美國紐約證券交易所：reiwww.ringenergy.com 2025 年 3 月 6 日第四季度和 2024 財年概述 2025 年指導展品 99.2
Ring Energy, Inc. 前瞻性陳述本演示文稿包括經修訂的 1933 年《證券法》第 27A 條和經修訂的 1934 年《證券交易法》第 21E 條所指的前瞻性陳述。除本演示文稿中包含的歷史事實陳述外，有關我們的戰略、未來運營、財務狀況、估計收入和虧損、預計成本、前景、指導、計劃和管理目標的所有陳述均爲前瞻性陳述。此外，前瞻性陳述還包括關於擬議從Lime Rock Resources IV-A, L.P. 和Lime Rock Resources IV-C, L.P.（統稱爲 「Lime Rock」 或 「LRR」）收購石油和天然氣物業（「Lime Rock收購」）給公司及其股東帶來的預期收益以及Lime Rock收購的預期完成或收購時間的陳述。在本演示文稿中使用 「可能」、「可能」、「將」、「相信」、「預期」、「打算」、「估計」、「期望」、「指導」、「項目」、「目標」、「計劃」、「潛力」、「可能」、「目標」 和類似表述旨在識別前瞻性陳述，儘管並非所有前瞻性陳述都包含此類識別詞。這些前瞻性陳述基於管理層當前對未來事件的預期和假設，並基於有關未來事件結果和時間的現有信息。但是，實際結果和發展是否符合預期將受到許多重大風險和不確定性的影響，包括但不限於：石油、液化天然氣或天然氣價格的下跌；勘探、開發和生產活動的成功程度；可能對開發或生產活動產生負面影響的不利天氣條件，特別是在冬季；勘探和開發支出的時機；儲量估計或其基礎假設不準確；儲量修訂大宗商品價格變動產生的估計；減值減記對財務報表的影響；與負債水平以及定期重新確定公司信貸額度下的借貸基礎和利率相關的風險；Ring從運營中產生足夠現金流以滿足其資本支出預算中內部資金部分的能力；套期保值對經營業績的影響；未來監管或立法行動的影響；成本和可用性交通和儲存供過於求、政府監管或其他因素導致的產能；以及Ring替代石油和天然氣儲備的能力。此類聲明受某些風險和不確定性的影響，這些風險和不確定性已在公司向美國證券交易委員會（「SEC」）提交的報告中披露，包括截至2024年12月31日財年的10-K表以及向美國證券交易委員會提交的其他文件。本演示文稿中包含的所有明示或暗示的前瞻性陳述均由警示性陳述和可能被證明不正確的基本假設明確限定。除非適用法律要求，否則公司沒有義務修改這些前瞻性陳述以反映在本聲明發佈之日之後發生的事件或情況。本演示文稿中包含的財務和運營估算值代表我們截至本演示文稿之日的合理估計。我們的獨立核數師和任何其他第三方均未審查、審查或彙編估計，因此，上述各項均未對此表示意見或其他形式的保證。本文更詳細地描述了估計所依據的假設。其中一些假設不可避免地無法實現，並且可能會發生意想不到的事件，可能會影響我們的業績。因此，我們在估算所涉期間取得的實際結果將與估計的結果有所不同。投資者不應過分依賴此處包含的估計。前瞻性陳述和補充非公認會計准則財務指標 2 注重價值的經過驗證的策略 | 2025 年 3 月 6 日 | 美國紐約證券交易所：REI 補充非公認會計准則財務指標本演示文稿包括不符合美國普遍接受的會計原則（「GAAP」）的財務指標，例如 「調整後淨收益」、「調整後息稅折舊攤銷前利潤」、「PV-10」、「調整後自由現金流」 或 「AFCF」、「調整後現金流」 來自運營” 或 「ACFFO」、「已動用資本的現金回報率」 或 「CROCE」、「槓桿比率」、「全部現金運營成本」” 和 「現金營業利潤率」。儘管管理層認爲此類指標對投資者有用，但不應將其用作符合公認會計原則的財務衡量標準的替代品。有關此類非公認會計准則財務指標的定義及其與公認會計原則指標的對賬，請參閱附錄。
Ring Energy, Inc.Ring Energy——獨立石油和天然氣公司3專注於德克薩斯環狀能源資產中的常規二疊紀資產西北大陸架中央盆地平台1.SEC根據美國證券交易委員會的價格，截至2024年12月31日的探明儲量，美國證券交易委員會定價爲每桶天然氣71.96美元每立方英尺2.13美元。2.PV-10是一項非公認會計准則財務指標。參見附錄以了解與 GAAP 衡量標準的對賬情況。3.包括截至2024年年底運營和非運營的所有面積和已確定的新鑽探地點，涵蓋1P、2P和3P儲量類別。2024 年第四季度淨產量 19,658 Boe/d（66% 的石油和 85% 的液體）2024 SEC 探明儲量1,2 ~1342 mmBOE/ PV10 已探明開發約 14.6 億美元 ~ 69% 二疊紀盆地總產量/淨英畝3 97,599/80,919 400多個地點3 包括運營和非運營通過將非常規技術和思維應用於傳統二疊紀資產的差異化方法環形資產特徵：淺基衰落壽命長（井）> 35 年) 高石油權重高營業利潤率高淨回報率 (NRI> 80%) 低 D&C 成本庫存低盈虧平衡 Yoakum Gaines AndrewsEctor Crane Ward 高運營所有權 ~ 96% 運營威斯康星州 ~ 81% 石油 NRI ~ 84% 天然氣 NRI 注重價值的成熟戰略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部：REI
Ring Energy, Inc. 1.調整後的息稅折舊攤銷前利潤和調整後的自由現金流是非公認會計准則財務指標。參見附錄以了解公認會計原則指標的對賬情況。2.現金運營成本，定義見附錄，是按每個英國央行美元計算的成本。3.槓桿率參見附錄，2023年槓桿率包括創始人O&G資產的息稅折舊攤銷前利潤。4. 1便士是截至2024年12月31日的總探明儲量，按美國證券交易委員會2024財年定價石油每桶71.96美元天然氣每立方英尺2.13美元。2024年亮點-投資組合的改善帶來卓越的業績經調整後的 EBITDA1 資本支出現金運營成本2調整後的自由現金流1槓桿比率3 13,283 BoE /d 2024 年每個英國央行 50.94 美元 2024 12,548 英國央行/日 2023 年 233 億美元 2024 年 1.52 億美元 2024 年 4,400 萬美元 2024 年 1.66 倍比率 2024 年 23.04 美元每桶英國央行 2024 美元 54.60 美元2023 年 2.36 億美元 2023 年 1.52 億美元 2023 年每股收益率 23.46 美元 2023 年 4,500 萬美元 2023 年銷售額英國央行 19,648 年英國央行/日 2024 18,119 英國央行/日 2023 年債務餘額 3.85 億美元 2024 年美國證券交易委員會 1P 儲備金4 134.2 mmBOE 2024 129.8 mmBOE 2023 69% 石油 68% -2% -9% 3%-0.4% 2% 公司記錄注重價值的 4% 經過驗證的策略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部：REI
Ring Energy, Inc. NWS CBP-N Penwell CBP-S 19% 60% 21% 探明儲量1和庫存 5 SEC 2024 年按類別劃分的儲量 (%) 按產品劃分的儲量 (%) 按地區劃分的儲量 (%) 按地區劃分的 ~93 mmBoE PUD ~42 mmBOE 有機儲量增加 3% ~134 mmBOE 23% 77% 1。PV-102根據美國證券交易委員會的價格，截至2024年12月31日的儲量，YE24美國證券交易委員會定價石油每桶71.96美元天然氣每立方英尺2.130美元 2.PV-10 是一項非公認會計准則財務指標。參見附錄以了解與 GAAP 衡量標準的對賬情況。3.包括 「PDNP」 和 「PUD」 儲備類別和項目類型中運營和非運營的所有地點。14.63億美元日元1.13億美元PUD 3.33億美元石油 60% 天然氣 19% 21% ~134 mmBOE 210+ PUD 地點 220+ 個 PDNP 機會總計 430+3 已證實的唯一地點和機會 31% 69% 替代產量和剝離量 720 萬京東方生產了 120 萬英國央行剝離 1600萬英國央行去年延期3.3倍480萬英國央行在未收購的情況下將同比PUD數維持在210以上。取代了2024年鑽探的44口油井注重價值的經過驗證的戰略 | 3月6日，2025 年 | 紐約證券交易所美國分部：REI
Ring Energy, Inc. D&C/基礎設施重組/Cap Workovers Land/非運營/其他ESG改善2025財年指導預期 「PF」 展望6經驗證的價值戰略 | 2025年3月6日 | 紐約證券交易所美國分部：REI假設2025財年Lime Rock Asset1運營的整整三個季度資本支出配置爲1.54億美元中點 73% 19% 3% 1。Lime Rock CBP 「待處理」 資產的收購預計將於2025年第一季度末完成。2.除了公司指導的鑽探和完井活動外，資本支出前景還包括用於有針對性的油井重建、資本改造、基礎設施升級和油井重啓的資金。還包括租賃面積的預期支出；以及非運營的鑽探、完井、資本週轉和ESG改善。2025年第一季度第二季度2025年第三季度銷售量爲5％ 2025財年第四季度僅限 REI PF PF PF 指導總計（bo/d）11,700 — 12,000 — 14,700 14,000 — 15,000 14,400 — 15,400 13,600 — 14,200 中點 (bo/d)) 11,850 14,200 14,500 14,900 13,900 合計（英國央行/日）18,000 — 18,500 20,500 — 22,500 20,700 — 23,000 20,000 — 22,000 中點（英國央行/D）18,250 21,500 21,000 22,000 21,000-石油（%）65% 67% 68% 66%-液化天然氣（%）19% 18% 18% 18%18% 18%-天然氣 (%) 16% 16% 15% 14% 16% 資本計劃資本2（百萬）26 美元 — 34 美元 34 美元 — 42 美元 46 美元 — 54 美元 32 美元 — 40 美元 138 — 170 美元中點（百萬）30 38 美元 50 美元 36 美元 154 — 9 11 — 13 4 — 5 27 — 32-新垂直鑽井 3 — 4 3 — 5 4 — 6 5 — 7 15 — 22-DUC Wells 0 1 0 0 1-油井已建成並上線 7 — 9 12 — 15 15 — 19 9 — 12 43 — 55 運營費用 LOE（每個英國央行）11.75 — 12.25 美元 11.50 美元 — 12.50 美元 11.25 美元 — 12.00 美元 11.00 美元 — 12.00 美元中點（每桶英國央行）12.00 美元 12.00 美元 11.75 美元 11.50 美元 11.75 美元
Ring Energy, Inc.石油銷售額爲13,500至14,300英鎊/日中點13,900英鎊/日 2024 2024年 2025E 12 13 14 12.5 13.3 13.9 13.9 R 在 io 0.0 0.5 1.0 2.0 WTI 65 美元70 美元752023 年有望在 2025 年及以後取得成功 7 1.估計的AFCF基於內部管理財務模型，假設淨銷售產量和資本支出的指導處於中間點，截至1月25日的油價可調，2025年2月28日的天然氣HH地帶價格，液化天然氣的實現率約爲WTI油價的16％。2.估計的AFCF收益率基於上述對AFCF和Ring截至2025年5月3日的股價和市值的假設。C ap ex R and g e M ill io ns 140 美元 145 美元 155 美元 155 美元 152 美元 152 美元 2024 年 2024E 注重價值的行之有效的策略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部：REI A FC F 百萬美元 A FC F Y L d% 0 美元 20 美元 40 美元 60 30% 20% 20% 10% 16% 7% 15% 22% 2023 年 PF 展望 — 通過增量收購擴大規模和改善關鍵指標卓越運營和建設規模最大化調整後的自由現金流1,2 增強資產負債表目標槓桿率1 < 1.0x自律資本投資 '25E 資本項目：約 49 次新演練 1.62x ~1.5x <1.4x <1.1x 2024 2024 2024 2025 E 10 1214 16 12.5 13.3 13.9 2023 2024 2025E 15 20 25 18.1 19.6 21.0 總銷售額 20,000 至 22,000 英國央行/日中點 21,000 英國央行/日上漲約 5% 2024 2025 16 18 20 22 18.1 19.6 21.0 上漲約 7% 1.66x ~1.6x 2024 YE 2025E WTI 65 $70 75
