Ring Energy (REI) investor relations material

Executive summary

• Achieved record adjusted free cash flow of $50.1 million in 2025, despite an 18% decline in realized pricing from 2024, and increased production by 3% year-over-year to 20,253 Boe/d.

• Reduced lease operating expenses by 10% compared to guidance and paid down $40 million in debt post-Lime Rock acquisition, ending 2025 with $166 million in liquidity and a leverage ratio of 2.20x.

• Proved reserves grew 14% to 153.3 MMBoe, with a PV-10 of $1.3 billion, and the company completed integration of Lime Rock assets, exceeding expectations in production and efficiency.

• Strategic priorities for 2026 include maximizing free cash flow, disciplined capital spending, strengthening the balance sheet, and pursuing margin-enhancing opportunities.

Voting matters and shareholder proposals

• Stockholders will vote on electing seven directors, a non-binding advisory vote on executive compensation, and ratification of Grant Thornton LLP as independent auditor for 2026.

• Board recommends voting FOR all director nominees, FOR executive compensation, and FOR auditor ratification.

• Shareholders may submit proposals or director nominations for the 2027 annual meeting following SEC and bylaw procedures.

Board of directors and corporate governance

• Board consists of seven members (six independent, one not independent), with annual elections and a lead independent director.

• Board committees (Audit, Compensation, NESG) are composed entirely of independent directors.

• Annual board and committee evaluations, director orientation, and continuing education are conducted.

• Corporate governance highlights include equal voting rights, no poison pill, stockholder ability to call special meetings, and robust codes of ethics and conduct.