reiq4fy2025earningsv5

NYSE American: REI www.ringenergy.com www.ringenergy.com Q4 & FY 2025 EARNINGS 2026 GUIDANCE

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Forward – Looking Statements 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 Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this Presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, guidance, plans and objectives of management are forward- looking statements. When used in this Presentation, the words “could,” “may,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “guidance,” “project,” “goal,” “plan,” “potential,” “probably,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain such identifying words. Forward-looking statements also include assumptions and projections for quarterly and full year 2026 guidance for sales volumes, number of potential well locations and associated inventory life, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, and operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the expected benefits to the Company and its stockholders from the acquisition of oil and gas properties (the “LRR Acquisition”) from Lime Rock Resources IV-A, L.P. and Lime Rock Resources IV-C, L.P. (collectively, “Lime Rock” or “LRR”); the impacts of hedging on results of operations; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of oversupply, changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC. All forward-looking statements, expressed or implied, included in this Presentation are expressly qualified by the cautionary statements and by reference to the underlying assumptions that may prove to be incorrect. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by applicable law. The financial and operating estimates contained in this Presentation represent our reasonable estimates as of the date of this Presentation. Neither our independent auditors nor any other third party has examined, reviewed or compiled the estimates and, accordingly, none of the foregoing expresses an opinion or other form of assurance with respect thereto. The assumptions upon which the estimates are based are described in more detail herein. Some of these assumptions inevitably will not materialize, and unanticipated events may occur that could affect our results. Therefore, our actual results achieved during the periods covered by the estimates will vary from the estimated results. Investors are not to place undue reliance on the estimates included herein. 2 Supplemental Non-GAAP Financial Measures This Presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (“GAAP”), such as “Adjusted EBITDA,” “PV-10,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “Leverage Ratio,” “All-in Cash Operating Costs,” and “Cash Operating Margin.” While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Ring Energy’s Strategic Advantage 3 Proven Business Model with Low Decline, High Margin Assets that Produce Sustainable AFCF1 Through Cycles 1. Adjusted Free Cash Flow is a Non-GAAP financial measures. See Appendix for definitions and reconciliation to GAAP measures. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. Source ENVERUS trailing twelve months as of Dec. 2025 for operators' Gross production on per Boe basis in the Texas CBP & NWS. A Proven Cash Flow Machine: 25 Consecutive Quarters of AFCF 10+ Years of Drilling Inventory: 500+ Identified Locations2 Conventional Asset Advantage: High Margin, Shallow Decline and Long Life Disciplined Consolidator in the Heart of the Permian – 3rd Largest E&P in CBP Texas3 Nimble Operator, Operational Flexibility: Stacked Pay Zones with High NRIs

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Ring Energy – Transforming Conventional Assets 4 Applying Unconventional Perspectives with an Exploration Mindset 1. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. PV-10 is a Non-GAAP financial measure. See definition and Reconciliation of PV-10 to Standardized Measure in the Appendix. 2. Inventory includes PUDs plus non proved locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. 3. PDP base decline percentage is based on the decline for all operated and non-operated PDP base wells not drilled in 2025. 4. R/P is Proved SEC Reserves divided by full year 2025 production. Q3 2025 Net Production 20,789 Boe/d (64% oil and 84% liquids) ✓ Shallow Base Decline ✓ Long Life Wells ✓ Highly Oil Weighted ✓ High Operating Margin ✓ High Netbacks ✓ Low D&C Cost Inventory ✓ Low Breakeven Costs Yoakum Gaines Andrews Ector Crane Ward Ring Energy Assets Northwest Shelf Central Basin Platform Includes operated & non-operated 20.5 MBoe/d (64% oil) Q4 2025 Production 153 MMBoe / $1.3 Billion YE’25 SEC 1P Reserves/PV10 Value1 10+ Years Inventory2 R/P4 20+ Years 1P Reserves / FY 2025 Production 96k+ Net Acres 99% Operated ~$723 Million Enterprise Value as of Feb. 27, 2026 Key Metrics Core Economics (2025) 4: ~28% x: ~$[37] WTI Core Asset Advantages Decline ~20% PDP Base Decline3 Get rid of ‘25 Economics

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Q4 2025 – Strong Operational Quarter 5 1. Adjusted Free Cash Flow is a Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. ✓Continued Adjusted Free Cash Flow1 Generation • 25th consecutive quarter of AFCF1 • $5.7 million Adjusted Free Cash Flow1 ✓Disciplined Capital Program & Reduction in Cost Structure • $24.3 million in capital expenditures (near the mid-point of guidance) • All-in-Cash Costs reduced to $21.01 per Boe (6% less than Q3’25 ) ✓Continued Debt Pay Down • Paid down $8 million of debt plus an additional $10 million deferred payment for LRR Acquisition • Increased liquidity to $166 million ✓Strong Operational Execution Despite Market Volatility • 13,124 barrels of oil sold per day (near the mid-point of guidance) • 20,508 barrels of oil equivalent sold per day (near high-end of guidance) • Ongoing reductions result in LOE of $10.02 per Boe (11% better than the recently improved guidance) Beat on Production and Costs, Exceeded Debt Paydown Despite 14% QoQ Decrease in Realized $ per Boe

