Ring Energy (REI) Super DUG Conference 2025 presentation summary

Strategic positioning and operational focus

• Concentrates on conventional Permian Basin assets in Texas, leveraging unconventional technology for enhanced recovery and efficiency.

• Maintains high operational ownership (~96% WI) and high net revenue interests (NRI >79% oil, >82% gas).

• Portfolio features shallow base decline, long-life wells (>35 years), and high oil weighting (66% oil, 84% liquids).

• Differentiated by low D&C costs, low breakevens, and high operating margins.

Financial performance and capital discipline

• Achieved 23% CAGR in production since 2021 through acquisitions and organic growth.

• Reduced all-in cash operating costs by 2% YoY and improved capital efficiency by 11% in 2024.

• Delivered positive adjusted free cash flow for 22 consecutive quarters; FY 2025E AFCF projected at $30–$80 million.

• Deleveraged from ~4.0x in early 2021 to 1.9x in Q1 2025, with a strong focus on debt reduction.

• Cut capex by 50% in Q2 2025 and 47% for the remainder of 2025, prioritizing FCF and balance sheet strength.

Asset base, acquisitions, and inventory

• Proved reserves at YE 2024: 134 MMBoe with PV-10 of ~$1.5 billion; 69% proved developed.

• Lime Rock acquisition added ~12 MMBoe reserves, $160 million PV-10, and ~18,000 net acres.

• Over 400 drilling locations, with recent acquisitions adding scale and inventory.

• Four major acquisitions since 2019 increased net production by over 3x and expanded drilling inventory.