28 RING ENERGY Key Attributes of the Lead Independent Director The Lead Independent Director is selected from among the non-employee directors. The NESG Committee and management discuss candidates for the Lead Independent Director position, and consider many of the same types of criteria as candidates for the chair of other Board committees including: ■ Tenure; ■ Previous service as a Board committee chair; ■ Diverse experience; ■ Participation in and contributions to activities of the Board; and ■ Ability and willingness to commit adequate time to the role. ANNUAL BOARD EVALUATION The NESG Committee is responsible for the Board evaluation process. In each fiscal year, the NESG Committee requests that the chairman of each committee report to the full Board about such committee’s annual evaluation of its performance and evaluation of its charter. In addition, the NESG Committee receives comments from all directors and reports to the full Board with an assessment of the Board’s and management’s performance each fiscal year. In conducting its annual evaluation, our Board utilizes anonymous written questionnaires to solicit feedback on committee and board effectiveness, agenda topics and materials, appropriate delegation of issues to committees, and the appropriateness of board and committee materials. The NESG Committee’s review process also includes an annual director self-evaluation that prompts each director to reflect and comment on his or her own individual performance and contributions to the Board and the Company. DIRECTOR ORIENTATION AND CONTINUING EDUCATION Our Board takes measures as it deems appropriate to ensure that its members may act on a fully informed basis. The NESG Committee evaluates general education and orientation programs for our directors. Newly appointed directors are required to become knowledgeable about the responsibilities of directors for publicly traded companies. In addition, we provide our directors with information regarding changes in our business and industry as well as the responsibilities of the directors in fulfilling their duties. BOARD INDEPENDENCE As required under the listing standards of the NYSE American, a majority of the members of our Board must qualify as independent, as affirmatively determined by our Board. The standards relied upon by the Board in determining whether a director is “independent” are those set forth in the rules of the NYSE American. The NYSE American generally defines the term “independent director” as a person other than an executive officer or employee of a company, who does not have a relationship with the company that would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Because the Board believes it is not possible to anticipate or provide for all circumstances that might give rise to conflicts of interest or that might bear on the materiality of a relationship between a director and the Company, the Board has not established specific objective criteria, apart from the criteria set forth in the NYSE American rules, to determine “independence.” In addition to the NYSE American criteria, in making the determination of “independence”, the Board considers such other matters including, without limitation, (i) the business and non- business relationships that each independent director has or may have had with the Company and its other directors

29 2022 PROXY STATEMENT and executive officers, (ii) the stock ownership in the Company held by each such director, (iii) the existence of any familial relationships with any executive officer or director of the Company, and (iv) any other relevant factors which could cause any such Director to not exercise his independent judgment. Our NESG Committee evaluated all relevant transactions and relationships between each director then on the Board, and any of his or her family members, and the Company, senior management, and independent registered accounting firm. Based on this evaluation and the recommendation of our NESG Committee, our Board determined that Clayton E. Woodrum, Anthony B. Petrelli, Regina Roesener, Richard A. Harris, John A. Crum and Thomas L. Mitchell were independent directors, as that term is defined in the listing standards of the NYSE American and that Paul D. McKinney is not independent. Family Relationships and Involvement in Legal Proceedings All directors and nominees for director of the Company are United States citizens. There are no family relationships between any of our directors or nominees for director and executive officers. In addition, there are no other arrangements or understandings between any of our directors or nominees for director and any other person pursuant to which any person was selected as a director or nominee for director. BOARD RISK ASSESSMENT AND CONTROL The Board considers risk oversight and management to be an integral part of its role. Our risk management program is overseen by our Board and its committees, with support from our management. Our Board utilizes an enterprise-wide approach to oil and gas industry risk management, designed to support the achievement of organizational objectives, including strategic objectives, to improve long-term organizational performance and enhance stockholder value. A fundamental part of risk management is a thorough understanding of the risks the Company faces, understanding of the level of risk appropriate for our Company, and the steps needed to manage those risks effectively. The involvement of all members of the Board in setting our business strategy is a key part of their overall responsibilities and, together with management, determines what constitutes an appropriate level of risk for our Company. Our Board believes that its practice of including all members of our management team in our risk assessments allows the Board to more directly and effectively evaluate management capabilities and performance, more effectively and efficiently communicate its concerns and wishes to the entire management team and provides all members of management with a direct communication avenue to the Board. While our Board has the ultimate oversight responsibility for the risk management process, the committees of our Board also have responsibility for specific risk management activities. In particular, the Audit Committee focuses on financial risk management, including internal controls, and oversees compliance with regulatory requirements. In setting compensation, the Compensation Committee approves compensation programs for the officers and other key employees to encourage an appropriate level of risk-taking behavior consistent with our business strategy and performance.

30 RING ENERGY INSIDER TRADING POLICY Our Board has adopted an Insider Trading Policy for employees and directors to promote compliance with federal and state securities laws. The policy prohibits certain persons who are aware of material non-public information about the Company from: (i) trading in securities of the Company; or (ii) providing material non-public information to other persons who may trade on the basis of that information. When material non-public information about us may exist and may have an influence on the marketplace, a trading blackout period is placed in effect by management. In addition, our Insider Trading Policy also applies to family members, other members of a person’s household, and entities controlled by a person covered by this Insider Trading Policy. Officers, directors, and designated employees, as well as the family members and controlled entities of such persons, may not engage in any transaction in Company securities without first obtaining pre-clearance of the transaction. Under the Insider Trading Policy, directors, executive officers and other employees are prohibited from entering into any hedging or monetization transactions relating to our securities or otherwise trading in any instrument relating to the future securities’ price. Our Insider Trading Policy also prevents directors and executive officers from pledging our securities as collateral for loans or holding our securities in a margin account. BOARD COMMITTEES Our Board has established three standing committees, the composition and responsibilities of which are briefly described below. Our Board may establish other committees from time to time to facilitate our management. Audit Committee Compensation Committee Nominating, Environmental, Social, and Governance Committee Our Board has determined that the Compensation Committee, Audit Committee, and Nominating, Environmental, Social, and Governance Committee are comprised entirely of independent directors as required under the listing standards of the NYSE American and applicable rules and requirements of the SEC. The Board may delegate certain duties and responsibilities to the committees it establishes.

31 2022 PROXY STATEMENT NAME AUDIT COMMITTEE COMPENSATION COMMITTEE NOMINATING, ENVIRONMENTAL, SOCIAL, AND GOVERNANCE COMMITTEE Paul D. McKinney Anthony B. Petrelli John A. Crum Richard E. Harris Thomas L. Mitchell Regina Roesener Clayton E. Woodrum  Chair   Member AUDIT COMMITTEE Pursuant to its charter, the Audit Committee’s principal functions are as follows: ■ Oversee the quality, integrity and reliability of our financial statements and other financial information we provide to any governmental body or the public; ■ Select, hiring, and overseeing our independent registered public accounting firm and to approve the compensation paid to our independent registered public accounting firm; ■ Oversee our independent auditor’s qualifications and independence, and the performance; ■ Oversee and our compliance with legal and regulatory requirements; ■ Oversee our internal audit function, including oversight of our internal controls regarding finance, accounting, legal compliance and ethics; ■ Establish procedures for (i) the receipt, retention, and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters; and (ii) the confidential, anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters; ■ Assess matters related to risk, risk controls and compliance; ■ Produce the Audit Committee Report for inclusion in our annual proxy statement; and ■ Perform such other functions our Board may assign to the Audit Committee from time to time.

32 RING ENERGY During the 2021 fiscal year, from January through May, the Audit Committee was comprised of Mr. Woodrum, Mr. Mitchell, Mr. Petrelli and Ms. Roesener, with Mr. Woodrum acting as the chairman. In May 2021, the Board appointed Mr. Crum and Mr. Harris to the Audit Committee. Each of Messrs. Woodrum, Crum, Harris, Petrelli and Mitchell, and Ms. Roesener qualify as “independent directors” in accordance with the applicable regulations of the NYSE American definition of independent director set forth in the Company Guide, Part 8, Sections 803(A) and meet the more stringent requirements for members of a listed company’s audit committee set forth in Section 803(B)(2) to the Company Guide. Our Board has further determined that Mr. Woodrum continues to be qualified as an “audit committee financial expert” as defined in Item 407 of Regulation S-K promulgated by the SEC. The Audit Committee met six times during the fiscal year ended December 31, 2021. At each meeting, the Audit Committee was given the opportunity to meet in executive session separately with Mr. Thomas, our Chief Financial Officer, and our independent registered public accounting firm. COMPENSATION COMMITTEE Pursuant to its charter, the Compensation Committee’s principal functions are as follows: ■ Make recommendations regarding the compensation of the Chief Executive Officer; ■ Approve, after considering the recommendation of the CEO, the compensation of the named executive officers; ■ Review our compensation practices and policies to ensure that they provide appropriate motivation for corporate performance and increased stockholder value; ■ Oversee the administration of the Company’s stock and incentive compensation programs; ■ Make recommendations to the Board regarding the adoption, amendment, or termination of equity compensation programs; ■ Approve the adoption, amendment, and termination of incentive compensation and deferred compensation programs for our employees; ■ Oversee the administration of our compensation plans and programs for employees and non-employees and directors; ■ Periodically review human resource issues relating to the Company’s policies and practices with respect to workforce diversity and equal employment opportunities; ■ Annually review a risk assessment of the Company’s compensation policies and practices; and ■ Perform such other functions as the Board may assign to the Compensation Committee from time to time. In accordance with the rules of the NYSE American, the compensation of our Chief Executive Officer is recommended by the Compensation Committee to the Board (in a proceeding in which the Chief Executive Officer does not participate). Compensation for all other officers is recommended by the Chief Executive Officer for determination by the Compensation Committee. The Compensation Committee is delegated all authority of the Board as may be required or advisable to fulfill the purposes of the Compensation Committee. The Compensation Committee may form and delegate some or all of its authority to subcommittees when it deems appropriate. Meetings may, at the discretion of the Compensation Committee, include members of the Company’s management, other members of the Board, consultants or advisors, and such other persons as the Compensation Committee or its chairperson may determine. The Compensation Committee has the sole authority to retain, amend the engagement with, and terminate any compensation consultant to be used to assist in the evaluation of director, Chief Executive Officer, or executive officer compensation, including employment contracts and change in control provisions. The Compensation Committee has the sole authority to approve any consultant’s fees and other retention terms and has authority to cause the Company to pay the

