Ring Energy, Inc. is a growth-oriented independent oil and natural gas exploration and production company based in The Woodlands, Texas. The company focuses on the development, production, acquisition, and exploration of oil and natural gas resources. Its operations are concentrated in the Permian Basin, specifically targeting the Northwest Shelf and Central Basin Platform regions. As of December 31, 2025, Ring Energy held interests in 111,714 gross acres and 919 gross producing wells, with proved reserves totaling approximately 153.3 million Boe.

Ring Energy generates revenue through the sale of oil, natural gas, and natural gas liquids (NGLs) extracted from its producing wells. The company markets its hydrocarbons to end users, marketers, and other purchasers with access to pipeline infrastructure. In areas lacking pipeline access, oil is transported via truck to storage facilities. Revenue is derived from the production and sale of these energy commodities under prevailing market prices, supported by an active commodity hedging program designed to manage price volatility and protect cash flow.

The company does not report distinct operational segments beyond its unified oil and gas exploration and production activities.

Ring Energy operates in a highly competitive environment for acquiring oil and gas properties, marketing production, and retaining technical personnel. The company faces competition from larger firms with greater financial and technical resources, which may outbid for properties and access more prospects. Despite this, Ring Energy leverages its concentrated acreage position in the Permian Basin, high operational control, and experienced management team to maintain a competitive edge. Its focus on cost efficiency, capital discipline, and high-return projects supports its position within the industry.

Ring Energy’s customer base consists of energy marketers, refiners, and other purchasers with access to pipeline and transportation infrastructure. For the year ended December 31, 2025, sales to three customers accounted for 89% of the company’s oil, natural gas, and NGL revenues. These customers were Phillips 66 Company, Concord Energy LLC, and NGL Crude Partners. As of the same date, accounts receivable from these three customers represented 82% of total accounts receivable. The company believes the loss of any of these purchasers would not materially impact its business due to the availability of alternative buyers in the region.