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REI on NYSE

RING ENERGY, INC.

RING ENERGY, INC. is an American crude petroleum and natural gas company based in The Woodlands.2 Its shares trade on NYSE under the symbol REI.2

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Last updated Oct 21, 2026.

Overview

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  • TickerREI on NYSE2
  • IndustryCrude Petroleum & Natural Gas2
  • HeadquartersThe Woodlands, United States2
  • Incorporated inNV3
  • Business address1725 Hughes Landing Blvd., Suite 900, The Woodlands, Tx 773803
  • Filer categoryAccelerated filer3
  • Legal formProfit Corporation2
  • LEI549300HMY6TJ265I8S642
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CAPITOL CORPORATE SERVICES, INC., 89703 Carson City, United States2
  • Registered withBusiness Center (Secretary of State), NV200415489322

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Ring Energy, Inc., a Nevada corporation (“Ring,” “Ring Energy,” the “Company,” “we,” “us,” “our,” or similar terms), is a growth oriented independent oil and natural gas exploration and production company based in The Woodlands, Texas engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in the Permian Basin of Texas. Our drilling operations target the oil and liquids rich producing formations in the Northwest Shelf and the Central Basin Platform, in the Permian Basin in Texas.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-11.2%Operating margin5
-11.3%Net margin5
-16.1%Revenue growth, 20255
-4.2%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs98¢$299.7M
  • Income tax2¢$7.5M

Out of $307.2M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$150.8M

Out of $150.8M of cash from operations.5

Financial statements

Revenue67895$307.2M in 2025+57% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $195.7M$195.7M20192020: $113.0M$113.0M2020−42%2021: $196.3M$196.3M2021+74%2022: $347.2M$347.2M2022+77%2023: $361.1M$361.1M2023+4%2024: $366.3M$366.3M2024+1%2025: $307.2M$307.2M2025−16%
Operating income67895-$34.3M in 2025
-$400.0M-$200.0M0$200.0M2019: $60.1M$60.1M20192020: -$268.7M-$268.7M20202021: $95.8M$95.8M20212022: $191.7M$191.7M2022+100%2023: $145.8M$145.8M2023−24%2024: $132.9M$132.9M2024−9%2025: -$34.3M-$34.3M2025
Net income67895-$34.7M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M$200.0M2019: $29.5M$29.5M20192020: -$253.4M-$253.4M20202021: $3.3M$3.3M20212022: $138.6M$138.6M2022+4072%2023: $104.9M$104.9M2023−24%2024: $67.5M$67.5M2024−36%2025: -$34.7M-$34.7M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Oil, Natural Gas, and Natural Gas Liquids Revenues$307.2M$366.3M$361.1M
Lease operating expenses$79.4M$78.3M$70.2M
Gathering, transportation and processing costs$585.1K$506.3K$457.6K
Ad valorem taxes$7.9M$8.1M$6.8M
Oil and natural gas production taxes$14.3M$16.1M$18.1M
Depreciation, depletion and amortization$96.4M$98.7M$88.6M
Ceiling test impairment$108.8M$0$0
Asset retirement obligation accretion$1.5M$1.4M$1.4M
Operating lease expense$700.4K$700.4K$541.8K
General and administrative expense$31.9M$29.6M$29.2M
Total Costs and Operating Expenses$341.5M$233.4M$215.3M
Income (Loss) from Operations-$34.3M$132.9M$145.8M
Interest income$290.9K$491.9K$257.2K
Interest (expense)-$40.4M-$43.3M-$43.9M
Gain (loss) on derivative contracts$31.7M-$2.4M$2.8M
Gain (loss) on disposal of assets$446.4K$89.7K-$87.1K
Other income$189.3K$106.7K$198.9K
Net Other Income (Expense)-$7.8M-$45.0M-$40.8M
Income (Loss) Before Benefit from (Provision for) Income Taxes-$42.2M$87.9M$105.0M
Benefit from (Provision for) Income Taxes$7.5M-$20.4M-$125.2K
Net Income (Loss)-$34.7M$67.5M$104.9M
Basic Earnings (Loss) per Share (in dollars per share)-$0.17$0.34$0.55
Diluted Earnings (Loss) per Share (in dollars per share)-$0.17$0.34$0.54

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Corporate structure

RING ENERGY, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of RING ENERGY, INC.

