Ring Energy : Roth Conference 2025

Published: 2025-03-17 15:04:04 ET REI

ROTH CONFERENCE 2025

www.ringenergy.com

NYSE American: REI

Ring Energy - Independent Oil & Gas Company

Focused on Conventional Permian Assets in Texas

Q4 2024 Net Production

19,658 Boe/d

(66% oil and 85% liquids)

2024 SEC Proved Reserves1,2

~134.2 MMBoe/

PV10 ~$1.46 Billion

Proved Developed ~69%

Permian Basin

Gross / Net Acres3

97,599 / 80,919

400+ Locations3

High Operational Ownership

~96% Operated WI

~81% Oil NRI

~84% Gas NRI

Ring Energy Assets

Northwest Shelf Central Basin Platform

Includes operated & non-operated

Yoakum

Gaines

Andrews

Ector

Ward

Crane

Differentiated approach by applying unconventional technology and thinking to conventional Permian assets

Ring Assets Characteristics:

Ring Energy, Inc.

Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

2024 Highlights - Improved Portfolio Comparison

Improved Portfolio Leads to Superior Results

Oil

Sales

Realized

Adjusted

CapEx

Cash

Adjusted

Debt

Leverage

SEC 1P

Sales

Operating

Free Cash

Boe

$/Boe

EBITDA1

Balance

Ratio3

Reserves4

Costs2

Flow1

2024

13,283

Bo/d

2023

12,548

Bo/d

Company Record

2024

19,648

$50.94

$233

$152

$23.04

$44

$385

1.66x

134.2

Boe/d

Per Boe

Million

Per Boe

Million

Ratio

MMBoe

68% Oil

-1%

-0.4%

-2%

-4%

-9%

2023

18,119

$54.60

$236

$152

$23.46

$45

$425

1.62x

129.8

Boe/d

Per Boe

Million

Per Boe

Million

Ratio

MMBoe

69% Oil

4 Ring Energy, Inc. Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

Proved Reserves1 and Inventory

SEC YE 2024

Reserves by Category (%)

31%

~134

MMBoe

69%

~93

PUD

~42

MMBoe

Reserves by PV-102 ($MM)

23%

$1,463

77%

$1,130

PUD

$333

Reserves by Product (%)

21%19%

~134

MMBoe

60%

Oil

60%

Gas

19%

NGL 21%

Locations by Area

430+3 Total Proved Only Locations & Opportunities

NWS

CBP-N

Penwell

CBP-S

210+ PUD Locations

220+ PDNP Opportunities

Organic Reserve

Replaced Production and

16MM BOE of Extensions

Maintained YoY PUD count at

Replacement in 2024

Divested Volumes

210+ without acquisition

Increased Proved Reserves 3%

7.2MM BOE Produced

3.3x previous year extensions of

Replaced the 44 wells that were

4.8MM BOE

Increased PD Reserves 5%

1.2MM BOE Divested

drilled in 2024

3. Includes all locations operated and non-operated across "PDNP" and "PUD" reserve categories and project types.

Track Record of Strategic Consolidation

Three Acquisitions & One Pending Since 2019 Increases Net Production by >3.5x

Acquisition Track Record

~22,000

6,100

2018A

2H 2025E

Daily Production

(Boe/d)

Pending

Wishbone

Stronghold

Founders

Lime Rock

Year Completed

(2019)

(2022)

(2023)

(2025)

Total Acquired

Acquisition Price

$300

$465

$75

$100

$940

($MM)

Consideration Mix

90% / 10%

51% / 49%

100% / 0%

90% / 10%

64% / 36%

(% Cash / % Stock)

Acquired Net

~38,000

~37,000

~3,600

~17,700

~96,300

Acreage

Number of New

>190 (Hz)

>280 (Vt)

>50 (Vt)

>40 (Hz)

>560

Drill Locations1

Legend

Ring Energy Legacy

Lime Rock Resources

Founders Oil & Gas

Stronghold Energy Operating

Wishbone Energy Partners

1. Includes all locations operated and non-operated "PUD" reserve categories and 2P / 3P locations at the time of the acquisition.

Acreage includes operated and Non-Operated WI

Ring Energy, Inc.

Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

Note: See Appendix for disclaimers regarding non-GAAP measures and footnotes

FY 2025 Guidance Pro Forma "PF" Outlook

Assumes 3 Full Quarters of Lime Rock Asset1 Operations

Sales Volumes

Q1 2025

Q2 2025

Q3 2025

Q4 2025

FY 2025

REI Only

PF Guidance

Total (Bo/d)

11,700

- 12,000

13,700

- 14,700

14,000

- 15,000

14,400

- 15,400

13,600

- 14,200

Mid Point (Bo/d)

11,850

14,200

14,500

14,900

13,900

Total (Boe/d)

18,000

- 18,500

20,500

- 22,500

20,700

- 22,700

21,000

- 23,000

20,000

- 22,000

Mid Point (Boe/d)

18,250

21,500

21,700

22,000

21,000

- Oil (%)

65%

66%

67%

68%

66%

- NGLs (%)

19%

18%

- Gas (%)

