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May 10 , 2021 CRING ENERGY Ring Energy Announces First Quarter 2021 Results Generates Free Cash Flow for Sixth Consecutive Quarter , Further Pays Down Debt and Reaffirms Full Year 2021 Guidance THE WOODLANDS , Texas , May 10 , 2021 ( GLOBE NEWSWIRE ) -- Ring Energy , Inc. ( NYSE American : REI ) ( “ Ring ” or the “ Company ” ) today reported operational and financial results for the first quarter 2021 and reaffirmed full year 2021 guidance . Highlights and Recent Key Items • Sold 7,960 barrels of oil equivalent per day ( " Boe / d " ) , or 716,422 barrels of oil equivalent ( " Boe " ) ( 85 % oil ) , in the first quarter of 2021 , with production significantly impacted by the severe winter storm in February and temporary downtime associated with well completions activity and the conversion of electrical submersible pumps to rod pumps ( " CTR " ) ; • Reported a net loss of $ 19.1 million , or $ 0.19 per share , and Adjusted Net Income of $ 7.0 million , or $ 0.07 per share , in the first quarter of 2021 ; • Generated Adjusted EBITDA of $ 19.0 million for the first quarter of 2021 ; • Produced Free Cash Flow¹ of $ 2.9 million in the first quarter of 2021 , marking the sixth consecutive quarter of Free Cash Flow generation ; • Further reduced debt on the Company's revolving credit facility by $ 7.5 million during the first quarter 2021 by utilizing a portion of Free Cash Flow ; • Performed nine CTRs in this year's first quarter ( seven in Northwest Shelf ( " NWS " ) and two in Central Basin Platform ( “ CBP ” ) ) reducing future overall operating costs and diminishing costly workovers ; • Completed and placed on production all four wells of the Company's NWS Phase I drilling program during the first quarter , with all wells completed on schedule and budget , and collective production results to date meeting or exceeding expectations ; • Successfully finished drilling operations on the NWS Phase II drilling program , releasing the rig April 29 , 2021 , with all three wells expected to be completed on schedule and within budget , and online by the end of May 2021 ; • During the first quarter , the Company closed on the sale and exchange of certain oil and gas interests in Andrews County , Texas , with Vin Fisher Operating , Inc. ( " VFOC " ) . The effective date of the transaction was January 1 , 2021 , with Ring receiving a net value consideration in cash of $ 2.0 million ; and • Reaffirmed full year 2021 guidance .