DEF 14A of Ring Energy, Inc., Apr 10, 2026

DEF 14A of Ring Energy, Inc.

Filed Apr 10, 2026 · FY20250001384195-26-000068

Open on EDGAR

  1. (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

    | DIRECTOR COMPENSATION | Director Compensation | 68 | | OTHER COMPENSATION MATTERS | Compensation Committee Report | 70 | | | Compensation Committee Interlocks and Insider Participation | 70 | | RELATED PARTY TRANSACTIONS | Transactions With Related Persons, Promoters and Certain Control Persons | 71 | | BENEFICIAL OWNERSHIP | Security Ownership of Certain Beneficial Owners and Management | 72 | | PROPOSAL 2: NON-BINDING, ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION | Summary | 74 | | | Board Recommendation on Proposal | 74 | | PROPOSAL 3: RATIFICATION OF THE APPOINTMENT OF GRANT THORNTON LLP | Summary | 75 | | | Public Accounting Fees | 75 | | | Board Recommendation on Proposal | 76 | | | Audit Committee Report | 76 | | STOCKHOLDER PROPOSALS AND DIRECTOR NOMINATIONS FOR THE 2027 ANNUAL MEETING AND OTHER ITEMS | Summary of Procedures For Submitting a Proposal or Nominating a Director | 78 | | | Other Business | 78 | | | Annual Report | 79 | | APPENDIX A | GAAP to Non-GAAP Reconciliations | 80 |

  2. DIRECTORS

    DIRECTORS The following table sets forth the names, ages, and titles, as of April 10, 2026, of each of our directors:

  3. DIRECTORS

    | NAME | AGE | POSITION | | Management Director | | | | Paul D. McKinney | 67 | Chairman of the Board of Directors and Chief Executive Officer | | Independent Directors | | | | Anthony B. Petrelli | 73 | Lead Director | | John A. Crum | 74 | Director | | David S. Habachy | 50 | Director | | Richard E. Harris | 73 | Director | | Thomas L. Mitchell | 65 | Director | | Carla T. Tharp | 62 | Director |

  4. DIRECTORS

    All of the seven nominees are currently directors on our Board. Mr. Petrelli joined the Board in January 2013. Messrs. McKinney, Mitchell, Crum and Harris joined the Board in October 2020. Mr. Habachy joined the Board in September 2022. Ms. Tharp joined the Board in April 2025. Each nominee has consented to being named as a nominee in this proxy statement and has indicated a willingness to serve on our Board if elected. Stockholders may not cumulate their votes in the election of our directors. We have no reason to believe that any of the nominees will be unable or unwilling to serve if elected; however, if a nominee should become unable or unwilling to serve for any reason, proxies may be voted for another person nominated as a substitute by our Board.

  5. DIRECTORS

    | BOARD COMMITTEES | | | | | | | | | | | | Audit Committee | Compensation Committee | Nominating, Environmental, Social, and Governance Committee | Committee Chairperson | Lead Independent Director |

  6. BOARD COMPOSITION AND EXPERIENCE

    BOARD COMPOSITION AND EXPERIENCE

  7. BOARD COMPOSITION AND EXPERIENCE

    | 6 MEN 1 WOMAN DIVERSITY BY GENDER | | | 6 INDEPENDENT 1 NOT INDEPENDENT DIVERSITY BY INDEPENDENCE | | | DIVERSITY BY TENURE Years | | | DIVERSITY BY AGE Average Age: 66 | |

