RING ENERGY RELEASES FOURTH QUARTER AND FULL YEAR 2025 RESULTS, YEAR-END 2025 PROVED RESERVES, AND PROVIDES 2026 GUIDANCE (Form 8-K)

RING ENERGY RELEASES FOURTH QUARTER AND FULL YEAR 2025 RESULTS, YEAR-END 2025 PROVED RESERVES, AND PROVIDES 2026 GUIDANCE

The Woodlands, TX - March 4, 2026 - Ring Energy, Inc. (NYSE American: REI) ("Ring" or the "Company") today reported operational and financial results for the fourth quarter and full year 2025, year-end 2025 proved reserves and provided 2026 operational and financial guidance.

Fourth Quarter 2025 Highlights

•Sold 13,124 barrels of oil per day ("Bo/d"), near the mid-point of guidance and 20,508 barrels of oil equivalent per day ("Boe/d") which was above the mid-point of guidance;

•Reported a net loss of $12.8 million, or $(0.06) per diluted share, which included a $35.9 million of non-cash ceiling test impairment, and Adjusted Net Income1 of $3.6 million, or $0.02 per diluted share;

•Remained cash flow positive for the 25th consecutive quarter, generating Adjusted Free Cash Flow ("AFCF")1 of $5.7 million;

•Reduced debt $8.0 million after retiring a $10.0 million deferred payment obligation;

•Lowered Lease Operating Expense ("LOE") to $10.02 per Boe, 7% below the low end of guidance; and

•Capital expenditures of $24.3 million, which was within guidance;

Full Year 2025 Highlights

•Increased sales volumes year-over-year ("YoY") by 3% to a record 20,253 Boe/d with oil sales essentially flat at 13,263 Bo/d;

•Reported a net loss of $34.7 million, or $(0.17) per diluted share, which included a $108.8 million non-cash ceiling test impairment, and Adjusted Net Income1 of $38.4 million, or $0.19 per diluted share;

•Generated record Adjusted Free Cash Flow1 of $50.1 million, despite an 18% reduction in realized prices, and remained cash flow positive for over 6 consecutive years;

•Proved reserves increased by 14%, or 19.1 MMBoe, to 153.3 MMBoe;

•Decreased capital expenditures by 35% YoY to $98.2 million;

•Paid down $40.0 million of debt since closing the acquisition of Central Basin Platform ("CBP") assets from Lime Rock Resources IV, LP ("Lime Rock") on March 31, 2025;

•Reaffirmed the borrowing base at $585 million, exited 2025 with ~$166 million of liquidity, and borrowings of $420 million; and

•Fully integrated Lime Rock acquisition with production, capex and LOE beating expectations to date.

2026 Outlook

•Targeting essentially flat sales from the prior year after the disposition of approximately 200 Boe/d of non-operated production;

◦Production midpoint of 20,150 Boe/d and 12,950 Bo/d

•Disciplined capital spending program with a midpoint of $115 million;

◦Total wells drilled, completed and online (midpoint) of ~28 wells.

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1. Non-GAAP financial measure. Please see "Non-GAAP Financial Information" at the end of this release for details and reconciliations of GAAP to Non-GAAP.

1

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented:

"Ring Energy delivered strong operational and financial results in 2025, demonstrating the effectiveness of our disciplined, value focused strategy. While the year presented significant challenges across the oil and gas sector, including a roughly 18% year over year decline in realized prices, we responded decisively early in the first quarter. By adjusting our drilling plans, reducing our capital spending, focusing investment on our highest return opportunities and taking advantage of the production from the Lime Rock acquisition, we protected margins, improved efficiency, and performed well despite a volatile macroeconomic backdrop.

Overall, Ring increased production by 3% year over year, and in the last six months, we reduced our lease operating expenses by approximately $1.4 million per month - an 18% reduction2. In addition to the new reserves added by the Lime Rock transaction, we replaced 169% of our 2025 production organically which contributed to our strong 14% increase in year-over-year reserves.

These operational improvements drove strong financial results. We generated a record $50 million of Adjusted Free Cash Flow, a 15% increase year over year, paid down $40 million of debt since closing the Lime Rock acquisition, and paid the $10 million deferred cash payment for the Lime Rock acquisition. Importantly, we extended our record to 25 consecutive quarters of positive cash flow generation. Our consistent execution continues to support sustainable free cash flow across commodity cycles."

Mr. McKinney concluded, "In 2026, we are focused on improving capital efficiency through cost reductions, improving the horizontal mix of our capital program, and drilling longer lateral wells. At a $60 oil price, we intend to maintain production, reduce debt, and continue growing our inventory and reserves. If prices continue above $60, we will accelerate debt reduction. On behalf of the Board and management team, we thank our employees for their disciplined execution in 2025 and look forward to our continued success and creating value for our stockholders in 2026."