  • RING ENERGY, INC. The Woodlands, Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What RING ENERGY, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.9B5 Dec 31, 2025$1.8B5 Dec 31, 2024+4.5%
Accumulated depreciation$569.2M5 Dec 31, 2025$475.2M5 Dec 31, 2024+19.8%
Property and equipment, net$1.3B5 Dec 31, 2025$1.3B5 Dec 31, 2024−0.9%
Finance-lease assets$3.6M5 Dec 31, 2025$4.6M5 Dec 31, 2024−21.6%
Operating-lease assets (leased space)$1.3M5 Dec 31, 2025$1.9M5 Dec 31, 2024−32.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$902.9K5 Dec 31, 2025$1.9M5 Dec 31, 2024−51.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$5.3M5 Dec 31, 2025$4.0M5 Dec 31, 2024+31.2%

Properties, in its own words

General Background

Ring is engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in the Permian Basin of Texas.

The rest of Item 2

Management’s Business Strategy Related to Properties

Our goal is to increase stockholder value by investing in oil and natural gas projects with attractive rates of return on capital employed. We plan to achieve this goal by developing our existing oil and natural gas properties and pursuing strategic acquisitions of additional properties.

Developing Existing Properties

We believe that there is significant value to be created by drilling the undeveloped opportunities on our properties. As of December 31, 2025, we owned interests in a total of 97,085 gross (83,550 net) developed acres and operate the vast majority of our acreage position. In addition, as of December 31, 2025, we owned interests in approximately 14,629 gross (12,684 net) undeveloped acres. While our near-term plans are focused on drilling wells on our existing acreage to develop the potential contained therein, our long-term plans also include continuing to evaluate acquisition and leasing opportunities that can earn attractive rates of return on capital employed.

Within the Northwest Shelf, we have a total of 33 proved undeveloped locations (100% horizontal) and 2 PDNP opportunities based on the reserve report as of December 31, 2025. Our reserve estimates account for the capital costs required to develop these wells and the future plugging and abandonment costs. We believe the Northwest Shelf leases contain additional potential drilling locations.

Within the Central Basin Platform, we had a total of 214 proved undeveloped locations (29% horizontal and 71% vertical) and 236 PDNP opportunities based on the reserve report as of December 31, 2025. Our reserve estimates account for the capital costs required to develop these wells and the future plugging and abandonment costs. We believe the Central Basin Platform leases contain additional potential drilling locations.

Pursuing Profitable Acquisitions

We have historically pursued acquisitions of properties that we believe to have exploitation and development potential comparable to our existing inventory of drilling locations. We have an experienced team of management, engineering, geoscience, and land professionals who identify and evaluate acquisition opportunities, negotiate and close purchases, and manage acquired properties.

Summary of Oil and Natural Gas Properties and Projects

Significant Operations

The Company's significant operations are in two core areas which it has actively drilled over the last several years located in the Northwest Shelf and the Central Basin Platform of the Permian Basin.

Northwest Shelf – Yoakum County, Texas and Lea County, New Mexico – In 2019, we acquired properties consisting of 49,754 gross (38,230 net) acres with an average working interest of 77% and an average net revenue interest of 58%. As of December 31, 2025, we owned interests in a total of 12,892 gross (8,833 net) developed acres and 8,370 gross (8,318 net) undeveloped acres with an average proved operated working interest of 92% and net revenue interest of 69%. As of December 31, 2025, the Company had interests in approximately seven gross vertical and 136 gross horizontal producing wells, of which we operate seven vertical and 120 horizontal wells. The horizontal wells predominately produce from the San Andres conventional reservoir and the vertical wells produce from the Wolfcamp reservoir.

Central Basin Platform – Andrews, Gaines, Crane, Ector, Winkler, and Ward Counties, Texas – In 2011, we acquired a 100% working interest and a 75% net revenue interest in our initial leases in Andrews County. Since that time, we have acquired working and net revenue interests in additional producing leases and acquired additional undeveloped acreage in and around our Andrews County and Gaines County leases. In 2022, we acquired properties consisting of

approximately 37,000 net acres, with an average working interest of 99% and an average net revenue interest of 88% for oil and 96% for natural gas in our initial leases in Crane, Winkler, and Ward counties. In 2023, we acquired properties in Ector County. As of December 31, 2025, we owned interests in a total of 84,193 gross (74,717 net) developed acres and 6,259 gross (4,366 net) undeveloped acres with an average proved operated working interest of 96% and net revenue interest of 81% in the area. As of December 31, 2025, the Company had interests in approximately 509 gross vertical and 267 gross horizontal producing wells, of which we operate 401 vertical and 265 horizontal wells. The horizontal wells predominately produce from the San Andres conventional reservoir and the vertical wells produce from a variety of conventional pay zones including the Holt, Glorieta, Clear Fork, Wichita Albany, Tubb, Wolfcamp and Devonian reservoirs.