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Total Sales Realized Price Adjusted EBITDA1 CapEx Lifting Costs L i All-in Cash Operating Costs3 Adjusted Free Cash Flow1 SEC Proved Developed Reserves4 SEC Proved Reserves4 2025 2025 2025 2025 2025 2025 2025 2025 2025 20,253 $41.55 $184.0 $98.2 $10.73 $22.23 $50.1 103.8 153.3 Boe/d 65% Oil Per Boe Million Million 53% Reinvestment Rate Per Boe Per Boe Million MMBoe MMBoe 2024 2024 2024 2024 2024 2024 2024 2024 2024 19,648 $50.94 $233.3 $151.9 $10.89 $23.04 $43.6 92.6 134.2 Boe/d 68% Oil Per Boe Million Million 65% Reinvestment Rate Per Boe Per Boe Million MMBoe MMBoe FY 2025 – Maximizing Adjusted Free Cash Flow1 6 Grew AFCF1 to $50 Million Despite 18% Lower Realized Prices – Improved All Controllable Metrics 1. Adjusted Free Cash Flow and Adjusted EBITDA are Non-GAAP financial measures. See Appendix for definition andreconciliation to GAAP measures. 2. Updated guidance as shown in Q1 2025 earnings release on May 7, 2025. 3. Total Operating costs is defined as all “cash” costs including LOE, cash G&A, interest expense, workovers and other operating expenses, production taxes and gathering/transportation costs on a $ per Boe basis. 4. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. Company Record ✓Operational Excellence Decreased cost structure, beat updated guidance2 on lift costs $ per Boe by 10% and in line with mid-point of guidance on capex ✓Enhanced AFCF1 Record yearly AFCF YoY+15% Funding debt reduction, lowered reinvestment rate YoY by 18.5% ✓Add Size & Scale Record yearly sales, beat updated guidance2 by +1% & increased Proved Reserves +14% and added inventory 25E Original guidance 5/8 Boe/d 20.0k Bo/d 13.2k Capex $99million Lift cost $12.00/boe

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI $4 $6 $8 $10 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) REI Legacy LRR FY 2025 – Operational Excellence 7 Driving Sustainable Free Cash Flow Through Lower Capital and Operating Costs 1. D&C Cost is drilling, completion, equipment and connect to facility costs per lateral foot. Reducing Capital Spend $MM Reducing D&C Cost Per Lateral Foot1 Reducing LOE $MM per Month Reducing LOE $ per Boe Includes Founders Acquisition $154 $99 $98 Original Guidance FY'25 Updated Guidance FY'25 FY'25 Actuals ~$56 Million improvement since original guidance $400 $450 $500 $550 $600 $650 2023 2024 2025 ~19% reduction since 2023 ~$500 ~$1.4 Million per month savings $11.5 $9.9 $19.7 $14.3 $12.4 $10.4 Q4 2024 & Q1 2025 (Pre LRR Acquisition) Q3 2025 & Q4 2025 (Post LRR Acquisition) REI Legacy LRR Combined ~16% reduction combined, since LRR Acquisition

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI NWS CBP-N Penwell CBP-S 19% 59% 22% Proved Reserves1 and Inventory 8 Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years 1. Reserves as of December. 31, 2025 utilizing SEC prices, YE 2025 SEC Pricing: $61.82 per Bbl Oil & $3.387 per Mcf Gas. 2. PV-10 is a Non-GAAP financial measure. See Appendix for definition and reconciliation. 3. Changes in proved reserves due to price and differentials (see Form10-K for year ended December 31, 2025 for details). 4. See 10K for additional information Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Reserve Extensions4 (MMBoe) 24% 76% $1,318 MM PD $1,007 MM PUD $312 MM Oil (MMBO) 90.3 Gas (BCF) 176.2 NGL (MMBBL) 33.6 ~153 MMBoe 245+ PUD Locations 235+ PDNP Opportunities PD ~104 MMBoe PUD ~49 MMBoe 32% 68% ~153 MMBoe LRR Acquisition + Organic Reserve Replacement in 2025 Increased Proved Reserves 14% Increased PD Reserves 12% Replaced Production and SEC Price3 Volumes 7.4MM BOE Produced 5.9MM BOE SEC Price 11.2MM BOE of Extensions 90% horizontal extensions 11.2 0 5 10 15 20 2023 2024 2025 Proved Locations by Area 3 years of reserve replacement & extensions

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI 10+ years of drilling inventory at current activity levels Converting legacy proved vertical zones into multi-bench Hz value Proved Vt 30% Proved Hz 19% LOC Hz 51% High-Margin Assets with Multi-Zone Horizontal Upside 9 Unlocking Value Transitioning Proved Vertical Development to Multi-Bench Horizontal Locations 1. Break-even costs is for core inventory in CBP & NWS asset areas. The range in break-even based at least a 10% rate of return on recent capex spend, differentials, and depends on lateral length, asset area, completion and artificial lift type. 2. Defined as locations that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. P e rm ia n P e n n sy lv a n ia n M Is si ss ip p ia n Add to table breakeven ranges per area Geologic Period Target Formation “Stacked Pay Zones” CBP Active WPS CBP Hz Potential NWS Active WPS Permian Grayburg ✓ ✓ 4-6 San Andres Judkins ✓✓ 4-6 McKnight ✓ ✓ ✓ ✓ 6-8 Holt ✓ ✓ Glorieta ✓ ✓ Clearfork Upper ✓ ✓ Tubb ✓ ✓ 4-6 Lower ✓ ✓ Wichita - Albany ✓ ✓ Wolfcamp ✓ ✓ 3-5 ✓ Pennsyl- vanian Penn Mississ- ippian Barnett Shale ✓ Mississippian Lime Woodford Devonian Devonian ✓✓ 3-4 Includes operated & NonOP ✓ Vertical ✓ Horizontal Do we want to separate/draw attention to Horizontal vs Vertical targets at this stage or wait until we've drilled more horizontals outside of San Andres/Grayburg?? 500+ Total Gross New Drill Locations2 Horizontal Horizontal & Vertical CBP North Penwell CBP South 2025 Core Assets Central Basin Platform “CBP” Northwest Shelf “NWS” Counties Andrews, Crane, Ector, Gaines Yoakum Net Acres ~79,000 ~17,000 Operated WI / NRI ~96% / ~81% ~92% / ~69% Net Production ~12 Mboe/d (68% oil) ~8.3 Mboe/d (62% oil) Capital ($MM) ~$69 ~$29 New Drill Program 7 Hz & 6 Vt wells 5 Hz wells Field Level EBITDA Margin ~60% ~78% Breakeven Costs1 < $50 per Bbl < $40 per Bbl NWS

