Ring Energy Provides Operational Update - Amended to Correct Wells Drilled in First Quarter 2025

~ Announces Timing of First Quarter Earnings Conference Call ~

THE WOODLANDS, Texas, April 18, 2025 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided an operational update, including first quarter 2025 oil sales volumes above the high end of the Company’s guidance range and total sales volumes above the midpoint of guidance. The Company also announced the timing of Ring’s quarterly results conference call.

KEY HIGHLIGHTS

• Produced over 12,000 barrels of oil per day (“Bo/d”), exceeding high end of guidance;
• Produced over 18,300 barrels of oil equivalent per day (“Boe/d”), exceeding the midpoint of guidance;
• Oil production outperformance was driven by the success of Ring's drilling program, featuring 7 wells (4 horizontal and 3 vertical wells) coming online, all surpassing the Company's pre-drill estimates;
• Completed the acquisition of the Central Basin Platform (“CBP”) assets of Lime Rock Resources IV, LP (“Lime Rock”) on March 31, 2025;
  • Highly accretive transaction provides immediate and meaningful increased cash flow from shallow declining, long life, oil weighted assets;
  • Realized initial operational synergies by reducing LOE over 5%;
  • Production during the first two weeks of Ring’s operations exceeded expectations by over 200 Boe/d, averaging over 2,500 Boe/d; and
• Company has over 6,300 barrels of oil per day hedged with weighted average downside protection of $64.44 per barrel for the remainder of the year, as of April 1, 2025.

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “The first quarter has set a strong foundation for 2025, and we look forward to sharing our full results in early May. Despite some initial weather-related downtime, we are pleased to report that oil sales volumes surpassed our highest projections, thanks to the outstanding performance of the wells drilled this quarter. Every well not only met but exceeded our pre-drill expectations, showcasing our operational excellence. Additionally, we successfully completed our Lime Rock asset acquisition before the quarter's end, and we are actively integrating these new properties into our portfolio—yielding an impressive 200 Boe/d increase over earlier estimates during the first two weeks of operations. We are confident that these achievements will propel us toward continued success in the upcoming months.”