  8. BOARD COMPOSITION AND EXPERIENCE

    | | Paul D. McKinney joined Ring as Chairman and Chief Executive Officer on October 1, 2020. Prior to joining the Company, he was President, CEO and Director of SandRidge Energy, Inc. (NYSE:SD) (“SandRidge”) from January 2019 to December 2019. Prior to SandRidge, Mr. McKinney was President and Chief Operating Officer of Yuma Energy, Inc. (NYSE American:YUMA)(“Yuma”) since April 2017 after serving as Yuma’s Executive Vice President and Chief Operating Officer since October 2014. Mr. McKinney served as a petroleum engineering consultant for Yuma and Yuma’s predecessor from June 2014 to October 2014. Yuma filed for protection under federal bankruptcy laws in April 2020. Mr. McKinney served as Region Vice President, Gulf Coast Onshore, for Apache Corporation (NYSE:APA)(“Apache”) from 2010 through 2013, where he was responsible for the development and all operational aspects of the Gulf Coast region for Apache. Prior to his role as Region Vice President, Mr. McKinney was Manager, Corporate Reservoir Engineering, for Apache from 2007 through 2010. From 2006 through 2007, Mr. McKinney was Vice President and Director, Acquisitions & Divestitures for Tristone Capital, Inc. Mr. McKinney commenced his career with Anadarko Petroleum Corporation (NYSE:APC)(“Anadarko”) and held various positions with Anadarko over a 23 year period from 1983 to 2006, including his last role as Vice President of Reservoir Engineering, Anadarko Canada Corporation. From July 2017 to December 2021, Mr. McKinney was a member of the board of directors for Pro-Ject Holdings, LLC a privately owned oil field chemical services company. He co-authored Advanced Reservoir Engineering, Gulf Professional Publishing, Elsevier, and Society of Petroleum Engineers paper number SPE-75708-MS: Applied Reservoir Characterization for Maximizing Reserve Growth and Profitability in Tight Gas Sands: A Paradigm Shift in Development Strategies for Low-Permeability Gas Reservoirs. Mr. McKinney entered the United States Air Force upon graduating from high school and continued in the United States Air Force Reserves while attending college. Mr. McKinney attended Louisiana Tech University and graduated with a Bachelor of Science degree in Petroleum Engineering in 1983. Effective October 1, 2020, Mr. McKinney was appointed to the Board to fill a vacancy created from the resignation of prior directors. At that time, Mr. McKinney was appointed as Chairman of the Board and as Chief Executive Officer. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Mr. McKinney should serve as director include his over 40 years of experience in the oil and gas industry; his extensive experience in advanced reservoir engineering and economic evaluations, strategic planning, and pursuing strategic transactions; his corporate governance, compliance, and risk management experience; and his experience as a director of public and private companies. | | Paul D. McKinney Chairman of the Board of Directors and Chief Executive Officer Age: 67 Director Since: 2020 | |

  9. BOARD COMPOSITION AND EXPERIENCE

    | | Anthony B. Petrelli has been a director of Ring since 2013. From 2010 to 2022, he served as President, Chairman and Director of Investment Banking Services of NTB Financial Corporation, a Denver, Colorado based financial services firm founded in 1977. Since the beginning of 2023, Mr. Petrelli has served as a registered representative and financial consultant with Momentum Independent Network, a FINRA member firm. Beginning his career in 1972 in the investment industry, Mr. Petrelli has extensive experience in the areas of corporate finance, underwriting, management, operations, sales, and trading. He has served on numerous regulatory and industry committees including service on the FINRA (previously “NASD”) Corporate Finance Committee, FINRA National Adjudicatory Council (Vice Chairman), FINRA Small Firm Advisory Board, and Chairman of the FINRA District Business Conduct Committee for District 3. Mr. Petrelli has also served as an Arbitrator for FINRA dispute resolution. Additionally, since 2016 Mr. Petrelli has served as a director and member of the audit committee for Sensus Healthcare, Inc. (NASDAQ:SRTS), a medical device company. He has also served on several other public company boards including director and member of the audit committee of Arena Resources Inc. (NYSE:ARD), an oil and gas exploration, development and production company, and director of Natural Gas Services Group (NYSE:NGS), a provider of natural gas compression equipment and services to the energy industry. Mr. Petrelli has also served as an advisory director on several other public company boards. In addition to his career in the investment industry, Mr. Petrelli served on the board of directors of Southwest Counseling Associates, a Denver, Colorado based professional counseling firm. Mr. Petrelli established Equinox Counseling LLC in 2012, and is a Licensed Professional Counselor (LPC), a National Certified Counselor (NCC) and an Approved Clinical Supervisor (ACS). Mr. Petrelli received his Bachelor of Science degree in Business (Finance) and his Master of Business Administration (MBA) degree from the University of Colorado. In addition, he received his Master of Arts degree in Counseling from Denver Seminary. Mr. Petrelli has also received a CERT certificate in Cybersecurity Oversight from Carnegie Mellon University Software Engineering Institute. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Mr. Petrelli should serve as director include his experience and expertise in financial and business matters with significant involvement in corporate governance and financial matters; his service on the FINRA Corporate Finance Committee, the NASD Small Firm Advisory Board and as Chairman of the FINRA District Business Conduct Committee; and his board experience. | | | | | | Anthony B. Petrelli Lead Independent Director Age: 73 Director Since: 2013 | | | | | | | | Board Committees: | | | | |