33 2022 PROXY STATEMENT fees and expenses of such consultants. The Compensation Committee retained a compensation consultant for the fiscal year ended December 31, 2021. During the 2021 fiscal year, from January through May, the Compensation Committee was comprised of Messrs. Crum, Woodrum, and Mitchell, with Mr. Crum acting as the chairman. In May 2021, the Board appointed Messrs. Harris and Petrelli and Ms. Roesener to the Compensation Committee with Mr. Crum continuing as the chairman. Each member of the Compensation Committee during the fiscal year ended December 31, 2021 was an “independent director” as defined in the applicable rules of the NYSE American and the SEC. The Compensation Committee held four meetings during the fiscal year ended December 31, 2021. NOMINATING, ENVIRONMENTAL, SOCIAL AND GOVERNANCE COMMITTEE The Nominating, Environmental, Social, and Governance Committee’s principal functions are as follows: ■ Identify and recommend qualified candidates to the Board for nomination as members of the Board and its committees; ■ In the event there is a vacancy on the Board, identify individuals that the committee believes are qualified to become directors in accordance with the Board membership criteria set forth in the committee’s charter; ■ Evaluate stockholder nominees for director submitted in accordance with the Company’s bylaws; ■ Periodically review with the Board the appropriate size of the Board and the requisite skills and characteristics of its members; ■ Review the Board’s committee structure and recommend to the Board the appointment of committee members and chairs; ■ Develop and recommend to the Board corporate governance principles and policies applicable to the Company; ■ Develop and recommend to the Board standards to be applied in making determinations on the types of relationships that constitute material relationships between the Company and a director for purposes of determining director independence; ■ Review and recommend to the Board proposed changes to the Company’s charter and bylaws; ■ Overseeing ESG policies, performance and disclosure, as well as developing recommendations for the Board on emerging issues related to our industry; and ■ Perform such other functions as the Board may assign to the NESG Committee from time to time. During the 2021 fiscal year, from January through April, the NESG Committee was comprised of Messrs. Petrelli, Crum and Harris, with Mr. Petrelli acting as the chairman. In April 2021, the Board appointed Mrs. Roesener to the NESG Committee, replacing Mr. Petrelli as acting chairman. In May 2021, the Board appointed Messrs. Mitchell, Petrelli, and Woodrum to the NESG Committee. Each member of the NESG Committee during the fiscal year ended December 31, 2021, was an “independent director” as defined in the applicable rules of the NYSE American and the SEC. The NESG Committee met one time during the fiscal year ended December 31, 2021. DIRECTOR NOMINATIONS AND QUALIFICATIONS Under its charter, the NESG Committee identifies qualified candidates to serve as Board members as necessary to fill vacancies or the additional needs of the Board, and reviews and evaluates candidates recommended by our stockholders. The NESG Committee considers qualified candidates from several sources, including stockholder nominations. The NESG Committee may, but has not, retained an outside consultant to evaluate or assist in identifying or evaluating potential director candidates.

34 RING ENERGY Any stockholders who would like to propose a nominee to the Board should submit such proposed nominee for consideration by the NESG Committee, including the proposed nominee’s qualifications, to Ring Energy, Inc., Attention: Mr. Travis T. Thomas, Chief Financial Officer, 1725 Hughes Landing Blvd., Suite 900, The Woodlands, TX 77380. Stockholders who meet certain requirements specified in our bylaws may also nominate candidates for inclusion in our proxy materials for an annual meeting as described in “Stockholder Proposals and Director Nominations for the 2023 Annual Meeting.” There are no differences in the manner in which the NESG Committee evaluates nominees for director based on whether the nominee is recommended by a stockholder or the incumbent directors. Whether nominated by a stockholder or through the activities of the NESG Committee, the NESG Committee seeks to select candidates who have distinguished records of leadership and success in their area of activity and who will make substantial contributions to our Board operations and effectively represent the interests of our stockholders. The NESG Committee’s assessment of candidates includes, but is not limited to, consideration of: (i) roles and contributions valuable to the business community; (ii) personal qualities of leadership, character, judgment, and whether the candidate possesses and maintains a reputation in the community at large of integrity, trust, respect, competence, and adherence to high ethical standards; (iii) relevant knowledge and diversity of background and experience in such things as the Company’s industry, and in general, business, technology, finance and accounting, marketing, international business, government, and the like; or (iv) whether the candidate is free of conflicts and has the time required for preparation, participation, and attendance at all meetings. A director’s qualifications in light of these criteria are considered at least each time the director is re-nominated for Board membership. The Committee also evaluates whether the candidate’s skills are complementary to the existing Board members’ skills, the Board’s needs for particular expertise in fields such as business, technology, financial, marketing, governmental, or other areas of expertise, and assess the candidate’s impact on Board dynamics and effectiveness. The Committee selects candidates that best suit the Board’s current needs and recommends one or more of such individuals to the Board. Our membership criteria and a rigorous selection process help ensure that candidates recommended to the Board will effectively represent the best interests of our stockholders. BOARD OF DIRECTORS DIVERSITY The Board encourages a diversity of backgrounds among its members; however, it does not have a formal diversity policy with regard to the consideration of diversity in identifying director nominees. The Board considers candidates with significant direct or indirect energy industry experience that will provide the Board as a whole with the talents, skills, diversity, and expertise to serve the long-term interests of the Company and our stockholders. COMMUNICATIONS WITH OUR BOARD Stockholders desiring to communicate with our Board, the independent directors, or any director in particular, may do so by mail addressed as follows: Attn: Board of Directors, Ring Energy, Inc., 1725 Hughes Landing Blvd., Suite 900, The Woodlands, TX 77380. Our Chief Executive Officer, Chief Financial Officer, or Corporate Secretary review each communication received from our stockholders and other interested parties and will forward the communication, as expeditiously as reasonably practicable, to the Board (or individual director) if the communication complies with the requirements of any applicable policy adopted by us relating to the subject matter or the communication falls within the scope of matters generally considered by our Board.

35 2022 PROXY STATEMENT EXECUTIVE OFFICERS The following table sets forth the names, ages, and positions of our current executive officers as of April 28, 2022: Paul D. McKinney Please see “Proposal 1 - Election of Directors” above for the biography of Mr. McKinney. Marinos C. Baghdati Executive Vice President of Operations Age: 45 Marinos C. Baghdati joined Ring on October 1, 2020 and has spent his career focused on all aspects of Oil & Gas Operations, from starting with a proposed location to drill and following through to product being sold. Most recently Mr. Baghdati served as Vice President – Operations at Sandridge Energy. Prior to Sandridge Energy, he served in various roles as a drilling, completions, production and facility engineer for both private equity firms and publicly traded companies. Mr. Baghdati has extensive experience primarily in the Permian Basin of West Texas, but it extends to South Texas, Louisiana, Mississippi, Colorado and Oklahoma. His experience also includes deep-water, international drilling and completions off the coasts of Israel and Cyprus in the Mediterranean Sea for Noble Energy. Mr. Baghdati received a Bachelor of Science degree in Petroleum Engineering and a Master of Science degree in Mathematics & Statistics from Texas Tech University. Stephen D. Brooks Executive Vice President of Land, Legal, Human Resources and Marketing Age: 66 Stephen D. Brooks joined Ring on October 1, 2020 and most recently held the position of Vice President of Land, Legal, People & Culture and Corporate Services with SandRidge Energy, Inc. Mr. Brooks served in these various capacities from May 2019 to April 2020. Prior to employment at SandRidge, Mr. Brooks served as Vice President of Land for both Yuma Energy, Inc. from February 2016 to May 2019, and for the Gulf Coast Region of Duncan Energy Company from 2000 to 2015, where at both of these companies he was responsible for all land department functions. Prior to becoming the Vice President, Mr. Brooks was the Land Manager for the Gulf Coast Region of Duncan from 1991 to 2000. Before spending 24 years with Duncan, Mr. Brooks was the Land Manager Gulf Coast Region for Ladd Petroleum Corporation from 1984 to 1990, when he became Ladd’s Exploration Manager until 1991. Mr. Brooks also held landman positions at Patrick Petroleum Corporation, Santa Fe Energy Company and started his career in 1977 with Shell Oil Company. Mr. Brooks is a Certified Professional Landman and a member of the American Association of Professional Landmen. Mr. Brooks holds a BBA in Petroleum Land Management from The University of Texas at Austin.