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Operational Discipline Delivered Higher AFCF1 10 Business Execution Driving Growth And Stronger AFCF1 Despite ~18% Lower Realized Prices 1. Adjusted Free Cash Flow and All-in-Cash Operating Costs are Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per Bbl Gas $3.387 per Mcf. 3. Reinvestment rate expressed as percentage of Adjusted EBITDA. ✓Operational Excellence✓Additional Size & Scale ✓ Cash Flow Generation $45 $44 $50 $40 $45 $50 $55 2023 2024 2025 Adjusted Free Cash Flow1 $MM Commodity Prices $76.2 $74.9 $63.5 $50 $60 $70 $80 2023 2024 2025 Realized Oil $ per Bbl $54.6 $50.9 $41.6 $30 $40 $50 $60 2023 2024 2025 Realized $ per Boe 500+ FOG AQ LRR AQ 130 134 153 $100 $120 $140 $160 2023 2024 2025 Proved Reserves2 MMBoe 18.1 19.7 20.3 $16 $18 $20 $22 2023 2024 2025 Sales MBoe/d $152 $152 $98 $0 $100 $200 2023 2024 2025 Capex $MM 64% 65% 53% Reinvestment Rate3 $23.5 $23.0 $22.2 $10 $15 $20 $25 2023 2024 2025 All-in-Cash Op. Costs1 $/Boe $11.6 $11.0 $10.4 $0 $4 $8 $12 2023 2024 2025 F&D Costs $/Boe

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI $10.73 $10.65 2025 2026E Guidance Midpoint 20,253 20,150 2025 2026E Guidance Midpoint $98 $115 2025 2026E Guidance Midpoint Focused on Maximizing Adjusted Free Cash Flow1 11 Driving Success Through Volatile Oil Prices 1. Adjusted Free Cash Flow is a Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. Estimated AFCF is based on projections of internal management financial model and assumes mid point of guidance for "net sales“ production & capex with adjustable oil price as of April 2026, $3.50 per MCF Flat, and NGL realizations of ~12% of WTI oil price. 3. Estimated AFCF yield for 2024 & 2025 are based on year-end market capitalizations and the 2026E are based on assumptions above for AFCF and Ring’s stock price and market capitalization as 2/27/2026. Building Scale & Pursuing Operational Excellence 2026E Adjusted Free Cash Flow2 2026E Adjusted Free Cash Flow Yield2,3 ~500 Production (Boe/d) Capital ($MM) LOE ($/Boe) +15% YoY • Investment in Infrastructure & Land to enable more capital efficient inventory • 2026 program is 78%, 22 (mid- point) horizontal vs’ 67%, 12 Hz in 2025 -1% YoY • Ongoing focus on lowering costs across the board $44 $50 $0MM $25MM $50MM $75MM 2024 2025 $60 $65 $70 $75 $80 FY 2026E WTI 18% 28% 13% 16% 20% 22% 24% 0% 10% 20% 30% 2024 2025 $60 $65 $70 $75 $80 FY 2026E WTI Essentially Flat YoY • Winter storm negative impact in Q1 is ~540 Boe/d • Non-op Divestiture impact FY 200 Boe/d

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Track Record of Enhancing Value for Stockholders 12 Scale, Measurable Performance and Long-Term Value Creation 1. Adjusted Free Cash Flow and All-in-Cash Operating Costs are Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. SEC Proved Reserves as of 12/31/2025 utilizing SEC prices, YE 2025 SEC Pricing Oil $61.82 per bbl Gas $3.387 per Mcf 0.0339 0.0359 0.0361 2023 2024 2025 Production per Share Boe/Share All-in-Cash Operating Costs1 $/Boe Adjusted Free Cash Flow1 $/Boe $23.46 $23.04 $22.23 2023 2024 2025 $6.85 $6.07 $6.78 2023 2024 2025 0.66 0.67 0.75 2023 2024 2025 SEC Proved Reserves per Share2 Boe/Share Includes Founders Acquisition Includes LRR Acquisition

