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August 9 , 2021 CRING ENERGY Ring Energy Announces Second Quarter 2021 Results and Increased Drilling Plans for Second Half 2021 Continued to Generate Free Cash Flow and Pay Down Debt in Q2 THE WOODLANDS , Texas , Aug. 09 , 2021 ( GLOBE NEWSWIRE ) Ring Energy , Inc. ( NYSE American : REI ) ( " Ring " or the " Company " ) today reported operational and financial results for the second quarter 2021. In addition , the Company announced drilling plans for the second half of 2021 that include three or more wells in each of Ring's Northwest Shelf ( " NWS " ) and the Central Basin Platform ( “ CBP ” ) areas . Highlights and Recent Key Items • Sold 8,709 barrels of oil equivalent per day ( " Boe / d " ) , or 792,551 barrels of oil equivalent ( " Boe ” ) ( 89 % oil ) , in the second quarter of 2021 , up 11 % from the first quarter of 2021 ; • Reported a net loss of $ 15.9 million , or $ 0.16 per share , and Adjusted Net Income of $ 7.3 million , or $ 0.07 per share , in the second quarter of 2021 ; • Generated Adjusted EBITDA¹ of $ 20.6 million for the second quarter of 2021 ; 。 Adjusted EBITDA for the first half of 2021 totaled $ 39.6 million ; • Produced Net Cash Provided by Operating Activities of $ 16.3 million and Free Cash Flow of $ 5.6 million in the second quarter of 2021 ; 。 Net Cash Provided by Operating Activities and Free Cash Flow for the first six months of 2021 totaled $ 32.0 million and $ 8.6 million , respectively ; • Further reduced debt on the Company's revolving credit facility by $ 5.0 million during the second quarter 2021 ; 。 Reduced long - term debt by $ 12.5 million in the first half of 2021 ; • Successfully reaffirmed Ring's borrowing base at $ 350 million , while easing the minimum required oil hedges for calendar 2022 ; • Reduced future operating costs and costly workovers through the conversion of five wells from downhole electrical submersible pumps to rod pumps ( " CTRs " ) in the second quarter , including four in the NWS and one in the CBP ; 。 Performed 14 CTRs in the first six months of 2021 , including 11 in the NWS and three in the CBP ; • Drilled , completed and placed on production all three Phase II wells ( all in NWS and 74 % working interest ) by early June , on schedule and within budget . Production results