36 RING ENERGY Alexander Dyes Executive Vice President of Engineering and Corporate Strategy Age: 37 Alexander Dyes joined Ring on October 1, 2020 and has a well-rounded background in both conventional and unconventional plays with over 14 years of multi-disciplined experience in oilfield operations, reservoir engineering, economic evaluation, capital allocation, risk assessment, strategic planning, and business development. Most recently Mr. Dyes served as Vice President – A&D at Sandridge Energy. Prior to Sandridge, he worked at Yuma Energy from late 2014 to early 2019 where he served as Vice President of A&D/Engineering from 2016- 2019. He began his career at Apache Corporation and worked in various roles of increasing responsibility from 2007 to 2014 including his last role as a lead asset Senior Reservoir Engineer in Apache’s Permian Region. During his career he has led multi-discipline teams charged with identifying upside, optimizing vertical and horizontal development programs, reducing costs, and improving returns. He has direct experience in drilling, completions, production operations and reservoir engineering in most of the U.S. major active basins and horizontal plays. Mr. Dyes is bilingual in Spanish and brings a multicultural background as he was born and raised in Bogota, Colombia. Mr. Dyes received a Bachelor of Science degree in Petroleum Engineering from the University of Texas at Austin with a minor in Business Foundations from McCombs School of Business. Travis T. Thomas Executive Vice President, Chief Financial Officer, Corporate Secretary & Treasurer Age: 44 Travis T. Thomas joined Ring on October 26, 2020 and most recently held the position of Executive Vice President, Treasurer and Chief Accounting Officer of Paradox Resources, LLC, a private exploration, development and production company focused on the Paradox Basin of Utah and Colorado with complementary midstream assets. Prior to Paradox, Mr. Thomas served as Vice President of Finance/Controller with Yuma Energy, Inc. from February 2016 through February 2019. From March 2012 through January 2016, he held a variety of financial management roles at New Prospect Company, an oil and gas consulting firm specializing in wellsite supervision, engineering, energy services and construction, and was named Vice President of Finance in June 2015. Prior to New Prospect, Mr. Thomas held similar financial roles at Highland Oil and Gas and Equity Associates, Inc. Mr. Thomas currently sits on the Board of Trustees for the Houston Yacht Club and volunteers as Treasurer for Ragnot Amateur Sailing Association of Texas, a 501(c)(3) non-profit organization. Mr. Thomas holds a Bachelor of Business Administration degree with a major in finance from the Red McCombs School of Business at the University of Texas in Austin.

37 2022 PROXY STATEMENT COMPENSATION DISCUSSION & ANALYSIS This Compensation Discussion and Analysis (CD&A) section describes the compensation program for our Chief Executive Officer (CEO), Chief Financial Officer (CFO), and the three other most highly compensated executive officers serving at the end of 2021. Collectively, these executive officers are referred to as the Named Executive Officers (NEOs). NAME PRINCIPAL POSITION Paul D. McKinney Chief Executive Officer and Chairman of the Board Travis T. Thomas Executive Vice President, Chief Financial Officer, Treasurer & Secretary, effective March 24, 2021 Stephen D. Brooks Executive Vice President of Land, Legal, Human Resources and Marketing Marinos C. Baghdati Executive Vice President of Operations Alexander Dyes Executive Vice President of Engineering and Corporate Strategy William R. Broaddrick Former Chief Financial Officer, effective July 1, 2012 through March 24, 2021 CD&A SUMMARY Our executive compensation programs are designed to meet the dynamic needs of our business, and align our executives with shareholders and best market practices. Decisions made with respect to the 2021 and 2022 compensation programs are in accordance with these considerations. Since the pandemic began, our COVID-19 management plan was specifically designed to support all employees regarding their personal and professional needs. In addition to implementing all relevant government guidelines, directives and regulations, our focus was to ensure effective communications with our employees and to develop safe working protocols, appropriate return-to-office protocols, and work-from-home provisions for all office-based and field-level personnel. These new developments led to improved internal procedures and communication processes that proved to be effective by maintaining business continuity and leading to superior overall organizational performance in 2021. EXECUTIVE TEAM TRANSITIONS As previously disclosed, effective March 24, 2021, Mr. Broaddrick resigned as Chief Financial Officer and Travis Thomas, who previously served as the Company’s Vice President of Finance, was promoted to Chief Financial Officer, effective March 24, 2021. Mr. Broaddrick continues to serve in a transition support role on an as-needed basis. In connection with Mr. Broaddrick’s resignation, he received a lump sum payment equal to four months’ severance (or $65,000) and accelerated vesting on 89,840 shares of Company restricted stock.

38 RING ENERGY 2021 CHANGES TO EXECUTIVE COMPENSATION Early in 2021, the Board and management team took action to strategically position the Company to succeed in response to severe industry conditions and the continuing COVID-19 pandemic. These actions generated outstanding overall performance in 2021 and were achieved by developing and properly aligning Ring’s management team and employees with our new strategic focus on generating free cash flow, maintaining production levels and reserves, and strengthening the balance sheet by paying down debt. During 2021, the Compensation Committee (the “Committee”) redesigned the Company’s compensation programs to strengthen this alignment by making the changes described below: ■ New Annual Non-Equity Incentive Plan – A new Annual Incentive Plan (“AIP”) was developed to focus on achieving strategic and measurable financial and operational performance with award levels subject to progress toward achieving certain Health, Safety and Environmental (“HSE”) objectives established by the Board thereby incentivizing the achievement of the Company’s important priorities. ■ New Long-term Equity Incentive Plan – A new Long-term Incentive Plan (“LTIP”) was designed to directly align executive management and senior level employees with stockholder outcomes and the long-term financial success of the Company. ■ Benchmarked Total Compensation – Total executive compensation was benchmarked to a peer group of energy companies with the assistance of an independent compensation consultant. ■ 84% of CEO Target Compensation is incentive-based – 57% of CEO target compensation is performance-based and 68% is equity-based. 84% OF TARGET CEO COMPENSATION IS INCENTIVE BASED 41% PSUs with 3-year Performance Period (2021-2023) 27% RSUs with 3-year vesting 16% Target Annual Cash Bonus 16% Base Salary

39 2022 PROXY STATEMENT ADDITIONAL COMPENSATION POLICY HIGHLIGHTS   Substantial focus on performance-based pay   No “single trigger” change in control   Strong alignment with stockholder priorities through significant weighting on long-term incentives  No excessive benefits or perquisites   Review of peer group market data when establishing compensation   No cash buyouts of underwater options   Clawback policy applies in the event of error, fraud or misconduct   No hedging or pledging of Company stock   Double-trigger change in control required for both cash severance and equity severance vesting   No evergreen provision in equity compensation plan EXECUTIVE COMPENSATION PHILOSOPHY Our executive compensation program is designed to achieve the following objectives: ■ Emphasize pay for performance, in which Company and individual performance against preset goals are inherently linked to the amount realized by an NEO; ■ Attract and retain a qualified and motivated management team by offering industry competitive opportunities and providing the majority of NEO compensation in the form of long-term incentives that vest over a three-year period; ■ Incentivize NEOs and appropriately reward them for their contributions to the achievement of our key short-term and long-term strategic objectives with variable compensation; and ■ Align the compensation of our NEOs with the interests of our long-term shareholders by providing 60% of the LTI mix in the form of performance-based incentives and 40% in the form of RSUs. The Compensation Committee believes that non-equity incentive compensation and equity incentive compensation should reflect the Company’s success in achieving financial, operating, and strategic goals. The Committee’s philosophy is that the Company should continue to use long-term incentive compensation such as Performance Stock Units (“PSUs”) and Restricted Stock Units (“RSUs”) to align executives’ interests with those of stockholders and should allocate a much greater portion of an executive’s compensation to long-term compensation and incentive-based compensation. The Compensation Committee reviews the performance of the Company’s executive officers throughout the year to evaluate the performance of each executive officer relative to the performance of the Company and the progress in meeting the Company’s goals and objectives.