Ring Energy, Inc. Peer 11Peer 10Peer 9Peer 9Peer 8Peer 7 Peer 6MedianPeer 5Peer 4Peer 3Peer 2reiPeer 1 $0 $10 $20 $30 $40 $60 70 $80 6.7 8 .0$ 9 .5 9 9 0$ 2 4 .6 0$ 2 4 .0$ 2 4 .0$ 2 4 .0$ 2 4 .0$ 2 4 .0$ 2 4 .0 4 4$ 2 8 .0 5$ 3 0 .4 1$ 3 2 41.72 41.72 34.76 42.76 42.63 40.00 30.38 39.6241.024.33 38.27 42.20 71.33 71.33 53.4052.25 美元現金營業利潤率已實現定價區別特徵：高營業利潤率 8 注重價值的行之有效的策略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部：REI Ring具有高淨回報率的常規資產與同行相比強勁的現金運營利潤率1,2 2024年第三季度TTM現金運營利潤率和已實現定價（美元/英國央行）卓越運營和成本控制推動盈利能力 • 約68％（85％的石油+液體混合物）的高石油權重推動了英國央行的較高已實現定價 • 低現金運營成本和維持成本紀律推動利潤擴張 • 每英國央行的利潤率超過30美元 TTM顯示了長期資產基礎的強大• 強勁的現金運營利潤率允許公司將抵禦大宗商品價格的波動 • 強勁的利潤率帶來增長現金流、債務減免和更高的回報 「提高運營利潤率會帶來更高的回報... 對高利潤資產進行戰略收購可以帶來可持續的更高回報」 ——保羅·麥金尼 1.同行包括：Amplify Energy、Battleon、Baytex、Berry Corporation、Civitas、Crescent Energy、馬赫自然資源、萊利二疊紀、Vital Energy、TXO Partners和W＆T Offshore。截至2025年1月3日從同行報告和資本智商和Factset獲得的數據的來源信息。3.現金營業利潤率定義爲收入（不包括套期保值）減去LOE、現金併購（不包括基於股份的薪酬）、利息支出、工資、運營費用、生產稅、從價稅和收集/交通成本。
Ring Energy, Inc. Peer 1 Ring Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 0% 5% 15% 25% 30% 35% 22% 25% 29% 30% 33% 34% 34% 35% 36% 37% 區別屬性：低PDP基礎下降2相對於其他二疊紀和頁岩參與者 PDP 僅下降1：2024E PDP BOE BASE 以下降百分比爲重點的經過驗證的策略 | 2025 年 3 月 6 日 | 紐約證券交易所美國證券交易所：REI 1.資料來源：截至 2025 年 2 月的 Enverus，使用 ENVERUS 基礎衰減模型函數。降幅均爲以2024年8月/9月/10月爲每家選定公司（任何規模）的起始期的年度跌幅。包括：奇維塔斯、德文郡、響尾蛇、馬赫自然資源、木蘭、Ovintiv、二疊紀資源、萊利二疊紀、SM 能源（米德蘭）和生命能源。2.Ring Energy的下降是內部管理層對PDP Ring遺產和收購Lime Rock Resources美國海關和邊境保護局資產的預期估計。9 中位數爲33％
Ring Energy, Inc. 2023 0.030 0.032 0.034 0.036 0.038 0.040 股東價值增值10項改善指標——產量增加、成本降低、每股探明儲量增加；按每股計算，英國央行/每股收益0.034上漲6％ 1。有關全額現金運營成本的計算，請參閱附錄。2.2023年和2024財年CGA SEC 探明儲量（mmBOE）除以該期間的已發行股份總額。全現金運營成本1 美元/英國央行 SEC 1P 儲備/Share2 以英國央行/股票價值爲重點的行之有效的策略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部 2024 美元 20 美元 21 美元 22 美元 23 美元 24 美元 25 23.46 2023 2024 0.600 0.620 0.640 0.680 0.66 0.67 儘管面臨通貨膨脹壓力，但總現金運營成本下降了2％ 36
Ring Energy, Inc.股東競爭價值儘管大宗商品價格下跌，但公司連續3年回報率仍超過15％，資本回報率1（CROCE）％強勁CROCE％•嚴謹而成功的資本計劃推動回報•生產基礎薄弱有助於提高回報•高質量的庫存加上運營熟練程度和資本計劃的有效執行提高了盈利能力 •新南威爾士州和美國海關和邊境保護局的多個資產核心領域以及現有基礎設施提供了多樣化的庫存的高回報、低成本的橫向和縱向市場提供了靈活的應對波動的市場條件和最大化第一代AFCF的能力。公司將 「CROCE」 定義爲調整後的運營現金流除以該期間的平均負債和股東權益。2022年 — '24 CROCE平均值爲17.9％的價值導向經過驗證的策略 | 2025年3月6日 | 紐約證券交易所美國分部：REI平均WTI美元/桶和平均已實現美元/英國央行 11
Ring Energy, Inc.股東的持續價值12將已實現價格下跌7％的影響降至最低 1.調整後的運營現金流（ACFFO）、調整後的息稅折舊攤銷前利潤和調整後的FCF是非公認會計准則財務指標。有關GAAP指標的對賬，請參見附錄。以價值爲中心的久經考驗的策略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部：REI 調整後 EBITDA1 2023 年百萬美元 2024 年 35 美元 40 美元 45 美元 45 美元 44 美元調整後的自由現金流1 2023 2024 美元 150 美元 175 美元 200 美元 225 美元 225 美元 225 美元 236 美元 236 美元 233 美元 ACFFO1
Ring Energy, Inc. 2018A 每日產量（Boe/D）Wishbone Stronghold Founders Lime Rock 2025E 下半年每日產量（BOE/D）6,100 次戰略整合的往績記錄 Ring 的價值聚焦成熟戰略追求增值、增強資產負債表的收購是我們未來增長浪潮的關鍵組成部分，包括大型獨立企業、私募股權支持的運營商和私人家族企業的傳統二疊紀資產。有限買家競爭來自上市公司的獨特定位是Ring的整合者未來的收購經驗豐富的管理團隊擁有共同的願景，有望利用有吸引力的併購機會，這使Ring能夠 「幾乎免費」 收購未開發的地點，因爲已證實的儲備開發價值支撐了過去四次收購的收購價格。自2019年以來，三次收購和一項待處理的收購使Wishbone（2019）Stronghold（2022）創始人（2023）Lime Rock（2025）收購總價格 (百萬美元) 300 美元 465 美元 75 美元 100 美元 940 美元對價組合（% 現金/% 股票）90%/10% 51%/49% 100%/0% 90%/10% 64%/36% 收購淨面積 ~38,000 ~37,600 ~17,700 ~96,300 新鑽地點數量1 >190 (Hz) >280 (Vt) >50 (Hz) >560 英畝包括已運營和非運營的 WI Legend Energy Legacy Legacy Lime Rock Rock Resources 創始人石油和天然氣要塞能源運營Wishbone Energy Partners注意：有關非公認會計准則指標的免責聲明和腳註約22,000 1，請參閱附錄。包括收購時所有運營和非運營的 「PUD」 儲備類別以及2P/3P地點。以價值爲中心的久經考驗的戰略 | 2025 年 3 月 6 日 | 紐約證券交易所美國證券交易所：REI 待定
Ring Energy, Inc. 9 月 23 日 9 月 24 日 0 1,000 2,000 3,000 天在線 C um O oil，B B Ls 0 50 100 150 250 300 100 1,000 10,000 10,000 10,000 108 MILLARD B 109 MILLARD B 109 MILLARD 104 MILLARD B109 104 SCHARBAUER C 201 SCHARBAUER C 201 SCHARBAUER C 206 SCHARBAUER C NW 101 SCHARBAUER C NW 101 SCHARBAUER C NW 101 SCHARBAUER C NW 101 SCHARBAUER C NW 106 MILLARD D 104 MIL103 創始人收購的影響 14 位創始人 2022-23 REI 2024 0.0 $1.0 $2.0 $3.0 2023 年 9 月 2024 年 9 月淨額% 差異英國央行/D 1,887 2,654 41% bo/d 1,821 22% 上漲成本 $/Boe $14.84 $12.27 -17% (mmBOE) 2023 年第三季度差異 YE'23 1P 7.9 8.0 1% 銷售額產品 0.9 PDP 4.2 5.3 26% 26% 的油井鑽探了 0 個 12 個地點剩餘 1 ~50 個地點資本支出減少 28% 業績超出初始預期以價值爲導向的成熟戰略 | 2025 年 3 月 6 日 | 美國紐約證券交易所：REI 創始人收購 7,500 萬美元 REI Net Prod.(mBOE/D) 1 REI 淨負債爲百萬美元二三季度第三季度第二季度第二季度第二季度第二季度第二季度第二季度 24.0 17.0 18.0 19.0 20.0 21.0 21.0 23第三季度21.0第二季度第二季度第二季度第二季度第二季度24季度第三季度24季度350美元 375美元 400美元 425 美元產量 (G) 英國央行/D 2 LOE/Bo$450美元 D&C 90 萬美元 90 天計入 mBOE 2 探明儲備金 mmBOE 3 截止日期 2023 年 8 月 15 日 0 美元 25 美元 75 美元 100 美元到期現金 @ 收盤截止日期（調整後收盤後）延期付款 67% 現金 18% 調整 15%，第 4 月 17.3 REI Standalone Pro Forma 20.1 增長 16% PF 公司 REI Standalone 397 美元 2024 財年第四季度淨負債在 5 個季度內減少 397 美元 392 美元 0 美元 5 美元 10 美元 15 美元 20 美元 20% 創始人 Penwell 減價 LOE埃克托縣資產——收盤後業績REI預估——收盤後業績使總產值增長了38％YE 23 YE 24 0.0 5.0 10.0 15.0 2023年前的1P儲備增加了46％ 2023年後 0 5 10 15 20 25 業績增長了24％ 1. 向德克薩斯州RRC 3報告的三流淨產量2. 2流總產量。CGA Penwell Field 的探明儲量 REI Pro Forma
Ring Energy, Inc. A B C D E F G H H I J K L 112 40 27 26 24 20 18 11 10 10 7 7 6 G ro ss p ro d uc ti o n (2-S tr ea m m b o e/ d) 來源：Enverus，截至2024年10月的總產量數據注：公司包括黑鬍子運營公司、伯克皇室公司、多元化公司、Elevation Resources、Formentera Partners、Kincorp、Der Morgan、Occidental、Riley Petroleum、Ring Energy、Sabinal Energy、Scout Energy 和 Ste特拉華盆地 CBP NWS Eastern Shelf Midland Basin Publics Publics REI CBP/NWS Publics CBP/NWS Publics CBP/NWS Privates NWS（僅限德克薩斯州）的獎金是... ~ 411,000 Boepd (G) 82% 石油同行 15 Pro Forma pre-LRR 收購增值、資產負債表改善的 CBP 和 NWS 資產 CBP 和 NWS 仍是 「頁岩時代」 未被開發的機會在二疊紀盆地，常規機會是Ring Energy深厚的技術人才隊伍的重點。Ring在通過將新的鑽探和完井技術應用於被忽視的地方來創造豐厚的回報方面有着良好的記錄傳統區域常規目標的併購浪潮仍在繼續，主要和大型獨立企業的資產剝離成本降低，下降幅度較小，公開勘探與生產競爭較少爲增值收購奠定了基礎。我們將CBP和NWS資產視爲增長目標機會豐富的盆地爲什麼Ring專注於整合中央盆地平台和西北大陸架的常規資產？以價值爲中心的久經考驗的戰略 | 2025 年 3 月 6 日 | 紐約證券交易所美國證券交易所：REI 第 5th4th