  10. BOARD COMPOSITION AND EXPERIENCE

    | | John A. Crum is managing partner of JAC Energy Partners, LLC, formed to provide advice to companies and individual investors in oil and gas exploration and production. He has been involved with worldwide oil and gas development for more than 50 years. Mr. Crum currently serves as a director for: Forty Acres Energy, LLC, an oil company developing Permian Basin waterflood assets. From 2011 to 2014, he served as Chief Executive Officer and a Director of Midstates Petroleum Company Inc. (NYSE:MPO). From 1995 to 2011, Mr. Crum served in a variety of executive roles for Apache Corporation (NYSE:APA), including Co-Chief Operating Officer and President, North America, President Apache Canada Ltd., Managing Director Apache North Sea (UK), managing Director Apache Energy Ltd. (Australia), and Executive Vice President for Eurasia and worldwide new ventures. Earlier in his career, Mr. Crum held positions of responsibility at Aquila Energy Corporation, Pacific Enterprises Oil Company, and Southland Royalty Company. He began his career with Conoco in 1975. He has previously served as a director of several public and private companies including the midstream MLP, Midcoast Energy Partners, LP; exploration and production company, Crestone Peak Resources; rotorcraft services supplier, CHC Helicopter; and for the biofuels technology company, Coskata Inc. Mr. Crum has been active with industry groups serving on the boards of the Australian Petroleum Production and Exploration Association (APPEA), UK Offshore Operators Association (UKOOA), and Canadian Association of Petroleum Producers (CAPP) during assignments in those countries. He holds a Bachelor of Science degree in petroleum engineering from the New Mexico Institute of Mining and Technology. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Mr. Crum should serve as a director include his significant worldwide oil and gas experience; and his prior executive and Board experience. | | | | John A. Crum Independent Director Age: 74 Director Since: 2020 | | | | | | Board Committees: | | |

  11. BOARD COMPOSITION AND EXPERIENCE

    | | David S. Habachy currently serves as Managing Partner of Covalence Investment Partners. Prior to this, Mr. Habachy served as a Managing Director on the energy team of Warburg Pincus from 2017 until July 2022. Previously, Mr. Habachy served as Managing Director and member of the Investment Committee of the Kayne Anderson Energy Funds. Additionally, Mr. Habachy served on numerous boards of oil and gas E&P domestic and international companies during his tenure in private equity. Prior to entering into private equity in 2008, Mr. Habachy spent 10 years in asset management, operations and consulting in the upstream E&P business. He started his petroleum engineering career at Arco/Vastar in 1998. Mr. Habachy previously served on the Board of Directors of Earthstone Energy, Inc. Additionally, Mr. Habachy currently serves on the Investment Committee Board, Finance Committee Board, and the Board of Directors for Memorial Hermann Health System and previously served on the Houston Producers’ Forum Board. Mr. Habachy holds a B.S. in Chemical Engineering and an MBA degree with George Kozmetsky highest honors distinction from The University of Texas at Austin. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Mr. Habachy should serve as a director include his extensive experience in the oil and gas industry, including serving on the boards of private oil and gas exploration and production companies, and his serving as a managing director at Warburg makes him uniquely positioned to provide the Board with insight and advice on a full range of strategic, financial and governance matters. | | | | David S. Habachy Independent Director Age: 50 Director Since: 2022 | | | | | | Board Committees: | | |