40 RING ENERGY Peer Review, Benchmarking and Compensation Consultant The Compensation Committee retained compensation advisory services during 2021 from an independent compensation consultant, Meridian Compensation Partners, LLC (“Meridian”), to help design and implement the compensation practices of the Company. The Compensation Committee reviewed, evaluated, and benchmarked the compensation practices of the Company versus a “compensation peer group” of companies, which include Abraxas Petroleum Corporation, Amplify Energy Corp., Battalion Oil Corporation, Berry Corporation, Bonanza Creek Energy, Inc. (now Civitas Resources, Inc.), Contango Oil & Gas Company (now Crescent Energy Company), Earthstone Energy, Inc., Goodrich Petroleum Corporation (replaced with Riley Permian Exploration, Inc.), Laredo Petroleum, Inc., Penn Virginia Corporation (now Ranger Oil Corporation), Ring Energy, Inc., SilverBow Resources, Inc. and W&T Offshore, Inc., all of which are in the oil and natural gas exploration and production industry. The Compensation Committee also reviewed and considered oil and gas industry compensation surveys and related materials. ROLE OF STOCKHOLDER SAY-ON-PAY ADVISORY VOTE In determining 2021 executive compensation, the Compensation Committee considered the approval received from the stockholders on the say-on-pay vote at the last annual meeting and will continue to take into action the results of the say-on- pay vote in the future, to ensure our executive compensation programs are aligned with the interests of our stockholders. EXECUTIVE COMPENSATION PROGRAM ELEMENTS FOR 2021 Performance Objectives and Goals As described in more detail below, our current executive compensation program for NEOs includes three major elements: (1) a base salary, (2) non-equity incentive compensation cash awards, and (3) equity-based incentive compensation. Base Salaries The Compensation Committee believes base salary is an integral element of executive compensation to provide executive officers with a base level of monthly income. We provide all of our employees, including our NEOs, with an annual base salary to compensate them for their services to the Company. Similar to most companies within the industry, our policy is to pay NEOs’ base salaries in cash. The base salary of each NEO is reviewed annually, with the salary of the Chief Executive Officer being recommended by the Compensation Committee and approved by the Board and the salaries of the other executive officers being determined and approved by the Compensation Committee after consideration of recommendations by the Chairman of the Board and Chief Executive Officer. The Compensation Committee analyzes many factors in its evaluation of our NEOs’ base salary, including the experience, skills, contributions, and tenure of such officer with the Company and such executive officers’ current and future roles, responsibilities, and contributions to the Company. Our NEOs received the following annual base salaries in 2021. Mr. Thomas received a base salary raise as of March 24, 2021 in conjunction with his promotion to Chief Financial Officer. The other NEOs did not receive pay increases in 2021 as their salaries were held at the same pay-rates as the previous year.

41 2022 PROXY STATEMENT NAME 2021 BASE SALARY RATE ($) (EFFECTIVE JANUARY 1, 2021) Paul D. McKinney(1) 480,000 Travis T. Thomas 250,000 Stephen D. Brooks 290,000 Marinos C. Baghdati 290,000 Alexander Dyes 290,000 William R. Broaddrick(2) 195,000 (1) As described above in more detail under “Chief Financial Officer Transition” Mr. Thomas was promoted by the Company on March 24, 2021 and subsequently appointed the Company’s Chief Financial Officer and his base salary increased to $290,000. (2) Mr. Broaddrick resigned effective March 24, 2021 and only received a prorated amount of his annual base salary through such date. Non-Equity Incentive Compensation Cash Awards Ring Energy’s 2021 Annual Incentive Plan (“AIP”) is intended to encourage work-place behavior and employee performance at all levels to support the 2021 goals and objectives established by the Board of Directors (“Board”). For 2021, the AIP was comprised of four performance goals – a Leverage Ratio Goal, an Internal Rate-of-Return (“IRR”) Goal, a Net Oil Production (Sales) Goal, and a Net Operating Cost Goal – where the ultimate payouts of these goals may be “limited” based on Management’s progress toward achieving certain Health, Safety and Environmental (“HSE”) objectives established by the Board. These HSE objectives were intended to be an overriding aspect of the entire 2021 AIP, led to the development of future HSE goals for the Company, and established verifiable and auditable internal processes consistent with the Sustainability Accounting Standards Board (“SASB”). Although outstanding progress regarding these HSE objectives would not improve the payouts of the four 2021 AIP performance goals, a lack of progress regarding HSE, in the sole discretion of the Board, could have reduced the payouts. The emphasis in 2021 on promoting environmental stewardship and the health and well-being of all employees is and will continue to be an important component of our corporate culture. AIP awards can vary from 0% to 200% of target and are subject to Company clawback provisions. More information regarding the performance goals, their weightings, and actual results is provided below.

42 RING ENERGY HSE OBJECTIVES Achievement Levels Based on the Discretion of the Board Leverage Ratio Goal 35% Weight Factor Net Oil Production (Sales) Goal 25% Weight Factor Internal Rate of Return Goal 25% Weight Factor Net Operating Expense Goal 15% Weight Factor AIP PERFORMANCE MEASURE WEIGHTING THRESHOLD TARGET MAX ACTUAL RESULTS PERFORMANCE FACTOR FUNDING LEVEL Leverage Ratio (Net Debt to EBITDA1) 35% 3.76 3.42 2.74 3.48 91% 32% IRR Achievement (%) 25% 15% 30% 60% 51% 171% 43% Net Oil Production (Sales) (BO) 25% 2,633,025 2,925,583 3,510,700 2,686,940 59% 15% Net Operating Expense ($ Millions) 15% $40.48 $36.80 $29.44 $35.20 122% 18% Total for Performance Measures 100% - - - - - 108% HSE Objectives Multiplier 100% 0% 100% 100% 100% 100% Total Percentage of AIP Target Earned 108% (1) Leverage Ratio or Debt to EBITDA is calculated as the sum of total long-term debt divided by adjusted EBITDA, as defined by the Company’s credit facility, inclusive of the pro forma effects of Material Acquisitions or Divestitures, as defined by the Company’s credit facility, as if they occurred on the first day of the trailing twelve-month period. See “GAAP to Non-GAAP Reconciliations” table for a reconciliation of non-GAAP financial measures.

43 2022 PROXY STATEMENT Equity-Based Incentive Compensation – Performance Stock Unit and Restricted Stock Unit Awards It is our policy that long-term equity compensation for our NEOs should be the largest component of their compensation and directly linked to enhancing stockholders’ value. The purpose of granting equity-based compensation is to incentivize and reward the executive officers for the Company’s achievement of its objectives and goals, the individual’s contribution to meeting those goals and to encourage continued dedication and loyalty to the Company by providing executives with meaningful ownership of the Company. The 2021 LTIP was designed to align executive management and senior level employees with stockholder value and the long-term financial success of the Company with the following features and changes from past practices. We abandoned 100% time-vested restricted stock units (“RSUs”) and replaced with 60% performance stock units (“PSUs”) and 40% time- vested RSUs. ■ PSUs subject to a three-year performance period (“performance period”) to focus on long-term shareholder returns and financial performance. ■ 50% of PSUs performance vest at the end of the performance period based on the Company’s relative total shareholder return (“TSR”) versus a peer group of energy companies where the potential PSUs earned can be limited or capped based on the Company’s absolute TSR during the same performance period. ■ The remaining 50% of PSUs performance vest at the end of the performance period based on the Company’s final cash return on capital employed (“CROCE”) over the performance period. ■ PSUs earned can vary from 0% to 200% of target based on actual performance achieved and are subject to Company clawback provisions. ■ RSUs are subject to a three-year vesting schedule of three equal amounts beginning with the first anniversary of the award date and are subject to Company clawback provisions. Non-qualified stock options and restricted stock granted to Named Executive Officers and other key employees granted prior to 2020 vest ratably over five years. The grant date fair value of awards made to our NEOs in the past three years as determined under generally accepted accounting principles is shown in the “Summary Compensation Table” below.