Ring Energy, Inc. 引人入勝的價值主張 16 環以折扣價交易同行1,2 Peer 1 Pe 2 Pe per 3 pe 4 400萬中位數 peer 5 pe 6 Pe 8 0.0x 0.5x 1.0x 1.5x 2.0x 2.0x 2.5x 3.0x 3.0x 4.0x 4.5x V -1 0% OIL Peer 1 中位數每人 5 Pe er 6 Pe er 6 Pe er 7 Pe er 9 0.2x 0.2x 0.4x 0.6x 0.8x 1.2x 1.4x 0% 10% 20% 40% 50% 70% 80% 90% 100% 100% 100% EV/2024 調整後息稅折舊攤銷前DA3EV/PV-103 YE23 1P 儲備和石油百分比儘管有良好的回報、可觀的現金流、資產負債表改善以及有意義的增長，Ring目前的交易價格低於同行 1.同行包括：Amplify、Berry Corporation、Crescent Energy、HighPeak Energy、二疊紀資源、萊利二疊紀、馬赫自然資源、Vital Energy和W＆T Offshore截至2025年3月3日，從同行報告和資本智商和Factset獲得的數據的來源信息。3.調整後的息稅折舊攤銷前利潤和 PV-10 是非公認會計准則財務指標。有關GAAP指標的對賬，請參閱附錄。注重價值的成熟戰略 | 2025 年 3 月 6 日 | 紐約證券交易所美國證券交易所：REI
Ring Energy, Inc.E. Ent er p ri se V all ue（百萬美元）R EI S 的股價是 P ri ce（美元/公頃）APA 資產剝離 REI @ APA Prod Mult 500 550 $600 $650 $700 $800 $900 $950 $1,00 1.50 $2.00 $3.00 $1.21 2.52 股價 ($/sh)) 與近期交易相比，以折扣價進行戒指交易 REI 建議使用 APA CBP 和 NWS 資產剝離估值指標進行估值注重價值的行之有效的策略 | 2025 年 3 月 6 日 | 美國紐約證券交易所：REI17 私人買家爲常規二疊紀資產支付更高的估值倍數 950萬美元 6.27 億美元 8.89 億美元截至2025年3月4日，美國海關和邊境保護局和NWS REI交易股價和電動汽車中的APA非核心資產剝離使用APA估值指標1的REI參考交易股票價格和電動汽車。APA公司於2024年9月10日發佈的新聞稿，出售二疊紀盆地非核心物業的資產。2.截至 2024 年 5 月 11 日的來源 ENVERUS。3.每個英國央行的實地利潤率美元計算方法是按每英國央行的已實現美元減去LOE、GP&T、經營租賃期限、遣散費和從價稅來計算。4.Ring Energy的下降是內部管理層對PDP Ring遺產和收購Lime Rock Resources美國海關和邊境保護局資產的初步估計。APA Permian Divestiture1 公佈日期 2024 年 9 月 10 日銷售價格（百萬美元）950 美元淨產量（英國央行/日）21,000 美元/D 45,238 美元當前房地產投資指數估值3 2025 年 3 月 4 日股價 1.21 美元已發行股份（MM）~200 股權價值（百萬美元）242 美元未償債務 YE24 385 美元企業價值 627 美元 2024 年淨產量（英國央行/D）19,648 美元 e/D 31,912 美元按照 APA 估值指標 EV @ 產量指標 4.52萬 $889 股票價值（百萬美元）504 美元股價（美元）2.52 美元資產指標比較 REI APA 資產剝離1,2 2025E 淨產量（英國央行/D）~21,000 21,000% 石油 66% 57% 2024 年油田水平Margin3 ($/Boe) 36.52 美元 < REI NTM PDP4 Decline% 22% 7% 2024 LOE ($/Boe) $10.89 > REI 二氧化碳運營否是運營的井數 (G) 935 ~5,100+
Ring Energy, Inc.價值主張 18 注重價值的成熟戰略 | 2025 年 3 月 6 日 | 美國紐約證券交易所：REI 2025+ 及以後通過嚴格追求以價值爲中心的戰略繼續提供有競爭力的回報目標槓桿率低於1.0倍並定位Ring向股東返還資本繼續專注於在波動的大宗商品價格環境中最大化FCF的產生強勁的現金運營利潤率有助於在市場低迷時期實現卓越業績並幫助管理風險專注於略微增加石油產量的紀律資本計劃，以及最大限度地提高FCF的產生可以進一步減少債務追求增值性、增強資產負債表的收購以擴大規模、降低盈虧平衡成本、增加庫存並提高償還債務的能力
www.ringenergy.com 財務概覽以價值爲中心的成熟戰略 | 2025 年 3 月 6 日 | 紐約證券交易所美國分部：REI
Ring Energy, Inc. 非公認會計准則對賬（續）40項注重價值的經過驗證的策略 | 2025年3月6日 | 紐約證券交易所美國分部：REI全額現金運營成本（所有時期未經審計）截至12月31日的三個月、9月30日、12月31日、2024年12月31日 2023 2023 年全部現金運營成本：租賃運營費用（包括工資）20,326,216美元 ,315,282 美元 18,732,082 美元 78,310,949 美元 70,158,227 美元 G&A 不包括基於股份的薪酬 6,363,657 6,389,480 5,706,117 24,134,283 20,355,330 淨利息支出（不包括延期融資成本攤銷）8,688,653 9,383,658 10,285,429 37,850,690 38,748,863 營業租賃費用 175,090 175,091 175,090 700,362 541,801 541,801 石油和天然氣生產稅 3,857,147 4,203,851 4,961,768 16,116,565 18,135,336 從價稅 2,421,336 595 2,164,562 1,637,722 8,069,064 6,757,841 收集、交通和加工成本 130,230 102,420 464,558 506,333 457,573 全額現金運營成本 41,964,588 美元 42,7344 美元 41,962,766 美元 165,688,246 美元 155,154,971 Boe 1,808,4971 美元 3 1,849,934 1,784,490 7,191,054 6,613,321 全額現金每個英國央行的運營成本 23.20 美元 23.10 美元 23.52 美元 23.04 美元 23.46 截至12月31日、9月30日、12月31日、2024年12月31日、2024 年12月31日 2024 2023 年現金營業利潤率每位英國央行的已實現收入 46.14 美元 48.24 美元 56.01 美元 50.94 美元 54.60 美元每股英國央行的全部現金運營成本 23.20 23.52 23.04 23.46 23.46 現金運營利潤率英國央行每股22.94美元 25.14美元 32.49美元 27.90 美元 31.14 現金營業利潤率截至2024年12月31日流動資產 50,448,092 減去：流動衍生資產 5,497,057 按契約流動資產 44,951,035Revolver 可用性（貸款減去負債減去LC）214,965,000 每份契約流動資產 259,916,035 流動負債 105,037,187 減去：流動融資租賃負債 906,119 減去：當前經營租賃負債 648,204 減去：每份契約的流動衍生負債 97,072,317 流動比率 2.68 允許的最低流動比率 >= 1.00x 流動比率
<img src="https://www.sec.gov/akam/13/pixel_7edab1c4?a=dD1hZWEwYmJkZDIwNmMzOGU1M2FmZmQyOTY4YzI5Nzc0OGQ2MjQ3NTg0JmpzPW9mZg==" style="visibility: hidden; position: absolute; left: -999px; top: -999px;" />
Ring Energy, Inc. Reducing Debt & Increasing Liquidity Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Disciplined Capital Spending & Sustainably Generating AFCF RBL Balance & Adjusted Debt Paydown1,2 ($ Million) Liquidity3 ($ Million) 1. Paydown of $17 million is net of the $182 million that was borrowed to fund the Stronghold acquisition. 2. Paydown of $19 million is net of the $50 million that was borrowed to fund the Founders acquisition. 3. Liquidity is defined as cash and cash equivalents plus available borrowings under Ring’s credit agreement. Stronghold Acquisition1 Stronghold Acquisition final deferred payment Stronghold Acquisition Founders Acquisition2 Founders Acquisition Founders Acquisition final deferred payment FY Adv tax payment and other one- time cash items Adj. Debt Paydown ($MM) RBL Balance ($MM) 22
www.ringenergy.com ASSET OVERVIEW VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI
Ring Energy, Inc. Committed to ESG 24 Critical to Sustainable Success 2024 Sustainability Report Progressing our ESG Journey A Target Zero Day is a Day that Results in: Zero Company or Contractor OSHA Recordable Injury, and Zero Agency Reportable Spill or Release as Defined by TRRC, EPA, TCEQ, ETC., and Zero Preventable Vehicle Incidents, and Zero H2S Alarms of 10PPM or Greater Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI • Created ESG Task Force and established Target Zero 365 (TZ-365) Safety & Environmental Initiative in 2021to monitor and guide company’s adherence to ESG standards. – Designed to protect the workforce, environment, communities and financial sustainability. – Focused on Safety-first environment and achieving high percentage of Target Zero Days. • 2024 Continued to build staff and programs/processes to improve ESG performance and reduce emissions. – Hired additional personnel to support Safety and Environmental functions. – Implementing contractor management program. – Reduced methane emissions ~26% YoY with focus on eliminating pneumatic device venting and facility upgrades. • 2024-’25 Capital Program includes Emission Reduction plans with: – Continued upgrades of Tank Vent Control Systems including High and Low pressure Flares. – Continued upgrades of vessel controls to eliminate pneumatic devices and/or convert to non-vent controls. – Established Leak Detection and Repair program and migrating in-house to increase quality and reduce costs. Download Report PDF
