reiq12026earnings

NYSE American: REI www.ringenergy.com www.ringenergy.com REDEFINING CONVENTIONAL ASSETS Q1 2026 EARNINGS REAFFIRM GUIDANCE • Consider changing title of deck since we are telling Ring story

Ring Energy, Inc. Q1 2026 Earnings | May 7, 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,” “strategy”, “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 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 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; political instability or armed conflict in major oil and natural gas producing regions outside the United States, including military hostilities in the Middle East (including the recent conflict between the United States and Iran), Russia, and Ukraine; 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 Net Income”, “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. See Appendix for definitions and reconciliation to GAAP measures. Forward-Looking Statements and Supplemental Non-GAAP Financial Measures

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Ring Energy’s Strategic Advantage 3 Proven Model with Low Decline, High Margin, Long-Life Assets Driving Sustainable AFCF1 Through Cycles A leader redefining conventional assets by using unconventional thinking and modern technology to deliver sustainable returns 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. 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: 26 Consecutive Quarters of AFCF1 10+ Years of Drilling Inventory: 500+ Identified Locations2 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life Disciplined Consolidator in the Heart of the Permian: 3rd Largest E&P in CBP Texas3 Nimble Operator: High NRIs, Stacked Pay Zones with Multi-bench Hz Potential A Leader Redefining Conventional Assets Through Unconventional Thinking & Modern Technology to Deliver Sustainable Returns • Insert tag line? Revise it to be what team thinks is best

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI A Modern Conventional E&P Built for the Future 4 Transformation in Motion and Foundation Laid for Sustained Value Creation 1. Market data is as of May 1, 2026. Balance sheet data is as of March 31, 2026. Transformation Milestones New Leadership Positioned for Recovery Stronghold Acquisition Doubled Production, Reserves and Inventory Margin Expansion Increased Adj FCF Founders Acquisition Debt Reduction Organic Focus Optimize Costs Record Production & Adj FCF Cost Structure Reduction Scale Add- Organic Reserve Growth Lime Rock Acquisition 1P Reserves (MMBoe) 76.5 → 153 +100% vs. YE 2020 Ring has built scale, inventory depth, and reduced leverage, creating a stronger foundation for long-term value Production (MBoe/d) 8.8 → 20.3 +130% vs. YE 2020 PV-10 ($MM) $638 → $1,318 +107% vs. YE 2020 Inventory Runway 10+ yrs Long-duration development visibility Leverage Ratio 3.6x → 2.2x -38% vs. YE 2020 Reserve life 20+ yrs Cycle-resilient cash flow base 2020 2022 2023 2024 2025+2021 Value-Focused Proven Strategy Disciplined Development Reset Stabilize Transform Execute Optimize Sustainable Ring Today1 (May 1, 2026) $381MM Market Cap +575% vs. YE 2020 $806MM Enterprise Value +120% vs. YE 2020 $160MM Liquidity +294% vs. YE 2020 10+ Proven Pay Zones +400% vs. YE 2020 Yoakum Gaines Andrews Ector Crane Ward Ring Energy Assets Northwest Shelf “NWS” Central Basin Platform “CBP” Includes operated & non-operated 96k+ Net Acres 99% Operated Since YE 2020, Ring has More Than Doubled Production and Reserves, Reduced Leverage, and Built a Scaled, Durable Permian Company for Long-Term Returns. Deploying Unconventional Wisdom in CBP & NWS A Multi-Year Transformation Delivering Scale, Inventory Depth, and a Stronger Balance Sheet

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Ring’s Thesis: Conventional Rock Is the Opportunity 5 The Central Basin Platform is the Heart of the Permian with Substantial Oil Left to Recover Source: Enverus as of Apr. 23, 2026. Note: Greater Permian includes the Central Basin Platform, Northwest Shelf, Eastern Shelf, Texas Shelf and New Mexico Shelf 1. Utilizing “Oil and Gas Resources Remaining in the Permian Basin: Targets for Additional Hydrocarbon Recovery” adjusted for production since publication CBP & Northwest Shelf Dominate Historical Permian Oil ProductionPermian Platform and Shelf Fairways 0 5,000 10,000 15,000 20,000 Delaware Midland CBP + N. Shelf Cumulative Oil Production (MMbbl) New Mexico Shelf Northwest Shelf Central Basin Platform Eastern Shelf Texas Shelf Substantial Remaining Oil Resource → over15 billion barrels of recoverable oil remaining1 in the CBP from bypassed tighter conventional stacked pay zones Conventional Reservoirs → typically have higher porosity & permeability resulting in lower declines and longer well lives Material Upside Ahead → The application of modern drilling / completion technology, and longer lateral development will unlock the next chapter of the CBP Greater Permian has Substantial Remaining Oil Reserves to Recover Using Today's Technologies

