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Ring Energy Inc$11.09($.01)(.09%)

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 Ring Energy Announces Financial and Operational Results for Fourth Quarter and Year End 2016
   Wednesday, March 15, 2017 4:13:00 PM ET

Ring Energy, Inc. (NYSE MKT: REI) ("Ring")("Company") announced today financial results for the three months and twelve months ended December 31, 2016. For the three month period ended December 31, 2016, Ring reported oil and gas revenues of $9,830,708, compared to revenues of $7,362,394 for the quarter ended December 31, 2015. For the twelve months ended December 31, 2016, the Company reported oil and gas revenues of $30,850,248, compared to $31,013,892 for the twelve months ended December 31, 2015. For the fourth quarter of 2016, Ring reported a net loss of $477,006, or $0.01 per diluted share. This information compares to a net loss of $7,473,046, or $0.25 per diluted share, which included a pre-tax non-cash impairment of $9,312,203, for the fourth quarter of 2015. Excluding the impairment, the net loss per diluted would have been $0.05. For the year ended December 31, 2016, the Company reported a net loss of $37,637,687, or $0.97 per diluted share, which included a pre-tax non-cash impairment of $56,513,016. Excluding the impairment, the net loss per diluted share would have been $0.02. This information compares to a net loss of $9,052,771, or $0.32 per diluted share, which included a pre-tax non-cash impairment of $9,312,203 for the year ended December 31, 2015. Excluding the impairment, the net loss per diluted share would have been $0.11.

For the three months ended December 31, 2016, oil sales volume increased to 201,041 barrels, compared to 180,694 barrels for the same period in 2015, an 11% increase, and gas sales volume increased to 211,893 MCF (thousand cubic feet), compared to 192,202 MCF for the same period in 2015, a 10% increase. On a barrel of oil equivalent ("BOE") basis for the three months ended December 31, 2016, production sales increased to 236,357 BOEs, compared to 212,728 BOEs for the same period in 2015, an 11% increase. For the twelve months ended December 31, 2016, oil sales volume increased to 728,051 barrels, compared to 664,612 barrels for the same period in 2015, a 10% increase, and gas sales volume increased to 900,089 MCF, compared to 472,509 MCF for the same period in 2015, a 90% increase. On a BOE basis for the twelve months ended December 31, 2016, production sales increased to 878,066 BOEs, compared to 743,363 BOEs for the same period in 2015, an 18% increase.

The average commodity prices received by the Company were $45.99 per barrel of oil and $2.76 per MCF of natural gas for the quarter ended December 31, 2016, compared to $38.43 per barrel of oil and $2.18 per MCF of natural gas for the quarter ended December 31, 2015. The average prices received for the twelve months ended December 31, 2016 were $39.28 per barrel of oil and $2.50 per MCF of natural gas, compared to $44.90 per barrel of oil and $2.48 per MCF of natural gas for the twelve month period ended December 31, 2015.

Lease operating expenses, including production taxes, for the three months ended December 31, 2016 were $14.05 per BOE, a 10% decrease from the prior year. Depreciation, depletion and amortization costs, including accretion, decreased 28% to $12.98 per BOE. General and administrative costs, which included a $619,499 charge for stock based compensation, were $8.48 per BOE, a 19% decrease. For the twelve months ended December 30, 2016, lease operating expenses, including production taxes, were $12.95 per BOE, a 16% decrease. Depreciation, depletion and amortization costs, including accretion, were $13.63 per BOE, a 35% decrease, and general and administrative costs, which included a $2,267,053 charge for stock based compensation, were $9.14 per BOE, a 15% decrease.