Ring Energy, Inc. 77-81% Oil Assets Overview 25 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI New Drill Inventory Performance Consistent HZ Well Performance San Andres Horizontal Play EUR (MBoe) per 1000’ Lateral Feet Enhanced Vertical Well Performance CBP Vertical Multi-Stacked Play 2 D&C Capex $ per Effective Lateral Foot 73% Oil Vertical D&C Capex1 $ per Frac Stage ($M) 87-91% Oil 67-71% Oil - l 77-81% Oil 68-74% Oil Updated D&C Range 2024 2023 2024 $ 400 $ 450 $ 500 $ 550 $ 600 Reduced by 11% Th ou sa nd s 2023 2024 50 75 100 2023 2024 $ 225 $ 250 $ 275 Reduced by 3% 1. PJ Lea new drills are 6 frac stages and Penwell new drills are 7 frac stages. C um 9 0 -D ay / w el l A vg - B O E 2023 2024 0 5,000 10,000 15,000 20,000 ~77% Oil ~79% Oil
Ring Energy, Inc. Assets Overview Value Focused Proven Strategy | November 4, 2024 | NYSE American: REI Deep Inventory of High-Return Drilling and Re-Completion Locations 1. Vertical completion no lateral length noted. 2. Peak IP 60 (Boepd) based on best rolling 60-day average. 3. Peak IP 30 (Boepd) based on best continuous rolling 30-day average, due to lack of 60 day production data. 4. Peak IP 15 (Boepd) based on best continuous rolling 15-day average, due to lack of 60 day production data. Select Recent New Drill Horizontal Well Results – Northwest Shelf Select Recent New Drill Horizontal Well Results – Central Basin Platform 26
Ring Energy, Inc. San Andres Horizontal Play CharacteriSTics 27 Value Focused Proven STrategy | March 6, 2025 | NYSE American: REI Proven, Conventional, Top Tier Returns San Andres Hz Delaware Hz Midland Hz High ROR Oil Play Low D&C CoSTs Lower 1ST Year Decline Low Lease Acquisition CoST Long life wells Oil IPs >750 Bbl/d Multiple Benches > 85% Oil $30-35/Bbl D&C Break-even2 1. D&C capex range is for CBP & NWS 1.0 & 1.5 mile laterals in 2024. 2. Break-even coSTs is for core inventory in NWS & CBP horizontal asset areas. The range in break-even based on YTD capex spend and depends on lateral length, asset area, completion and artificial lift type. • Permian Basin has produced >30 BBbl — San Andres accounts for ~40% • Low D&C coSTs1 $2.3 - $3.4 MM per Hz well • Vertical depth of ~5,000’ • Typical oil column of 200’ - 300’ • Life >35+ years • Initial peak oil rates of 300 - 700 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood
Ring Energy, Inc. Vertical Multi-STacked Pay CharacteriSTics 28 Value Focused Proven STrategy | March 6, 2025 | NYSE American: REI Proven, Conventional, Top Tier Returns CBP Vt STack & Frac Delaware Hz Midland Hz High ROR Oil Play Low D&C CoSTs Lower 1ST Year Decline Low Lease Acquisition CoST Long life wells Oil IPs >750 Bbl/d Multiple Benches High NRI’s $35-$40/Bbl D&C Break-even2 • Central Basin Platform has produced >15 BBboe — Vertical multi-STage fracs targeting legacy reservoirs that have been productive throughout the basin (Clearfork to Wolfcamp) • Low D&C coSTs1 $1.0 - $1.9 MM per well • Targeted Vertical completion depths of ~4,000-7,000’ • Typical oil column of 1,000-1,500’ • Life >30+ years • Initial peak oil rates of 150 - 400 Bbl/d • Higher primary recovery than shales • Potential for waterflood and CO2 flood 1. D&C capex range for verticals include all CBP-S inventory. 2. Break-even coSTs is for core inventory in NWS & CBP horizontal asset areas. The range in break-even based on YTD capex spend and depends on lateral length, asset area, completion and artificial lift type.
www.ringenergy.com VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI THANK YOU Company Contact Al Petrie (281) 975-2146 apetrie@ringenergy.com Wes Harris (281) 975-2146 wharris@ringenergy.com Analyst Coverage Alliance Global Partners (A.G.P.) Jeff Grampp (949) 296 4171 jgrampp@allianceg.com ROTH Capital Partners John M. White (949) 720-7115 jwhite@roth.com Truist Financial Neal Dingmann (713) 247-9000 neal.dingmann@truist.com Tuohy Bothers Investment Noel Parks (215) 913-7320 nparks@tuohybrothers.com Water Tower Research Jeff Robertson (469) 343-9962 jeff@watertowerresearch.com Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: 281-397-3699
www.ringenergy.com APPENDIX VALUE FOCUSED PROVEN STRATEGY | MARCH 6, 2025 | NYSE AMERICAN: REI
Ring Energy, Inc. Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 1.20 68.37 Ring Energy, Inc. - Price (Left) WTI Crude Oil ($/bbl) - Price (Right) REI Historical Price Performance1 31 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Price Performance Since January 1, 2022 (1) Sources Factset as of 3/3/2025 Stronghold Announcement Founders Announcement 6.5 MM Warrants exercised 3.0 MM Warrants exercised 4.5 MM Warrants exercised 14.5 MM Warrants exercised Warburg Pincus sell down 12.6 MM shares Warburg Pincus sell down 4.4 MM shares Warburg Pincus sell down 6.2 MM shares Warburg Pincus sell down 6.6 MM shares
Ring Energy, Inc. Financial Overview 32 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI (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. Gas Hedges (Henry Hub) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 NYMEX Swaps: Hedged volume (MMBtu) 451,884 647,200 330,250 11,400 26,600 555,300 17,400 513,300 Weighted average swap price $ 3.77 $ 3.46 $ 3.72 $ 3.74 $ 3.74 $ 3.39 $ 3.74 $ 3.74 Two-way collars: Hedged volume (MMBtu) 22,016 27,300 308,200 598,000 553,500 — 515,728 — Weighted average put price $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.50 $ — $ 3.00 $ — Weighted average call price $ 4.40 $ 4.15 $ 4.75 $ 4.15 $ 5.03 $ — $ 3.93 $ — Oil Hedges (WTI) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Swaps: Hedged volume (Bbl) 193,397 151,763 351,917 141,755 477,350 457,101 59,400 423,000 Weighted average swap price $ 68.68 $ 68.53 $ 71.41 $ 69.13 $ 70.16 $ 69.38 $ 66.70 $ 66.70 Two-way collars: Hedged volume (Bbl) 474,750 464,100 225,400 404,800 — — 379,685 — Weighted average put price $ 57.06 $ 60.00 $ 65.00 $ 60.00 $ — $ — $ 60.00 $ — Weighted average call price $ 75.82 $ 69.85 $ 78.91 $ 75.68 $ — $ — $ 72.50 $ — Oil Hedges (basis differential) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Argus basis swaps: Hedged volume (Bbl) 177,000 273,000 276,000 276,000 — — — — Weighted average spread price (1) $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ — $ — $ — $ — Derivative Summary as of December 31, 2024
