Ring Energy, Inc. (NYSE:REI) Q3 2023 Results Conference Call November 3, 2023 11:00 AM ET Company Participants Al Petrie - IR Paul McKinney - Chairman & CEO Travis Thomas - EVP & CFO Alex Dyes - EVP, Engineering & Corporate Strategy Marinos Baghdati - EVP, Operations Steve Brooks - EVP, Land, Legal, Human Resources & Marketing Conference Call Participants Jeff Grampp - Alliance Global Partners Neal Dingmann - Truist Noel Parks - Tuohy Operator Good morning, and welcome to the Ring Energy Third Quarter 2023 ...

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 September 30, 2023 o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ 1725 Hughes Landing Blvd., Suite 900 The Woodlands, TX 77380 (Address of principal executive offices) (Zip Code) (281) 397-3699 (Regi ...

Ring Energy, Inc. (NYSE:REI) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET Company Participants Al Petrie - IR Paul McKinney - Chairman & CEO Travis Thomas - EVP & CFO Alex Dyes - EVP, Engineering & Corporate Strategy Marinos Baghdati - EVP, Operations Steve Brooks - EVP, Land, Legal, Human Resources & Marketing Conference Call Participants Neal Dingmann - Truist John White - Roth Capital Noel Parks - Tuohy Brothers Operator Good morning, and welcome to the Ring Energy Second Quarter 2023 Earn ...

[PART I — FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section provides the company's financial statements, management's discussion, market risk disclosures, and controls and procedures for the period [Financial Statements](index=7&type=section&id=Item%201%3A%20Financial%20Statements) This section presents Ring Energy, Inc.'s unaudited condensed financial statements as of June 30, 2023, including balance sheets, statements of operations, stockholders' equity, and cash flows Condensed Balance Sheet Highlights (Unaudited) | Account | June 30, 2023 ($) | December 31, 2022 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,749,975 | $3,712,526 | | Total Current Assets | $55,107,997 | $63,166,464 | | Net Properties and Equipment | $1,199,264,082 | $1,180,069,937 | | **Total Assets** | **$1,282,015,052** | **$1,268,999,797** | | **Liabilities & Equity** | | | | Accounts payable | $90,021,106 | $111,398,268 | | Revolving line of credit | $397,000,000 | $415,000,000 | | **Total Liabilities** | **$543,174,736** | **$607,896,406** | | **Total Stockholders' Equity** | **$738,840,316** | **$661,103,391** | Condensed Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2023 ($) | Three Months Ended June 30, 2022 ($) | Six Months Ended June 30, 2023 ($) | Six Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $79,348,573 | $84,961,875 | $167,431,485 | $153,142,907 | | **Income from Operations** | $29,657,211 | $54,152,948 | $65,308,707 | $92,338,245 | | **Net Income** | $28,791,605 | $41,944,422 | $61,507,384 | $49,056,465 | | **Diluted EPS** | $0.15 | $0.32 | $0.32 | $0.39 | Condensed Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | For the Six Months Ended June 30, 2023 ($) | For the Six Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $87,046,277 | $65,162,415 | | Net Cash (Used in) Investing Activities | ($83,587,324) | ($50,330,117) | | Net Cash Provided by (Used in) Financing Activities | ($5,421,504) | ($15,017,325) | | **Net (Decrease) in Cash** | **($1,962,551)** | **($185,027)** | - On May 11, 2023, the Company completed the divestiture of its Delaware Basin assets for approximately **$8.0 million** in cash and was relieved of a **$2.3 million** asset retirement obligation[93](index=93&type=chunk) - On July 10, 2023, the Company entered into an agreement to acquire oil and gas assets in Ector County, Texas, from Founders Oil & Gas IV, LLC for a purchase price of **$75 million** in cash[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's operational strategy, focusing on debt reduction and oil and gas property development, with Q2 2023 revenues decreasing 7% year-over-year despite an 85% production volume increase - The company's primary operational focus is on balancing debt reduction with the development of its oil and gas properties in the Permian Basin, aiming to operate within its generated cash flow[140](index=140&type=chunk) 2023 Drilling and Recompletion Activity (H1 2023) | Quarter | Area | Wells Drilled | Wells Completed | Re-completions | | :--- | :--- | :--- | :--- | :--- | | 1Q 2023 | Northwest Shelf | 4 | 4 | — | | | Central Basin Platform | 3 | 3 | 6 | | 2Q 2023 | Northwest Shelf | 4 | 4 | — | | | Central Basin Platform | 2 | 2 | 3 | | **Total** | | **13** | **13** | **9** | Revenue Analysis - Q2 2023 vs Q2 2022 | Metric | Q2 2023 ($) | Q2 2022 ($) | % Change | | :--- | :--- | :--- | :--- | | Total Sales | $79.3M | $85.0M | (7)% | | Total Production (Boe) | 1,571,668 | 850,017 | 85% | | Avg. Sales Price (per Boe) | $50.49 | $99.95 | (49)% | - The decrease in Q2 2023 revenue was driven by a **34% drop** in realized oil prices and a **110% drop** in realized natural gas prices, which offset a significant **85% increase** in total production volume primarily from the Stronghold Acquisition[150](index=150&type=chunk)[151](index=151&type=chunk) - As of June 30, 2023, the company had **$397 million** outstanding on its Credit Facility, which has a borrowing base of **$600 million** and matures in August 2026, with the company in compliance with all covenants[194](index=194&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include commodity price volatility, customer credit risk, and interest rate fluctuations, which are partially mitigated through hedging arrangements - The company's main market risk is the volatile pricing of its oil and natural gas production, which it partially mitigates through derivative hedging arrangements[205](index=205&type=chunk)[206](index=206&type=chunk) - Significant customer credit risk exists, with three customers (Phillips 66, Enterprise Crude Oil LLC, and NGL Crude Partners) accounting for **68%**, **13%**, and **11%** of revenues, respectively, for the first six months of 2023[207](index=207&type=chunk)[208](index=208&type=chunk) - The company is exposed to interest rate risk on its **$397.0 million** of outstanding variable-rate debt, where a **1% change** would result in an estimated **$4.0 million** change in annual interest expense[209](index=209&type=chunk)[210](index=210&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[215](index=215&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[218](index=218&type=chunk) [PART II — OTHER INFORMATION](index=44&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, defaults, mine safety disclosures, and other information for the reporting period [Legal Proceedings](index=44&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is defending a lawsuit seeking the return of a **$5.5 million** deposit from a terminated property sale agreement, believing the claims are without merit - The Company is a defendant in a lawsuit filed by EPUS Permian Assets, LLC, concerning a forfeited deposit of **$5.5 million** related to a proposed property sale that did not close[220](index=220&type=chunk) - Management believes the plaintiff's claims are without merit and is pursuing a vigorous defense and a counterclaim for breach of contract[220](index=220&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A%3A%20Risk%20Factors) No material changes to previously disclosed risk factors are reported, with a comprehensive discussion available in the company's 2022 Annual Report on Form 10-K - There are no new risk factors reported in this quarter, with the company referring to the discussion of risks in its 2022 Form 10-K[221](index=221&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[222](index=222&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[223](index=223&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) The company reported no mine safety disclosures - None[224](index=224&type=chunk) [Other Information](index=44&type=section&id=Item%205%3A%20Other%20Information) No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2023[225](index=225&type=chunk) [Exhibits](index=45&type=section&id=Item%206%3A%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL financial data files - The report includes CEO and CFO certifications under Rule 13a-14(a) and Section 1350, as well as Inline XBRL taxonomy documents[226](index=226&type=chunk)

