Slide 1: Next Phase of Value Creation
NEXT PHASE OF VALUE CREATION Q2 2026 EARNINGS UPDATED GUIDANCE www.ringenergy.com NYSE American: REI www.ringenergy.com
Slide 2: Forward-Looking Statements and Supplemental Non-GAAP Financial Measures
Forward-Looking Statements and Supplemental Non-GAAP Financial Measures Forward – Looking Statements Supplemental Non-GAAP Financial 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 Measures Secu
Slide 3: Ring Energy's Strategic Advantage
Ring Energy’s Strategic Advantage A Leader Redefining Conventional Assets Through Unconventional Thinking & Modern Technology to Deliver Sustainable Returns A Proven Cash Flow Machine: Over 6 Consecutive Years of Positive AFCF1 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life
Slide 4: Conventional E&P Built for the Future
Conventional E&P Built for the Future Transformation in Motion and Foundation Laid for Sustained Value Creation 96k+ Net Acres Ring has built scale, inventory depth, and reduced leverage, Ring Today3 99% Operated creating a stronger foundation for long-term value Yoakum Production (MBoe/d) 1P Reserv
Slide 5: Ring's Future Opportunity
Ring's Future Opportunity Modern Technology is Unlocking the Full Potential of Ring’s Conventional Asset Base, Creating a Significantly Larger Horizontal Inventory Opportunity 1 2 3 Increased Inventory & Value QUALITY ROCK + MODERN TECHNOLOGY + LARGE ACREAGE = Potential POSITION A larger, more durab
Slide 6: Ring's Thesis: Conventional Rock is the Opportunity
Ring’s Thesis: Conventional Rock is the Opportunity The Central Basin Platform is the Heart of the Permian with Substantial Oil Left to Recover Permian Platform and Shelf Fairways CBP & Northwest Shelf Dominate Historical Permian Oil Production Cumulative Oil Production (MMbbl) Texas Shelf New Mexic
Slide 7: Why Now? Today's Modern Horizontal Technology
Why Now? Today’s Modern Horizontal Technology Unlocking Permian’s Next Chapter – Ring’s Core Acreage is Well Positioned Material Horizontal Activity Across The CBP Ring Horizontal Development Ramping Up Significantly Ring Core Operating Areas Greater Permian Horizontal vs. Vertical TILs1 >90% of Rin
Slide 8: Proof it's Working – It's Repeatable and Scalable
Proof it’s Working – It’s Repeatable and Scalable Horizontals Revitalize Legacy Fields and Fuel Rapid Production Growth in the Last ~ 5 Years CBP Multi-Bench Yoakum 2026 vs 2015 Andrews 2026 vs 2015 Ector / Crane 2026 vs 2015 Development 2026 2026 2026 Ector ▪ Pre 2015 – infancy of horizontal tech C
Slide 9: Horizontals Unlock Higher-Return Inventory
Horizontals Unlock Higher-Return Inventory Shifting to Horizontal Development High-Grades and Increases Capital Efficient Inventory Potential CBP South Multi-Bench Horizontal Development Opportunity Significantly Enhancing Single-Well Profitability and Oil Recovery1 Ring CBP South Operating Areas >6
Slide 10: Permian's Premier Conventional Consolidator
Permian’s Premier Conventional Consolidator Ring is One of the Top Three Operators in the CBP & NWS – Uniquely Positioned to Lead Consolidation Publics NWS Privates CBP & NWS: Fragmented Ownership is an Opportunity CBP/NWS Publics CBP/NWS •1 Scale gives Ring the edge – Top-tier CBP/NWS footprint ena
Slide 11: Q2 Results
Q2 2026 EARNINGS | AUGUST 6, 2026 Q2 RESULTS www.ringenergy.com | NYSE American: REI
Slide 12: Q2 2026 – Executing the Plan
Q2 2026 – Executing the Plan We Raised Capital to Reduce Debt – Positioning the Company for its Next Phase of Value Creation ✓ Strengthened Balance Sheet ✓ Continued Operational Discipline • Raised $69MM of gross primary equity proceeds • LOE of $10.12 per Boe at $1.35/share (Near low end of guidanc