Ring Energy, Inc. Income Statement and Operational Stats 33 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Income Statement Operational Stats (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly. (Unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Oil, Natural Gas, and Natural Gas Liquids Revenues $ 83,440,546 $ 89,244,383 $ 99,942,718 $ 366,327,414 $ 361,056,001 Costs and Operating Expenses Lease operating expenses 20,326,216 20,315,282 18,732,082 78,310,949 70,158,227 Gathering, transportation and processing costs 130,230 102,420 464,558 506,333 457,573 Ad valorem taxes 2,421,595 2,164,562 1,637,722 8,069,064 6,757,841 Oil and natural gas production taxes 3,857,147 4,203,851 4,961,768 16,116,565 18,135,336 Depreciation, depletion and amortization 24,548,849 25,662,123 24,556,654 98,702,843 88,610,291 Asset retirement obligation accretion 323,085 354,195 351,786 1,380,298 1,425,686 Operating lease expense 175,090 175,091 175,090 700,362 541,801 General and administrative expense (including share-based compensation) 8,035,977 6,421,567 8,164,799 29,640,300 29,188,755 Total Costs and Operating Expenses 59,818,189 59,399,091 59,044,459 233,426,714 215,275,510 Income from Operations 23,622,357 29,845,292 40,898,259 132,900,700 145,780,491 Other Income (Expense) Interest income 124,765 143,704 96,984 491,946 257,155 Interest (expense) (10,112,496) (10,754,243) (11,603,892) (43,311,810) (43,926,732) Gain (loss) on derivative contracts (6,254,448) 24,731,625 29,250,352 (2,365,917) 2,767,162 Gain (loss) on disposal of assets — — 44,981 89,693 (87,128) Other income 80,970 — 72,725 106,656 198,935 Net Other Income (Expense) (16,161,209) 14,121,086 17,861,150 (44,989,432) (40,790,608) Income Before Provision for Income Taxes 7,461,148 43,966,378 58,759,409 87,911,268 104,989,883 Provision for Income Taxes (1,803,629) (10,087,954) (7,862,930) (20,440,954) (125,242) Net Income $ 5,657,519 $ 33,878,424 $ 50,896,479 $ 67,470,314 $ 104,864,641 Basic Earnings per Share $ 0.03 $ 0.17 $ 0.26 $ 0.34 $ 0.55 Diluted Earnings per Share $ 0.03 $ 0.17 $ 0.26 $ 0.34 $ 0.54 Basic Weighted-Average Shares Outstanding 198,166,543 198,177,046 195,687,725 197,937,683 190,589,143 Diluted Weighted-Average Shares Outstanding 200,886,010 200,723,863 197,848,812 200,277,380 195,364,850 (Unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net sales volumes: Oil (Bbls) 1,188,272 1,214,788 1,254,619 4,861,628 4,579,942 Natural gas (Mcf) 1,683,793 1,705,027 1,613,102 6,423,674 6,339,158 Natural gas liquids (Bbls) 339,589 350,975 261,020 1,258,814 976,852 Total oil, natural gas and natural gas liquids (Boe)(1) 1,808,493 1,849,934 1,784,490 7,191,054 6,613,321 % Oil 66 % 66 % 70 % 68 % 69 % % Natural gas 15 % 15 % 15 % 15 % 16 % % Natural gas liquids 19 % 19 % 15 % 17 % 15 % Average daily sales volumes: Oil (Bbls/d) 12,916 13,204 13,637 13,283 12,548 Natural gas (Mcf/d) 18,302 18,533 17,534 17,551 17,368 Natural gas liquids (Bbls/d) 3,691 3,815 2,837 3,439 2,676 Average daily equivalent sales (Boe/d) 19,658 20,108 19,397 19,648 18,119 Average realized sales prices: Oil ($/Bbl) $ 68.98 $ 74.43 $ 77.33 $ 74.87 $ 76.21 Natural gas ($/Mcf) (0.96) (2.26) (0.12) (1.44) 0.05 Natural gas liquids ($/Bbls) 9.08 7.66 11.92 9.23 11.95 Barrel of oil equivalent ($/Boe) $ 46.14 $ 48.24 $ 56.01 $ 50.94 $ 54.60 Average costs and expenses per Boe ($/Boe): Lease operating expenses $ 11.24 $ 10.98 $ 10.50 $ 10.89 $ 10.61 Gathering, transportation and processing costs 0.07 0.06 0.26 0.07 0.07 Ad valorem taxes 1.34 1.17 0.92 1.12 1.02 Oil and natural gas production taxes 2.13 2.27 2.78 2.24 2.74 Depreciation, depletion and amortization 13.57 13.87 13.76 13.73 13.40 Asset retirement obligation accretion 0.18 0.19 0.20 0.19 0.22 Operating lease expense 0.10 0.09 0.10 0.10 0.08 General and administrative expense (including share-based compensation) 4.44 3.47 4.58 4.12 4.41 G&A (excluding share-based compensation) 3.52 3.45 3.20 3.36 3.08 G&A (excluding share-based compensation and transaction costs) 3.51 3.45 3.00 3.35 3.01
Ring Energy, Inc.34 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI (Unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Cash Flows From Operating Activities Net income $ 5,657,519 $ 33,878,424 $ 50,896,479 $ 67,470,314 $ 104,864,641 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 24,548,849 25,662,123 24,556,654 98,702,843 88,610,291 Asset retirement obligation accretion 323,085 354,195 351,786 1,380,298 1,425,686 Amortization of deferred financing costs 1,299,078 1,226,881 1,221,479 4,969,174 4,920,714 Share-based compensation 1,672,320 32,087 2,458,682 5,506,017 8,833,425 Credit loss expense (26,747) 8,817 92,142 160,847 134,007 (Gain) loss on disposal of assets — — — (89,693) — Deferred income tax expense (benefit) 1,723,338 10,005,502 7,735,437 19,935,413 (425,275) Excess tax expense (benefit) related to share-based compensation 9,011 7,553 319,541 104,344 478,304 (Gain) loss on derivative contracts 6,254,448 (24,731,625) (29,250,352) 2,365,917 (2,767,162) Cash received (paid) for derivative