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.
_______________________________________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.
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
$43.6
15%
Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under "Non-GAAP Financial Information." In addition, see section titled "Condensed Operating Data" for additional details concerning costs and expenses discussed below._______________________________________2. Based on the comparison of the pro forma lease operating expenses of Ring and Lime Rock during the six months prior to the closing date of the Lime Rock acquisition and the last six months of the period.
Select Expenses and Other Items
Quarter
Year
Q4 2025
Q3 2025
Q4 2025 to Q3 2025 % Change
Q4 2024
Q4 2025 to Q4 2024 % Change
FY 2025
FY 2024
FY % Change
Lease operating expenses ("LOE") ($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.
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
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.
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.
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
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.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company's strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for quarterly and full year 2026 guidance for sales volumes, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities, particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company's credit facility; Ring's ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary, tax and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring's ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including its Form 10-K for the fiscal year ended December 31, 2025, and its other SEC filings. The Company undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.
Contact Information
Al Petrie AdvisorsAl Petrie, Senior PartnerPhone: 281-975-2146Email: [email protected]
RING ENERGY, INC.Condensed Statements of Operations
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Oil, Natural Gas, and Natural Gas Liquids Revenues
$
66,882,770
$
78,601,336
$
83,440,546
$
307,178,072
$
366,327,414
Costs and Operating Expenses
Lease operating expenses
18,911,801
20,518,472
20,326,216
79,353,806
78,310,949
Gathering, transportation and processing costs
121,097
126,569
130,230
585,087
506,333
Ad valorem taxes
2,279,266
2,446,565
2,421,595
7,906,586
8,069,064
Oil and natural gas production taxes
3,224,183
3,670,987
3,857,147
14,312,232
16,116,565
Depreciation, depletion and amortization
23,002,908
25,225,345
24,548,849
96,414,150
98,702,843
Ceiling test impairment
35,913,116
72,912,330
—
108,825,446
—
Asset retirement obligation accretion
390,892
390,563
323,085
1,490,255
1,380,298
Operating lease expense
175,090
175,091
175,090
700,362
700,362
General and administrative expense
8,030,310
8,139,771
8,035,977
31,928,576
29,640,300
Total Costs and Operating Expenses
92,048,663
133,605,693
59,818,189
341,516,500
233,426,714
Income (Loss) from Operations
(25,165,893
)
(55,004,357
)
23,622,357
(34,338,428
)
132,900,700
Other Income (Expense)
Interest income
56,910
74,253
124,765
290,879
491,946
Interest (expense)
(9,122,419
)
(10,052,320
)
(10,112,496
)
(40,430,929
)
(43,311,810
)
Gain (loss) on derivative contracts
17,495,270
444,305
(6,254,448
)
31,658,839
(2,365,917
)
Gain (loss) on disposal of assets
60,855
105,642
—
446,400
89,693
Other income
29,582
—
80,970
189,294
106,656
Net Other Income (Expense)
8,520,198
(9,428,120
)
(16,161,209
)
(7,845,517
)
(44,989,432
)
Income (Loss) Before Benefit from (Provision for) Income Taxes
(16,645,695
)
(64,432,477
)
7,461,148
(42,183,945
)
87,911,268
Benefit from (Provision for) Income Taxes
3,800,401
12,800,947
(1,803,629
)
7,452,746
(20,440,954
)
Net Income (Loss)
$
(12,845,294
)
$
(51,631,530
)
$
5,657,519
$
(34,731,199
)
$
67,470,314
Basic Earnings (Loss) per Share
$
(0.06
)
$
(0.25
)
$
0.03
$
(0.17
)
$
0.34
Diluted Earnings (Loss) per Share
$
(0.06
)
$
(0.25
)
$
0.03
$
(0.17
)
$
0.34
Basic Weighted-Average Shares Outstanding
207,233,067
206,688,003
198,166,543
204,984,223
197,937,683
Diluted Weighted-Average Shares Outstanding
207,233,067
206,688,003
200,886,010
204,984,223
200,277,380
RING ENERGY, INC.Condensed Operating Data(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Net sales volumes:
Oil (Bbls)
1,207,425
1,226,537
1,188,272
4,841,164
4,861,628
Natural gas (Mcf)
1,808,355
1,853,599
1,683,793
6,980,958
6,423,674
Natural gas liquids (Bbls)
377,937
377,141
339,589
1,387,818
1,258,814
Total oil, natural gas and natural gas liquids (Boe)(1)
1,886,755
1,912,611
1,808,493
7,392,476
7,191,054
% Oil
64
%
64
%
66
%
65
%
68
%
% Natural gas
16
%
16
%
15
%
16
%
15
%
% Natural gas liquids
20
%
20
%
19
%
19
%
17
%
Average daily sales volumes:
Oil (Bbls/d)
13,124
13,332
12,916
13,263
13,283
Natural gas (Mcf/d)
19,656
20,148
18,302
19,126
17,551
Natural gas liquids (Bbls/d)
4,108
4,099
3,691
3,802
3,439
Average daily equivalent sales (Boe/d)
20,508
20,789
19,658
20,253
19,648
Average realized sales prices:
Oil ($/Bbl)
$
57.47
$
64.32
$
68.98
$
63.53
$
74.87
Natural gas ($/Mcf)
(2.49
)
(1.22
)
(0.96
)
(1.33
)
(1.44
)
Natural gas liquids ($/Bbls)
5.29
5.22
9.08
6.43
9.23
Barrel of oil equivalent ($/Boe)
$
35.45
$
41.10
$
46.14
$
41.55
$
50.94
Average costs and expenses per Boe ($/Boe):
Lease operating expenses
$
10.02
$
10.73
$
11.24
$
10.73
$
10.89
Gathering, transportation and processing costs
$
0.06
$
0.07
$
0.07
$
0.08
$
0.07
Ad valorem taxes
$
1.21
$
1.28
$
1.34
$
1.07
$
1.12
Oil and natural gas production taxes
$
1.71
$
1.92
