type=chunk) [Financial and Operational Performance](index=3&type=section&id=Financial%20and%20Operational%20Performance) Record Q4 2023 sales volumes boosted revenue to **$99.9 million**, with **$50.9 million** net income and **$174.5 million** year-end liquidity [Summary Results](index=3&type=section&id=Summary%20Results) This section provides a concise overview of key quarterly and full-year financial and operational metrics Quarterly and Full-Year Financial Summary | Metric | Q4 2023 | Q3 2023 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Sales (Boe/d) | 19,397 | 17,509 | 18,119 | 12,364 | | Revenues ($MM) | $99.9 | $93.7 | $361.1 | $347.2 | | Net Income/Loss ($MM) | $50.9 | $(7.5) | $104.9 | $138.6 | | Adjusted EBITDA ($MM) | $65.4 | $58.6 | $236.0 | $195.2 | | Capital Expenditures ($MM) | $38.8 | $42.4 | $152.0 | $140.1 | | Adjusted Free Cash Flow ($MM) | $16.3 | $6.1 | $45.3 | $34.8 | [Financial Overview](index=4&type=section&id=Financial%20Overview) This section details Q4 2023 financial performance, highlighting net income, Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow - Q4 2023 net income was **$50.9 million**, or **$0.26 per diluted share**, which included a **$32.5 million** pre-tax non-cash unrealized gain on commodity derivatives[7](index=7&type=chunk) - Adjusted Net Income for Q4 2023 was **$21.2 million**, or **$0.11 per diluted share**, after excluding items like unrealized derivative gains and share-based compensation[7](index=7&type=chunk) - Adjusted EBITDA reached a record **$65.4 million** in Q4 2023, a **12% increase** from Q3 2023 and a **16% increase** from Q4 2022[10](index=10&type=chunk) - Adjusted Free Cash Flow was a record **$16.3 million** in Q4 2023, a **165% increase** from Q3 2023, primarily due to higher revenues and lower capital spending[11](index=11&type=chunk) [Sales Volumes, Prices and Revenues](index=5&type=section&id=Sales%20Volumes%2C%20Prices%20and%20Revenues) This section analyzes Q4 2023 sales volumes, average realized prices, and total revenues across product types - Q4 2023 sales volumes were **19,397 Boe/d**, comprised of **70% oil**, **15% natural gas**, and **15% NGLs**[14](index=14&type=chunk) Q4 2023 Average Realized Sales Prices | Product | Realized Price | | :--- | :--- | | Crude Oil | $77.33 per barrel | | Natural Gas | $(0.12) per Mcf | | NGLs | $11.92 per barrel | | **Combined** | **$56.01 per Boe** | - Total revenues for Q4 2023 were **$99.9 million**, a **7% increase** from Q3 2023, driven by higher sales volumes that were partially offset by lower overall realized prices[16](index=16&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) This section details operating expenses, including Lease Operating Expense, production taxes, and General and Administrative expenses - Lease Operating Expense (LOE) was **$10.50 per Boe** in Q4 2023, down from **$11.18 per Boe** in Q3 2023[17](index=17&type=chunk) - Production taxes were **$2.78 per Boe** in Q4 2023, representing approximately **5.0% to 5.2% of revenue**[20](index=20&type=chunk) - Adjusting for transaction costs, G&A (excluding share-based compensation) decreased **5% sequentially** to **$3.00 per Boe** in Q4 2023[22](index=22&type=chunk) [Derivative Instruments](index=6&type=section&id=Derivative%20Instruments) This section outlines commodity derivative activities, including net gains/losses and future hedging positions - In Q4 2023, the company recorded a net gain of **$29.3 million** on commodity derivatives, which included a **$3.3 million** realized cash loss and a **$32.5 million** unrealized non-cash gain[23](index=23&type=chunk) - For full-year 2024, the company has hedged approximately **2.1 million barrels of oil (45% of guidance midpoint)** and **2.6 billion cubic feet of natural gas (43% of guidance midpoint)**[25](index=25&type=chunk) [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) This section reviews the balance sheet and liquidity, including total liquidity, outstanding borrowings, and borrowing base reaffirmation - Total liquidity at the end of Q4 2023 was **$174.5 million**, consisting of **$0.3 million** in cash and **$174.2 million** available under the revolving credit facility[26](index=26&type=chunk) - The company had **$425.0 million** in borrowings outstanding on its revolving credit facility, which has a borrowing base of **$600.0 million**[26](index=26&type=chunk) - The borrowing base of **$600 million** was successfully reaffirmed during Q4 2023, with the next