settlements, net 745,104 (1,882,765) (3,255,192) (5,193,673) (9,084,920) Changes in operating assets and liabilities: Accounts receivable 349,474 5,529,542 6,825,601 3,594,504 1,154,085 Inventory 580,161 1,148,418 (588,100) 2,089,116 3,113,782 Prepaid expenses and other assets 295,555 545,529 158,163 93,509 226,688 Accounts payable 4,462,089 (225,196) (4,952,335) (5,076,738) (1,451,422) Asset retirement obligation (613,603) (222,553) (836,778) (1,588,480) (1,862,385) Net Cash Provided by Operating Activities 47,279,681 51,336,932 55,733,207 194,423,712 198,170,459 Cash Flows From Investing Activities Payments for the Stronghold Acquisition — — — — (18,511,170) Payments for the Founders Acquisition — — (12,324,388) — (62,227,145) Payments to purchase oil and natural gas properties (1,423,483) (164,481) (557,323) (2,210,826) (2,162,585) Payments to develop oil and natural gas properties (36,386,055) (42,099,874) (39,563,282) (153,945,456) (152,559,314) Payments to acquire or improve fixed assets subject to depreciation — (33,938) (282,519) (185,524) (492,317) Proceeds from sale of fixed assets subject to depreciation — — (1) 10,605 332,229 Proceeds from divestiture of oil and natural gas properties 121,232 — 1,500,000 121,232 1,554,558 Proceeds from sale of Delaware properties — — (7,993) — 7,600,699 Proceeds from sale of New Mexico properties — — (420,745) (144,398) 3,891,757 Proceeds from sale of CBP vertical wells — 5,500,000 — 5,500,000 — Net Cash Used in Investing Activities (37,688,306) (36,798,293) (51,656,251) (150,854,367) (222,573,288) Cash Flows From Financing Activities Proceeds from revolving line of credit 22,000,000 27,000,000 46,000,000 130,000,000 225,000,000 Payments on revolving line of credit (29,000,000) (42,000,000) (49,000,000) (170,000,000) (215,000,000) Proceeds from issuance of common stock from warrant exercises — — — — 12,301,596 Payments for taxes withheld on vested restricted shares, net — (17,273) (225,788) (919,249) (520,153) Proceeds from notes payable 58,774 — 72,442 1,560,281 1,637,513 Payments on notes payable (475,196) (442,976) (488,776) (1,597,618) (1,603,659) Payment of deferred financing costs (42,746) — (52,222) (88,450) (52,222) Reduction of financing lease liabilities (265,812) (257,202) (224,809) (954,298) (776,388) Net Cash Provided by (Used in) Financing Activities (7,724,980) (15,717,451) (3,919,153) (41,999,334) 20,986,687 Net Increase (Decrease) in Cash 1,866,395 (1,178,812) 157,803 1,570,011 (3,416,142) Cash at Beginning of Period — 1,178,812 138,581 296,384 3,712,526 Cash at End of Period $ 1,866,395 $ — $ 296,384 $ 1,866,395 $ 296,384 December 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 1,866,395 $ 296,384 Accounts receivable 36,172,316 38,965,002 Joint interest billing receivables, net 1,083,164 2,422,274 Derivative assets 5,497,057 6,215,374 Inventory 4,047,819 6,136,935 Prepaid expenses and other assets 1,781,341 1,874,850 Total Current Assets 50,448,092 55,910,819 Properties and Equipment Oil and natural gas properties, full cost method 1,809,309,848 1,663,548,249 Financing lease asset subject to depreciation 4,634,556 3,896,316 Fixed assets subject to depreciation 3,389,907 3,228,793 Total Properties and Equipment 1,817,334,311 1,670,673,358 Accumulated depreciation, depletion and amortization (475,212,325) (377,252,572) Net Properties and Equipment 1,342,121,986 1,293,420,786 Operating lease asset 1,906,264 2,499,592 Derivative assets 5,473,375 11,634,714 Deferred financing costs 8,149,757 13,030,481 Total Assets $ 1,408,099,474 $ 1,376,496,392 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 95,729,261 $ 104,064,124 Income tax liability 328,985 — Financing lease liability 906,119 956,254 Operating lease liability 648,204 568,176 Derivative liabilities 6,410,547 7,520,336 Notes payable 496,397 533,734 Asset retirement obligations 517,674 165,642 Total Current Liabilities 105,037,187 113,808,266 Non-current Liabilities Deferred income taxes 28,591,802 8,552,045 Revolving line of credit 385,000,000 425,000,000 Financing lease liability, less current portion 647,078 906,330 Operating lease liability, less current portion 1,405,837 2,054,041 Derivative liabilities 2,912,745 11,510,368 Asset retirement obligations 25,864,843 28,082,442 Total Liabilities 549,459,492 589,913,492 Commitments and contingencies Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding — — Common stock - $0.001 par value; 450,000,000 shares authorized; 198,561,378 shares and 196,837,001 shares issued and outstanding, respectively 198,561 196,837 Additional paid-in capital 800,419,719 795,834,675 Retained earnings (Accumulated deficit) 58,021,702 (9,448,612) Total Stockholders’ Equity 858,639,982 786,582,900 Total Liabilities and Stockholders' Equity $ 1,408,099,474 $ 1,376,496,392 Statements of Cash FlowsBalance Sheet