  12. BOARD COMPOSITION AND EXPERIENCE

    | | Richard E. Harris began his corporate career in 1981, joining The Standard Oil Company of Ohio (“SOHIO”) in the Treasury Department. SOHIO was acquired by British Petroleum plc (“BP”) in 1987. Mr. Harris continued to be assigned challenging positions with increasing responsibility within BP Finance and BP America Finance. Mr. Harris’ achievements earned him a two year assignment in Belgium as a member of a team charged with integrating finance functions across Europe into BP Oil Europe in Brussels. In 1995, Mr. Harris left BP to join Compaq Computer Corporation in a newly created position where Mr. Harris developed and enhanced the company’s global capabilities in corporate finance, financial planning, M&A pre-close analysis and post close evaluation as well as global treasury management. Compaq promoted Mr. Harris to Assistant Treasurer, Global Treasury in 1999. In 2003, Mr. Harris joined Cummins Inc.’s executive team as Vice President, Treasurer and led initiatives to develop best in class global treasury processes and procedures. Mr. Harris was also secretary of the Finance Committee of the Cummins Board of Directors and collaborated with the Board members on a frequent basis. Mr. Harris established a world class global treasury organization which supported the Cummins’ businesses in 198 countries worldwide. Mr. Harris was promoted to Vice President, Chief Investment Officer in 2008. Mr. Harris’ team successfully developed, implemented and provided oversight for processes to source, evaluate, and execute the company’s strategic acquisitions, investments, and joint ventures. In 2015, Mr. Harris retired to Austin, Texas and relocated to Southeast Texas in January, 2022. Mr. Harris received a Bachelor of Science in Mathematics and Master of Business Administration from John Carroll University. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Mr. Harris should serve as a director include his significant worldwide business experience; and his prior executive and Board experience. | | | | Richard E. Harris Independent Director Age: 73 Director Since: 2020 | | | | | | Board Committees: | | |

  13. BOARD COMPOSITION AND EXPERIENCE

    | | Thomas L. Mitchell is a strategic finance leader with a record of driving growth in energy business models as the chief financial officer of both large and small companies in the oil and gas industry. He has had a career of strong Fortune 500 experience with exploration and production companies, and broad energy exposure with offshore drilling and midstream gathering and marketing companies. In his last position as EVP and Chief Financial Officer of Devon Energy Corporation (NYSE:DVN) from 2014 to 2017, Mr. Mitchell led the finance and business development organizations, and also helped the company successfully strengthen its asset quality through strategic acquisitions. Previously, Mr. Mitchell served as EVP and Chief Financial Officer and a member of the board of directors of Midstates Petroleum Company (now NYSE:AMPY), a private equity-funded exploration and production company. While there, Mr. Mitchell helped lead the initial public offering listing of the company on the New York Stock Exchange in 2012. From November 2006 to September 2011, Mr. Mitchell was the Senior Vice President, Chief Financial Officer of Noble Corporation (NASDAQ:NEBLQ), a publicly-held offshore drilling contractor for the oil and gas industry. Following his formal education, Mr. Mitchell began his career in public accounting with Arthur Andersen & Co. where he practiced as a CPA (currently inactive), then, in 1989 entered the oil and gas industry at Apache Corporation (NYSE:APA) where he spent eighteen years in various finance and commercial roles, the last being Vice President and Controller. Mr. Mitchell previously served on the board of directors of EPIC Midstream Holdings GP, LLC, a private midstream crude and NGL infrastructure company, Hines Global REIT, Inc., a public real estate investment trust, Sundance Energy, Inc. (OTC MKTS:SNDEQ), a public exploration and production company, and EnLink Midstream Partners, LP and EnLink Midstream, LLC (NYSE:ENLC). Mr. Mitchell graduated from Bob Jones University with a Bachelor of Science in Accounting. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Mr. Mitchell should serve as a director include his significant financial background; his public accounting experience; his prior performance of chief financial officer functions for both public and private companies; and his board experience. | | | | Thomas L. Mitchell Independent Director Age: 65 Director Since: 2020 | | | | | | Board Committees: | | |

  14. BOARD COMPOSITION AND EXPERIENCE

    | | Carla T. Tharp has served as CEO of Apoyar Energy, an upstream oil and gas exploration and production company focused on international assets since February 2025. From January 2024 to February 2025, she was President of CT Tharp & Co., an independent consulting firm concentrating on global acquisitions and divestitures. From January 2020 to February 2024, Ms. Tharp served in multiple positions at APA Corporation (formerly Apache Corp.), including as Vice President of New Business & Commercial, Vice President of Corporate Development and Vice President of Reserves, leading multi-disciplinary teams. From January 2019 to January 2020, she was a Managing Director of Energy Investment Banking at Raymond James. From February 2018 to May 2019, she was Director of Acquisitions and Divestitures at Citi Global Markets. From June 2012 to May 2016, she was Director of Mergers and Acquisitions at Lantana Energy Advisors. Ms. Tharp graduated from Texas A&M University with a B.S. in Petroleum Engineering before working as a reservoir engineer in transactions and reserves reporting, senior and mezzanine debt finance and in a private equity portfolio company. She is a licensed professional engineer in Texas and has held Series 79 and 63 FINRA licenses. Carla is on the Board of Directors for the Houston Producers Forum, the Texas A&M University Petroleum Ventures Program as well as the ADAM Houston, ADAM Permian and ADAM Rockies, Acquisitions, Divestitures and Mergers (ADAM) groups. The particular experience, qualifications, attributes, and skills that led our Board to conclude that Ms. Tharp should serve as a director include her significant financial background; deep technical expertise in oil and gas operations and reserves; and her extensive experience in banking. | | | | Carla T. Tharp Age: 62 Director Since: 2025 | | | | | | Board Committees: | | |