44 RING ENERGY Employment Agreements and Severance Effective with their hiring dates, Messrs. McKinney, Baghdati, Brooks, Dyes, and Thomas entered into employment agreements with the Company. As described in detail and quantified in “Potential Payments Upon Termination or Change in Control,” these NEOs receive certain benefits under their employment agreements upon their termination by the Company without “cause” or upon their resignation for “good reason,” including such terminations in connection with a change in control of the Company. The employment agreements also provide for restrictive covenants relating to non-competition, confidential information and non-solicitation of the Company’s employees and customers. These benefits are intended to ensure that members of senior management are not influenced by their personal situations and are able to be objective in evaluating a potential change in control transaction. The Compensation Committee regularly reviews termination and change in control benefits and continues to believe that the severance benefits in connection with certain terminations of employment constitute reasonable levels of protection for our executives. No other NEO is party to an employment agreement nor party to an agreement containing an excise tax gross-up provision. Pension Plans, Non-Qualified Deferred Compensation Plans and Change in Control Agreements The Company did not have any pension plans, non-qualified deferred compensation plans or single trigger change in control agreements for any of its NEOs for the year ended December 31, 2021. Other Benefits Our NEOs are eligible to participate in all of our employee benefit plans, such as medical, dental, vision, group life, and short and long-term disability, in each case, on the same basis as other employees, subject to applicable laws. We also provide vacation and other paid holidays to all employees, including our NEOs. We maintain a 401(k) plan for eligible employees. Under the 401(k) plan, eligible employees may elect to contribute a portion of their eligible compensation on a pre-tax basis in accordance with the limitations imposed under the Internal Revenue Code of 1986, as amended, or the Code. The plan allows eligible employees to make pre-tax or after-tax contributions of up to 100% of their annual eligible compensation. The Company makes matching contributions of up to 6% of any employee’s compensation. MANAGEMENT STOCK OWNERSHIP GUIDELINES In April 2021, our Board approved stock ownership guidelines for our Chief Executive Officer and NEOs. We believe the management stock ownership guidelines create a link between our long-term success and the ultimate pay of our executive officers through specified stock ownership levels based on a multiple of base salary, as shown in the table below. After becoming subject to the stock ownership guidelines, executives have three years to reach the stock ownership goal. Until an executive meets the guideline, he or she must hold two-thirds of the net shares acquired upon the vesting of equity awards. Once the guidelines are met, restrictions on the sale of vested awards of the Company’s stock are limited to normal trading restrictions for insiders and Company policies. POSITION REQUIRED SHARE OWNERSHIP LEVEL (MULTIPLE OF BASE SALARY) Chief Executive Officer 5X Named Executive Officers 3X

45 2022 PROXY STATEMENT TAX CONSIDERATIONS Although our Compensation Committee considers the tax and accounting treatment associated with the cash and equity grants it makes to its executive officers, these considerations are not dispositive. Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) places a limit of $1.0 million per person on the amount of compensation that we may deduct in any year with respect to each “covered employee” as such term is defined in Section 162(m). Despite the change in law, the Compensation Committee intends to continue to consider the deductibility of compensation and to implement compensation programs that it believes are competitive and in the best interests of the Company and its stockholders. We account for stock-based awards based on their grant date fair value, as determined under FASB ASC Topic 718. In connection with its approval of stock-based awards, the Compensation Committee is cognizant of and sensitive to the impact of such awards on stockholder dilution. The accounting treatment for stock-based awards does not otherwise impact the Compensation Committee’s compensation decisions. RISK CONSIDERATIONS IN OUR OVERALL COMPENSATION PROGRAM Our compensation program is designed to focus on meeting the Company’s objectives and goals while discouraging management from undue risk-taking. When establishing and reviewing our executive compensation program, the Compensation Committee has considered whether the program encourages unnecessary or excessive risk taking and has concluded that it does not. While behavior that may result in inappropriate risk taking cannot necessarily be prevented by the structure of compensation practices, we believe that our compensation policies and practices do not create risks that are reasonably likely to have a material adverse effect on the Company. Moreover, with limited exceptions, our Compensation Committee retains discretion to impose additional conditions and adjust compensation pursuant to our clawback policy as well as for quality of performance and adherence to the Company’s values. Restricted stock units granted during 2021 vest in ratable annual installments on each of the first three anniversaries of the grant date. Performance Stock Units cliff-vest at the end of the three-year performance period. Both of these vesting schedules further mitigates risk in the event any executive officer departs or is terminated prior to vesting of the awards. The Board may seek reimbursement from an executive officer if it determines that the officer engaged in conduct that was detrimental to the Company and resulted in a material inaccuracy in either our financial statements or in performance metrics that affected the officer’s compensation. If the Compensation Committee or the Board determines that an officer engaged in fraudulent misconduct, it will seek such reimbursement. In cases of misconduct by an executive officer, the Board has discretion to take a range of actions to remedy the misconduct and prevent its recurrence, including terminating the individual’s employment. We believe that our compensation policies and practices for all employees, including executive officers, do not create risks that are reasonably likely to have a material adverse effect on the Company.

46 RING ENERGY COMPENSATION OF NAMED EXECUTIVE OFFICERS FROM 2019 THROUGH 2021 The “Summary Compensation Table” should be read in connection with the tables and narrative descriptions contained in this Compensation Discussion & Analysis. The “Outstanding Equity Awards at Fiscal Year End Table” and “Option Exercises and Stock Vested Table” provide further information on the NEOs potential realizable value and actual value realized with respect to their equity awards. Summary Compensation Table NAME AND PRINCIPAL POSITION YEAR SALARY ($) BONUS ($) EQUITY AWARDS(2) ($) NON-EQUITY INCENTIVE PLAN COMPENSATION ($) ALL OTHER COMPENSATION(3) ($) TOTAL ($) Paul D. McKinney, Chief Executive Officer and Chairman of the Board 2021 $480,000 - $2,464,517 $518,400 $30,200 $3,493,117 2020 120,000 54,000 204,000 108,000 7,000 493,000 Travis T. Thomas, Chief Financial Officer 2021 278,912 - 616,130 219,240 14,986 1,129,267 William R. Broaddrick, Prior Chief Financial Officer (1) 2021 48,750 --- 70,691 119,4 41 2020 195,000 -- 30,128 11,700 236,828 2019 195,000 20,000 143,448 - 4,875 363,323 Stephen D. Brooks, Executive Vice President of Land, Legal, Human Resources and Marketing 2021 290,000 - 616,130 219,240 14,500 1,139,870 2020 72,500 23,565 136,000 47,125 - 279,190 Alexander Dyes, Executive Vice President of Engineering and Corporate Strategy 2021 290,000 - 616,130 219,240 14,500 1,139,870 Marinos C. Baghdati, Executive Vice President of Operations 2021 290,000 - 616,130 219,240 17,400 1,142,770 (1) Mr. Broaddrick transitioned out of the Chief Financial Office role on March 24, 2021 and resigned on March 31, 2021. His 2021 salary is for the first quarter of 2021. His Other Compensation included a severance payment as noted below. (2) Reflects the full grant date fair value of the equity awards granted pursuant to the Company’s equity plans calculated in accordance with FASB ASC Topic 718. For a discussion of valuation assumptions, see Note 13 – Employee Stock Options, Restricted Stock Award Plan and 401(k) in the Notes to Consolidated Financial Statements included in our annual report on Form 10-K for the year ended December 31, 2021. These amounts were calculated based on the closing market price for our shares on the NYSE American on the date of grant. (3) The amounts reported in the “All Other Compensation” column for 2021 represent the following:

47 2022 PROXY STATEMENT All Other Compensation NAME YEAR BOARD FEES (a) SEVERANCE (b) 401(K) CONTRIBUTIONS (c) TOTAL Paul D. McKinney 2021 $ 17,000 $ 13,200 $ 30,200 2020 $ 7,000 $ 7,000 Travis T. Thomas 2021 $ - $ - $ 14,986 $ 14,986 Stephen Brooks 2021 $ - $ - $ 14,500 $ 14,500 2020 $ - $ - William R. Broaddrick 2021 $ 65,000 $ 5,691 $ 70,691 2020 $ 11,700 $ 11,700 2019 $ 4,875 $ 4,875 Alexander Dyes 2021 $ - $ - $ 14,500 $ 14,500 Marinos C. Baghdati 2021 $ - $ - $ 17,400 $ 17,400 (a) For Mr. McKinney, the amounts reported in this column represent the fees earned or paid in cash to each Named Executive Officer in connection with their service as a director on the Board. Mr. McKinney did not receive equity compensation or any other forms of compensation related to his Board service. Board fees for Mr. McKinney ceased as of June 1, 2021. (b) Mr. Broaddrick received severance payments as part of the Chief Financial Officer transition in March of 2021. (c) The 401(K) contributions by the Company match into the Company’s sponsored 401(K) plan. Subject to IRS limits, Company contributions to each employee’s 401(K) account consist of a matching contribution of up to 6% of the employee’s eligible salary. EMPLOYMENT AGREEMENTS During 2020, we entered into at-will employment agreements with certain NEOs, the material terms of which are set forth below. Paul D. McKinney. Effective October 1, 2020. Mr. McKinney entered into an employment agreement with the Company, effective October 1, 2020. Under the agreement, Mr. McKinney will serve as Chief Executive Officer on an at-will basis for an indefinite term. The agreement provides for an initial base salary of $480,000 per year and eligibility to receive annual bonuses at the discretion of the Board with a target bonus equal to a percentage of his annual base salary established annually by the Board. Mr. McKinney is also eligible to participate in and receive awards under the LTIP, with a target value equal to a percentage of his annual base salary, determined by the Board (based on the grant date value of any such award), based on the achievement of performance goals established by the Board. In addition, the agreement provides for a sign-on cash bonus of $54,000 (payable in three monthly installments in October, November and December of 2020) and equity grant of 300,000 shares of restricted stock (subject to a three- year vesting period and the terms and conditions of the award agreement). Mr. McKinney is also subject to certain non- competition and non-solicitation restrictions for a period of one year following any termination of employment, as well as certain confidentiality restrictions that apply indefinitely.