Ring Energy, Inc. Non-GAAP Disclosure 35 Value Focused Proven Strategy | March 6, 2025 | NYSE AmeriCAN: REI 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, Adjusted EBITDA and CROCE are key metrics 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 executed 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 our results with our 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 executed 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 less changes in operating assets and liabilities (as reflected on our Statements of Cash Flows), plus transaction costs for executed 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, our definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in our capital expenditures guidance provided to investors. Our management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of our 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 our 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 non- GAAP 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 under our existing senior revolving credit facility and means as of any date, the ratio of (i) our consolidated total debt as of such date to (ii) our 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 our existing senior revolving credit facility. The Company defines 「Consolidated EBITDAX」 in accordance with our existing senior revolving credit facility that 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 for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to our senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, 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, to the extent that during such period we shall have consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets so acquired or disposed of. Also set forth in our existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The table below provides detail of PV- 10 to the standardized measure of discounted future net cash flows as of December 31, 2024. ($ in 000’s) Present value of estimated future net revenues (PV-10) $1,462,827 Future income taxes, discounted at 10% 229,891 Standardized measure of discounted future net cash flows $1,232,936 PV-10” is a financial measure not prepared in accordance with GAAP that differs from a 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. The 「Current Ratio」 is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i)our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification (「ASC」) 815, plus the unused line of credit. The Company’s non-cash current assets include the derivative asset marked to market value. Basedon its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.
Ring Energy, Inc. Non-GAAP Reconciliations 36 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Adjusted Net Income 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, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Net Income $ 5,657,519 $ 0.03 $33,878,424 $ 0.17 $50,896,479 $ 0.26 $67,470,314 $ 0.34 $104,864,641 $ 0.54 Share-based compensation 1,672,320 0.01 32,087 — 2,458,682 0.01 5,506,017 0.03 8,833,425 0.05 Unrealized loss (gain) on change in fair value of derivatives 6,999,552 0.03 (26,614,390) (0.13) (32,505,544) (0.16) (2,827,756) (0.02) (11,852,082) (0.07) Transaction costs - executed A&D 21,017 — — — 354,616 — 24,556 — 417,166 — Tax impact on adjusted items (2,008,740) (0.01) 6,132,537 0.03 (35,631) — (628,405) — (1,788,248) (0.01) Adjusted Net Income $12,341,668 $ 0.06 $13,428,658 $ 0.07 $21,168,602 $ 0.11 $69,544,726 $ 0.35 $100,474,902 $ 0.51 Diluted Weighted-Average Shares Outstanding 200,886,010 200,723,863 197,848,812 200,277,380 195,364,850 Adjusted Net Income per Diluted Share $ 0.06 $ 0.07 $ 0.11 $ 0.35 $ 0.51 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net Income $ 5,657,519 $33,878,424 $50,896,479 $ 67,470,314 $104,864,641 Interest expense, net 9,987,731 10,610,539 11,506,908 42,819,864 43,669,577 Unrealized loss (gain) on change in fair value of derivatives 6,999,552 (26,614,390) (32,505,544) (2,827,756) (11,852,082) Income tax (benefit) expense 1,803,629 10,087,954 7,862,930 20,440,954 125,242 Depreciation, depletion and amortization 24,548,849 25,662,123 24,556,654 98,702,843 88,610,291 Asset retirement obligation accretion 323,085 354,195 351,786 1,380,298 1,425,686 Transaction costs - executed A&D 21,017 — 354,616 24,556 417,166 Share-based compensation 1,672,320 32,087 2,458,682 5,506,017 8,833,425 Loss (gain) on disposal of assets — — (44,981) (89,693) 87,128 Other income (80,970) — (72,725) (106,656) (198,935) Adjusted EBITDA $50,932,732 $54,010,932 $65,364,805 $233,320,741 $235,982,139 Adjusted EBITDA Margin 61 % 61 % 65 % 64 % 65 % 1
Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 37 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Leverage Ratio Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net Cash Provided by Operating Activities $ 47,279,681 $ 51,336,932 $ 55,733,207 $ 194,423,712 $ 198,170,459 Adjustments - Statements of Cash Flows Changes in operating assets and liabilities (5,073,676) (6,775,740) (606,551) 888,089 (1,180,748) Transaction costs - executed A&D 21,017 — 354,616 24,556 417,166 Income tax expense (benefit) - current 71,280 74,899 (192,048) 401,197 72,213 Capital expenditures (37,633,168) (42,691,163) (38,817,080) (151,946,171) (151,969,735) Proceeds from divestiture of equipment for oil and natural gas properties 121,232 — — 121,232 54,558 Credit loss expense 26,747 (8,817) (92,142) (160,847) (134,007) Loss (gain) on disposal of assets — — (44,981) — 87,128 Other income (80,970) — (72,725) (106,656) (198,935) Adjusted Free Cash Flow $ 4,732,143 $ 1,936,111 $ 16,262,296 $ 43,645,112 $ 45,318,099 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Adjusted EBITDA $ 50,932,732 $ 54,010,932 $ 65,364,805 $ 233,320,741 $ 235,982,139 Net interest expense (excluding amortization of deferred financing costs) (8,688,653) (9,383,658) (10,285,429) (37,850,690) (38,748,863) Capital expenditures (37,633,168) (42,691,163) (38,817,080) (151,946,171) (151,969,735) Proceeds from divestiture of equipment for oil and natural gas properties 121,232 — — 121,232 54,558 Adjusted Free Cash Flow $ 4,732,143 $ 1,936,111 $ 16,262,296 $ 43,645,112 $ 45,318,099 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 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. Non-GAAP Reconciliations (cont.) 38 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI Leverage Ratio (Prior Year End) Three Months Ended March 31, June 30, September 30, December 31, Last Four Quarters2023 