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November 9 , 2021 CRING ENERGY Ring Energy Announces Third Quarter 2021 Results Continued to Generate Free Cash Flow , Reduce Debt and Increase Liquidity Position THE WOODLANDS , Texas , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- Ring Energy , Inc. ( NYSE American : REI ) ( “ Ring ” or the “ Company ” ) today reported operational and financial results for the third quarter 2021 . Highlights and Recent Key Items • Sold 8,243 barrels of oil equivalent per day ( " Boe / d " ) , or 758,387 barrels of oil equivalent ( " Boe " ) ( 87 % oil ) , in the third quarter of 2021 ; • Reported net income of $ 14.2 million , or $ 0.12 per diluted share , and Adjusted Net Income of $ 6.8 million , or $ 0.07 per share , in the third quarter of 2021 ; • Generated Adjusted EBITDA¹ of $ 19.7 million for the third quarter of 2021 ; 。 Adjusted EBITDA for the nine months ended September 30 , 2021 was $ 59.3 million ; • Delivered Net Cash Provided by Operating Activities of $ 17.5 million and Free Cash Flow of $ 2.6 million in the third quarter of 2021 ; 。 Net Cash Provided by Operating Activities and Free Cash Flow for year - to - date September 30 , 2021 totaled $ 49.5 million and $ 11.2 million , respectively ; • Paid down $ 5.5 million of debt on the Company's revolving credit facility during the third quarter 2021 ; 。 Reduced long - term debt by $ 18.0 million for the first nine months of 2021 ; • Reduced interest expense by $ 2.0 million for the nine months ended September 30 , 2021 when compared to the similar period in 2020 ; • Reduced costly workovers and future operating costs by converting 10 wells from downhole electrical submersible pumps ( " ESPS " ) to rod pumps ( “ CTRS " ) in the third quarter , including seven in the Northwest Shelf ( " NWS " ) and three in the Central Basin Platform ( " CBP " ) ; 。 Performed 24 CTRs year - to - date September 30 , 2021 , including 18 in the NWS and six in the CBP ; • Successfully completed Ring's Phase III drilling program of four wells ( two in NWS and two in CBP ) within budget in the third quarter ; 。 Contributed less than 1 % of total net Boe sales volumes because the wells were brought online during the last three weeks of the quarter ;