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Permian’s Premier Conventional Consolidator 13 Ring is One of the Top Three Operators in the CBP & NWS – Uniquely Positioned to Lead Consolidation Source: Enverus TTM 12/2025 , Companies include Basin O&G, Blackbeard Operating, Burk Royalty, ConocoPhillips, Crescent Energy, Elevation Resources, Formentera Partners, Hilcorp, Kinder Morgan, OXY, Riley Petroleum, Ring Energy, Diversified Energy, Mach Natural Resources and Scout CBP & NWS: Fragmented Ownership • Scale gives Ring the edge – As one of the largest operators in the CBP & NWS, Ring has the operational footprint to efficiently integrate acquisitions • The prize is massive – ~410,000 Boepd of conventional production across CBP and NWS remains fragmented among majors and independents • Ring has already proven it – A track record of accretive acquisitions demonstrates Ring’s M&A capabilities and ability to successfully integrate newly acquired assets • Conventional is Ring’s core competency – Ring’s technical depth in conventional zones makes it uniquely positioned to unlock value competitors overlook • Less competition, better deals – Fewer public E&P competitors and lower-cost well economics mean Ring acquires at better prices and integrates more profitably 110 57 26 26 23 21 20 13 10 8 8 7 6 6 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 G ro ss P ro d u c ti o n (2 -S tr e a m M b o e /d ) Delaware Basin CBP NWS Eastern Shelf Midland Basin Publics Privates REI CBP/NWS Publics CBP/NWS Privates % Oil 81% 68% 77% 80% 85% 78% 85% 59% 91% 90% 64% 77% 75% 81% 49% Ranking 1 2 3 4 5

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Potential Catalysts for 2026 & Beyond 14 Organically Grow High-Quality Inventory and Reserves Further Strengthen Balance Sheet Increase Financial Flexibility Ongoing Cost and Capital Efficiency Gains Substantial Upside with Increasing Commodity Prices

www.ringenergy.com | NYSE American: REI Q4 & FY 2025 EARNINGS | MARCH 5, 2026 FINANCIAL OVERVIEW

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Updated Guidance 16 1. In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. $98 $115 2025 2026E Guidance Midpoint Total Capex Comparison $MM 1% 5% 26% 68% Capex Allocation 2025 2026E D&C, Infrastructure, CTR Capital Workover, Recompletions Land, Non-op Facility Improvements, ESG Sales Volumes Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 Guidance Total (Bo/d) 12,100 – 12,500 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 12,500 – 13,400 Mid Point (Bo/d) 12,300 12,950 13,250 13,300 12,950 Total (Boe/d) 19,100 – 19,600 19,400 – 21,000 19,700 – 21,300 19,800 – 21,400 19,500 – 20,800 Mid Point (Boe/d) 19,350 20,200 20,500 20,600 20,150 - Oil (%) 64% 64% 65% 65% 64% - NGLs (%) 20% 20% 20% 20% 20% - Gas (%) 16% 16% 15% 15% 16% Capital Program Capital1 ($MM) $28 – $34 $28 – $36 $27 – $35 $17 – $25 $100 – $130 Mid Point (millions) $31 $32 $31 $21 $115 - New Hz wells drilled 5 – 6 5 – 7 5 – 7 3 – 5 18 – 25 - New Vertical wells drilled 1 1 – 2 1 – 2 1 4 – 6 - DUC Wells 1 0 0 0 1 - Wells completed & online 7 – 8 6 – 9 6 – 9 4 – 6 23 – 32 Operating Expenses LOE (per Boe) $10.75 – $11.25 $10.05– $11.05 $10.00 – $11.00 $10.00 – $11.00 $10.15 – $11.15 Mid Point (per Boe) $11.00 $10.55 $10.50 $10.50 $10.65 Q1 & FY Negative Impacts: • Winter storm negative impact in Q1 is ~540 Boe/d • Non-op Divestiture impact FY 200 Boe/d

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI REI Historical Price Performance1 17 Price Performance Since January 1, 2021 1. Source: Factset as of 2/27/2026 6.5 MM warrants exercised Stronghold Acquisition Announcement Founders Acquisition Announcement Warburg Pincus sells down 6.2 MM shares Warburg Pincus sells down 2.5 MM shares 8-K disclosing Warburg is out 3.0 MM warrants excercised 4.5 MM warrants excercised 14.5 MM warrants excercised Warburg Pincus sells down 12.6 MM shares Warburg Pincus sells down 4.4 MM shares Warburg Pincus sells down 6.6 MM shares Warburg Pincus sells down 6 MM shares Warburg Pincus owns 5.5MM shares (2.65%) $0 $20 $40 $60 $80 $100 $120 $0 $1 $2 $3 $4 $5 $6 Jan '21 Apr '21 Jul '21 Oct '21 Jan '22 Apr '22 Jul '22 Oct '22 Jan '23 Apr '23 Jul '23 Oct '23 Jan '24 Apr '24 Jul '24 Oct '24 Jan '25 Apr '25 Jul '25 Oct '25 Jan '26 Quarterly Filing Date Ring Energy, Inc. ($/share) - Left WTI Crude Oil ($/bbl) - Right