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 61% 64% 59% 58% 48% 41% 2020 2021 2022 2023 2024 2025 Horizontal TILs by County2 Andrews Crane Ector Yoakum Other Horizontal Development Ramping Significantly Why Now? Today’s Modern Horizontal Technology 6 Unlocking Permian’s Next Chapter – Ring’s Core Acreage is Well Positioned 1. Includes the Central Basin Platform, Northwest Shelf, Eastern Shelf, Texas Shelf and New Mexico Shelf per Enverus. 2. Other counties include Borden, Chaves, Cochran, Coke, Cottle, Crockett, Crosby, Dickens, Ector, Eddy, Fisher, Foard, Gaines, Garza, Glasscock, Hale, Hockley, Howard, Irion, Kent, King, Lamb, Lea, Lubbock, Mitchell, Motley, Nolan, Pecos, Roosevelt, Schleicher, Scurry, Sterling, Stonewall, Terry, Tom Green, Upton, Ward, and Winkler. 3. Guidance Midpoint. Ring Acreage Concentrated in the Highest-Activity Counties Ring 2026E New Drills are >80% Horizontal3 with Increased Lateral Length 29% 36% 42% 54% 63% 73% 71% 64% 58% 46% 37% 27% 2020 2021 2022 2023 2024 2025 Greater Permian Horizontal vs. Vertical TILs1 Horizontal Vertical 39% 2 41% 42%36% 52% 59% Material Horizontal Activity Across The CBP Legend 2013+ HZ Producing Ring Acreage Active Rigs Ring Core Operating Areas >90% of Ring Acreage Resides in Most Active Horizontal Development Counties 50% 67% 81% 50% 33% 19% 2024 2025 2026E Ring Horizontal Gross Wells Drilled Horizontal Vertical 5% 8% >60% 95% 92% <40% 2024 2025 2026E Horizontals > 1.0 mile Horizontals < 1.0 mile Ring Horizontal Development Breakdown • Why now, REI is well positioned • We need to know about how many wells drilled per year • Approx 1mile fix bar cahrt Ring Energy’s Core Acreage Spans the Most Active Conventional Horizontal Development Areas Source: Enverus as of April 27, 2026.

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Horizontals Revitalize Legacy Fields and Fuel Rapid Production Growth in the Last ~ 5 Years 7 Legend HZ Wells ▪ Pre 2015 – infancy of horizontal tech ▪ Post 2015 - ~1,200+ horizontal wells drilled on core CBP & NWS counties ▪ CBP & NWS resurgence pioneered by horizontals drilled by Ring, Riley Permian, Blackbeard, Burk Royalty & Elevation ▪ Multi-Bench Hz targets include: Judkins, McKnight, Glorieta, Upper Clearfork, Tubb, Wichita Albany, Wolfcamp, Barnett & Devonian Yoakum 2025 vs 2015 2025 552 Hz Wells 2015 32 Hz Wells 2025 517 Hz Wells 2015 172 Hz Wells 2025 593 Hz Wells 2015 257 Hz Wells CBP Multi-Bench Development Yoakum County Yoakum County Andrews County Andrews County Ector County Ector County Crane County Crane County 0 25 50 75 100 125 150 M b o e /d ( G ) Yoakum Andrews Crane / Ector Source: Enverus. Multi-benchMulti-bench Multi-bench Andrews 2025 vs 2015 Ector / Crane 2025 vs 2015 • Proof it works, and its repeatable and scalable Horizontal Drilling Extending Life of Legacy Fields CBP & NWS Surging Growth Trajectory Expected to Continue Proof it’s Working – It’s Repeatable and Scalable