Cash provided by operating activities, before changes in working capital, for the three and twelve months ended December 31, 2016 was $5,047,782, or $0.12 per fully diluted share, and $13,125,293, or $0.34 per fully diluted share, compared to $2,106,864 and $13,416,610, or $0.07 and $0.48 per fully diluted share for the same periods in 2015. Earnings before interest, taxes, depletion and other non-cash items ("Adjusted EBITDA") for the three and twelve months ended December 31, 2016 was $5,125,854, or $0.12 per fully diluted share, and $13,717,804, or $0.35 per fully diluted share, compared to $2,421,885 and $14,158,760, or $0.08 and $0.50 in 2015. (See accompanying table for a reconciliation of net income to adjusted EBITDA).

There was no outstanding debt on the Company’s $500 million senior secured credit facility at December 31, 2016.

Proved reserves, as determined by Cawley, Gillespie and Associates, Inc., and Williamson Petroleum Consultants, Inc., totaled 27,741,575 barrel of oil equivalents (BOE), a 14% increase over the 24,402,383 BOE for the previous year. Future net revenues before income taxes, discounted at 10% ("PV-10"), based on $39.17 per barrel of oil and $2.43 per MCF of gas, were $217.3 million at year-end 2016. This compared to $240.2 million, using average prices of $48.17 per barrel of oil and $2.51 per MCF of gas, for year-end 2015. Approximately 32% of the proved reserves are classified as proved developed producing ("PDP"), 5% proved developed non-producing ("PDNP"), and 63% proved undeveloped ("PUD"). The proved reserves consist of approximately 90% oil and 10% natural gas. Internal engineering has estimated an additional 14.3 million BOE of probable reserves with a PV-10 of $73.5 million using average prices of $39.17 per barrel of oil and $2.47 per MCF of natural gas. The estimated combined totals for proved and probable reserves (2P) are 42.04 million BOE and $290.8 million PV-10.

Mr. Kelly Hoffman, the Company’s Chief Executive Officer, commented, "2016 started slowly as a year of patience and perseverance, and finished as one of pursuit and productivity. With low commodity prices continuing in early 2016, our staff did an excellent job of improving efficiencies by lowering operating costs while increasing production. We focused on improving and upgrading our infrastructure. In the first six months of 2016, we drilled four new development wells, three on our Central Basin Platform ("CBP") and one on our Delaware Basin ("DB") asset. We completed an internal study started in late 2015 of horizontal drilling operations and techniques in the CBP, specifically in the San Andres formation, and continued to monitor the results of surrounding operators using such techniques. In April 2016, we completed a public stock offering which allowed us to pay off the entire outstanding balance of our senior credit facility and put together a capital expenditure budget for the remainder of the year. In addition to the four vertical wells drilled in the first six months of 2016, we budgeted the drilling of four more new vertical development wells and the first three horizontal wells on our CBP. We initiated the drilling of the horizontal wells in the third quarter and announced the results in the fourth quarter. Based on those results, our staff has been busy building our "horizontal" footprint in the CBP. By year end, their efforts resulted in over 53,000 gross acres (32,000 net), of which we believe over 43,000 gross acres (26,000 net) represent horizontal acreage, with over 400 gross horizontal drilling locations. In November, we announced a preliminary capital expenditure budget of $70 million for 2017, which includes the drilling of twenty-two new horizontal wells, six new vertical development wells and continued upgrading of existing infrastructure on our CBP. In addition, it includes drilling eight new vertical wells, remedial work on twelve existing wells and upgrading current infrastructure on our Delaware Basin asset. In December 2016, we completed a second public stock offering with the proceeds from the offering being used to fund the 2017 expenditure budget. We are very pleased with the initial results we are seeing from our 2017 horizontal well drilling program, as they are meeting and/or exceeding the results we received on our pilot three-well horizontal drilling program at the end of 2016. Although we didn’t allocate funds in the preliminary 2017 budget for a horizontal development program on our Delaware Basin asset, we are very excited about the prospects of such a program based on the information and core samples we retrieved by drilling two vertical wells to the base of the Brushy Canyon shale. We enter 2017 focusing on the exceptional opportunities within our current asset base. We are positioned for sustained growth and continue to aggressively look for opportunities that would complement our core assets and fuel that growth."