Slide 13: Q2 & FY 2026E Guidance vs Actuals
Q2 & FY 2026E Guidance vs Actuals TTM Consistently Meeting Net Sales & LOE Guidance Ranges Guidance Range Actuals Oil Sales Volumes (Bo/d) LOE (per Boe) 13,850 $12.00 13,600 $11.75 13,450 13,332 $11.25 13,124 $11.05 $11.00 12,850 12,683 $10.73 12,500 $10.75 $10.75 12,700 $10.41 12,276 12,450 $10.12
Slide 14: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework 01 Financial 02 High-Return 03 Strategic 04 Long-Term Strength Development Optionality Value Creation Balance Sheet First Maximize Returns Adjust to Markets Grow Value Per Share • Preserve liquidity • Maximize returns from • Align activity with commodity • In
Slide 15: Operation Improvements & Updated Guidance
Q2 2026 EARNINGS | AUGUST 6, 2026 OPERATION IMPROVEMENTS & UPDATED GUIDANCE www.ringenergy.com | NYSE American: REI 15
Slide 16: Significant Reduction in Cash Costs
Significant Reduction in Cash Costs Structural Cost Cutting Initiatives Expected to Drive Sustainable Cash Cost Improvement Through YE 2027 Cash Cost Savings ($ / BOE) Bridge 1. Operating Cost Actions • LOE optimization • Proactively renegotiate agreements to lower rates $22.81 • Reduce well failure
Slide 17: Investing Today to Enhance Future Returns
Investing Today to Enhance Future Returns Infrastructure Investments Lower Future Development Costs, Improve Well-Level Economics and Enhance Returns Across Future Drilling Programs Upfront Infrastructure Investment Lower Development Costs and Improved Reliability Frac Pond Central Tank Batteries Sa
Slide 18: Updated Guidance
Updated Guidance Guidance Range Actuals Guidance Oil Sales Volumes (Bo/d) LOE (per Boe) 14,650 $11.25 $11.05 13,950 13,450 $10.60 $10.60 $10.75 13,550 $10.41 12,500 12,683 13,000 $10.12 12,276 12,450 $10.05 12,100 $10.00 $9.80 Q1 2026 Q2 2026 2H 2026 FY 2027 Q1 2026 Q2 2026 2H 2026 FY 2027 Updated U
Slide 19: Updated Guidance (Continued)
Updated Guidance (Continued) 2026 Well Lateral Length 2H 2026 FY 2027 70% > 1.5-mile Sales Volumes 42% UPDATE INITIAL OUTLOOK 26% 1-mile Total (Bo/d) 13,000 – 13,950 13,550 – 14,650 39% Total (Boe/d) 20,600 – 21,800 21,500 – 23,500 4% Vertical Updated Guidance 19% Original Guidance – Oil (%) 63% 63%
Slide 20: Meaningful Upside to Adjusted Free Cash Flow
Meaningful Upside to Adjusted Free Cash Flow1,2 2026 Hedges Support the Development Plan While Unhedged and Collar Volumes Give Exposure to Upside Realized Price vs. After-Hedge Realized Price ($/Boe) Disciplined Hedging Protects Cash Flow & Preserves Flexibility Realized Price After-Hedge Realized
Slide 21: Strengthening the Business Through Cost Discipline
Strengthening the Business Through Cost Discipline Operational Cost Improvements Continue to Enhance Margins and FCF generation All-in Cash Operating Costs1 per Boe Q2 All-in Cash Op. Costs1 per Boe LOE Prod. & ad valorem tax G&T, Other Interest Cash G&A $21.59 $3.49 $3.40 $3.19 1% below Q1 2026 38%
Slide 22: Potential Catalysts for 2026 & Beyond
Potential Catalysts for 2026 & Beyond Organically Grow High-Quality Inventory and Reserves Further Strengthen Balance Sheet and Increase Financial Flexibility Ongoing Cost and Capital Efficiency Gains Substantial Upside, Proved Reserves Trading Discount and Increasing Commodity Prices 22 Ring Energy
Slide 23: Thank You
Q2 2026 EARNINGS | AUGUST 6, 2026 THANK YOU Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77380 Phone: (281) 397-3699 Company Contact Analyst Coverage Sonu Singh Johl Alliance Global Partners (AGP) Bank of America Securities (281) 397-3699 Poe Fratt (314) 719-6084 Conor Fitzpa
Slide 24: Appendix