Summary Results

			Quarter															Year
			Q4 2025			Q3 2025			Q4 2025 to Q3 2025 % Change			Q4 2024			Q4 2025 to Q4 2024 % Change			FY 2025			FY 2024			FY % Change
Average Daily Sales Volumes (Boe/d)			20,508			20,789			(1)%			19,658			4%			20,253			19,648			3%
Crude Oil (Bo/d)			13,124			13,332			(2)%			12,916			2%			13,263			13,283			-%
Net Sales (MBoe)			1,886.8			1,912.6			(1)%			1,808.5			4%			7,392.5			7,191.1			3%
Realized Price - All Products ($/Boe)			$35.45			$41.10			(14)%			$46.14			(23)%			$41.55			$50.94			(18)%
Realized Price - Crude Oil ($/Bo)			$57.47			$64.32			(11)%			$68.98			(17)%			$63.53			$74.87			(15)%
Revenues ($MM)			$66.9			$78.6			(15)%			$83.4			(20)%			$307.2			$366.3			(16)%
Net Income (Loss) ($MM)			$(12.8)			$(51.6)			75%			$5.7			(325)%			$(34.7)			$67.5			(151)%
Adjusted Net Income1 ($MM)			$3.6			$13.1			(73)%			$12.3			(71)%			$38.4			$69.5			(45)%
Adjusted EBITDA1 ($MM)			$38.4			$47.7			(19)%			$50.9			(25)%			$184.0			$233.3			(21)%
Capital Expenditures ($MM)			$24.3			$24.6			(1)%			$37.6			(35)%			$98.2			$151.9			(35)%
Adjusted Free Cash Flow1 ($MM)			$5.7			$13.9			(59)%			$4.7			21%			$50.1			$43.6			15%

Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under "Non-GAAP Financial Information." In addition, see section titled "Condensed Operating Data" for additional details concerning costs and expenses discussed below.

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2. Based on the comparison of the pro forma lease operating expenses of Ring and Lime Rock during the six months prior to the closing date of the Lime Rock acquisition and the last six months of the period.

2

Select Expenses and Other Items

			Quarter															Year
			Q4 2025			Q3 2025			Q4 2025 to Q3 2025 % Change			Q4 2024			Q4 2025 to Q4 2024 % Change			FY 2025			FY 2024			FY % Change
Lease operating expenses ("LOE") ($MM)			$18.9			$20.5			(8)%			$20.3			(7)%			$79.4			$78.3			1%
Lease operating expenses ($/BOE)			$10.02			$10.73			(7)%			$11.24			(11)%			$10.73			$10.89			(1)%
Depreciation, depletion and amortization ($MM)			$23.0			$25.2			(9)%			$24.5			(6)%			$96.4			$98.7			(2)%
Depreciation, depletion and amortization ($/BOE)			$12.19			$13.19			(8)%			$13.57			(10)%			$13.04			$13.73			(5)%
General and administrative expenses ("G&A") ($MM)			$8.0			$8.1			(1)%			$8.0			-%			$31.9			$29.6			8%
General and administrative expenses ($/BOE)			$4.26			$4.26			-%			$4.44			(4)%			$4.32			$4.12			5%
G&A excluding share-based compensation ($MM)			$6.6			$6.5			2%			$6.4			3%			$25.8			$24.1			7%
G&A excluding share-based compensation ($/BOE)			$3.47			$3.41			2%			$3.52			(1)%			$3.49			$3.36			4%
G&A excluding share-based compensation & transaction costs ($MM)			$6.5			$6.5			-%			$6.3			3%			$25.8			$24.1			7%
G&A excluding share-based compensation & transaction costs ($/BOE)			$3.46			$3.41			1%			$3.51			(1)%			$3.49			$3.35			4%
Interest expense ($MM)			$9.1			$10.1			(10)%			$10.1			(10)%			$40.4			$43.3			(7)%
Interest expense ($/BOE)			$4.83			$5.26			(8)%			$5.59			(14)%			$5.47			$6.02			(9)%
Gain (loss) on derivative contracts ($MM) (1)			$17.5			$0.4			4275%			$(6.3)			378%			$31.7			$(2.4)			1421%
Realized gain (loss) on derivative contracts ($MM)			$2.7			$2.5			8%			$0.7			286%			$5.5			$(5.2)			206%
Unrealized gain (loss) on derivative contracts ($MM)			$14.8			$(2.1)			805%			$(7.0)			311%			$26.2			$2.8			836%

(1) A summary listing of the Company's outstanding derivative positions at December 31, 2025 is included in the tables shown later in this release. For full year 2026, the Company currently has approximately 2.3 million barrels of oil (approximately 48% of oil sales guidance midpoint) hedged at an average downside protection price of $65.21 and approximately 4.7 billion cubic feet of natural gas (approximately 66% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.79.

