Ring Energy Produces Over 18,300 Boe/d, Exceeding Midpoint Of Guidance; Produces Over 12,000 Bo/d, Exceeding High End Of Guidance

THE WOODLANDS, Texas, April 17, 2025 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE: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 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.