48 RING ENERGY Under Mr. McKinney’s employment agreement, if the Company (i) materially reduces his then current base salary, title, authority or responsibilities, (ii) requires relocation of Mr. McKinney’s primary place of employment to a location more than 50 miles from the Company’s office in Houston, Texas, (iii) fails to timely pay in full base salary or incentive compensation or (iv) otherwise materially breaches the agreement, Mr. McKinney would have a basis to invoke his rights under the agreement for termination for good reason. In addition, if in the six months before or 24 months following a change in control (as defined in Mr. McKinney’s employment agreement) the Company were to materially reduce Mr. McKinney’s maximum bonus opportunity, he would similarly have a basis to terminate for good reason. For a description of the severance provisions of Mr. McKinney’s employment agreement, see “Potential Payments upon Termination or Change in Control” below. Stephen D. Brooks, Marinos C. Baghdati, and Alex Dyes. Effective October 1, 2020. Messrs. Brooks, Baghdati, and Dyes entered into employment agreements with the Company, effective October 1, 2020. Mr. Brooks was appointed as the Company’s Executive Vice President of Land, Legal, Human Resources and Marketing on November 30, 2020. Mr. Baghdati was appointed as the Company’s Executive Vice President of Operations, and Mr. Dyes was appointed as the Company’s Executive Vice President of Engineering and Corporate Strategy, both as of December 31, 2020. Under the agreements, Messrs. Brooks, Baghdati, and Dyes will serve on an at-will basis for an indefinite term. The agreement provides for an initial base salary of $290,000 per year and eligibility to receive annual bonuses in the discretion of the Board with a target bonus equal to a percentage of his annual base salary established annually by the Board. They are also eligible to participate in and receive awards under the Company’s LTIP, with a target value equal to a percentage of his annual base salary, determined by the Board (based on the grant date value of any such award), based on the achievement of performance goals established by the Board. In addition, the agreement provides for a sign-on cash bonus of $23,565 (paid in three monthly installments in October, November and December of 2020) and equity grant of 200,000 shares of restricted stock (subject to a three-year vesting period and the terms and conditions of the award agreement). Messrs. Brooks, Baghdati and Dyes are subject to the same restricted covenants and would have the same basis to invoke his rights under his employment agreement for termination for good reason as Mr. McKinney. For a description of the severance provisions of the employment agreement, see “Potential Payments upon Termination or Change in Control” below. Travis T. Thomas. Effective October 26, 2020. Mr. Thomas entered into an employment agreement with the Company, effective October 26, 2020 as the Vice President of Finance and was appointed as the Company’s Chief Financial Officer on March 24, 2021. Under the agreement, Mr. Thomas will serve on an at-will basis for an indefinite term. The agreement provides for an initial base salary of $250,000 per year and eligibility to receive annual bonuses in the discretion of the Board with a target bonus equal to a percentage of his annual base salary established annually by the Board. Mr. Thomas is also eligible to participate in and receive awards under the Company’s LTIP, with a target value equal to a percentage of his annual base salary, determined by the Board (based on the grant date value of any such award), based on the achievement of performance goals established by the Board. In addition, the agreement provided for a sign-on cash bonus of $16,927 (paid in three monthly installments in October, November and December of 2020) and equity grant of 150,000 shares of restricted stock (subject to a three-year vesting period and the terms and conditions of the award agreement). Mr. Thomas is subject to the same restricted covenants and would have the same basis to invoke his rights under his employment agreement for termination for good reason as Mr. McKinney. For a description of the severance provisions of Mr. Thomas’ employment agreement, see “Potential Payments upon Termination or Change in Control” below.

49 2022 PROXY STATEMENT GRANTS OF PLAN-BASED AWARDS DURING 2021 The following table reflects the RSUs and PSUs granted during 2021. Estimated Future Payouts Under Equity Incentive Plan Awards PERFORMANCE STOCK UNITS NAME DATE OF BOARD APPROVAL GRANT DATE THRESHOLD (#) TARGET (#) (2) MAXIMUM (#) ALL OTHER STOCK AWARDS: NUMBER OF SHARES OF STOCK (#) (1) FAIR VALUE ON GRANT DATE (3) Paul D. McKinney 6/17/21 6/17/21 286,738 $ 800,000 6/17/21 11/22/21 0 430,108 860,216 1,664,518 Travis T. Thomas 6/17/21 6/17/21 71,685 200,000 6/17/21 11/22/21 0 107,527 215,054 416,128 Stephen D. Brooks 6/17/21 6/17/21 71,685 200,000 6/17/21 11/22/21 0 107,527 215,054 416,128 Marinos C. Baghdati 6/17/21 6/17/21 71,685 200,000 6/17/21 11/22/21 0 107,527 215,054 416,128 Alexander Dyes 6/17/21 6/17/21 71,685 200,000 6/17/21 11/22/21 0 107,527 215,054 416,128 (1) The shares granted on June 17, 2021 represent the 2021 awards of time-vested RSU, which vest in three equal annual installments beginning on the first anniversary of the grant date. (2) The amounts granted on November 22, 2021 represent the target number of PSUs, the number of which were determined on June 17, 2021. The grant date of November 22, 2021 is when the terms and conditions were finalized. The PSUs have a cliff vesting date of December 31, 2023 and were valued using a Monte Carlo simulation as of the grant date. (3) Reflects the full grant date fair value of the equity awards granted pursuant to the Company’s equity plans calculated in accordance with FASB ASC Topic 718. For a discussion of valuation assumptions, see Note 13 – Employee Stock Options, Restricted Stock Award Plan and 401(k) in the Notes to Consolidated Financial Statements included in our annual report on Form 10-K for the year ended December 31, 2021. These amounts were calculated based on the closing market price for our shares on the NYSE American on the date of grant.

50 RING ENERGY OUTSTANDING EQUITY AWARDS AT 2021 FISCAL YEAR-END The following table provides certain information regarding unexercised stock options and stock awards outstanding for each Named Executive Officer as of December 31, 2021. NAME NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) EXERCISABLE (1) OPTION EXERCISE PRICE ($) OPTION EXPIRATION DATE NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#) (2) MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($) (4) EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES THAT HAVE NOT VESTED (#) (3) EQUITY INCENTIVE PLAN AWARDS: MARKET VALUE OF UNEARNED SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($) (5) Paul D. McKinney 200,000 456,000 286,738 653,763 430,108 980,646 Travis T. Thomas 100,000 228,000 71,685 163,442 107,527 245,162 Stephen D. Brooks 133,333 303,999 71,685 163,442 107,527 245,162 Marinos C. Baghdati 133,333 303,999 71,685 163,442 107,527 245,162 Alexander Dyes 133,333 303,999 71,685 163,442 107,527 245,162 William R. Broaddrick 60,000 $2.00 12/1/23 (1) Option awards vest and become exercisable in approximately equal installments on each of the first five anniversaries of the applicable grant date, subject to continued service with the Company through each such vesting date. The regular term of each option expires on the tenth anniversary of the applicable grant date (2) Restricted stock awards reported in this column vest in approximately equal installments on each of the first three anniversaries of the applicable grant date, in each case subject to continued service with the Company through each such vesting date. (3) Performance Share Units reported in this column cliff vest on December 31, 2023. (4) The value of the unearned restricted stock is shown assuming a market value of $2.28 per share, the closing market price of a share of common stock on December 31, 2021. (5) The value of the unvested Equity Incentive Awards is shown assuming a market value of $2.28 per share, the closing market price of a share of common stock on December 31, 2021.

51 2022 PROXY STATEMENT OPTION EXERCISES AND STOCK VESTED The following table summarizes the vesting of restricted stock held by our Named Executive Officers during 2021. No options were exercised in 2021. STOCK AWARDS NAME NUMBER OF SHARES ACQUIRED ON VESTING (#) VALUE REALIZED ON VESTING (#) (1) Paul D. McKinney 100,000 $298,000 Travis T. Thomas 50,000 $195,500 William R. Broaddrick 89,840 $207,530 Stephen D. Brooks 66,667 $198,668 Marinos C. Baghdati 66,667 $198,668 Alexander Dyes 66,667 $198,668 (1) The value realized on vesting is equal to the number of shares, multiplied by the fair market value of the shares at the time of vesting. PENSION BENEFITS We do not maintain any defined benefit pension plans. NONQUALIFIED DEFERRED COMPENSATION We do not maintain any nonqualified deferred compensation arrangements. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL The material terms of potential payments upon various termination and change in control scenarios is set forth below. Except as described in this summary and in the “Potential Payments” table below, Ring does not have any other agreements or plans that will require compensation to be paid to NEOs in the event of a termination of employment or a change in control. In 2017, our board adopted a policy requiring that each award agreement governing an award granted under the LTIP provide for double-trigger vesting upon a “change in control.” Payout under each of the outstanding equity awards and employment agreements based on various termination circumstances or in connection with a change in control are described in more detail in the footnotes to the “Potential Payments” table below. Payments and other benefits payable to the NEOs in connection with various termination and change in control situations are set out as if the conditions for payment had occurred and the applicable triggering events took place on December 31, 2021, when the closing price of our common stock was $2.28. Actual amounts to be paid will depend on several factors, such as the date of each NEO’s separation or the occurrence of an actual change in control event, and the price of our common stock when the vesting of unvested stock options or restricted stock shares is accelerated. The disclosures below do not take into consideration any requirements under Section 409A of the Internal Revenue Code, which could affect, among other things, the timing of payments and distributions.