Balance Sheet and Liquidity: Total liquidity at December 31, 2025 was $165.9 million, a 5% increase from September 30, 2025 and a 24% decrease from December 31, 2024. Liquidity at December 31, 2025 consisted of cash and cash equivalents of $0.9 million and $165.0 million of availability under Ring's revolving credit facility, which includes a reduction of $35 thousand for letters of credit. On December 31, 2025, the Company had $420.0 million in borrowings outstanding on its revolving credit facility that has a current borrowing base of $585.0 million. Ring paid down $8 million of debt during the fourth quarter of 2025 and $40.0 million since the closing of the Lime Rock Acquisition in March 2025. The Company is targeting further debt reduction during 2026 dependent on market conditions, the timing of capital spending, and other considerations.

During the fourth quarter of 2025, the Company's borrowing base of $585 million under its revolving credit facility was reaffirmed. The next regularly scheduled bank redetermination is scheduled to occur during May 2026. Ring is currently in compliance with all applicable covenants under its revolving credit facility.

Ceiling Test Impairment

The Company accounts for its assets under the full cost method of accounting, which requires calculation of the limitation on capitalized costs (the full cost ceiling) each quarter. Due to a decrease in the twelve month average commodity pricing, the Company recorded a non-cash impairment charge of $35.9 million in the fourth quarter of 2025. This non-cash charge had no net impact on cash flows.

3

Drilling and Completion Activity

In 4Q 2025 the Company finished drilling and completed a 1.5-mile horizontal well in the Northwest Shelf in which drilling began in the third quarter of 2025. The Company drilled and completed two additional 1-mile horizontal wells in the Central Basin Platform, one in Andrews County and one in Crane County (both with a working interest of 100%). Also in Crane County the Company drilled and completed one vertical well (with a working interest of 100%).

The table below sets forth Ring's drilling and completions activities by quarter for 2025 and for the full year:

Quarter						Area						Wells Drilled						Wells Completed
1Q 2025						Northwest Shelf (Horizontal)						4						4
						Central Basin Platform (Vertical)						3						3
						Total						7						7
2Q 2025						Central Basin Platform (Horizontal)						1						1
						Central Basin Platform (Vertical)						1						1
						Total						2						2
3Q 2025						Central Basin Platform (Horizontal)						4						4
						Central Basin Platform (Vertical)						1						1
						Total						5						5
4Q 2025						Northwest Shelf (Horizontal)						1						1
						Central Basin Platform (Horizontal)						2						2
						Central Basin Platform (Vertical)						1						1
						Total						4						4
FY 2025						Northwest Shelf (Horizontal)						5						5
						Central Basin Platform (Horizontal)						7						7
						Central Basin Platform (Vertical)						6						6
						Total						18						18

4

2026 Capital Investment, Sales Volumes, and Operating Expense Guidance

Sales volumes for the first quarter 2026 were temporarily impacted by a winter storm reducing volumes over a five day period. Oil sales reduction was approximately 39,050 Bo (430 Bo/d), and Boe sales reduction was approximately 48,250 Boe (540 Boe/d). All production has been restored. Additionally, Ring Energy sold approximately 150 Bo/d or 200 Boe/d of non-operated production.

The guidance in the table below represents the Company's current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.

						Q1 2026						Q2 2026						Q3 2026						Q4 2026						FY 2026
Sales Volumes:
Total Oil (Bo/d)						12,100 - 12,500						12,450 - 13,450						12,750 - 13,750						12,800 - 13,800						12,500 - 13,400
Midpoint (Bo/d)						12,300						12,950						13,250						13,300						12,950
Total (Boe/d)						19,100-19,600						19,400 - 21,000						19,700 - 21,300						19,800 - 21,400						19,500 - 20,800
Midpoint (Boe/d)						19,350						20,200						20,500						20,600						20,150
Oil (%)						64%						64%						65%						65%						64%
NGLs (%)						20%						20%						20%						20%						20%
Gas (%)						16%						16%						15%						15%						16%
Capital Program:
Capital spending(1)(2) (millions)						$28 - $34						$28 - $36						$27 - $35						$17 - $25						$100 - $130
Midpoint (millions)						$31						$32						$31						$21						$115
New Hz wells drilled						5 - 6						5 - 7						5 - 7						3 - 5						18 - 25
New Vertical wells drilled						1						1 - 2						1 - 2						1						4 - 6
Completion of DUC wells						1						0						0						0						1
Wells completed and online						7 - 8						6 - 9						6 - 9						4 - 6						23 - 32
Operating Expenses:
LOE (per Boe)						$10.75 - $11.25						$10.05 - $11.05						$10.00 - $11.00						$10.00 - $11.00						$10.15 - $11.15
Midpoint (per Boe)						$11.00						$10.55						$10.50						$10.50						$10.65

(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.