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 30% 70% Vertical Horizontal 92% 8% Vertical Horizontal Horizontals Unlock Higher-Return Inventory 8 Shifting to Horizontal Development High-Grades and Increases Capital Efficient Inventory Potential >65% Increase in PV-10 Strategic Repositioning of CBP South Inventory to Horizontal Legacy YE’25 Proved Inventory 2026+ Inventory2 CBP South Multi-Bench Horizontal Development Opportunity Significantly Enhancing Single-Well Profitability and Oil Recovery1 14 Horizontal Locations 200+ Horizontal Locations VERTICAL HORIZONTAL VERTICAL HORIZONTAL >180% Increase in Oil Recovery Prospective on REI Acreage Actively Developed Offset REI Judkins McKnight Glorieta Upper Clearfork Tubb Wichita Albany Lower Wichita Albany Wolfcamp Additional Deep3 Potential Up to 3 Additional Targets as Deep Activity Moves West Ring CBP South Operating Areas Up to 8 Prospective Horizontal Development Targets Identified Note: Based on $70 / $3.50 Flat Pricing for WTI / HH 1. Reflects average metrics for currently identified economic vertical and horizontal inventory in Crane and Ector Counties 2. Includes all identified horizontal locations in Crane and Ector Counties 3. Deep targets include the Pennsylvanian, Barnett / Mississippian, and the Devonian Ector Crane To Discuss: • Hz PV10 is to 1.0mi? Lets add 2.0mi % increase as well Ring’s Execution Organically Maximizes Inventory Shifting to Horizontal Development High-Grades and Provides Capital Efficient Inventory Potential CBP-South includes assets in Ector & Crane Why is it Meaningful to Ring Today?

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Meaningful Upside to Adjusted Free Cash Flow 9 2026 Hedges Support the Development Plan While Unhedged and Collar Volumes Give Exposure to Upside 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. 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“, LOE & capex with flat WTI oil price beginning in June 2026 $3.50 per MCF Flat. Differential assumptions oil (-$1.00), gas ‘26E (-$5.50) ‘27E (- $3.40), and NGL realizations of 8% in ’26E & 10% in ’27E of WTI oil price. 3. AFCF yield for 2024 & 2025 based on year-end market capitalizations; 2026E & 2027E based on assumptions above for AFCF and Ring’s stock price and market capitalization as of 5/1/2026. Internal 2026E & 2027E Adjusted Free Cash Flow1,2 2026E & 2027E Adjusted Free Cash Flow Yield2,3 18% 28% 9% 13% 17% 12% 20% 28% 0% 10% 20% 30% 2024 2025 $65 $75 $85 $65 $75 $85 WTI Disciplined Hedging Protects Cash Flow & Preserves Flexibility Our hedge position was built to support our capital development program in a lower-price scenario, while retaining meaningful upside through collars and unhedged volumes FY 2026E WTI FY 2027E $44 $50 $0MM $25MM $50MM $75MM $100MM 2024 2025 $65 $75 $85 $65 $75 $85 27E assumes flat prod to Q4’26 mid-point guidance, 27E capex ~$120MM, includes current hedges Realized Oil price ($/Bbl) FY 2026E FY 2027E Note: Percentages for 2026 volumes are based on the midpoint of the Company’s oil production guidance. Percentages for 2027 volumes are based on projecting the Company’s Q426 oil production guidance flat through 2027. Expanded Inventory Drives Stronger Sustainable AFCF add impact of hedges Swap FCF 59% at $66.77/Bbl 32% at $64.15/Bbl 41% at $61.66/Bbl 35% at $59.74/Bbl 17% at $64.12/Bbl 39% at $87.83/Bbl 24% 29% 59% 65% 0% 20% 40% 60% 80% 100% 1H 2026 2H 2026 1H 2027 2H 2027 Swaps (weighted average) Collars (capped at call strike price) Unhedged $74.87 $63.53 26E based on mid-point guidance, includes current hedges

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI NWS CBP-N Penwell CBP-S 19% 59% 22% High-Quality Proved Reserves Create Durable AFCF 10 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 & $3.387 per Mcf Gas. 2. PV-10 is a Non-GAAP financial measure. See Appendix for definition and reconciliation. 3. Changes in proved reserves due to price and differentials (see Form 10-K for year ended December 31, 2025 for details). 4. See Form 10-K for year ended December 31, 2025 for additional information. Reserves by Category (%) Reserves by PV-102 ($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 Proved Reserves1 and Inventory Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years Value Proposition – Proved Reserves1 Trading at Discount

