Slide 1: Redefining Conventional Assets
REDEFINING CONVENTIONAL ASSETS Q1 2026 EARNINGS REAFFIRM 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: 26 Consecutive Quarters of AFCF1 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life 10+ Years
Slide 4: A Modern Conventional E&P Built for the Future
A Modern 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 Today1 (May 1, 2026) 99% Operated creating a stronger foundation for long-term value Yoakum Produc
Slide 5: 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 6: 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 Horizontal Development Ramping Significantly Ring Core Operating Areas Greater Permian Horizontal vs. Vertical TILs1 >90% of Ring Acreag
Slide 7: 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 2025 vs 2015 Andrews 2025 vs 2015 Ector / Crane 2025 vs 2015 Development 2025 2025 2025 Ector ▪ Pre 2015 – infancy of horizontal tech C
Slide 8: 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 9: Meaningful Upside to Adjusted Free Cash Flow
Meaningful Upside to Adjusted Free Cash Flow 2026 Hedges Support the Development Plan While Unhedged and Collar Volumes Give Exposure to Upside Internal 2026E & 2027E Adjusted Free Cash Flow1,2 Disciplined Hedging Protects Cash Flow & Preserves Flexibility $100MM Our hedge position was built to supp
Slide 10: High-Quality Proved Reserves Create Durable AFCF
High-Quality Proved Reserves Create Durable AFCF Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Reserve Extensions4 (MMBoe) 3 years of reserve 24% 22% 19% 20 replacement & extensions 3
Slide 11: 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 • Scale gives Ring the edge – Top-tier CBP/NWS footprint enab
Slide 12: 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 12 Ring Energy
Slide 13: Q1 Update and Outlook
Q1 2026 EARNINGS | MAY 7, 2026 Q1 UPDATE AND OUTLOOK www.ringenergy.com | NYSE American: REI
Slide 14: Q1 2026 – Operational Results
Q1 2026 – Operational Results Delivered on Production Guidance and Reduced Operating Costs while Accelerating Capital ✓ Production in-line with Guidance ✓ Maintained Cost Reductions • 12,276 barrels of oil sold per day • LOE of $10.41 per Boe (near the mid-point of guidance) (Beat guidance low end r
Slide 15: REI Historical Stock Price Performance
REI Historical Stock Price Performance Price Performance Since July 1, 2025- Outperforming Most SMID CAP Peers YTD & LTM $2.00 $115 $1.82 $1.75 $105 $1.50 $95 8-K disclosing Warburg is out $1.25 $85 $1.00 $75 $0.79 $0.75 $65 $0.50 $55 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 M
Slide 16: Q1 2026E Guidance vs Actuals
Q1 2026E Guidance vs Actuals Q1 2026 Q1 2026 % Sales Volumes Guidance Actuals Difference Total Oil (Bo/d) 12,100 – 12,500 Q1 Guidance Met Expectations Mid Point (Bo/d) 12,300 12,276 0% ✓ Met mid-point production oil & Boe’s Total (Boe/d) 19,100 – 19,600 ✓ Beat mid-point of lifting cost by 5% Mid Poi
Slide 17: FY 2025 – Operational Excellence
FY 2025 – 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 ~10% reduction ~$1.4 Million $8 per month savings l $500 $6
Slide 18: High-Margin Assets with Multi-Zone Horizontal Upside
High-Margin Assets with Multi-Zone Horizontal Upside Unlocking Value Transitioning to Multi-Bench Horizontal Locations 2025 Central Basin Northwest Geologic Target Formation CBP WPS CBP Hz NWS WPS Period “Stacked Pay Zones” Active Potential Active NWS Core Platform Shelf Assets “CBP” “NWS” Grayburg
Slide 19: Reaffirming 2026 Guidance
Reaffirming 2026 Guidance Q2 2026 Q3 2026 Q4 2026 Sales Volumes Total Capex Comparison $MM Total (Bo/d) 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 Mid Point (Bo/d) 12,950 13,250 13,300 $115 Total (Boe/d) 19,400 – 21,000 19,700 – 21,300 19,800 – 21,400 Mid Point (Boe/d) 20,200 20,500 20,600 - Oi
Slide 20: Thank You
Q1 2026 EARNINGS | MAY 7, 2026 THANK YOU Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: (281) 397-3699 Company Contact Analyst Coverage Al Petrie Alliance Global Partners (AGP) (281) 975-2146 Poe Fratt (314) 719-6084 apetrie@ringenergy.com pfratt@allianceg.com Tuoh
Slide 21: Appendix
Q1 2026 EARNINGS | MAY 7, 2026 APPENDIX www.ringenergy.com | NYSE American: REI
Slide 22: 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 23: Derivative Summary
Derivative Summary As of May 5, 2026 Oil Hedges (WTI) Q2 2026 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 Swaps: Hedged volume (Bbl) 622,601 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — Weighted average swap price
Slide 24: Derivative Summary
Derivative Summary As of May 5, 2026 Gas Hedges (Henry Hub) Q2 2026 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 NYMEX Swaps: Hedged volume (MMBtu) 1,165,628 600,016 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956
Slide 25: 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 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Per Per Per share - share - share - Total diluted Total diluted Total diluted Net income (loss) $(220,591,482) $ (1.06) $ (12,845,294) $ (0.06) $ 9,110,738 $ 0.
Slide 27: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted EBITDA (Unaudited for All Periods) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 $ Net income (loss) (220,591,482) $ (12,845,294) $ (51,631,530) $ 20,634,887 $ 9,110,738 Interest expense, net 8,529,080 9,
Slide 28: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Net Cash Provided by Operating Activities $ 25,894,701 $ 44,688,823 $ 44,492,325 $ 33,297,251 $ 28,371,008 Adjustme
Slide 29: 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 June 30, September 30, December 31, March 31, Quarters Last Four 2025 2025 2025 2026 June 30, September 30, December 31
Slide 30: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) (Unaudited) Last Four Quarters Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ (264,433,419) $ (34,731,199) $ (16,228,386) $ 69,281,
Slide 31: 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 2025 2024 2023 March 31, December 31, March 31, Total long t
Slide 32: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Trailing Twelve Months Ended March 31, December 31, March 31, March 31, December 31, 2026 2025 2025 2026 2025 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 18,1