(2) Based on the $115 million midpoint of spending guidance, the Company expects the following estimated allocation of capital investment:

•68% for drilling, completion, and related infrastructure, and conversions;

•26% for recompletions and capital workovers;

•5% for land and non-operated capital; and

•1% for environmental and emission reducing facility upgrades.

Year-End 2025 Proved Reserves

The Company's year-end 2025 SEC proved reserves were 153.3 MMBoe, up 14% compared to 134.2 MMBoe at year-end 2024. During 2025, Ring recorded reserve additions of 14.0 MMBoe for acquisitions, 11.2 MMBoe for extensions, discoveries and improved recovery, and 1.3 MMBoe of positive revisions related to changes in pricing and performance. Offsetting these additions was 7.4 MMBoe of production.

The SEC twelve-month first day of the month average prices used for year-end 2025 were $61.82 per barrel of crude oil and $3.387 per MMBtu of natural gas, both before adjustment for quality, transportation, fees, energy content, and regional price differentials, while for year-end 2024 they were $71.96 per barrel of crude oil and $2.130 per MMBtu of natural gas - a decrease of 14% and an increase of 59%, respectively.

5

Year-end 2025 SEC proved reserves were comprised of approximately 59% crude oil, 19% natural gas, and 22% natural gas liquids. At year end, approximately 68% of 2025 proved reserves were classified as proved developed and 32% as proved undeveloped. This is compared to year-end 2024 when approximately 69% of proved reserves were classified as proved developed and 31% were classified as proved undeveloped. The Company's year-end 2025 proved reserves were prepared by Cawley, Gillespie & Associates, Inc., an independent petroleum engineering firm.

The PV-10 value at year-end 2025 was $1,318.2 million versus $1,462.8 million at the end of 2024.

						Oil (Bbl)						Gas (Mcf)						Natural Gas Liquids (Bbl)						Net (Boe)						PV-10(1)
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

(1) PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure of Discounted Future Net Cash Flows, which is the most directly comparable generally accepted accounting principles in the United States ("GAAP") measure.

In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2025 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average commodity price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the year ended December 31, 2025. The SEC average prices used for year-end 2025 were $61.82 per barrel of crude oil (WTI) and $3.387 per MMBtu of natural gas (Henry Hub), both before adjustment for quality, transportation, fees, energy content, and regional price differentials. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalations.

Standardized Measure of Discounted Future Net Cash Flows

Ring's standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and changes in the standardized measure as described below were prepared in accordance with GAAP.

As of December 31,						2025						2024
Future cash inflows						$	5,976,599,552					$	6,165,487,616
Future production costs						(2,473,482,048)						(2,432,555,200)
Future development costs (1)						(573,423,296)						(536,825,664)
Future income taxes						(402,808,797)						(465,768,645)
Future net cash flows						2,526,885,411						2,730,338,107
10% annual discount for estimated timing of cash flows						(1,403,392,079)						(1,497,401,764)
Standardized Measure of Discounted Future Net Cash Flows						$	1,123,493,332					$	1,232,936,343

(1) Future development costs include not only development costs but also future asset retirement costs.

6

Reconciliation of PV-10 to Standardized Measure

PV-10 is derived from the Standardized Measure of Discounted Future Net Cash Flows ("Standardized Measure"), which is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. Moreover, GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves or for reserves calculated using prices other than SEC prices. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to represent the fair value of our oil and natural gas reserves.

The following table reconciles the PV-10 value of the Company's estimated proved reserves as of December 31, 2025 to the Standardized Measure:

SEC Pricing Proved Reserves
Standardized Measure Reconciliation
Present value of estimated future net revenues (PV-10)						$	1,318,208,128
Future income taxes, discounted at 10%						194,714,796
Standardized measure of discounted future net cash flows						$	1,123,493,332

7

Conference Call Information

Ring will hold a conference call on Thursday, March 5, 2026 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its fourth quarter and full year 2025 operational and financial results. An updated investor presentation will be posted to the Company's website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the "Ring Energy 2025 Earnings Conference Call". International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring's website at www.ringenergy.com under "Investors" on the "News & Events" page. An audio replay will also be available on the Company's website following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.