Title to Properties

We generally conduct a preliminary title examination prior to the acquisition of properties or leasehold interests. Prior to commencement of operations on such acreage, a thorough title examination is usually conducted and any significant defects are remedied before proceeding with operations. We believe the title to our leasehold properties is good, defensible, and customary with practices in the oil and natural gas industry, subject to such exceptions that we believe do not materially detract from the use of such properties. With respect to our properties of which we are not the record owner, we rely on contracts with the owner or operator of the property or assignment of leases, pursuant to which, among other things, we generally have the right to have our interest placed on record.

Item 2 of the 10-K filed Mar 4, 2026.4

Leadership

Who has led RING ENERGY, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert Steve Owens2009
  2. William Randall Broaddrick2012
  3. Paul D. McKinney2020–now

Chair

  1. Paul D. McKinney2020–now

President

  1. Robert Steve Owens2008–2009
  2. David A. Fowler2013–2020

Chief financial officer

  1. Robert Steve Owens2009
  2. William Randall Broaddrick2012–2020
  3. Travis Thomas2021–2025
  4. Rocky Kwon2025–2026
  5. Sundip Singh Johl2026–now
2010201520202025
Board members and other officers (22)

Former names

  • Transglobal Mining Corp.May 8, 2007 to May 9, 20083
  • Blanca Corp.Jan 12, 2007 to Apr 25, 20073

Timeline

  1. Aug 6, 20268-K Results of operations; Regulation FD disclosure41
  2. May 22, 20268-K Shareholder vote42
  3. May 14, 20268-K Other events43
  4. May 7, 20268-K Results of operations; Executive or director change; Regulation FD disclosure44
  5. Mar 6, 20268-K Executive or director change; Regulation FD disclosure45
  6. Mar 5, 20268-K Results of operations; Regulation FD disclosure46
  7. Mar 3, 20268-K Executive or director change47
  8. Feb 3, 20268-K Executive or director change; Regulation FD disclosure48
  9. Dec 16, 20258-K Regulation FD disclosure49
  10. Nov 7, 20258-K Results of operations; Regulation FD disclosure50
  11. Oct 3, 20258-K Executive or director change51
  12. Sep 15, 20258-K Executive or director change; Regulation FD disclosure52
  13. Oct 13, 2020New chief executive Paul D. McKinney becomes CEO13
  14. Sep 6, 2012New chief executive William Randall Broaddrick becomes CEO14
  15. Aug 10, 2009New chief executive Robert Steve Owens becomes CEO15
  16. Jul 30, 2004Founded RING ENERGY, INC. is founded2

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.06 a share, on Nov 6, 2025.53

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results41
  2. May 7, 2026Reported quarterly or annual results44
  3. Mar 5, 2026Reported quarterly or annual results46
  4. Nov 7, 2025Reported quarterly or annual results50
  5. Aug 7, 2025Reported quarterly or annual results54
  6. May 9, 2025Reported quarterly or annual results55
  7. Mar 7, 2025Reported quarterly or annual results56
  8. Nov 7, 2024Reported quarterly or annual results57

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

364 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 205 insider forms, 24 large holders, 49 other. The latest 20:

  1. Oct 15, 2026DEFA14A EDGAR
  2. Aug 14, 2026SCHEDULE 13G EDGAR
  3. Aug 13, 2026SCHEDULE 13G EDGAR
  4. Aug 6, 20268-K EDGAR
  5. Aug 5, 202610-Q EDGAR
  6. Jun 16, 20264 EDGAR
  7. Jun 16, 20264 EDGAR
  8. May 22, 20268-K EDGAR
  9. May 14, 20268-K EDGAR
  10. May 14, 2026424B5 EDGAR
  11. May 12, 2026424B5 EDGAR
  12. May 7, 20268-K EDGAR
  13. May 6, 202610-Q EDGAR
  14. Apr 10, 2026ARS EDGAR
  15. Apr 10, 2026DEF 14A EDGAR
  16. Mar 27, 2026SCHEDULE 13G/A EDGAR
  17. Mar 6, 20264 EDGAR
  18. Mar 6, 20263 EDGAR
  19. Mar 6, 20268-K EDGAR
  20. Mar 5, 2026S-8 EDGAR