16%

15%

14%

16%

Capital Program

Capital2 (millions)

$26

- $34

$34

- $42

$46

- $54

$32

- $40

$138

- $170

Mid Point (millions)

$30

$38

$50

$36

$154

- New Hz wells drilled

- 5

- 9

- 13

- 5

- 32

- New Vertical wells drilled

- 4

3 - 5

- 6

- 7

- 22

- DUC Wells

- Wells completed & online

- 9

- 15

- 19

9 - 12

- 55

Operating Expenses

LOE (per Boe)

$11.75

- $12.25

$11.50

- $12.50

$11.25

- $12.25

$11.00

- $12.00

$11.25

- $12.25

Mid Point (per Boe)

$12.00

$11.75

$11.50

$11.75

FY 2025 CAPEX

Allocation

19%

$154

million

Mid Point

73%

D&C / Infrastructure

Recomp/Cap Workovers

Land/Non-op/Other

ESG Improvements

7 Ring Energy, Inc. Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

Positioned for Success in 2025 & Beyond

PF Outlook - Building Scale and Improving Key Metrics from Accretive Acquisitions

Pursue Operational Excellence &

Building Scale

Total Sales

Oil Sales

20,000 to 22,000 Boe/d

13,500 to 14,300 Bo/d

Mid-point 21,000 Boe/d

Mid-point 13,900 Bo/d

Up ~7%

Up ~5%

13.9

21.0

19.6

13.3

18.1

12.5

2023

2024

2025E

2023

2024

2025E

Disciplined Capital Investment

Maximizing Adj. Free Cash Flow1,2

$60

30%

AFCF $MM

$40

20%

AFCF Yield %

22%

16%

18%

15%

$20

10%

2023

2024

WTI $65

$70

$75

YE 2025E

Enhancing Balance Sheet Targeting

Leverage Ratio1< 1.0x

$160

'25E Capital Projects:

2.0

1.66x

1.62x

~ 49 New Drills

Capex Range

$155

1.5

$152

~1.5x

~1.6x

Millions

$152

$154

Ratio

<1.4x

$150

1.0

<1.1x

$145

0.5

$140

2024

0.0

2023

2024E

2023

2024

WTI $65

$70

$75

1. Estimated AFCF is based on internal management financial model and assumes mid point of guidance for Net Sales production & capex with adjustable oil price

YE 2026E

as of Jan'25, gas HH strip price 02/28/2025 and NGL realization of ~16% of WTI oil price.

2. Estimated AFCF yield is based on assumptions above for AFCF and Ring's stock price and market capitalization as 03/05/2025.

8 Ring Energy, Inc. Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

Distinguishing Attributes: High Operating Margins

Ring's Conventional Assets with High Netbacks Drive Strong Cash Operating Margins vs. Others1,2

4Q 2024 TTM Cash Operating Margin and Realized Pricing ($/Boe)

$80

$69.65

Cash Operating Margin

Realized Pricing

$70

Operational Excellence and Cost Control Drive Profitability

•

High oil weighting of ~68% (85% mix of oil + liquids)

contributes to high realized pricing per Boe

•

Low cash operating costs and maintaining cost

$60

$50

$49.70 $50.94

discipline drive margin expansion

• Generating ~ $28 per Boe in margin TTM demonstrates

strength of long-life asset base

$41.23

$38.19

$39.53

$40.42

$39.61

$42.23

$41.72

$40

$37.94

$33.19

$30

$29.53

$20

$31.08

$28.08

$27.90

$26.12

$24.39

$21.85

$19.93

$10

$18.01

$8.39

$7.85

$6.73

$5.96

$15.76

Peer 1

Peer 2

REI

Peer 3

Peer 4

Peer 5

Median

Peer 6

Peer 7

Peer 8

Peer 9

Peer 10 Peer 11

•

Strong cash operating margins allow the Company to

withstand volatile commodity price swings

•

Robust margins lead to increased cash flow, debt

reduction and stronger returns

margin assets leads to sustainable higher returns " - Paul McKinney

9 Ring Energy, Inc. Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

Distinguishing Attributes: Long Life Reserves & Oil %

Ring's Conventional Assets have Extended Reserve Life and are Oily Versus Others1,2

Reserve Life: YE 2024 SEC Proved Reserves / FY'24 Annualized Production

20.0

18.7

15.0

10.0

11.1

5.0

0.0

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Median

Peer 6

Peer 7

Peer 8

Peer 9

Peer 10

100%

80%

60%

68%

40%

46%

20%

Peer 1

Peer 2

Peer 3

Peer 4

Median

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Peer 10

Peers based on similar size sub $2B market cap and/or other similar companies that have Permian assets: Amplify Energy, Berry Corporation,

Crescent Energy, HighPeak Energy, MACH Resources, Permian Resources, Riley Permian, Vital Energy, TXO Partners and W&T Offshore.

Ring Energy, Inc.

Roth Conference 2025 | March 16-18, 2025 | NYSE American: REI

Source information for data obtained from Peer Reports and Capital IQ and Factset as of 03/13/2025.

Disclaimer

Ring Energy Inc. published this content on March 17, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 17, 2025 at 19:03:07.918.