52 RING ENERGY NAME/EVENT BASE SALARY CASH BONUS (1) ACCELERATED INCENTIVE AND STOCK AWARD VESTING (2) CONTINUED EMPLOYMENT BENEFITS TOTAL Paul D. McKinney Termination by Employee for Cause, or by Company without Cause $ 480,000 $ - $ 2,090,409 $ 25,358 $ 2,595,767 Termination for Cause/Resignation without Good Reason - - - - - Change in Control - - - - - Termination without Cause/ Resignation for Good Reason in the 6 months prior to or the 24 months following a Change in Control. 720,000 - 2,090,409 25,358 2,835,767 Death - - - 25,358 25,358 Disability - - - - - Travis T. Thomas Termination by Employee for Cause, or by Company without Cause 290,000 - 636,604 21,385 947,989 Termination for Cause/Resignation without Good Reason - - - - - Change in Control - - - - - Termination without Cause/ Resignation for Good Reason in the 6 months prior to or the 24 months following a Change in Control. 435,000 - 636,603 21,385 1,092,989 Death - - - 21,385 21,385 Disability - - - - - Marinos C. Baghdati Termination by Employee for Cause, or by Company without Cause 290,000 - 712,603 21,385 1,023,988 Termination for Cause/Resignation without Good Reason - - - - - Change in Control - - - - - Termination without Cause/ Resignation for Good Reason in the 6 months prior to or the 24 months following a Change in Control. 435,000 - 712,603 21,385 1,168,988 Death - - - 21,385 21,385 Disability - - - -

53 2022 PROXY STATEMENT NAME/EVENT BASE SALARY CASH BONUS (1) ACCELERATED INCENTIVE AND STOCK AWARD VESTING (2) CONTINUED EMPLOYMENT BENEFITS TOTAL Stephen D. Brooks Termination by Employee for Cause, or by Company without Cause $ 290,000 $ - $ 712,603 $ 13,959 $ 1,016,562 Termination for Cause/Resignation without Good Reason - - - - - Change in Control - - - - - Termination without Cause/ Resignation for Good Reason in the 6 months prior to or the 24 months following a Change in Control. 435,000 - 712,603 13,959 1,161,562 Death - - - 13,959 13,959 Disability - - - - Alexander Dyes Termination by Employee for Cause, or by Company without Cause $ 290,000 $ - $ 712,603 6,336 1,008,939 Termination for Cause/Resignation without Good Reason - - - - - Change in Control - - - - - Termination without Cause/ Resignation for Good Reason in the 6 months prior to or the 24 months following a Change in Control. 435,000 - 712,603 6,336 1,153,939 Death - - - 6,336 6,336 Disability - - - - (1) A description of the cash severance and COBRA obligations under the employment agreements with the Messrs. McKinney, Thomas, Baghdati, Brooks, and Dyes is set forth under “Employment Agreements” below. (2) Represents accelerated vesting of stock options and restricted stock, valued based on the December 31, 2021 closing price of $2.28 per share of the Company’s common stock.

54 RING ENERGY Employment Agreements and Termination Pursuant to their employment agreements, Messrs. McKinney, Baghdati, Brooks, Dyes, and Thomas are entitled to receive severance payments and benefits, as described below and as set forth in the foregoing table. Termination without Cause/Resignation for Good Reason Upon termination of employment by the Company other than for “cause” or by the executive for “good reason” (as each is defined in the executive’s employment agreement), the executive will entitled to a lump sum cash payment in an amount equal to: (i) any accrued, unpaid base salary or benefits earned through the termination date and any unpaid expense reimbursements (“Accrued Benefits”); (ii) if executive has completed one full year of service, any unpaid bonus amount equal to either the bonus amount approved by the Board remaining unpaid or, if the Board has not yet determined executive’s bonus, an amount equal to 100% of his Target Bonus (as defined under the executive’s employment agreement)(“Unpaid Bonus”); and (iii) a single lump sum equal to 1.0 times the executive’s annual base salary at the highest rate (“Highest Base Salary”) in effect at any time during the 36 month period immediately preceding the termination date (“Cash Severance”). In addition, all equity incentive awards held by the executive will become fully vested and/or the restrictions shall lapse. If the executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or other applicable law (“COBRA”), the Company shall reimburse the executive for an amount equal to the amount of medical premium expenses paid for a similarly situated employee, determined as of the executive’s termination date. Following the expiration of the COBRA continuation coverage period, the Company shall permit the executive (including his spouse and dependents) to (A) continue to participate in the Company’s group health plan if permitted under such plan, (B) convert the Company’s group health plan to an individual policy, or (C) obtain other similar coverage, in each case for up to an additional 12 months, with executive being responsible for 100% of all premium costs. Termination for Cause/Resignation without Good Reason If the executive’s employment is terminated by the Company for cause, or if the executive terminates his employment other than for good reason, the executive will receive a lump sum payment equal to his Accrued Benefits. Change in Control The employment agreements do not provide benefits solely upon a change in control (as defined in the executive’s employment agreement). Termination without Cause/Resignation for Good Reason in the 6 months prior to or the 24 months following a Change in Control If the executive’s employment was terminated by the Company without cause, or by the executive for good reason, during the period beginning 6 months prior to a change in control and ending 24 months following a change in control, the executive will be entitled to the same benefits described above under “Termination without Cause/Resignation for Good Reason”, except that the executive’s Cash Severance payment will equal 1.5 times the Highest Base Salary. In addition, the payment of benefits will occur 30 days following the later of the change in control or the executive’s termination and to the extent executive incurs a termination without cause or resigns for good reason prior to change in control, any payments received following the change in control will be reduced dollar for dollar by the benefits already paid to executive in connection with his termination.

55 2022 PROXY STATEMENT Death Following the death of the executive, the Company will pay to his designated beneficiary or his estate a lump sum payment equal to executive’s: (i) Accrued Benefits; and (ii) Unpaid Bonus. In addition, for the longer of the maximum COBRA continuation coverage period required by law or 12 months, executive’s spouse and eligible dependents will continue to be eligible to receive medical coverage under the Company’s medical plans in accordance with the terms of the applicable plan documents; provided, that in order to receive such continued coverage at such rates, executive’s spouse and eligible dependents will be required to pay the applicable premiums to the plan provider, and the Company will reimburse such spouse and eligible dependents, within 60 days following the date such monthly premium payment is due, an amount equal to the monthly COBRA premium payment, less applicable tax withholdings. Disability Following the termination of executive’s employment by reason of disability (as defined under executive’s employment agreement), the Company will pay to executive a lump sum payment equal to executive’s: (i) Accrued Benefits; and (ii) Unpaid Bonus. Restricted Stock Awards under the LTIP As disclosed above, in 2017, our board adopted a policy requiring that each award agreement governing an award granted under the LTIP provide for double-trigger vesting upon a “change in control.” The restricted stock awards received by our NEOs, per the terms of their employment agreements, may only be accelerated if the executive’s employment was terminated by the Company without cause, or by the executive for good reason, during the period beginning 6 months prior to a change in control and ending 24 months following a change in control. CEO PAY RATIO As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2012, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of the Company’s employees and the annualized total compensation of Paul D. McKinney, our CEO, for 2021: Median Employee total annual compensation $ 151,004 Total Compensation of Chief Executive Officer – Paul D. McKinney $ 3,493,117 Ratio of CEO to Median Employee compensation 23 to 1

56 RING ENERGY To identify the median of the annual total compensation of all our employees, as well as to determine the annual total compensation of our median employee and our CEO, we took the following steps: ■ We determined that, as of December 31, 2021, our employee population consisted of 52 individuals with all of these individuals located in the U.S. This population consisted of our full-time and part-time employees, as we do not have temporary or seasonal workers. We selected December 31, 2021, as our identification date for determining our median employee because it enabled us to make such identification in a reasonably efficient and economic manner. ■ We used a consistently applied compensation measure to identify our median employee by comparing the amount of salary or wages, bonuses and restricted stock awards granted in 2021 as reflected in our payroll records. To make them comparable, salaries for newly hired employees who had worked less than one year were annualized and the target incentive amount was applied to their total compensation measure ■ We identified our median employee by consistently applying this compensation measure to all of our employees included in our analysis. Since all of our employees, including our CEO, are located in the U.S., we did not make any cost of living adjustments in identifying the median employee. ■ After we identified our median employee, we combined all of the elements of such employee’s compensation for the 2021 year in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation of $151,004. ■ With respect to the annual total compensation of our CEO, we used salary, bonus and restricted stock awards granted and all other compensation for the 2021 fiscal year in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation of $3,493,117.