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 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 Permian’s Premier Conventional Consolidator 11 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 is an Opportunity • Scale gives Ring the edge – Top-tier CBP/NWS footprint enables efficient acquisition integration • Less competition, better deals – Fewer competitors and low-cost assets drive superior acquisition economics • Ring has already proven it – Track record of accretive M&A and successful integrations • Conventional is Ring’s core competency – Deep technical strength unlocks value others overlook • The prize is massive – ~410 Mboepd of fragmented conventional production remaining 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. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Potential Catalysts for 2026 & Beyond 12 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 To Discuss: • Undervalued proved reserves

www.ringenergy.com | NYSE American: REI Q1 2026 EARNINGS | MAY 7, 2026 Q1 UPDATE AND OUTLOOK

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI ✓Accelerated Capital Spend • Capture upside potential before sustained higher oil prices translate into higher costs and increased competition • Invested in targeted infrastructure in order to expand flexibility and unlock more capital efficient longer lateral inventory Q1 2026 – Operational Results 14 1. Adjusted Free Cash Flow is a Non-GAAP financial measure. See Appendix for definition and reconciliation to GAAP measures. ✓26th Consecutive Quarter of Positive Adjusted Free Cash Flow1 ✓Maintained Cost Reductions • LOE of $10.41 per Boe (Beat guidance low end range and 5% better than mid-point) • All-in-Cash Costs of $21.77 per Boe (11% less than Q1 2025 ) ✓Production in-line with Guidance • 12,276 barrels of oil sold per day (near the mid-point of guidance) • 19,351 barrels of oil equivalent sold per day (mid-point of guidance) Delivered on Production Guidance and Reduced Operating Costs while Accelerating Capital Delivered on Guidance, Reduced Costs and Accelerated Capital Deployment

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI REI Historical Stock Price Performance 15 Price Performance Since July 1, 2025- Outperforming Most SMID CAP Peers YTD & LTM Source: Facset, as of May 1st, 2026 8-K disclosing Warburg is out $55 $65 $75 $85 $95 $105 $115 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 Mar '26 Apr '26 May '26 Quarterly Filing Date Ring Energy, Inc. ($/share) - Left WTI Crude Oil ($/bbl) - Right $0.79 $1.82

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Sales Volumes Q1 2026 Q1 2026 % Guidance Actuals Difference Total Oil (Bo/d) 12,100 – 12,500 Mid Point (Bo/d) 12,300 12,276 0% Total (Boe/d) 19,100 – 19,600 Mid Point (Boe/d) 19,350 19,351 0% - Oil (%) 64% 64% - NGLs (%) 20% 20% - Gas (%) 16% 16% Capital Program Capital1 ($MM) $28 – $34 Mid Point ($MM) $31 $34.5 11% Operating Expenses LOE (per Boe) $10.75 – $11.25 Mid Point (per Boe) $11.00 $10.41 -5% Q1 2026E Guidance vs Actuals 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. Q1 Guidance Met Expectations ✓ Met mid-point production oil & Boe’s ✓ Beat mid-point of lifting cost by 5% ▪ Slightly exceed high end capex, accelerated spend to benefit ‘26 outlook

Ring Energy, Inc. Q1 2026 Earnings | May 7, 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 17 Driving Sustainable Free Cash Flow Through Capital Efficiency and Ongoing Reductions to Operating Costs 1. D&C Cost is drilling, completion, equipment and connect to facility costs per lateral foot. 2. Well performance cumulative oil production gross barrels of oil normalized to 5,000 lateral feet. Total horizontal well counts per year 2023 (20), 2024 (21) and 2025 (12). Reducing Hz D&C Cost Per Lateral Foot1 Hz Well Performance Oil Bbls per 5,000 Lateral Feet2 Structural Reduction in Monthly LOE $MM Reducing LOE $ per Boe Includes Founders Acquisition $400 $500 $600 2023/24 Avg 2025 ~10% reduction ~$500 ~$1.4 Million per month savings l $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 - 20,000 40,000 60,000 0 6 12 18 24 N o rm a li ze d C u m . O il ( B b ls ) Months On 2023 2024 2025 Optimizing well spacing & landing zones with higher intensity fracs