redetermination scheduled for May 2024[27](index=27&type=chunk) [Capital Expenditures](index=7&type=section&id=Capital%20Expenditures) Q4 2023 capital expenditures were **$38.8 million**, with full-year capex of **$152.0 million** funding 31 wells and infrastructure - Q4 2023 capital expenditures were **$38.8 million**, used to drill four horizontal wells and three vertical wells, and complete ten wells[28](index=28&type=chunk) - Full-year 2023 capital expenditures totaled **$152.0 million**[29](index=29&type=chunk) 2023 Drilling and Completions Activity | Period | Wells Drilled | Wells Completed | Recompletions | | :--- | :--- | :--- | :--- | | **Q1 2023** | 7 | 7 | 6 | | **Q2 2023** | 6 | 6 | 3 | | **Q3 2023** | 11 | 8 | 0 | | **Q4 2023** | 7 | 10 | 0 | | **FY 2023 Total** | **31** | **31** | **9** | [Full Year 2023 Summary Financial Review](index=8&type=section&id=Full%20Year%202023%20Summary%20Financial%20Review) Full-year 2023 achieved **$104.9 million** net income, record **$236.0 million** Adjusted EBITDA (up **21%**), and **$361.1 million** revenues (up **4%**) Full Year 2023 vs. 2022 Financial Comparison | Metric | FY 2023 | FY 2022 | % Change | | :--- | :--- | :--- | :--- | | Net Income ($M) | $104.9 | $138.6 | (24)% | | Adjusted Net Income ($M) | $100.5 | $107.5 | (7)% | | Adjusted EBITDA ($M) | $236.0 | $195.2 | +21% | | Adjusted Free Cash Flow ($M) | $45.3 | $34.8 | +30% | | Adjusted Cash Flow from Ops ($M) | $197.0 | $172.9 | +14% | - Full-year 2023 revenues increased **4% to $361.1 million**, driven by a **47% increase in sales volumes**, which was a direct result of acquisitions and the company's capital spending program[33](index=33&type=chunk)[34](index=34&type=chunk) - The average realized sales price for full-year 2023 was **$54.60 per Boe**, a significant decrease from **$76.95 per Boe** in 2022[35](index=35&type=chunk) [2024 Guidance](index=10&type=section&id=2024%20Capital%20Investment%2C%20Sales%20Volumes%2C%20and%20Operating%20Expense%20Guidance) 2024 guidance sets capital spending at **$135-175 million** for maintaining or slightly growing oil volumes, with total production forecast at **18,000-19,000 Boe/d** - The full-year 2024 capital spending budget is set at **$135 million to $175 million**, which includes drilling **18-24 horizontal wells** and **20-30 vertical wells**[39](index=39&type=chunk) - Capital allocation for 2024 is planned as follows: **73% for drilling and completion**, **24% for recompletions and workovers**, and **3% for land and other costs**[40](index=40&type=chunk)[41](index=41&type=chunk) 2024 Full Year and Q1 Guidance | Metric | Q1 2024 Guidance | FY 2024 Guidance | | :--- | :--- | :--- | | Total Sales (Boe/d) | 18,000 - 18,500 | 18,000 - 19,000 | | Oil Sales (Bo/d) | 12,420 - 12,765 | 12,600 - 13,300 | | Capital Spending ($M) | $37 - $42 | $135 - $175 | | LOE (per Boe) | $10.75 - $11.25 | $10.50 - $11.50 | [Year-End 2023 Proved Reserves](index=11&type=section&id=Year-End%202023%20Proved%20Reserves) Year-end 2023 proved reserves decreased to **129.8 MMBoe**, with PV-10 value at **$1.6 billion**, primarily due to lower SEC commodity prices [Proved Reserves Overview](index=11&type=section&id=Proved%20Reserves%20Overview) This section overviews year-end 2023 SEC proved reserves, including total volume, PV-10 value, and reserve mix - Year-end 2023 SEC proved reserves were **129.8 MMBoe**, down from **138.1 MMBoe** at year-end 2022, primarily due to lower SEC pricing, asset sales, and production[43](index=43&type=chunk) - The PV-10 value of proved reserves at year-end 2023 was **$1.6 billion**, compared to **$2.8 billion** at the end of 2022, reflecting lower SEC average prices (**$74.70/bbl oil in 2023 vs. $90.15/bbl in 2022**)[44](index=44&type=chunk)[47](index=47&type=chunk) - The reserve mix at year-end 2023 was approximately **63% crude oil**, **19% natural gas**, and **18% NGLs**, with proved developed reserves accounting for **68% of the total**[45](index=45&type=chunk) [Standardized Measure of Discounted Future Net Cash Flows](index=12&type=section&id=Standardized%20Measure%20of%20Discounted%20Future%20Net%20Cash%20Flows) This section presents the standardized measure of discounted future net cash flows and its reconciliation to PV-10 Standardized Measure of Discounted Future Net Cash Flows | Component | As of Dec 31, 2023 | As of Dec 31, 2022 | | :--- | :--- | :--- | | Future cash inflows | $6,622,410,752 | $9,871,961,000 | | Future production costs | $(2,413,303,488) | $(2,751,896,250) | | Future development costs | $(562,063,424) | $(647,196,750) | | Future income taxes | $(548,664,988) | $(1,142,147,641) | | **Standardized Measure** | **$1,399,185,191** | **$2,272,113,518** | Reconciliation of PV-10 to Standardized Measure (Dec 31, 2023) | Item | Amount | | :--- | :--- | | PV-10 | $1,647,031,127 | | Future Income Taxes, Discounted at 10% | $247,845,936 | | **Standardized Measure** | **$1,399,185,191** | [Financial Statements](index=16&type=section&id=Financial%20Statements) This section presents unaudited Q4 and full-year 2023 financial statements, including operations, balance sheet, and cash flows [Condensed Statements of Operations](index=16&type=section&id=Condensed%20Statements%20of%20Operations) This section summarizes condensed statements of operations for Q4 and full-year 2023 and 2022 Condensed Statements of Operations Summary | (In millions) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $99.9 | $99.7 | $361.1 | $347.2 | | Total Costs & OpEx | $59.0 | $53.9 | $215.3 | $155.5 | | Income from Operations | $40.9 | $45.8 | $145.8 | $191.7 | | Net Income (Loss) | $50.9 | $14.5 | $104.9 | $138.6 | [Condensed Operating Data](index=17&type=section&id=Condensed%20Operating%20Data) This section presents key condensed operating data, including average daily sales, realized prices, and per-Boe expenses Condensed Operating Data Summary | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Avg Daily Sales (Boe/d) | 19,397 | 17,856 | 18,119 | 12,364 | | Avg Realized Price ($/Boe) | $56.01 | $60.69 | $54.60 | $76.95 | | LOE ($/Boe) | $10.50 | $10.60 | $10.61 | $10.57 | | G&A (excl. SBC) ($/Boe) | $3.20 | $3.74 | $3.08 | $4.42 | [Condensed Balance Sheets](index=18&type=section&id=Condensed%20Balance%20Sheets) This section summarizes condensed balance sheets as of December 31, 2023, and 2022 Condensed Balance Sheet Summary | (In millions) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $55.9 | $63.2 | | Net Properties & Equipment | $1,293.4 | $1,180.1 | | **Total Assets** | **$1,376.5** | **$1,269.0** | | Total Current Liabilities | $113.8 | $141.8 | | Revolving Line of Credit | $425.0 | $415.0 | | **Total Liabilities** | **$589.9** | **$607.9** | | **Total Stockholders' Equity** | **$786.6** | **$661.1** | [Condensed Statements of Cash Flows](index=19&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) This section summarizes condensed statements of cash flows for full-year 2023 and 2022 Condensed Statement of Cash Flows Summary (Full Year) | (In millions) | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $198.2 | $197.0 | | Net Cash Used in Investing Activities | $(222.6) | $(308.9) | | Net Cash Provided by Financing Activities | $21.0 | $113.2 | | **Net (Decrease) in Cash** | **$(3.4)** | **$1.3** | [Financial Commodity Derivative Positions](index=20&type=section&id=Financial%20Commodity%20Derivative%20Positions) As of December 31, 2023, the company holds commodity derivative contracts, including swaps and collars for WTI crude oil and Henry Hub natural gas, extending into 2025 Summary of Hedged Volumes for 2024 | Quarter | Oil Hedges (Bbl) | Gas Hedges (MMBtu) | | :--- | :--- | :--- | | Q1 2024 | 587,578 | 518,615 | | Q2 2024 | 537,422 | 743,203 | | Q3 2024 | 512,900 | 705,787 | | Q4 2024 | 496,800 | 672,546 | [Non-GAAP Information](index=21&type=section&id=Non-GAAP%20Information) This section provides definitions and reconciliations for key non-GAAP financial measures like Adjusted Net Income, EBITDA, and Free Cash Flow [Reconciliation of Net Income to Adjusted Net Income](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) This section reconciles net income to adjusted net income, detailing adjustments for non-recurring and non-cash items Adjusted Net Income Reconciliation | (In millions) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $50.9 | $14.5 | $104.9 | $138.6 | | Adjustments (Unrealized derivative gain/loss, SBC, etc.) | $(29.7) | $7.3 | $(5.6) | $(31.2) | | **Adjusted Net Income** | **$21.2** | **$21.8** | **$100.5** | **$107.5** | [Reconciliation of Net Income to Adjusted EBITDA](index=22&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This section presents the reconciliation of net income to Adjusted EBITDA, highlighting key adjustments for non-operating expenses Adjusted EBITDA Reconciliation | (In millions) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $50.9 | $14.5 | $104.9 | $138.6 | | Adjustments (Interest, Taxes, DD&A, etc.) | $14.5 | $41.8 | $131.1 | $56.6 | | **Adjusted EBITDA** | **$65.4** | **$56.3** | **$236.0** | **$195.2** | [Reconciliation to Adjusted Free Cash Flow](index=22&type=section&id=Reconciliation%20to%20Adjusted%20Free%20Cash%20Flow) This section details the reconciliation of net cash provided by operating activities to Adjusted Free Cash Flow Adjusted Free Cash Flow Reconciliation | (In millions) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $55.7 | $63.6 | $198.2 | $197.0 | | Less: Capital Expenditures | $(38.8) | $(42.6) | $(152.0) | $(140.1) | | Other Adjustments | $(0.6) | $(15.5) | $(0.9) | $(22.1) | | **Adjusted Free Cash Flow** | **$16.3** | **$5.5** | **$45.3** | **$34.8** | [Reconciliation to Adjusted Cash Flow from Operations](index=23&type=section&id=Reconciliation%20to%20Adjusted%20Cash%20Flow%20from%20Operations) This section provides the reconciliation of net cash provided by operating activities to Adjusted Cash Flow from Operations Adjusted Cash Flow from Operations Reconciliation | (In millions) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $55.7 | $63.6 | $198.2 | $197.0 | | Changes in operating assets and liabilities | $(0.6) | $(16.3) | $(1.2) | $(24.1) | | **Adjusted Cash Flow from Operations** | **$55.1** | **$47.4** | **$197.0** | **$172.9** | [Reconciliation of General and Administrative Expense](index=24&type=section&id=Reconciliation%20of%20General%20and%20Administrative%20Expense) This section reconciles General and Administrative expense, excluding share-based compensation and transaction costs G&A Reconciliation | (In millions) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | General and administrative expense (G&A) | $8.2 | $8.3 | $29.2 | $27.1 | | Less: Share-based compensation | $(2.5) | $(2.2) | $(8.8) | $(7.2) | | Less: Transaction costs | $(0.4) | $(1.0) | $(0.4) | $(2.1) | | **G&A excluding SBC and transaction costs** | **$5.4** | **$5.2** | **$19.9** | **$17.8** | [Calculation of Leverage Ratio](index=24&type=section&id=Calculation%20of%20Leverage%20Ratio) This section presents the calculation of the company's leverage ratio as of December 31, 2023 Leverage Ratio Calculation (as of Dec 31, 2023) | Metric | Value | | :--- | :--- | | Revolving line of credit | $425,000,000 | | Pro Forma Consolidated EBITDAX (LTM) | $262,972,020 | | **Leverage Ratio** | **1.62x** | | Maximum Allowed | ≤ 3.00x | [Calculation of Current Ratio](index=25&type=section&id=Calculation%20of%20Current%20Ratio) This section details the calculation of the company's current ratio as of December 31, 2023 Current Ratio Calculation (as of Dec 31, 2023) | Metric | Value | | :--- | :--- | | Current Assets per Covenant | $223,935,007 | | Current Liabilities per Covenant | $104,763,500 | | **Current Ratio** | **2.14x** | | Minimum Allowed | ≥ 1.00x | [Calculation of Cash Return on Capital Employed (CROCE)](index=26&type=section&id=Calculation%20of%20Cash%20Return%20on%20Capital%20Employed%20(CROCE)) This section outlines the calculation of Cash Return on Capital Employed (CROCE) for 2023 and 2022 CROCE Calculation | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Adjusted Cash Flows From Operations (ACFFO) | $196,989,711 | $172,885,152 | | Average debt and stockholders' equity | $1,143,843,146 | $833,363,799 | | **CROCE** | **17.2%** | **20.7%** | [All-In Cash Operating Costs](index=27&type=section&id=All-In%20Cash%20Operating%20Costs) This section presents the all-in cash operating costs per Boe for recent quarters and full years All-In Cash Operating Costs per Boe | Period | Q4 2023 | Q3 2023 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | All-in cash operating costs per Boe | $23.52 | $24.61 | $23.46 | $24.84 |

Value Focused Proven Strategy | March 7, 2024 | NYSE American: REI Acquired Proved Reserves (MMBoe)234.3 66.6 9.2 110.1 Acquisition Price4 ($MM) $300 $465 $75 $840 • Since 2018, Ring has successfully grown production by a ~26% CAGR1 through 4Q 2023 1 CAGR is compounded annualized growth rate. 2 Acquired proved reserves for each of the transactions listed are based on the price forecasts reported as of the time the acquisition was announced. 3 Arithmetic sum, or average, as the case may be, of the three acqu ...

For the fiscal year ended December 31, 2023 Or o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-K (Mark One) x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission file number 001-36057 Ring Energy, Inc. (Exact name of registrant as specified in its charter) (State or other jurisd ...