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI 1.66x 1.90x 2.05x 2.10x Historical Metrics 18 Quarterly Analysis of Adjusted Free Cash Flow1 1. Adjusted Free Cash Flow, Leverage Ratio and Adjusted EBITDA are Non-GAAP financial measures. See Appendix for definition and reconciliation to GAAP measures. 2. Net Interest Expense included in table is interest expense net of interest income and excludes deferred financing costs amortization. Leverage Ratio (LTM)1 2.20x Realized $/Boe $46.14 $47.78 $42.63 $41.10 $35.45 1 12 $50.9 $46.4 $51.5 $47.7 $38.4 -$37.6 -$32.5 -$16.8 -$24.6 -$24.3 -$8.7 -$8.2 -$9.9 -$9.3 -$8.4 $4.7 $5.8 $24.8 $13.9 $5.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adjusted EBITDA $MM CapEx $MM Net Interest Exp $MM Adjusted Free Cash Flow $MM Higher leverage is a result of the LRR Acquisition in Q2 2025 Focus remains on paying down debt

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Reducing Debt & Increasing Liquidity 19 Disciplined Paying Down Debt and Improving Liquidity Since Closing LRR Acquisition 1. Q1 2025 excludes $75 MM of borrowings to fund LRR Acquisition and other one-time cash items. 2. Liquidity is defined as cash and cash equivalents plus available borrowings under Ring’s credit agreement. RBL Balance & Debt Paydown1 Liquidity2 ($MM) $3 $3 $15 $15 $7 $12 $20 $8 $0 $5 $10 $15 $20 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 $175 $179 $194 $208 $217 $141 $137 $157 $166 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Founders Acquisition final deferred payment FY Adv tax payment and other one-time cash items $385 $460 $420 $300 $350 $400 $450 $500 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Debt Paydown1 ($MM) RBL Balance ($MM) LRR Acquisition LRR Acquisition $40 million paid down since LRR acquisition RBL reduced from $600MM to $585MM in Q2 2025 and other one-time cash items Lime Rock Acquisition final deferred payment of $10 MM

www.ringenergy.com www.ringenergy.com Q4 & FY 2025 EARNINGS | MARCH 5, 2026 THANK YOU Company Contact Al Petrie (281) 975-2146 apetrie@ringenergy.com Analyst Coverage Tuohy Bothers Investment Noel Parks (215) 913-7320 nparks@tuohybrothers.com Water Tower Research Jeff Robertson (469) 343-9962 jeff@watertowerresearch.com Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: (281) 397-3699 Alliance Global Partners (AGP) Poe Fratt (314) 719-6084 pfratt@allianceg.com

www.ringenergy.com | NYSE American: REI Q4 & FY 2025 EARNINGS | MARCH 5, 2026 APPENDIX

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Derivative Summary (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude. Oil Hedges (WTI) Q1 2026 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) 260,741 622,601 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — Weighted average swap price $ 67.13 $ 66.43 $ 61.77 $ 65.34 $ 62.82 $ 60.45 $ 61.80 $ 57.59 $ — $ — $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 62,000 273,000 471,685 — — — — — 364,000 — — — — — — — Weighted average put price $ 52.50 $ 55.00 $ 59.02 $ — $ — $ — $ — $ — $ 55.00 $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 60.75 $ 65.65 $ 71.06 $ — $ — $ — $ — $ — $ 64.28 $ — $ — $ — $ — $ — $ — $ — As of March 5, 2026 The Company has hedged: 2026: ~ 2.5 million barrels of oil at avg downside protection price of $62.76 2027: ~ 1.8 million barrels of oil at avg downside protection price of $60.78 22

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Derivative Summary (1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above. Gas Hedges (Henry Hub) Q1 2026 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 1,012,567 984,322 956,865 931,539 908,117 886,933 866,585 846,134 Weighted average swap price $ 3.82 $ 4.19 $ 3.99 $ 4.02 $ 4.02 $ 3.86 $ 4.02 $ 3.77 $ 3.77 $ 3.77 $ 3.77 $ 3.67 $ 3.67 $ 3.67 $ 3.67 Two-way collars: Hedged volume (MMBtu) 139,000 648,728 128,000 717,000 694,000 — — — — — — — — — — Weighted average put price $ 3.50 $ 3.10 $ 3.50 $ 3.99 $ 3.00 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 5.42 $ 4.24 $ 5.42 $ 5.21 $ 4.32 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — As of March 5, 2026 Gas Hedges (basis differential) Q1 2026 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 El Paso Permian Basin basis swaps: Hedged volume (MMBtu) — — — — 960,307 636,710 615,547 596,306 577,163 561,064 545,413 530,977 517,628 505,552 493,953 482,296 Weighted average spread price (1) $ — $ — $ — $ — $ 0.72 $ 0.67 $ 0.67 $ 0.67 $ 0.60 $ 0.60 $ 0.60 $ 0.60 $ 0.57 $ 0.57 $ 0.57 $ 0.57 Waha basis swaps: Hedged volume (MMBtu) — — — — 196,372 480,325 464,360 449,846 435,403 423,259 411,453 400,562 390,490 381,381 372,632 363,837 Weighted average spread price (1) $ — $ — $ — $ — $ 0.78 $ 0.78 $ 0.78 $ 0.78 $ 0.68 $ 0.68 $ 0.68 $ 0.68 $ 0.63 $ 0.63 $ 0.63 $ 0.63 The Company has hedged: 2026: ~ 3.8 BCF of natural gas at avg downside protection price of $3.78 2027: ~ 4.4 BCF of natural gas at avg downside protection price of $3.81 23