Ring Energy, Inc. Q1 2026 Earnings | May 7, 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 18 Unlocking Value Transitioning to Multi-Bench Horizontal Locations 1. Break-even costs is for core inventory in CBP & NWS asset areas. The range in break-even is based on 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 we estimate that can generate at least a 10% rate of return at $60 per Bbl oil and $2.50 per Mcf gas prices. P e rm ia n P e n n sy lv a n ia n M Is si ss ip p ia n Geologic Period Target Formation “Stacked Pay Zones” CBP Active WPS CBP Hz Potential NWS Active WPS Permian Grayburg ✓ ✓ 4-6 San Andres Judkins ✓ ✓ McKnight ✓ ✓ 4-6 ✓ ✓ 6-8 Holt ✓ ✓ Glorieta ✓ ✓ Clearfork Upper ✓ ✓ Tubb ✓ ✓ 4-6 ✓ Lower ✓ Wichita - Albany ✓ ✓ Wolfcamp ✓ ✓ 3-5 ✓ Pennsyl- vanian Penn Mississ- ippian Barnett Shale ✓ Mississippian Lime Woodford Devonian Devonian ✓ ✓ 3-4 Includes operated & NonOP ✓ Vertical ✓ Horizontal 500+ Total Gross New Drill Locations2 Horizontal Horizontal & Vertical CBP North Penwell CBP South 2025 Core Assets Central Basin Platform “CBP” Northwest Shelf “NWS” Counties Andrews, Crane, Ector, Gaines Yoakum Net Acres ~79,000 ~17,000 Operated WI / NRI ~96% / ~81% ~92% / ~69% Net Production ~12 Mboe/d (68% oil) ~8.3 Mboe/d (62% oil) Total Capital ($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. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Reaffirming 2026 Guidance 19 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. $115 2026E Guidance Midpoint Total Capex Comparison $MM 1% 6% 25% 10% 58% Capex Allocation 2026E D&C + CTR Capital Workover, Recompletions Land, Non-op Compliance Upgrades Sales Volumes Q2 2026 Q3 2026 Q4 2026 Total (Bo/d) 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 Mid Point (Bo/d) 12,950 13,250 13,300 Total (Boe/d) 19,400 – 21,000 19,700 – 21,300 19,800 – 21,400 Mid Point (Boe/d) 20,200 20,500 20,600 - Oil (%) 64% 65% 65% - NGLs (%) 20% 20% 20% - Gas (%) 16% 15% 15% Capital Program Capital1 ($MM) $28 – $36 $27 – $35 $17 – $25 Mid Point (millions) $32 $31 $21 - New Hz wells drilled 5 – 7 5 – 7 3 – 5 - New Vertical wells drilled 1 – 2 1 – 2 1 - DUC Wells 0 0 0 - Wells completed & online 6 – 9 6 – 9 4 – 6 Operating Expenses LOE (per Boe) $10.05– $11.05 $10.00 – $11.00 $10.00 – $11.00 Mid Point (per Boe) $10.55 $10.50 $10.50 Infrastructure

www.ringenergy.com www.ringenergy.com Q1 2026 EARNINGS | MAY 7, 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 Q1 2026 EARNINGS | MAY 7, 2026 APPENDIX

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Operational Discipline Delivered Higher AFCF1 22 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 definitions 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. Q1 2026 Earnings | May 7, 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) 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 $ 66.43 $ 61.77 $ 65.34 $ 62.82 $ 60.45 $ 61.80 $ 57.59 $ — $ — $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 273,000 563,685 368,000 — — — — 400,080 — — — — — — — Weighted average put price $ 55.00 $ 60.82 $ 65.00 $ — $ — $ — $ — $ 55.45 $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 65.65 $ 76.19 $ 105.65 $ — $ — $ — $ — $ 65.45 $ — $ — $ — $ — $ — $ — $ — Swaps: WTI NYMEX Rolls Hedged volume (BBL) $ 819,000 $ 828,000 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average swap price $ 5.30 $ 5.98 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — As of May 5, 2026 Th Company has hedged: Bal2026: ~ 2.6 million barrels of oil at avg upside protection price of $73.27 2027: ~ 1.8 million barrels of oil at avg upside protection price of $60.78 23

