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~ Reaffirms Sales Volume Guidance and Substantially Reduces Capital Guidance ~

THE WOODLANDS, Texas, April 24, 2025 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided updated guidance for the second quarter of 2025, which included reaffirming its previous outlook for oil and total sales volumes despite a significant reduction in the Company’s capital spending guidance, which was lowered in response to the recent decline in oil prices.

KEY Q2 UPDATED GUIDANCE HIGHLIGHTS

• Reduced capital spending guidance range with a midpoint decrease of over 50% to $18 million;

• Reaffirmed guidance range for both oil and total sales volumes with midpoints of 14,200 barrels of oil per day (“Bo/d”) and 21,500 barrels of oil equivalent per day (“Boe/d”) respectively and;

• Reaffirmed Lease Operating Expense (“LOE”) range with a midpoint of $12.00 per Boe.
  

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “In the past we have discussed the benefits of our value-focused proven strategy designed to maximize cash flow generation and effectively navigate the volatility of commodity prices to strengthen the balance sheet. The better-than-expected performance of our first quarter drilling program, underlying PDP assets, and recently acquired Lime Rock assets provided us the opportunity to quickly respond to lower oil prices by reducing our second quarter capital spending by more than 50% while maintaining our sales volumes guidance. Although our breakeven costs are well below the current price of oil, we believe emphasizing debt reduction during this time better positions the Company to manage the potential risks of an extended period of low oil prices. We also believe this change is warranted considering the uncertainty of future oil prices and is in the best interests of our stockholders. Regarding the rest of the year, we intend to provide updated guidance when we report our first quarter results in early May.”

Q2 UPDATED GUIDANCE TABLE

⁽¹⁾ In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, well reactivations and leasing acreage. Also included is anticipated spending for non-operated drilling, completions, capital workovers, and facility improvements.