Ring Energy Announces Issuance of 2023 Sustainability Report

THE WOODLANDS, Texas, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced that it has issued its 2023 Sustainability Report (the “2023 Report”), which is available on the Company’s website at www.ringenergy.com under the “Sustainability” tab.

The report provides updated and comprehensive information about Ring’s Environmental, Social and Governance (“ESG”) initiatives and related key performance indicators. In the creation of the document, the Company primarily consulted the Sustainability Accounting Standards Board’s (“SASB”) Oil and Gas Exploration and Production Sustainability Accounting Standard and the Global Sustainability Standards Board’s Global Reporting Initiative (“GRI”) and associated Oil & Gas Sector Standards. In addition, the Company considered the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), the Sustainable Development Goals (“SDGs”) promulgated by the United Nations, and guidance from other industry frameworks and the various ESG ratings agencies, as appropriate.

During 2022 and into 2023, the Company has executed a number of its targeted ESG initiatives, and these projects are discussed in the 2023 Report. This includes the Company’s:

• Thorough review and related capital investment in industry-leading technologies designed to reduce emissions across its operations;
• Continued and important progress on its targeted TARGET ZERO-365 program focused on health, safety and environmental excellence;
• Pro-active outreach to the Company’s top shareholders concerning say-on-pay and other governance matters, as well as other ESG topics that were of interest to investors;  
  • The Company appreciated the feedback and incorporated recommendations in the development of the 2023 Report;
• Introduction of reporting Greenhouse Gas (“GHG”) emissions intensity metrics; and
• Expanded the Company’s ESG reporting frameworks to now include GRI’s global and oil and gas sector standards.

Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We are pleased to release our 2023 Sustainability Report, which provides an update on our ESG performance and continued efforts to enhance the long-term sustainability of our business. During 2022 and 2023, we continued to make substantial progress planning and executing our sustainability initiatives. This includes significant capital investment in further enhancement of our GHG and other air emissions reduction efforts and the continued advancement of our TARGET ZERO-365 program focused on building an HSE culture that empowers employees and contractors to naturally achieve an incident free environment. In addition, we expanded our disclosure of important ESG metrics and relevant reporting frameworks.”