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Derivative Summary 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 1,012,567 984,322 956,865 931,539 908,117 886,933 866,585 846,134 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 May 5, 2026 Gas Hedges (basis differential) 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 Waha basis swaps: Hedged volume (MMBtu) — — 169,880 196,372 480,325 464,360 449,846 435,403 — — — — — — — Weighted average spread price (1) $ — $ — $ 1.32 $ 0.78 $ 0.78 $ 0.78 $ 0.78 $ 0.68 $ — $ — $ — $ — $ — $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) — — 225,184 960,307 636,710 615,547 596,306 577,163 — — — — — — — Weighted average spread price (1) $ — $ — $ 1.35 $ 0.72 $ 0.67 $ 0.67 $ 0.67 $ 0.60 $ — $ — $ — $ — $ — $ — $ — The Company has hedged: Bal2026: ~ 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 (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. 24

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 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 Total Debt” in accordance with its existing senior revolving credit facility and means, as of any date, all Indebtedness of the Company on a consolidated basis as of such date, but excluding hedging obligations. 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 shareholder equity for the period. 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. 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 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. “Adjusted Net Income” is calculated as net income (loss)minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare the Company’s results with its peers. 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 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 25

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Total Per share - diluted Total Per share - diluted Total Per share - diluted Net income (loss) $(220,591,482) $ (1.06) $ (12,845,294) $ (0.06) $ 9,110,738 $ 0.05 Share-based compensation 1,524,808 0.01 1,474,560 0.01 1,690,958 0.01 Ceiling test impairment 162,086,257 0.78 35,913,116 0.17 — — Unrealized loss (gain) on change in fair value of derivatives 76,954,914 0.37 (14,753,449) (0.07) 375,196 — Transaction costs - A&D — — 25,000 — 1,776 — Tax impact on adjusted items (12,557,544) (0.06) (6,213,517) (0.03) (500,646) (0.01) Adjusted Net Income 7,416,953 $ 0.04 3,600,416 $ 0.02 10,678,022 $ 0.05 Diluted Weighted-Average Shares Outstanding 208,558,546 207,233,067 201,072,594 Adjusted Net Income per Diluted Share $ 0.04 $ 0.02 $ 0.05 26

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) 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 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 9,065,509 9,978,067 11,687,746 9,408,728 Unrealized loss (gain) on change in fair value of derivatives 76,954,914 (14,753,449) 2,141,925 (13,970,211) 375,196 Ceiling test impairment 162,086,257 35,913,116 72,912,330 — — Income tax (benefit) expense (11,988,413) (3,800,401) (12,800,947) 6,107,425 3,041,177 Depreciation, depletion and amortization 21,405,948 23,002,908 25,225,345 25,569,914 22,615,983 Asset retirement obligation accretion 395,496 390,892 390,563 382,251 326,549 Transaction costs - A&D — 25,000 10 1,000 1,776 Share-based compensation 1,524,808 1,474,560 1,618,600 1,351,839 1,690,958 Loss (gain) on disposal of assets — (60,855) (105,642) (155,293) (124,610) Other income (5,837) (29,582) — (150,770) (8,942) Adjusted EBITDA $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 46,437,553 Adjusted EBITDA Margin 1 52 % 57 % 61 % 62 % 59 % 27

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 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 Adjustments - Condensed Statements of Cash Flows Changes in operating assets and liabilities 4,491,388 (14,727,429) (6,086,921) 8,312,480 9,784,999 Transaction costs - A&D — 25,000 10 1,000 1,776 Income tax expense (benefit) - current 95,587 51,311 39,772 147,460 136,394 Capital expenditures (34,505,509) (24,343,200) (24,589,282) (16,827,513) (32,451,531) Proceeds from divestiture of oil and natural gas properties 4,266,479 — 100 — — Credit loss expense — — (907) (205) (17,917) Other income (5,837) (29,582) — (150,770) (8,942) Adjusted Free Cash Flow $ 236,809 $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 5,815,787 (Unaudited for All Periods) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Adjusted EBITDA $ 38,310,771 $ 38,382,404 $ 47,728,721 $ 51,458,788 $ 46,437,553 Net interest expense (excluding amortization of deferred financing costs) (7,834,932) (8,374,281) (9,284,442) (9,851,572) (8,170,235) Capital expenditures (34,505,509) (24,343,200) (24,589,282) (16,827,513) (32,451,531) Proceeds from divestiture of oil and natural gas properties 4,266,479 — 100 — — Adjusted Free Cash Flow $ 236,809 $ 5,664,923 $ 13,855,097 $ 24,779,703 $ 5,815,787 28