  15. BOARD COMPOSITION AND EXPERIENCE

    | BOARD RECOMMENDATION ON PROPOSAL The Board unanimously recommends a vote FOR the election of each of the director nominees named above. The management proxy holder will vote all properly submitted proxies FOR election of each director unless properly instructed otherwise. | |

  16. BOARD COMPOSITION AND EXPERIENCE

    CORPORATE GOVERNANCE AND OUR BOARD

  17. CORPORATE GOVERNANCE HIGHLIGHTS

    CORPORATE GOVERNANCE HIGHLIGHTS

  18. CORPORATE GOVERNANCE HIGHLIGHTS

    | RELATING TO THE BOARD | | | • Annual elections of the entire Board | • Dedication to continuing director education | | • Majority independent directors | • Dedication to diversity on the Board | | • Annual evaluations of the Board, each committee, and each director | • Designated Lead Independent Director | | • Insider trading policy that prohibits hedging, pledging, and margin transactions in Company securities | • Board committees comprised entirely of independent directors | | • Maintains corporate governance guidelines | • Board oversees environmental, social, and governance practices | | • Annual say-on-pay vote | • Board oversees succession planning for the CEO and executive officer positions | | • Director overboarding policy | • Adopted stock ownership guidelines for officers and directors |

  19. CORPORATE GOVERNANCE HIGHLIGHTS

    | RELATING TO STOCKHOLDER RIGHTS | | | • Equal voting rights among all stockholders | • All stockholders entitled to vote on all director nominees | | • Ability of stockholders to call a special meeting (at a 10% threshold) | • No poison pill or similar plan | | • Ability of stockholders to act by written consent | • No supermajority voting requirements |

  20. CORPORATE GOVERNANCE HIGHLIGHTS

    We maintain a corporate governance section on our website that contains copies of the charters for the committees of our Board. The corporate governance section may be found at https://ringenergy.com/investors/corporate-governance. The charters for each of the Board’s committees will be provided to any person without charge, upon request. Requests may be directed to Ring Energy, Inc., Attention: Phillip B. Feiner, Corporate Secretary, Senior Vice President and General Counsel, 1725 Hughes Landing Blvd., Suite 900, The Woodlands, TX 77380, or by calling (281) 397-3699. Also available on our website under the corporate governance section or the sustainability section are copies of our Corporate Governance Guidelines, Code of Ethics, Code of Business Conduct and our 2025 Sustainability Report. We have adopted a Code of Ethics that applies to our Chief Executive Officer, Executive Vice Presidents, Chief Financial Officer and Senior Vice Presidents as well as the principal accounting officer or controller, or persons performing similar functions, to ensure high standards of ethical conduct and fair dealing. Our 2025 Sustainability Report discusses a wide range of our business practices and procedures designed to help promote workplace safety, health of our stakeholders, sound environmental practices, protection of human rights, and honest and ethical conduct. The Code of Business Conduct covers standards for professional conduct, including, among others, conflicts of interest, insider trading, protection, proper use of confidential information and Company assets, and compliance with the laws and regulations applicable to the Company’s business. Finally, we have adopted Corporate Governance Guidelines to assist the Board in the exercise of its responsibilities. The information on, or that can be accessed through our website, is not incorporated by reference into this proxy statement and should not be considered part of this proxy statement.

  21. OUR BOARD

    OUR BOARD Our Board currently consists of seven members. Our Articles of Incorporation and Bylaws provide for the annual election of all directors; we do not have a staggered board. At each annual meeting of stockholders, our directors will be elected for a one-year term and serve until their respective successors have been elected and qualified. Our Board held seven meetings during the fiscal year ended December 31, 2025. During the fiscal year ended December 31, 2025, no directors attended fewer than 75% of the total number of meetings of our Board and committees on which that director served. We encourage, but do not require, our directors to attend our annual meetings of stockholders. At our last annual meeting of stockholders, seven members of our Board attended either in person or by video conference participation.