The 364 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

66 open-market trades by officers, directors and large owners since October 2021: 16 buys and 50 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026McKinney Paul D.CEO and Chairman of the BoardBuy50,000$1.19$59.5KForm 4
Jun 15, 2026Johl Sundip SinghEVP, Chief Financial OfficerBuy231,000$1.21$279.5KForm 4
Aug 14, 2025Dyes AlexanderEVP Chief Operations OfficerBuy29,069$0.86$25.0KForm 4
Aug 12, 2025McKinney Paul D.CEO and Chairman of the BoardBuy20,000$0.84$16.8KForm 4
Aug 11, 2025McKinney Paul D.CEO and Chairman of the BoardBuy30,000$0.80$24.0KForm 4
Jun 13, 2025Warburg Pincus XII (E&P) Partners-1, L.P.10% ownerSale2,486,027$0.92$2.3MForm 4
Jun 13, 2025Warburg Pincus Energy (E&P) Partners-A, L.P.10% ownerSale2,486,027$0.92$2.3MForm 4
Jun 12, 2025Warburg Pincus XII (E&P) Partners-2, L.P.10% ownerSale228,008$0.82$187.0KForm 4
Jun 12, 2025Warburg Pincus Energy (E&P) Partners-A, L.P.10% ownerSale228,008$0.82$187.0KForm 4
Jun 11, 2025Warburg Pincus XII (E&P) Partners-2, L.P.10% ownerSale652,380$0.81$528.4KForm 4
Jun 11, 2025Warburg Pincus Energy (E&P) Partners-A, L.P.10% ownerSale652,380$0.81$528.4KForm 4
Jun 10, 2025Warburg Pincus XII (E&P) Partners-2, L.P.10% ownerSale505,340$0.81$409.3KForm 4
Jun 10, 2025Warburg Pincus Energy (E&P) Partners-A, L.P.10% ownerSale505,340$0.81$409.3KForm 4
Jun 9, 2025Warburg Pincus XII (E&P) Partners-2, L.P.10% ownerSale257,468$0.78$200.8KForm 4
Jun 9, 2025Warburg Pincus (E&P) Energy LLC10% ownerSale257,468$0.78$200.8KForm 4
Jun 6, 2025Warburg Pincus XII (E&P) Partners-2, L.P.10% ownerSale215,476$0.77$165.9KForm 4
Jun 6, 2025Warburg Pincus (E&P) Energy LLC10% ownerSale215,476$0.77$165.9KForm 4
Jun 5, 2025Warburg Pincus XII (E&P) Partners-2, L.P.10% ownerSale26,606$0.75$20.0KForm 4
Jun 5, 2025Warburg Pincus (E&P) Energy LLC10% ownerSale26,606$0.75$20.0KForm 4
Jun 4, 2025Warburg Pincus XII (E&P) Partners-1, L.P.10% ownerSale321,289$0.76$244.2KForm 4