Non-GAAP Financial Measures:

Net loss for the three months ended December 31, 2016 includes a non-cash charge for stock based compensation of $619,499. Net loss for the twelve months ended December 31, 2016 includes a non-cash charge for stock based compensation of $2,267,053, and a ceiling test impairment charge of $56,513,016. Excluding such items, the Company’s net loss would have been $0.00 per diluted share for the three months ended December 31, 2016, and net earnings of $0.02 for the twelve months ended December 31, 2016. The Company believes results excluding these items are more comparable to estimates provided by security analysts and, therefore, are useful in evaluating operational trends of the Company and its performance, compared to other similarly situated oil and gas producing companies.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and Kansas.

www.ringenergy.com

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2016. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.

                                                                                                                                                                                 
                                                                                                                                                                              RING ENERGY, INC.
                                                                                                                                                                          STATEMENTS OF OPERATIONS
 
                                                                                                                                             Three Months Ended                                                                                                                                    Twelve Months Ended
                                                                                                                                                December 31,                                                                                                                                          December 31,
                                                                                      -------------------------------------------------------------------------------------------------------------------------                            ---------------------------------------------------------------------------------------------------------------------------
                                                                                                              2016                                                                       2015                                                                       2016                                                                        2015
                                                                                      --------------------------------------------------                        ---------------------------------------------------                        ----------------------------------------------------                        ---------------------------------------------------
                                                                                                                                                                                                                                                                                                                        
Oil and Gas Revenues                                                                                     $  9,830,708                        $   7,362,394                                           $   30,850,248                        $  31,013,892  
                                                                                      -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------                      -------------------- ------------ -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                                                                                                                                                                                                                                        
Costs and Operating Expenses                                                                                                                                                                                                                                               .
   Oil and gas production costs                                                                             2,848,029                                                                  2,967,232                                                                   9,867,800                                                                  9,958,380
   Oil and gas production taxes                                                                               472,285                                                                    357,811                                                                   1,504,620                                                                  1,468,073
   Depreciation, depletion and amortization                                                                 2,941,333                                                                  3,648,107                                                                  11,483,314                                                                 15,175,791
   Ceiling test impairment                                                                                          -                                                                  9,312,203                                                                  56,513,016                                                                  9,312,203
   Accretion expense                                                                                          127,015                                                                    168,118                                                                     487,182                                                                    418,384
   General and administrative expense                                                    2,004,039         2,220,040                             8,027,077         7,995,395  
                                                                                      -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------                      -------------------- ------------ -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                                                                                                                                                                                                                                        
      Total Costs and Operating Expenses                                                 8,392,701        18,673,511                            87,883,009        44,328,226  
                                                                                      -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------                      -------------------- ------------ -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                                                                                                                                                                                                                                        
Income (Loss) from Operations                                                            1,438,007       (11,311,117 )                                            (57,032,761 )                        (13,314,334 )
                                                                                      -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------                      -------------------- ------------ -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                                                                                                                                                                                                                                        
Net Interest expense                                                                       (78,071 )                           (315,021 )                                               (592,511 )                           (742,150 )
                                                                                      -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------                      -------------------- ------------ -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                                                                                                                                                                                                                                        
Income (Loss) Before Provision for Income Taxes                                                             1,359,936                                                                (11,626,138 )                                                               (57,625,272 )                                                              (14,056,484 )
                                                                                                                                                                                                                                                                                                                        
(Provision for) Benefit From Income Taxes                                               (1,836,942 )                          4,153,092                            19,987,585         5,003,713  
                                                                                      -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------                      -------------------- ------------ -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                                                                                                                                                                                                                                        
Net Income (Loss)                                                                        ($477,006 )                        ($7,473,046 )                                           ($37,637,687 )                        ($9,052,771 )
                                                                                      ==================== ========== ==================== ==================== ==================== =========== ====================                      ==================== ============ ==================== ==================== ==================== =========== ====================
                                                                                                                                                                                                                                                                                                                        