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Disclosure 24 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 EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “Cash Return on Capital Employed” or “CROCE,” “PV-10,” “Leverage Ratio,” “All-in Cash Operating Costs,” and "Cash Operating Margin." Management uses these non-GAAP financial measures in its analysis of performance. In addition, CROCE is a key metric used to determine a portion of the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense),unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities (as reflected on the Company’s Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company's current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow. The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in the Company’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this financial performance measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector. “Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility. The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility and means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of. The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. “PV-10” is a non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 measure of the Company’s oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to its estimated proved reserves independent of its income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to its reserves. Management believes the use of a pre-tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The Company defines “Cash Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and stockholder equity for the period. Management believes that CROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. CROCE is not considered to be an alternative to net income reported in accordance with GAAP. The Company defines “All-In Cash Operating Costs,” a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company. The Company defines “Cash Operating Margin,” a non-GAAP financial measure, as realized revenues per Boe less all-in cash operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company. The table below provides detail of PV- 10 to the standardized measure of discounted future net cash flows as of December 31, 2025. ($ in 000’s) Present value of estimated future net revenues (PV-10) $1,318,208 Future income taxes, discounted at 10% 194,715 Standardized measure of discounted future net cash flows $1,123,493

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations 25 Adjusted Net Income (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net Income (Loss) $ (12,845,294) $ (0.06) $ (51,631,530) $ (0.25) $ 5,657,519 $ 0.03 $ (34,731,199) $ (0.17) $ 67,470,314 $ 0.34 Share-based compensation 1,474,560 0.01 1,618,600 0.01 1,672,320 0.01 6,135,957 0.03 5,506,017 0.03 Ceiling test impairment 35,913,116 0.17 72,912,330 0.35 — — 108,825,446 0.54 — — Unrealized loss (gain) on change in fair value of derivatives (14,753,449) (0.07) 2,141,925 0.01 6,999,552 0.03 (26,206,539) (0.13) (2,827,756) (0.02) Transaction costs - A&D 25,000 — 10 — 21,017 — 27,786 — 24,556 — Tax impact on adjusted items (6,213,517) (0.03) (11,920,971) (0.06) (2,008,740) (0.01) (15,670,138) (0.08) (628,405) — Adjusted Net Income (Loss) $ 3,600,416 $ 0.02 $ 13,120,364 $ 0.06 $ 12,341,668 $ 0.06 $ 38,381,313 $ 0.19 $ 69,544,726 $ 0.35 Diluted Weighted-Average Shares Outstanding 207,233,067 206,688,003 200,886,010 204,984,223 200,277,380 Adjusted Net Income per Diluted Share $ 0.02 $ 0.06 $ 0.06 $ 0.19 $ 0.35

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations (continued) 26 Adjusted EBITDA 1. Adjusted EBITDA Margin is Adj. EBITDA divided by oil, natural gas, and natural gas liquids revenue. (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Net Income (Loss) $ (12,845,294) $ (51,631,530) $ 20,634,887 $ 9,110,738 $ 5,657,519 $ (34,731,199) $ 67,470,314 Interest expense, net 9,065,509 9,978,067 11,687,746 9,408,728 9,987,731 40,140,050 42,819,864 Unrealized (gain) loss on change in fair value of derivatives (14,753,449) 2,141,925 (13,970,211) 375,196 6,999,552 (26,206,539) (2,827,756) Ceiling test impairment 35,913,116 72,912,330 — — — 108,825,446 — Income tax (benefit) expense (3,800,401) (12,800,947) 6,107,425 3,041,177 1,803,629 (7,452,746) 20,440,954 Depreciation, depletion and amortization 23,002,908 25,225,345 25,569,914 22,615,983 24,548,849 96,414,150 98,702,843 Asset retirement obligation accretion 390,892 390,563 382,251 326,549 323,085 1,490,255 1,380,298 Transaction costs - A&D 25,000 10 1,000 1,776 21,017 27,786 24,556 Share-based compensation 1,474,560 1,618,600 1,351,839 1,690,958 1,672,320 6,135,957 5,506,017 (Gain) loss on disposal of assets (60,855) (105,642) (155,293) (124,610) — (446,400) (89,693) Other income (29,582) — (150,770) (8,942) (80,970) (189,294) (106,656) Adjusted EBITDA $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 46,437,553 $ 50,932,732 $ 184,007,466 $ 233,320,741 Adjusted EBITDA Margin 57 % 61 % 62 % 59 % 61 % 60 % 64 % 1

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations (continued) 27 Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Net Cash Provided by Operating Activities $ 44,688,823 $ 44,492,325 $ 33,297,251 $ 28,371,008 $ 47,279,681 $ 150,849,407 $ 194,423,712 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities (14,727,429) (6,086,921) 8,312,480 9,784,999 (5,073,676) (2,716,871) 888,089 Transaction costs - A&D 25,000 10 1,000 1,776 21,017 27,786 24,556 Income tax expense (benefit) - current 51,311 39,772 147,460 136,394 71,280 374,937 401,197 Capital expenditures (24,343,200) (24,589,282) (16,827,513) (32,451,531) (37,633,168) (98,211,527) (151,946,171) Proceeds from divestiture of equipment for oil and natural gas properties — 100 — — 121,232 100 121,232 Credit loss expense — (907) (205) (17,917) 26,747 (19,029) (160,847) Other income (29,582) — (150,770) (8,942) (80,970) (189,294) (106,656) Adjusted Free Cash Flow $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 5,815,787 $ 4,732,143 $ 50,115,509 $ 43,645,112 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Adjusted EBITDA $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 46,437,553 $ 50,932,732 $ 184,007,466 $ 233,320,741 Net interest expense (excluding amortization of deferred financing costs) (8,374,281) (9,284,442) (9,851,572) (8,170,235) (8,688,653) (35,680,530) (37,850,690) Capital expenditures (24,343,200) (24,589,282) (16,827,513) (32,451,531) (37,633,168) (98,211,527) (151,946,171) Proceeds from divestiture of equipment for oil and natural gas properties — 100 — — 121,232 100 121,232 Adjusted Free Cash Flow $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 5,815,787 $ 4,732,143 $ 50,115,509 $ 43,645,112