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) (Unaudited) Three Months Ended Last Four QuartersJune 30, September 30, December 31, March 31, 2025 2025 2025 2026 Consolidated EBITDAX Calculation: Net Income (Loss) $ 20,634,887 $ (51,631,530) $ (12,845,294) $ (220,591,482) $ (264,433,419) Plus: Consolidated interest expense 11,687,746 9,978,067 9,065,509 8,529,080 39,260,402 Plus: Income tax provision (benefit) 6,107,425 (12,800,947) (3,800,401) (11,988,413) (22,482,336) Plus: Depreciation, depletion and amortization 25,569,914 25,225,345 23,002,908 21,405,948 95,204,115 Plus: non-cash charges reasonably acceptable to Administrative Agent (12,236,121) 77,063,418 23,025,119 240,961,475 328,813,891 Consolidated EBITDAX $ 51,763,851 $ 47,834,353 $ 38,447,841 $ 38,316,608 $ 176,362,653 Plus: Pro Forma Acquired Consolidated EBITDAX — — — — — Less: Pro Forma Divested Consolidated EBITDAX — — — — — Pro Forma Consolidated EBITDAX $ 51,763,851 $ 47,834,353 $ 38,447,841 $ 38,316,608 $ 176,362,653 Non-cash charges reasonably acceptable to Administrative Agent: Asset retirement obligation accretion $ 382,251 $ 390,563 $ 390,892 $ 395,496 Unrealized loss (gain) on derivative assets (13,970,211) 2,141,925 (14,753,449) 76,954,914 Ceiling test impairment — 72,912,330 35,913,116 162,086,257 Share-based compensation 1,351,839 1,618,600 1,474,560 1,524,808 Total non-cash charges reasonably acceptable to Administrative Agent $ (12,236,121) $ 77,063,418 $ 23,025,119 $ 240,961,475 As of March 31, Corresponding 2026 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 426,000,000 2.42 Notes payable — — Deferred payment — — Capital lease obligations 1,173,807 — Consolidated Total Debt 427,173,807 2.42 Pro Forma Consolidated EBITDAX 176,362,653 Leverage Ratio 2.42 Maximum Allowed ≤ 3.00x (Unaudited) Three Months Ended Last Four QuartersJune 30, September 30, December 31, March 31, 2024 2024 2024 2025 Consolidated EBITDAX Calculation: Net Income (Loss) $ 22,418,994 $ 33,878,424 $ 5,657,519 $ 9,110,738 $ 71,065,675 Plus: Consolidated interest expense 10,801,194 10,610,539 9,987,731 9,408,728 40,808,192 Plus: Income tax provision (benefit) 6,820,485 10,087,954 1,803,629 3,041,177 21,753,245 Plus: Depreciation, depletion and amortization 24,699,421 25,662,123 24,548,849 22,615,983 97,526,376 Plus: non-cash charges acceptable to Administrative Agent 1,664,064 (26,228,108) 8,994,957 2,392,703 (13,176,384) Consolidated EBITDAX $ 66,404,158 $ 54,010,932 $ 50,992,685 $ 46,569,329 $ 217,977,104 Plus: Pro Forma Acquired Consolidated EBITDAX 10,329,116 7,838,163 5,244,078 7,392,359 30,803,716 Less: Pro Forma Divested Consolidated EBITDAX (469,376) (600,460) 77,819 8,855 (983,162) Pro Forma Consolidated EBITDAX $ 76,263,898 $ 61,248,635 $ 56,314,582 $ 53,970,543 $ 247,797,658 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 352,184 $ 354,195 $ 323,085 $ 326,549 Unrealized loss (gain) on derivative assets (765,898) (26,614,390) 6,999,552 375,196 Share-based compensation 2,077,778 32,087 1,672,320 1,690,958 Total non-cash charges acceptable to Administrative Agent $ 1,664,064 $ (26,228,108) $ 8,994,957 $ 2,392,703 As of March 31, Corresponding 2025 Leverage Ratio Leverage Ratio Covenant: Revolving line of credit $ 460,000,000 1.86 Lime Rock deferred payment 10,000,000 0.04 Consolidated Total Debt $ 470,000,000 1.90 Pro Forma Consolidated EBITDAX 247,797,658 Leverage Ratio 1.90 Maximum Allowed ≤ 3.00x 29