Basic Earnings (Loss) Per Common Share                                                                         ($0.01 )                                                                   ($0.25 )                                                                    ($0.97 )                                                                   ($0.32 )
Diluted Earnings (Loss) Per Common Share                                                                       ($0.01 )                                                                   ($0.25 )                                                                    ($0.97 )                                                                   ($0.32 )
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                        
Basic Weighted-Average Common Shares Outstanding                                                           43,814,351                                                                 30,391,485                                                                  38,710,626                                                                 28,176,924
Diluted Weighted-Average Common Shares Outstanding                                                         43,814,351                                                                 30,391,485                                                                  38,710,626                                                                 28,176,924
                                                                                                                                                                                                                                                                                                                                                         
                                                                         
                                                                           COMPARATIVE OPERATING STATISTICS
     
                                                                                                                       Three Months Ended December 31,
                                                                                      ----------------------------------------------------------------------------------------
                                                                                         2016                            2015                                      Change
                                                                                      -----------                     -----------                     --------------------------------
                                                                                                                                                       
Net Sales - BOE per day                                                                    2,569                           2,312                              11 %
Per BOE:
   Average Sales Price                                                                   $ 41.59                         $ 34.61                              20 %
                                                                                                                                                       
   Lease Operating Expenses                                                                12.05                           13.95                             -14 %
   Production Taxes                                                                         2.00                            1.68                              19 %
   DD&A                                                                                    12.44                           17.15                             -27 %
   Accretion                                                                                0.54                            0.79                             -32 %
   General & Administrative Expenses                                                        8.48                           10.44                             -19 %
                                                                                                                                                       
                                                                                                                      Twelve Months Ended December 31,
                                                                                      ----------------------------------------------------------------------------------------
                                                                                         2016                            2015                                      Change
                                                                                      -----------                     -----------                     --------------------------------
                                                                                                                                                       
Net Sales - BOE per day                                                                    2,399                           2,037                              18 %
Per BOE:
   Average Sales price                                                                   $ 35.13                         $ 41.72                             -16 %
                                                                                                                                                       
   Lease Operating Expenses                                                                11.24                           13.40                             -16 %
   Production Taxes                                                                         1.71                            1.97                             -13 %
   DD&A                                                                                    13.08                           20.42                             -36 %
   Accretion                                                                                0.55                            0.56                              -2 %
   General & Administrative Expenses                                                        9.14                           10.76                             -15 %
                                                                                                                                                                  
                                                                   
                                                                                                              RING ENERGY, INC.
                                                                                                                BALANCE SHEET
 
                                                                                                             December 31,                                            December 31,
                                                                                                                                    2016                                                                       2015
                                                                                                           ---------------------------------------------------                        ---------------------------------------------------
                                                                                                                                                                                                                        
ASSETS
Current Assets
   Cash                                                                                                                       $  71,086,381                                                              $   4,431,350
   Accounts receivable                                                                                                            3,453,238                                                                  2,507,858
   Joint interest billing receivable                                                                                                454,461                                                                  1,629,165
   Prepaid expenses and retainers                                                                                226,835                              146,118  
                                                                                                           ==================== =========== ====================                      ==================== =========== ====================
   Total Current Assets                                                                                       75,220,915                            8,714,491  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
Property and Equipment
   Oil and natural gas properties subject to amortization                                                                       250,133,965                                                                269,590,374
   Inventory for property development                                                                                             1,582,427                                                                          -
   Fixed assets subject to depreciation                                                                                           1,549,311                                               1,539,991  
                                                                                                                                                                                      -------------------- ----------- --------------------
   Total Property and Equipment                                                                                                 253,265,703                                                                271,130,365
   Accumulated depreciation, depletion and amortization                                                                         (41,347,152 )                                                              (29,863,838 )
   Net Property and Equipment                                                                                211,918,551                          241,266,527  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
Deferred Income Taxes                                                                                                            20,051,908                                                                     64,323
Deferred Financing Costs                                                                                         406,025                              820,904  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
Total Assets                                                                                                                  $ 307,597,399                                           $ 250,866,245  
                                                                                                           ==================== =========== ====================                      ==================== =========== ====================
                                                                                                                                                                                                                        
