Ring Energy reaffirms $600M borrowing base, reduces debt by $25M in Q2 2023

RING ENERGY, INC.

Borrowing base reaffirmed at $600M under $1B credit facility; no changes to terms, company in compliance with all covenants.
Net debt reduction of $25M in Q2 2023; borrowings outstanding at end of Q2: $397M (down from $422M at Q1 end).
Sold non-core Delaware Basin assets for $8.25M gross ($7.8M net); used to pay down debt; recent production ~240 Boe/d (85% oil).
Actively pursuing sale of New Mexico assets (~5,700 gross acres, ~300 Boe/d, 93% oil) to further strengthen balance sheet.
Targeting further debt reduction in H2 2023, dependent on hydrocarbon prices, capex timing, and market conditions.

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