Ring Energy (NYSE:REI) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Al Petrie - Investor Relations Paul McKinney - Chairman and Chief Executive Officer Travis Thomas - Chief Financial Officer Alex Dyes - Executive Vice President, Engineering and Corporate Strategy Marinos Baghdati - Executive Vice President, Operations Steve Brooks - Executive Vice President, Land, Legal, Human Resources and Marketing Conference Call Participants Jeff Grampp - Alliance Global Partners Noel P ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q Ring Energy, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 1725 Hughes Landing Blvd., Suite 900 The Woodlands, TX 77380 x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange ...

Ring Energy, Inc. (NYSE:REI) Q4 2022 Earnings Conference Call March 10, 2023 11:00 AM ET Company Participants Al Petrie - IR Paul McKinney - Chairman & CEO Travis Thomas - CFO Marinos Baghdati - EVP of Operations Alex Dyes - EVP of Engineering & Corporate Strategy Steve Brooks - EVP of Land, Legal, Human Resources & Marketing Conference Call Participants Neal Dingmann - Truist Securities Jeff Robertson - Water Tower Research Noel Parks - Tuohy Brothers Operator Good morning, and welcome to Ring Energy's Fou ...

Financial Performance & Strategy - The company delivered record results in 2022, with year-over-year increases of 45% in net sales, 149% in cash flow from operations, and 134% in Adjusted EBITDA[49] - The company has consistently generated free cash flow for 13 consecutive quarters, with a 70% year-over-year increase in 2022[49] - The company reduced its leverage ratio to approximately 1.56x by year-end 2022 and increased liquidity by 205% year-over-year[49] - The company's strategy is focused on maintaining production levels, generating free cash flow, and reducing debt[33] - The company is pursuing accretive acquisitions to increase scale and lower break-even costs[33] Reserves & Production - The company increased its proved reserves to 138.1 million barrels of oil equivalent in 2022, a 78% year-over-year increase[49] - Q4 2022 net production was 17,856 Boe/d, with approximately 68% oil, 17% gas and 15% NGL[66] - The company's YE22 PD Reserves PV10 is $1,907 million[21] ESG Initiatives - The company created an ESG Task Force to monitor adherence to ESG standards[3] - The company established the Target Zero 365 (TZ-365) Safety & Environmental Initiative[3] - The company's 2023 Capital Program includes Fugitive Emission Reduction plans[8] Assets and Operations - The company has 400+ proved locations[66] - The company has ~102 thousand net acreage[21]

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 fiscal year ended December 31, 2022 Or 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 jurisd ...

Ring Energy, Inc. (NYSE:REI) Q3 2022 Results Conference Call November 10, 2022 11:00 AM ET Company Participants Al Petrie - IR Paul McKinney - Chairman & CEO Travis Thomas - CFO Marinos Baghdati - EVP of Operations Alex Dyes - EVP of Engineering & Corporate Strategy Steve Brooks - EVP of Land, Legal, Human Resources & Marketing Conference Call Participants Jeffrey Campbell - Alliance Global Partners Neal Dingmann - Truist Jeff Robertson - Water Tower Research Noel Parks - Tuohy Brothers Operator Good mornin ...