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
   Accounts payable                                                                                                           $   9,099,391                                                              $  11,023,269
   Other accrued liabilities                                                                                           -                              309,898  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
   Total Current Liabilities                                                                                   9,099,391                           11,333,167  
                                                                                                           ==================== =========== ====================                      ==================== =========== ====================
                                                                                                                                                                                                                        
   Revolving line of credit                                                                                                               -                                                                 45,900,000
   Asset retirement obligations                                                                                7,957,035                            7,401,950  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
   Total Liabilities                                                                                          17,056,426                           64,635,117  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
                                                                                                                                                                                                                        
Stockholders’ Equity
   Preferred stock - $0.001 par value; 50,000,000 shares authorized; no
   shares issued or outstanding
                                                                                                         -
   Common stock - $0.001 par value; 150,000,000 shares authorized;
   49,113,063 shares and 30,391,942 shares issued and outstanding,
   respectively
                                    49,113                                                          30,392
   Additional paid-in capital                                                                                                   335,197,845                                                                193,269,034
   Retained earnings (accumulated deficit)                                                                   (44,705,985 )                                            (7,068,298 )
                                                                                                           ==================== =========== ====================                      ==================== =========== ====================
   Total Stockholders’ Equity                                                                                290,540,973                          186,231,128  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
Total Liabilities and Stockholders’ Equity                                                                                    $ 307,597,399                                           $ 250,866,245  
                                                                                                           -------------------- ----------- --------------------                      -------------------- ----------- --------------------
                                                                                                                                                                                                                        
                                                                   
                                                                                                     RING ENERGY, INC.
                                                                                                  STATEMENTS OF CASH FLOW
 
                                                                                         December 31,                                             December 31,
                                                                                                                2016                                                                        2015
                                                                                       ----------------------------------------------------                        ----------------------------------------------------
                                                                                                                                                                    
Cash Flows From Operating Activities
   Net income (loss)                                                                                        ($37,637,687 )                                                               ($9,052,771 )
   Adjustments to reconcile net income (loss) to net cash
      Provided by operating activities:
         Depreciation, depletion and amortization                                                             11,483,314                                                                  15,175,791
         Ceiling test impairment                                                                              56,513,016                                                                   9,312,203
         Accretion expense                                                                                       487,182                                                                     418,384
         Share-based compensation                                                                              2,267,053                                                                   2,566,716
         Deferred income tax expense (benefit)                                                               (19,987,585 )                                                                (5,003,713 )
Changes in assets and liabilities:
         Accounts receivable                                                                                     229,324                                                                   2,163,440
         Prepaid expenses                                                                                        334,162                                                                    (806,422 )
         Accounts payable                                                                                     (2,233,776 )                                                                (4,929,884 )
         Settlement of asset retirement obligation                                           (240,606 )                                               (446,192 )
------------------------------------------------------------------                     -------------------- ------------ --------------------                      -------------------- ------------ --------------------
   Net Cash Provided by Operating Activities                                               11,214,397                             9,397,552  
------------------------------------------------------------------                     -------------------- ------------ --------------------                      -------------------- ------------ --------------------
Cash Flows from Investing Activities
   Payments to purchase oil and natural gas properties                                                       (10,193,927 )                                                               (77,902,553 )
   Payments to develop oil and natural gas properties                                                        (26,554,171 )                                                               (31,430,355 )
   Purchase of inventory for development                                                                      (1,582,427 )                                                                         -
   Purchase of equipment, vehicles and leasehold improvements                                  (9,320 )                                               (330,182 )
                                                                                       -------------------- ------------ --------------------                      -------------------- ------------ --------------------
   Net Cash Used in Investing Activities                                                  (38,339,845 )                                           (109,663,090 )
==================================================================                     ==================== ============ ====================                      ==================== ============ ====================
Cash Flows From Financing Activities
   Proceeds from issuance of notes payable                                                                     7,000,000                                                                  45,900,000
   Proceeds from issuance of common stock                                                                    139,567,980                                                                  50,039,853
   Principal payments on revolving line of credit                                                            (52,900,000 )                                                                         -
   Proceeds from option exercise                                                              112,500                               134,800  
------------------------------------------------------------------                     -------------------- ------------ --------------------                      -------------------- ------------ --------------------
   Net Cash Provided by Financing Activities                                               93,780,480                            96,074,653  
------------------------------------------------------------------                     -------------------- ------------ --------------------                      -------------------- ------------ --------------------
Net Increase (Decrease) in Cash                                                                               66,655,031                                                                  (4,190,885 )
Cash at Beginning of Period                                                                 4,431,350                             8,622,235  
------------------------------------------------------------------                     -------------------- ------------ --------------------                      -------------------- ------------ --------------------
Cash at End of Period                                                                                     $   71,086,381                                           $    4,431,350  
==================================================================                     ==================== ============ ====================                      ==================== ============ ====================
                                                                                                                                                                    