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations (continued) 28 Leverage Ratio (Current Period End) (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2025 2025 2025 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ 9,110,738 $ 20,634,887 $ (51,631,530) $ (12,845,294) $ (34,731,199) Plus: Consolidated interest expense 9,408,728 11,687,746 9,978,067 9,065,509 40,140,050 Plus: Income tax provision (benefit) 3,041,177 6,107,425 (12,800,947) (3,800,401) (7,452,746) Plus: Depreciation, depletion and amortization 22,615,983 25,569,914 25,225,345 23,002,908 96,414,150 Plus: non-cash charges reasonably acceptable to Administrative Agent 2,392,703 (12,236,121) 77,063,418 23,025,119 90,245,119 Consolidated EBITDAX $ 46,569,329 $ 51,763,851 $ 47,834,353 $ 38,447,841 $ 184,615,374 Plus: Pro Forma Acquired Consolidated EBITDAX 7,392,359 — — — 7,392,359 Less: Pro Forma Divested Consolidated EBITDAX 8,855 — — — 8,855 Pro Forma Consolidated EBITDAX $ 53,970,543 $ 51,763,851 $ 47,834,353 $ 38,447,841 $ 192,016,588 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 326,549 $ 382,251 $ 390,563 $ 390,892 Unrealized loss (gain) on derivative assets 375,196 (13,970,211) 2,141,925 (14,753,449) Ceiling test impairment — — 72,912,330 35,913,116 Share-based compensation 1,690,958 1,351,839 1,618,600 1,474,560 Total non-cash charges reasonably acceptable to Administrative Agent $ 2,392,703 $ (12,236,121) $ 77,063,418 $ 23,025,119 As of December 31, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 420,000,000 2.19 Notes payable 505,752 — Capital lease obligations 1,323,710 0.01 Consolidated Total Debt $ 421,829,462 2.20 Pro Forma Consolidated EBITDAX 192,016,588 Leverage Ratio 2.20 Maximum Allowed ≤ 3.00x Leverage Ratio (Comparative Period End) (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2024 2024 2024 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ 5,515,377 $ 22,418,994 $ 33,878,424 $ 5,657,519 $ 67,470,314 Plus: Consolidated interest expense 11,420,400 10,801,194 10,610,539 9,987,731 42,819,864 Plus: Income tax provision (benefit) 1,728,886 6,820,485 10,087,954 1,803,629 20,440,954 Plus: Depreciation, depletion and amortization 23,792,450 24,699,421 25,662,123 24,548,849 98,702,843 Plus: non-cash charges acceptable to Administrative Agent 19,627,646 1,664,064 (26,228,108) 8,994,957 4,058,559 Consolidated EBITDAX $ 62,084,759 $ 66,404,158 $ 54,010,932 $ 50,992,685 $ 233,492,534 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX (124,084) (469,376) (600,460) 77,819 (1,116,101) Pro Forma Consolidated EBITDAX $ 61,960,675 $ 65,934,782 $ 53,410,472 $ 51,070,504 $ 232,376,433 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 350,834 $ 352,184 $ 354,195 $ 323,085 Unrealized loss (gain) on derivative assets 17,552,980 (765,898) (26,614,390) 6,999,552 Ceiling test impairment — — — — Share-based compensation 1,723,832 2,077,778 32,087 1,672,320 Total non-cash charges acceptable to Administrative Agent $ 19,627,646 $ 1,664,064 $ (26,228,108) $ 8,994,957 As of December 31, 2024 Leverage Ratio Covenant: Revolving line of credit $ 385,000,000 Pro Forma Consolidated EBITDAX 232,376,433 Leverage Ratio 1.66 Maximum Allowed ≤ 3.00x