  22. CD&A SUMMARY

    CD&A SUMMARY Our executive compensation program is designed to link pay to performance, encourage prudent decision-making and risk management, and create a balanced focus on short-term and long-term performance and stockholder value creation. In the dynamic and competitive environment in which we operate, it is imperative that we maintain an executive compensation program that attracts, motivates and retains highly experienced individuals who are critical to successfully delivering our business plan and yielding industry-leading results. Our executive compensation program consists of three key elements: (1) base salary, (2) annual cash incentive plan awards designed to motivate the achievement of short-term goals and (3) equity incentive awards designed to motivate the achievement of long-term goals and objectives. Consistent with our pay-for-performance philosophy, we award a majority of the compensation for our executives in the form of “at-risk” annual incentive plan awards and long-term equity incentive awards that both directly tie our executives’ pay to overall Company performance and the achievement of rigorous performance metrics that are set by our Compensation Committee. We believe that our compensation program strikes the appropriate balance between short-term and long-term incentives for our management team. Going forward, we remain focused on effective ways to maximize retention and stockholder alignment with the goal of ensuring that our compensation decisions align with investor expectations. In that regard, we expect to continue our practice of delivering a significant portion of our executives’ overall compensation in the form of long-term equity incentive awards, which we believe are a critical tenet of our pay-for-performance philosophy and align our executives’ interests with those of our stockholders. 2025 Business Highlights 2025 was another strong year for Ring Energy. We remained focused on increasing long-term value for our stockholders by achieving the following key operating and financial metrics: (1) annual record of 20,253 Boe/day, which was an increase of 3% from 2024; (2) $34.7 MM of net loss due to the non-cash ceiling test impairment recognized, with $38.4 MM of Adjusted Net Income; (3) $50.1 MM in Adjusted Free Cash Flow; (4) 14% increase in proved reserves to 153.3 MMBoe; (5) $40 MM debt paydown since the Lime Rock acquisition; (6) $585 million borrowing base reaffirmed; and (7) $10.73 of LOE per Boe, which was below our guidance. 2025 Key Compensation Decisions We believe our executive compensation program provides effective incentives to our named executive officers to lead the Company to achieve industry-leading strategic, financial and operational performance and to position the Company for future value creation for our stockholders. With the help of its external, independent compensation consultant, Meridian Compensation Partners, LLC (“Meridian”), our Compensation Committee carefully considered the relevant external and internal economic and business factors affecting named executive officer pay for 2025. As is our standard practice, the Compensation Committee awarded the majority of named executive officer compensation in the form of “at-risk”, performance-based incentive compensation. This strategy supports alignment between our NEOs and our stockholders by recognizing performance that creates long- and short-term stockholder value. The Compensation Committee made the following key executive compensation decisions for 2025, with a focus on strong performance accountability. ■Base Salaries: In early 2025, the Compensation Committee compared the base salaries paid to each of our named executive officers to those paid to executive officers within our peer group. The Committee determined to increase our named executive officers' base salaries to further align them with market benchmarks. ■Annual Cash Bonuses: Following the end of the 2025 performance year, based on the Company’s achievement of annual incentive performance metrics, we awarded 2025 annual cash bonuses to our named executive officers at approximately 120% of target. See “Annual Incentive Plan” below for more details. ■Annual Equity Awards: In February and April 2025, consistent with the Compensation Committee’s historical pay for performance philosophy, we granted approximately 60% of our named executive officers’ equity incentive awards in the form of performance-vesting restricted stock unit (“PSU”) awards, with the remaining approximate 40% granted in the form of service-vesting restricted stock unit (“RSU”) awards. See “Equity-Based Long-Term Incentive Compensation – PSU Awards and RSU Awards” below for more details. Additionally, the Compensation Committee elected to reduce the size of the NEO's equity awards by utilizing an above-market grant price, which served to better align the value of the awards with recent stock price performance, minimize dilution, and preserve shares in the Company's 2021 Omnibus Incentive Plan (the "2021 Plan"). This resulted in a 28% reduction in NEO equity compensation and a 20% reduction in director equity compensation for 2025 and represents the second consecutive year of reducing the size and value of the awards for our NEOs and directors to more closely align with the interests of our stockholders.