Q2 2026 EARNINGS | AUGUST 6, 2026 APPENDIX www.ringenergy.com | NYSE American: REI
Slide 25: Operational Excellence
Operational Excellence Driving Sustainable Free Cash Flow Through Capital Efficiency and Ongoing Reductions to Operating Costs Reducing Hz D&C Cost Per Lateral Foot1 Structural Reduction in Monthly LOE $MM REI Legacy LRR $600 $10 $8 ~10% reduction ~$1.4 Million Targeting per month savings ~$0.5 Mill
Slide 26: High-Margin Assets with Multi-Zone Horizontal Upside
High-Margin Assets with Multi-Zone Horizontal Upside Unlocking Value Transitioning to Multi-Bench Horizontal Locations Central Basin Northwest Geologic Target Formation CBP WPS CBP Hz NWS WPS Core Period “Stacked Pay Zones” Active Potential Active NWS Platform Shelf Assets “CBP” “NWS” Grayburg ✓ ✓ 4
Slide 27: Operational Discipline Delivered Higher AFCF
Operational Discipline Delivered Higher AFCF1 Business Execution Driving Growth And Stronger AFCF1 Despite ~18% Lower Realized Prices Commodity Prices ✓Additional Size & Scale ✓Operational Excellence Realized Oil $ per Bbl Sales MBoe/d Capex $MM $80 $22 $200 ✓ Cash Flow Generation $76.2 $74.9 Adjust
Slide 28: High-Quality Proved Reserves Create Durable AFCF
High-Quality Proved Reserves1 Create Durable AFCF Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Reserve Extensions4 (MMBoe) 3 years of reserve 24% 22% 19% 20 replacement & extensions
Slide 29: Oil Derivative Summary
Oil Derivative Summary As of August 4, 2026 Oil Hedges (WTI) Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Swaps: Hedged volume (Bbl) 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — — Weighted average swap pric
Slide 30: Gas Derivative Summary
Gas Derivative Summary As of August 4, 2026 Gas Hedges (Henry Hub) Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 NYMEX Swaps: Hedged volume (MMBtu) 600,016 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956,86
Slide 31: Non-GAAP Disclosure
Non-GAAP Disclosure 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 Fr
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Per Per Per Per Per share - share - share - share - share - Total diluted Total diluted Total diluted Total diluted Tota
Slide 33: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted EBITDA (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2026 2026 2025 2025 2025 2026 2025 Net income (loss) $ 64,793,310 $ (220,591,482) $ (12,845,294) $ (51,631,530) $
Slide 34: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2026 2026 2025 2025 2025 2026 2025 Net Cash Provided by Operating Activities $ 40,789,293 $ 25,894,701 $ 4
Slide 35: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) (Unaudited) Three Months Ended (Unaudited) Last Four Three Months Ended September 30, December 31, March 31, June 30, Quarters Last Four 2025 2025 2026 2026 September 30, December 31, March 3
Slide 36: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) Consolidated Total Debt to LQA (Unaudited) Last Four Quarters Ended Consolidated EBITDAX June 30, March 31, December 31, September 30, June 30, Three Months Ended 2026 2026 2025 2025 2025 June 30, Consolidated EBITDAX Calcula
Slide 37: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) As of and for the twelve months ended (Unaudited for All Periods) December 31, December 31, December 31, Three Months Ended Six Months Ended 2025 2024 2023 June 30, March 31, June 30,
Slide 38: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Six Months Ended Trailing Twelve Months Ended June 30, March 31, June 30, June 30, June 30, June 30, March 31, 2026 2026 2025 2026 2025 2026 2026 All-In Cash Operating Costs: Lease operating e