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations (continued) 29 Leverage Ratio (Summary of Other Periods) (Unaudited) Twelve Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ (34,731,199) $ (16,228,386) $ 69,281,568 $ 71,065,675 $ 67,470,314 Plus: Consolidated interest expense 40,140,050 41,062,272 41,694,744 40,808,192 42,819,864 Plus: Income tax provision (benefit) (7,452,746) (1,848,716) 21,040,185 21,753,245 20,440,954 Plus: Depreciation, depletion and amortization 96,414,150 97,960,091 98,396,869 97,526,376 98,702,843 Plus: non-cash charges acceptable to Administrative Agent 90,245,119 76,214,957 (27,076,569) (13,176,384) 4,058,559 Consolidated EBITDAX $ 184,615,374 $ 197,160,218 $ 203,336,797 $ 217,977,104 $ 233,492,534 Plus: Pro Forma Acquired Consolidated EBITDAX 7,392,359 12,636,437 20,474,600 30,803,716 — Less: Pro Forma Divested Consolidated EBITDAX 8,855 86,674 (513,786) (983,162) (1,116,101) Pro Forma Consolidated EBITDAX $ 192,016,588 $ 209,883,329 $ 223,297,611 $ 247,797,658 $ 232,376,433 As of As of As of As of As of December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Leverage Ratio Covenant: Revolving line of credit $ 420,000,000 $ 428,000,000 $ 448,000,000 $ 460,000,000 385,000,000 Notes payable 505,752 1,001,829 Estimated deferred payment — 10,000,000 10,000,000 10,000,000 — Capital lease obligations 1,323,710 1,275,826 Consolidated Total Debt $ 421,829,462 $ 440,277,655 $ 458,000,000 $ 470,000,000 $ 385,000,000 Pro Forma Consolidated EBITDAX 192,016,588 209,883,329 223,297,611 247,797,658 232,376,433 Leverage Ratio 2.20 2.10 2.05 1.90 1.66 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations (continued) 30 Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Net Cash Provided by Operating Activities $44,688,823 $44,492,325 $47,279,681 $ 150,849,407 $ 194,423,712 Changes in operating assets and liabilities (14,727,429) (6,086,921) (5,073,676) (2,716,871) 888,089 Adjusted Cash Flow from Operations $29,961,394 $38,405,404 $42,206,005 $ 148,132,536 $ 195,311,801 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 General and administrative expense (G&A) $ 8,030,310 $ 8,139,771 $ 8,035,977 $ 31,928,576 $ 29,640,300 Shared-based compensation 1,474,560 1,618,600 1,672,320 6,135,957 5,506,017 G&A excluding share-based compensation 6,555,750 6,521,171 6,363,657 25,792,619 24,134,283 Transaction costs - A&D 25,000 10 21,017 27,786 24,556 G&A excluding share-based compensation and transaction costs $ 6,530,750 $ 6,521,161 $ 6,342,640 $ 25,764,833 $ 24,109,727 Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net (Boe) PV-10 Balance, December 31, 2024 80,904,071 149,817,162 28,303,085 134,176,684 $ 1,462,827,136 Purchase of minerals in place 9,915,483 10,067,543 2,373,336 13,966,743 Extensions, discoveries and improved recovery 7,281,553 10,624,783 2,133,786 11,186,136 Sales of minerals in place — — — — Production (4,841,164) (6,980,958) (1,387,818) (7,392,476) Revisions of previous quantity estimates (2,939,895) 12,652,046 2,171,955 1,340,734 Balance, December 31, 2025 90,320,048 176,180,576 33,594,344 153,277,821 $ 1,318,208,128 As of and for the twelve months ended December 31, December 31, December 31, 2025 2024 2023 Total long term debt (i.e. revolving line of credit) $420,000,000 $385,000,000 $425,000,000 Total stockholders' equity 836,275,746 858,639,982 786,582,900 Average debt 402,500,000 405,000,000 420,000,000 Average stockholders' equity 847,457,864 822,611,441 723,843,146 Average debt and stockholders' equity $1,249,957,864 $1,227,611,441 $1,143,843,146 Net Cash Provided by Operating Activities $150,849,407 $194,423,712 $198,170,459 Less change in WC (Working Capital) 2,716,871 (888,089) 1,180,748 Adjusted Cash Flows From Operations (ACFFO) $148,132,536 $195,311,801 $196,989,711 CROCE (ACFFO)/(Average D+E) 11.9 % 15.9 % 17.2 %

Ring Energy, Inc. Q4 & FY 2025 Earnings | March 5, 2026 | NYSE American: REI Non-GAAP Reconciliations (continued) 31 All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 18,911,801 $ 20,518,472 $ 20,326,216 $ 79,353,806 $ 78,310,949 G&A excluding share-based compensation 6,555,750 6,521,171 6,363,657 25,792,619 24,134,283 Net interest expense (excluding amortization of deferred financing costs) 8,374,281 9,284,442 8,688,653 35,680,530 37,850,690 Operating lease expense 175,090 175,091 175,090 700,362 700,362 Oil and natural gas production taxes 3,224,183 3,670,987 3,857,147 14,312,232 16,116,565 Ad valorem taxes 2,279,266 2,446,565 2,421,595 7,906,586 8,069,064 Gathering, transportation and processing costs 121,097 126,569 130,230 585,087 506,333 All-in cash operating costs $ 39,641,468 $ 42,743,297 $ 41,962,588 $ 164,331,222 $ 165,688,246 Boe 1,886,755 1,912,611 1,808,493 7,392,476 7,191,054 All-in cash operating costs per Boe $ 21.01 $ 22.35 $ 23.20 $ 22.23 $ 23.04 Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Cash Operating Margin Realized revenues per Boe $ 35.45 $ 41.10 $ 46.14 $ 41.55 $ 50.94 All-in cash operating costs per Boe 21.01 22.35 23.20 22.23 23.04 Cash Operating Margin per Boe $ 14.44 $ 18.75 $ 22.94 $ 19.32 $ 27.90 Cash Operating Margin As of December 31, 2025 Current assets $ 62,069,412 Less: Current derivative assets 21,468,134 Current assets less Current derivative assets 40,601,278 Revolver Availability (Facility less debt less LCs) 164,965,000 Current Assets per Covenant $ 205,566,278 Current liabilities $ 100,961,894 Less: Current derivative liabilities 841,193 Current Liabilities per Covenant $ 100,120,701 Current Ratio 2.05 Minimum Allowed > or = 1.00x Current Ratio