Supplemental Cash flow Information
   Cash paid for interest                                                                                 $      649,010                                           $      426,742  
==================================================================                     ==================== ============ ====================                      ==================== ============ ====================
                                                                                                                                                                    
Noncash Investing and Financing Activities
   Asset retirement obligation acquired                                                                                -                                                                   3,361,634
   Asset retirement obligation incurred during development                                                       308,509                                                                     171,635
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                        RECONCILIATION OF CASH FLOW FROM OPERATIONS
                                                                                                                                                                    
Net cash provided by operating activities                                                                 $   11,214,397                                                              $    9,397,552
Change in operating assets and liabilities                                                 (1,910,896 )                                             (4,019,058 )
                                                                                       -------------------- ------------ --------------------                      -------------------- ------------ --------------------
                                                                                                                                                                    
Cash flow from operations                                                                                 $   13,125,293                                           $   13,416,610  
                                                                                       ==================== ============ ====================                      ==================== ============ ====================
                                                                                                                                                                    
Management believes that the non-GAAP measure of cash flow from
operations is useful information for investors because it is used
internally and is accepted by the investment community as a means
of measuring the Company’s ability to fund its capital program. It
is also used by professional research analysts in providing
investment recommendations pertaining to companies in the oil and
gas exploration and production industry.
                                                    
                                                                                               RING ENERGY, INC.
                                                                                      NON-GAAP DISCLOSURE RECONCILIATION
                                                                                                ADJUSTED EBITDA
 
                                                                                                                                                                        
                                                                                                                        December 31,                                                 December 31,
                                                                                                                            2016                                                         2015
                                                                                                           ------------------------------------                        -------------------------------------
                                                                                                                                                                        
NET INCOME                                                                                                      ($37,637,687 )                                                ($9,052,771 )
                                                                                                                                                                        
   Net interest expense                                                                                              592,511                                                      742,150
   Income tax expense (benefit)                                                                                  (19,987,585 )                                                 (5,003,713 )
   Depreciation, depletion and amortization                                                                       11,483,314                                                   15,175,791
   Accretion of discounted liabilities                                                                               487,182                                                      418,384
   Ceiling test impairment                                                                                        56,513,016                                                    9,312,203
   Stock based compensation                                                                                        2,267,053                                                    2,566,716
                                                                                                                                                                        
ADJUSTED EBITDA                                                                                               $   13,717,804                             $  14,158,760  
                                                                                                           ==== ============ ====================                      ====== =========== ====================
                                                                                                                                                                        

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170315006440r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170315006440/en/

SOURCE: Ring Energy, Inc.

K M Financial, Inc. 
Bill Parsons, 702-489-4447


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