2023 2023 2023 Consolidated EBITDAX Calculation: Net Income (Loss) $ 32,715,779 $ 28,791,605 $ (7,539,222) $ 50,896,479 $ 104,864,641 Plus: Consolidated interest expense 10,390,279 10,471,062 11,301,328 11,506,908 43,669,577 Plus: Income tax provision (benefit) 2,029,943 (6,356,295) (3,411,336) 7,862,930 125,242 Plus: Depreciation, depletion and amortization 21,271,671 20,792,932 21,989,034 24,556,654 88,610,291 Plus: non-cash charges acceptable to Administrative Agent (7,823,887) (470,875) 36,396,867 (29,695,076) (1,592,971) Consolidated EBITDAX $ 58,583,785 $ 53,228,429 $ 58,736,671 $ 65,127,895 $ 235,676,780 Plus: Pro Forma Acquired Consolidated EBITDAX 15,385,792 9,542,529 4,810,123 — 29,738,444 Less: Pro Forma Divested Consolidated EBITDAX (1,346,877) (357,122) (672,113) (67,092) (2,443,204) Pro Forma Consolidated EBITDAX $ 72,622,700 $ 62,413,836 $ 62,874,681 $ 65,060,803 $ 262,972,020 Non-cash charges acceptable to Administrative Agent: Asset retirement obligation accretion $ 365,847 $ 353,878 $ 354,175 $ 351,786 Unrealized loss (gain) on derivative assets (10,133,430) (3,085,065) 33,871,957 (32,505,544) Share-based compensation 1,943,696 2,260,312 2,170,735 2,458,682 Total non-cash charges acceptable to Administrative Agent $ (7,823,887) $ (470,875) $ 36,396,867 $ (29,695,076) As of December 31, 2023 Leverage Ratio Covenant: Revolving line of credit $ 425,000,000 Pro Forma Consolidated EBITDAX 262,972,020 Leverage Ratio 1.62 Maximum Allowed ≤ 3.00x
Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 39 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 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, 2024 2024 2023 2024 2023 Net Cash Provided by Operating Activities $47,279,681 $51,336,932 $55,733,207 $ 194,423,712 $ 198,170,459 Changes in operating assets and liabilities (5,073,676) (6,775,740) (606,551) 888,089 (1,180,748) Adjusted Cash Flow from Operations $42,206,005 $44,561,192 $55,126,656 $ 195,311,801 $ 196,989,711 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 General and administrative expense (G&A) $ 8,035,977 $ 6,421,567 $ 8,164,799 $ 29,640,300 $ 29,188,755 Shared-based compensation 1,672,320 32,087 2,458,682 5,506,017 8,833,425 G&A excluding share-based compensation 6,363,657 6,389,480 5,706,117 24,134,283 20,355,330 Transaction costs - executed A&D 21,017 — 354,616 24,556 417,166 G&A excluding share-based compensation and transaction costs $ 6,342,640 $ 6,389,480 $ 5,351,501 $ 24,109,727 $ 19,938,164 Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net (Boe) PV-10 Balance, December 31, 2023 82,141,277 146,396,322 23,218,564 129,759,229 $ 1,647,031,127 Purchase of minerals in place — — — — Extensions, discoveries and improved recovery 11,495,236 10,630,769 2,738,451 16,005,482 Sales of minerals in place (1,140,568) (56,020) (16,361) (1,166,266) Production (4,861,628) (6,423,674) (1,258,814) (7,191,054) Revisions of previous quantity estimates (6,730,246) (730,235) 3,621,245 (3,230,707) Balance, December 31, 2024 80,904,071 149,817,162 28,303,085 134,176,684 $ 1,462,827,136 As of and for the twelve months ended December 31, December 31, December 31, 2024 2023 2022 Total long term debt (i.e. revolving line of credit) $385,000,000 $425,000,000 $415,000,000 Total stockholders' equity 858,639,982 786,582,900 661,103,391 Average debt 405,000,000 420,000,000 352,500,000 Average stockholders' equity 822,611,441 723,843,146 480,863,799 Average debt and stockholders' equity $1,227,611,441 $1,143,843,146 $833,363,799 Net Cash Provided by Operating Activities $194,423,712 $198,170,459 $196,976,729 Less change in WC (Working Capital) (888,089) 1,180,748 24,091,577 Adjusted Cash Flows From Operations (ACFFO) $195,311,801 $196,989,711 $172,885,152 CROCE (ACFFO)/(Average D+E) 15.9 % 17.2 % 20.7 %
Ring Energy, Inc. Non-GAAP Reconciliations (cont.) 40 Value Focused Proven Strategy | March 6, 2025 | NYSE American: REI 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, 2024 2024 2023 2024 2023 All-In Cash Operating Costs: Lease operating expenses (including workovers) $ 20,326,216 $ 20,315,282 $ 18,732,082 $ 78,310,949 $ 70,158,227 G&A excluding share-based compensation 6,363,657 6,389,480 5,706,117 24,134,283 20,355,330 Net interest expense (excluding amortization of deferred financing costs) 8,688,653 9,383,658 10,285,429 37,850,690 38,748,863 Operating lease expense 175,090 175,091 175,090 700,362 541,801 Oil and natural gas production taxes 3,857,147 4,203,851 4,961,768 16,116,565 18,135,336 Ad valorem taxes 2,421,595 2,164,562 1,637,722 8,069,064 6,757,841 Gathering, transportation and processing costs 130,230 102,420 464,558 506,333 457,573 All-in cash operating costs $ 41,962,588 $ 42,734,344 $ 41,962,766 $ 165,688,246 $ 155,154,971 Boe 1,808,493 1,849,934 1,784,490 7,191,054 6,613,321 All-in cash operating costs per Boe $ 23.20 $ 23.10 $ 23.52 $ 23.04 $ 23.46 Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Cash Operating Margin Realized revenues per Boe $ 46.14 $ 48.24 $ 56.01 $ 50.94 $ 54.60 All-in cash operating costs per Boe 23.20 23.10 23.52 23.04 23.46 Cash Operating Margin per Boe $ 22.94 $ 25.14 $ 32.49 $ 27.90 $ 31.14 Cash Operating Margin As of December 31, 2024 Current Assets 50,448,092 Less: Current derivative assets 5,497,057 Current Assets per Covenant 44,951,035 Revolver Availability (Facility less debt less LCs) 214,965,000 Current Assets per Covenant 259,916,035 Current Liabilities 105,037,187 Less: Current financing lease liability 906,119 Less: Current operating lease liability 648,204 Less: Current derivative liabilities 6,410,547 Current Liabilities per Covenant 97,072,317 Current Ratio 2.68 Minimum Allowed > or = 1.00x Current Ratio