All 66 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul D. McKinneyChief Executive Officer and Chairman of the Board67$626.7K$2.9M68
2025Travis T. ThomasFormer Executive Vice President and Chief Financial Officer$308.2K$2.7M68
2025Alexander DyesExecutive Vice President, Chief Operations Officer$436.7K$1.3M68
2025James J. ParrExecutive Vice President, Chief Exploration Officer$395.0K$1.2M68
2025Phillip B. FeinerSenior Vice President, General Counsel$369.2K$910.8K68
2025Rocky P. KwonVice President, Chief Accounting Officer and Former Interim Chief Financial Officer$255.9K$521.0K68
2024Paul D. McKinneyChief Executive Officer and Chairman of the Board67$604.2K$3.4M68
2024Alexander DyesExecutive Vice President, Chief Operations Officer$366.7K$1.4M68
2024Travis T. ThomasFormer Executive Vice President and Chief Financial Officer$366.7K$1.4M68
2024Phillip B. FeinerSenior Vice President, General Counsel$141.7K$449.5K68
2023Paul D. McKinneyChief Executive Officer and Chairman of the Board67$569.2K$3.8M68
2023Alexander DyesExecutive Vice President, Chief Operations Officer$345.0K$1.2M68
2023Travis T. ThomasFormer Executive Vice President and Chief Financial Officer$345.0K$1.2M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Peak6 LLC17,079,382$18.4M0.4%+15,929,382
BlackRock, Inc.12,086,312$13.1M0.0%+10,400,044
Adage Capital Partners Gp, L.l.c.10,650,000$11.5M0.0%New
Vanguard Capital Management LLC8,884,550$9.6M0.0%+1,372,699
Two Sigma Investments, LP8,047,045$8.7M0.0%+1,991,422
Barclays PLC7,399,092$8.0M0.0%+1,724,091
Vanguard Portfolio Management LLC4,616,412$5.0M0.0%+1,115,508
Geode Capital Management, LLC4,575,428$4.9M0.0%+2,583,066
Renaissance Technologies LLC4,117,089$4.4M0.0%+2,496,839
CDC Financial, Inc.3,539,562$3.8M2.9%+80,000
UBS Group AG3,098,584$3.3M0.0%−199,985
Connor, Clark & Lunn Investment Management Ltd.2,922,388$3.2M0.0%+293,446
First Trust Advisors LP2,712,989$2.9M0.0%New
State Street Corp2,509,052$2.7M0.0%+1,702,965
Bridgeway Capital Management, LLC2,166,848$2.3M0.0%+309,046
Goldman Sachs Group Inc1,488,104$1.6M0.0%+312,172
Northern Trust Corp1,486,707$1.6M0.0%+1,138,935
Nierenberg Investment Management Company, LLC1,399,555$1.5M0.8%New
Empowered Funds, LLC1,256,228$1.4M0.0%+88,942
Vanguard Fiduciary Trust Co1,142,143$1.2M0.0%+151,384
De Lisle Partners LLP1,129,569$1.2M0.1%+435,608
Bank of New York Mellon Corp1,121,003$1.2M0.0%+438,639
Plustick Management LLC1,000,000$1.1M0.5%New
Segall Bryant & Hamill, LLC937,046$1.0M0.0%New
Millennium Management LLC902,106$974.3K0.0%−2,197,891

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How RING ENERGY, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRING ENERGY, INC.1
  • CIK0001384195
  • Employer ID (EIN)90-04064064
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1725 Hughes Landing Blvd., Suite 900, The Woodlands, TX 773801
  • Phone281-397-36991
  • Shares outstanding260,539,607 as of Aug 5, 202611
  • Public float$155.6M as of Jun 30, 20254
  • AuditorGrant Thornton LLP, Houston, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 12, 20071
  • Filings919 in all: 4 (350), 8-K (160), 10-Q (54), 3 (34), SC 13G/A (31), CORRESP (27), UPLOAD (22), 10-K (18)1
    All 49 form types

    424B5 (18), SC 13D/A (18), DEF 14A (16), D (15), 4/A (14), SC 13G (14), EFFECT (13), 8-K/A (12), 424B3 (11), S-3 (9), S-1/A (8), DEFA14A (6), SC 13D (6), 10QSB (5), 144 (5), S-8 (5), SCHEDULE 13G/A (5), 3/A (4), PRE 14A (4), SCHEDULE 13G (4), 10-Q/A (3), S-1 (3), S-3/A (3), 10-K/A (2), 10KSB (2), 5 (2), ARS (2), 10QSB/A (1), 424B1 (1), 424B7 (1), 8-A12B (1), 8-A12G (1), AW (1), CERTNYS (1), D/A (1), NT 10-Q (1), REGDEX (1), S-3MEF (1), S-8 POS (1), SB-2 (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 4, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001REINYSE American

From the cover page of the 10-K filed Mar 4, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks RING ENERGY, INC. names in Item 1A of its 10-K filed Mar 4, 2026: 34 risks under these headings, as written.4