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 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) $ 69,281,568 $ 71,065,675 Plus: Consolidated interest expense 39,260,402 40,140,050 41,062,272 41,694,744 40,808,192 Plus: Income tax provision (benefit) (22,482,336) (7,452,746) (1,848,716) 21,040,185 21,753,245 Plus: Depreciation, depletion and amortization 95,204,115 96,414,150 97,960,091 98,396,869 97,526,376 Plus: non-cash charges acceptable to Administrative Agent 328,813,891 90,245,119 76,214,957 (27,076,569) (13,176,384) Consolidated EBITDAX $ 176,362,653 $ 184,615,374 $ 197,160,218 $ 203,336,797 $ 217,977,104 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) Pro Forma Consolidated EBITDAX $ 176,362,653 $ 192,016,588 $ 209,883,329 $ 223,297,611 $ 247,797,658 As of As of As of As of As of March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Leverage Ratio Covenant: Revolving line of credit $ 426,000,000 $ 420,000,000 $ 428,000,000 $ 448,000,000 $ 460,000,000 Notes payable — 505,752 1,001,829 Estimated deferred payment — — 10,000,000 10,000,000 10,000,000 Capital lease obligations 1,173,807 1,323,710 1,275,826 Consolidated Total Debt 427,173,807 421,829,462 440,277,655 458,000,000 470,000,000 Pro Forma Consolidated EBITDAX 176,362,653 192,016,588 209,883,329 223,297,611 247,797,658 Leverage Ratio 2.42 2.20 2.10 2.05 1.90 Maximum Allowed ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x ≤ 3.00x 30

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI Non-GAAP Reconciliations (cont.) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) G&A Reconciliations PV-10 (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Net Cash Provided by Operating Activities $ 25,894,701 $ 44,688,823 $ 28,371,008 Changes in operating assets and liabilities 4,491,388 (14,727,429) 9,784,999 Adjusted Cash Flow from Operations $ 30,386,089 $ 29,961,394 $ 38,156,007 (Unaudited for All Periods) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 General and administrative expense (G&A) $ 7,438,778 $ 8,030,310 $ 8,619,976 Shared-based compensation 1,524,808 1,474,560 1,690,958 G&A excluding share-based compensation $ 5,913,970 $ 6,555,750 $ 6,929,018 Transaction costs - A&D — 25,000 1,776 G&A excluding share-based compensation and transaction costs $ 5,913,970 $ 6,530,750 $ 6,927,242 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 % 31

Ring Energy, Inc. Q1 2026 Earnings | May 7, 2026 | NYSE American: REI 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) $ 18,122,344 $ 18,911,801 $ 19,677,552 $ 77,798,598 $ 79,353,806 G&A excluding share-based compensation 5,913,970 6,555,750 6,929,018 24,777,571 25,792,619 Net interest expense (excluding amortization of deferred financing costs) 7,834,932 8,374,281 8,170,235 35,345,227 35,680,530 Operating lease expense 175,091 175,090 175,091 700,362 700,362 Oil and natural gas production taxes 3,553,891 3,224,183 3,584,455 14,281,668 14,312,232 Ad valorem taxes 2,202,537 2,279,266 1,532,108 8,577,015 7,906,586 Gathering, transportation and processing costs 117,049 121,097 203,612 498,524 585,087 All-in cash operating costs $ 37,919,814 $ 39,641,468 $ 40,272,071 $ 161,978,965 $ 164,331,222 Boe 1,741,581 1,886,755 1,655,259 7,478,797 7,392,476 All-in cash operating costs per Boe $ 21.77 $ 21.01 $ 24.33 $ 21.66 $ 22.23 (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 Cash Operating Margin Realized revenues per Boe $ 42.30 $ 35.45 $ 47.78 $ 40.35 $ 41.55 All-in cash operating costs per Boe 21.77 21.01 24.33 21.66 22.23 Cash Operating Margin per Boe $ 20.53 $ 14.44 $ 23.45 $ 18.69 $ 19.32 Cash Operating Margin 32