57 2022 PROXY STATEMENT DIRECTOR COMPENSATION For the partial year ended May 24, 2021, directors received the following compensation: COMPENSATION ELEMENT ENDED MAY 24, 2021 Stipend Non-management Director $3,000/month Management Director $2,000/month Committee Fees (per committee) $500/month Fee for telephonic or video conference participation in Board or Committee meeting $500/meeting Fee for in-person participation in Board or Committee meeting $1,000/meeting Stock Awards Determined Annually As of May 25, 2021, the non-employee directors receive the following annual compensation paid quarterly in advance: COMPENSATION ELEMENT EFFECTIVE MAY 25, 2021 Independent Director Base Fee $70,000 NESG Chair Fee $5,000 Audit Chair Fee $10,000 Compensation Chair Fee $5,000 Lead Independent Director Fee $25,000 Stock Awards Determined Annually Director Compensation Philosophy The compensation of our non-employee directors is reviewed by the Compensation Committee and is approved by the Board. We use a combination of cash and stock awards to attract and retain qualified candidates to serve on our Board. In determining director compensation, we consider the responsibilities of our directors, the significant amount of time the directors spend fulfilling their duties, and the competitive market for skilled directors. We seek to maximize alignment of incentives between the Board and stockholders by primarily using equity awards to compensate directors. We believe that equity awards provide a strong incentive to the Board to preserve and promote stockholder value and directly connects director compensation to the Company stock performance. In this regard, a majority of a director’s compensation depends on whether the Company’s stock price appreciates value. Starting in 2021, we revised our form of director award agreement to provide for a one-year vesting period coincident with their elected terms as opposed to a three-year vesting period, to conform with common industry practices.

58 RING ENERGY Peer Review and Benchmarking The Compensation Committee reviews, evaluates, and benchmarks our director compensation practices against our peer companies in the oil and natural gas exploration and production industry. The Compensation Committee uses this peer comparison to inform themselves of industry practice and to help them structure the appropriate level and mix of compensation elements. Quarterly Retainer and Annual Fee Previously, we provided our management and non-management directors a monthly stipend in lieu of an annual retainer, a fee for participation in each Board or committee meeting, whether in person or not, and reimbursement of out-of-pocket costs incurred in attending Board and committee meetings. As of the beginning of the 2021 Board Calendar year on May 25, 2021, we transitioned to a fixed annual fee, paid quarterly, as shown in the table above. Equity Awards We use equity awards to reward our directors for significant contributions to the successful implementation of our business objectives and strategy. In 2021, each outside director received 53,763 shares of restricted stock pursuant to the LTIP. The restricted stock granted to our directors vests on the earlier of the (i) the next annual meeting of the Company’s stockholders following the Grant Date (the “Meeting”) and (ii) the one (1) year anniversary of the Grant Date. Our Compensation Committee considered several factors in determining the appropriate amount of restricted stock grants under the LTIP for the 2021 fiscal year including the following: ■ Past equity awards to our non-executive directors; ■ The recent award practices of other peer companies in the oil and gas industry; and ■ Desire to treat all directors equitably. Director Stock Ownership Guidelines In April 2021, our Board approved stock ownership guidelines for our non-employee directors. The director stock ownership guidelines create a strong link between our long-term success and the ultimate pay of our directors by requiring our non- employee directors to own 5 times the amount of their annual cash retainer. After becoming subject to the stock ownership guidelines, directors have three years to reach the stock ownership goal. Until a director meets the guideline, he or she must hold two-thirds of the net shares acquired upon the vesting of equity awards. Once the guidelines are met, restrictions on the sale of vested awards of the Company’s stock are limited to normal trading restrictions for insiders and Company policies.

59 2022 PROXY STATEMENT DIRECTOR COMPENSATION The following table summarizes the compensation earned by our independent directors as of December 31, 2021. Director compensation to Mr. McKinney is included in the “All Other Compensation” table and the “Summary Compensation Table” above and excluded from the Director Compensation Table. NAME FEES EARNED OR PAID IN CASH ($) EQUITY AWARDS ($) (1) TOTAL ($) Clayton E. Woodrum (2) $ 74,632 $ 150,000 $ $224,632 Anthony B. Petrelli (2) 83,157 150,000 233,157 Regina Roesener (2) 68,624 150,000 218,624 Thomas L. Mitchell (2) 70,309 150,000 220,309 Richard E. Harris (2) 63,115 150,000 213,115 John A. Crum (2) 70,124 150,000 220,124 (1) Amounts in this column represent the grant date fair value of restricted stock awards granted to the outside directors on June 17, 2021, calculated in accordance with FASB ASC Topic 718, excluding the estimated impact of forfeitures related to service-based vesting conditions, and do not represent the actual value that may be realized by directors upon vesting or settlement of the awards. For a discussion of the assumptions and methodologies used in calculating the grant date fair value of the restricted stock awards, please see Note 13 to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The aggregate number of stock options and unvested restricted stock awards as of December 31, 2021 are as follows: NAME OUTSTANDING STOCK OPTIONS UNVESTED RESTRICTED STOCK AWARDS Clayton E. Woodrum 85,000 140,430 Anthony B. Petrelli 50,000 140,430 Regina Roesener - 140,430 Thomas L. Mitchell - 140,430 Richard E. Harris - 140,430 John A. Crum - 140,430

60 RING ENERGY COMPENSATION COMMITTEE REPORT(1) Among the duties imposed on our Compensation Committee under its charter is the direct responsibility and authority to review and approve the Company’s goals and objectives relevant to the compensation of the Company’s Chief Executive Officer and other executive officers, to evaluate the performance of such officers in accordance with the policies and principles established by the Compensation Committee and to determine and approve, either as a Committee, or (as directed by the Board) with the other “independent” Board members (as defined by the NYSE American listing standards), the compensation level of the Chief Executive Officer and the other executive officers. As of December 31, 2021, the Compensation Committee was comprised of the six non-employee Directors named at the end of this report each of whom is an “independent director” as defined by the NYSE American listing standards. The Compensation Committee has reviewed and discussed with management the disclosures contained in the Compensation Discussion and Analysis section of this Proxy Statement, as required by Item 402(b) of Regulation S-K. Based upon this review and our discussions, the Compensation Committee recommended to its Board of Directors that the Compensation Discussion and Analysis section be included in this Proxy Statement. Compensation Committee of the Board of Directors: ■ John A. Crum (Chair) ■ Richard E. Harris ■ Thomas L. Mitchell ■ Anthony B. Petrelli ■ Regina Roesener ■ Clayton E. Woodrum (1) SEC filings sometimes “incorporate information by reference.” This means the Company is referring you to information that has previously been filed with the SEC, and that this information should be considered as part of the filing you are reading. Unless the Company specifically states otherwise, this Compensation Committee Report shall not be deemed to be incorporated by reference and shall not constitute soliciting material or otherwise be considered filed under the Securities Act of 1933 as amended, or the Securities Exchange act of 1934, as amended. COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION None of our directors who served as members of our Compensation Committee as of December 31, 2021, nor any of the directors who currently serve as members of our Compensation Committee, is, or has at any time in the past been, an officer or employee of the Company or any of its subsidiaries. None of our executive officers serves, or has served, during the last completed fiscal year, on the compensation committee or board of directors of any other company that has one or more executive officers serving on our Compensation Committee or Board. TRANSACTIONS WITH RELATED PERSONS, PROMOTERS AND CERTAIN CONTROL PERSONS Certain Relationships and Related Transactions The office space leased until March 31, 2021 by the Company in Tulsa, Oklahoma, is owned by Arenaco, LLC, a company that is owned by Mr. Rochford, former Chairman of the Board, and Mr. McCabe, a former director of the Company. During the years ended December 31, 2019 through December 31, 2021, the Company paid an aggregate of $135,000 to Arenaco, LLC.

61 2022 PROXY STATEMENT During 2021, the Company purchased $155,471 worth of oil field related chemicals under a trial program that is still on-going, from Pro-Ject Holdings, LLC, an oil field chemical company for which Paul McKinney, our Chairman and CEO, served as an independent director on their board of directors. Mr. McKinney’s ownership in the company as of December 31, 2021 is in the form of A-4 stock worth approximately 0.31% of the total private company value. The Audit Committee reviews any related party transactions. Annually, each Board member is required to submit an Independence Certificate, disclosing any affiliations or relationships for evaluation as possible related party transactions. Review, Approval or Ratification of Transactions with Related Parties The Board reviews and approves all relationships and transactions in which it and its directors, director nominees and executive officers and their immediate family members, as well as holders of more than 5% of any class of its voting securities and their family members, have a direct or indirect material interest. In approving or rejecting such proposed relationships and transactions, the Board shall consider the relevant facts and circumstances available and deemed relevant to this determination. In each case, the standard applied in approving the transaction is the best interests of the Company without regard to the interests of the individual officer or director involved in the transaction. These procedures for reviewing and approving conflict of interest transactions are based on the Company’s past practice and are not contained in any written policy. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth certain information furnished by current management