  • Risks Relating to Our Business, Operations, and Strategy
  • Part of our strategy involves using some of the latest available horizontal drilling and completion techniques, which involve additional risks and uncertainties in their application compared to vertical drilling.
  • If our assessments of purchased properties are materially inaccurate, it could have a significant impact on future operations and earnings.
  • Prospects that we decide to drill may not yield oil or natural gas in commercially viable quantities.
  • A substantial percentage of our proved properties are undeveloped; therefore, the risk associated with our success is greater than would be the case if a substantial majority of our properties were categorized as proved developed.
  • Hedging transactions may limit our potential gains.
  • Hedging transactions may expose us to risk of financial loss.
  • We may be adversely affected by natural disasters, pandemics and other catastrophic events, and by man-made problems such as terrorism, that could disrupt our business operations.
  • The loss of key members of management or failure to attract and retain other highly qualified personnel could affect the Company’s business results.
  • Risks Relating to the Oil and Natural Gas Industry
  • A substantial or extended decline in oil and natural gas prices may adversely affect our business, financial condition and results of operations and our ability to meet our capital expenditure obligations and financial commitments.
  • Drilling for and producing oil and natural gas are high risk activities with many uncertainties that could adversely affect our business, financial condition, and results of operations.
The other 24 risks
  • Decreases in oil and natural gas prices may require us to incur write-downs of the financial carrying values of our oil and natural gas properties which could negatively impact the price of our common stock.
  • Decreases in oil and natural gas prices may affect our bank borrowing base, potentially requiring earlier than anticipated debt repayment, which could negatively impact our financial position, results of operations, and the price of our common stock.
  • Reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
  • We may incur substantial losses and be subject to substantial liability claims as a result of our oil and natural gas operations.
  • Unless we replace our oil and natural gas reserves, our reserves and production will decline as reserves are produced.
  • Competition is intense in the oil and natural gas industry.
  • If our access to markets is restricted, it could negatively impact our production, our income, and our ability to retain our leases.
  • Many of our properties are in areas that may have been partially depleted or drained by offset wells and certain of our wells may be adversely affected by actions we or other operators may take when drilling, completing, or operating wells that we or they own.
  • Multi-well pad drilling may result in volatility in our operating results.
  • Extreme weather conditions, which could become more frequent or severe due to multiple factors, could adversely affect our ability to conduct drilling, completion, and production activities in the areas where we operate.
  • Restrictions on drilling activities intended to protect certain species of wildlife may adversely affect our ability to conduct drilling activities in some of the areas where we operate.
  • Our operations are substantially dependent on the availability, use and disposal of water. New legislation and regulatory initiatives or restrictions relating to water disposal wells could have a material adverse effect on our future business, financial condition, operating results, and prospects.
  • Risks Relating to Legal, Regulatory, Privacy, and Tax Matters
  • We are subject to complex laws that can affect the cost, manner, or feasibility of doing business.
  • Our operations may incur substantial liabilities to comply with environmental laws and regulations.
  • Our operations are subject to a series of risks arising out of the perceived threat of climate change that could result in increased operating costs, limit the areas in which we may conduct oil and natural gas exploration and production activities, and reduce demand for the oil and natural gas we produce.
  • Changes in tax laws or the interpretation thereof or the imposition of new or increased taxes or fees may adversely affect our operating results and cash flows.
  • Risks Relating to Our Capital Structure
  • We have significant indebtedness.
  • We may be unable to access the equity or debt capital markets to meet our obligations.
  • We continue to be impacted by inflationary pressures on our operating costs and capital expenditures.
  • Risks Relating to Technology and Cybersecurity
  • We rely on computer and telecommunications systems, and failures in our systems or cybersecurity attacks or breaches could result in information theft, data corruption, disruption in operations, and/or financial loss.
  • Risks Relating to Our Common Stock
  • The market price of our common stock may be volatile, which could cause the value of your investment to decline.
  • We currently do not pay cash dividends on our common stock.
  • Our Board of Directors can, without stockholder approval, cause preferred stock to be issued on terms that could adversely affect common stockholders.
  • Provisions under Nevada law could delay or prevent a change in control of our company, which could adversely affect the price of our common stock.

Legal proceedings

The Company is a defendant in a lawsuit in Harris County District Court, Houston, Texas, styled EPUS Permian Assets, LLC, v. Ring Energy, Inc., that was filed in July 2021. The plaintiff, EPUS Permian Assets, LLC, claims breach of contract, money had and received by fraudulent inducement, unjust enrichment and constructive trust. The plaintiff is requesting its forfeited deposit of $5,500,000 in connection with a proposed property sale by the Company plus related damages, and attorneys’ fees and costs. The action relates to a proposed property sale by the Company to the plaintiff, which was extended by the Company on several occasions with the plaintiff ultimately failing to perform on the agreement and the Company keeping the deposit. The Company believes that the claims by the plaintiff are entirely without merit and is conducting a vigorous defense and counterclaim. The Company has filed an answer and a counterclaim denying the allegations and asserting affirmative defenses that would bar or substantially limit the plaintiff’s claims, asserting breach of contract and requesting a declaratory judgment and attorneys’ fees and costs. The parties have concluded discovery in the matter and are currently set for trial in the second quarter of 2026.

The opening of Item 3, Legal Proceedings.4

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