  23. OVERVIEW OF EXECUTIVE COMPENSATION

    OVERVIEW OF EXECUTIVE COMPENSATION Our compensation programs are designed to continue aligning our management team and employees with our strategic focus on delivering long-term stockholder value through generating free cash flow, maintaining production levels and reserves, strengthening the balance sheet and by paying down debt. Our compensation programs include base salary; our annual non-equity incentive plan, also referred to as the Annual Incentive Plan ("AIP"); and our long-term equity incentive program ("LTIP") administered through the 2021 Plan. The combination of these three components enables us to attract high level talent through competitive total compensation while incentivizing productivity through performance-based pay. The hallmarks of our compensation philosophy are: ■Performance-Based Compensation – Our compensation program places a substantial portion of the total compensation at-risk and contingent on Ring achieving financial and operational outcomes and delivering peer-leading returns and stock price performance. 83% of CEO target compensation is incentive-based – with 57% of CEO target compensation linked to short- and long-term performance results. ■Competitive Total Compensation – All of the referenced components of total compensation, including base salary, AIP, and LTIP, are rigorously benchmarked annually by an independent third-party compensation consultant against a peer group of similarly-sized energy companies.

  24. OVERVIEW OF EXECUTIVE COMPENSATION

    | | At-risk compensation: | | | | 40% | Performance Stock Units ("PSUs") with 3-year Performance Period | | | 17% | Target Annual Cash Bonus | | | Other compensation: | | | | 26% | Restricted Stock Units ("RSUs") with 3-year vesting | | | 17% | Base Salary |

  25. ADDITIONAL COMPENSATION POLICY HIGHLIGHTS

    | WHAT WE DO | WHAT WE DON'T DO | | • Align pay outcomes with achievement of performance goals | • Provide excessive severance arrangements, single trigger severance benefits, or excise tax gross-ups for change-in-control related termination | | • Compensation Committee oversight of officer compensation levels, incentive plan goals and other officer compensation matters | | | • Robust stock ownership guidelines for officers and directors | • Allow employees or directors to hedge Company securities or pledge Common Stock as collateral on a loan | | • Maintain a clawback policy | • Provide excessive perquisites | | • Engage an independent compensation consultant that directly advises the Compensation Committee | • Permit repricing of stock options without stockholder approval | | • Cap incentive payouts at a maximum amount | | | • Monitor compensation programs for excessive risk taking potential | | | • Engage stockholders on officer compensation matters | |

  26. EXECUTIVE COMPENSATION PROGRAM ELEMENTS FOR 2025

    (1) Mr. Thomas served as Executive Vice President, Chief Financial Officer and Treasurer of the Company until September 12, 2025. At that time, Mr. Kwon, Vice President of Accounting, Controller and Assistant Treasurer was appointed Interim Chief Financial Officer. Mr. Johl was hired as Executive Vice President, Chief Financial Officer and Treasurer effective February 27, 2026, and on March 3, 2026, Mr. Kwon was promoted to Vice President, Chief Accounting Officer, and Principal Accounting Officer. Annual Incentive Plan Our Annual Incentive Plan (“AIP”) provides for formulaic annual cash incentive awards based on the achievement of pre-set financial and non-financial objectives (“performance measures”) designed to drive employee performance to support the annual goals and objectives of the Board. The AIP awards are fully at-risk. The AIP awards can vary from 0% to a maximum of 200% of the target AIP award. Under no circumstances can an AIP award ever exceed 200%, regardless of any AIP performance or any performance modifier applied by the Compensation Committee. The target AIP award for each NEO is based on a percentage of the NEO's base salary. The target percentage is established through an analysis of compensation for comparable positions in the Company’s peer group and is intended to provide a competitive level of compensation if the Company achieves the performance measures established by the Compensation Committee. The Compensation Committee develops the performance measures to be used for the AIP awards and discusses the performance measures with the executive officers. The Compensation Committee then sets the performance measures as well as the weighting and performance levels necessary to calculate the AIP awards based on the target AIP for each NEO. For 2025, the Compensation Committee utilized three performance measures for the AIP awards – Net Boe Production (Sales), Internal Rate-of-Return (“IRR”), and Net Lifting Costs. ■Net Boe Production (Sales) was used as a performance measure because proceeds from the sale of our production are essentially all of our revenues, it is a strong indicator of a company’s performance in the E&P industry, and it is widely used by the market to evaluate companies in our industry. ■Internal Rate of Return ("IRR") was used as it is an important measure of a company’s capital discipline and success in the annual drilling program and operations. ■Net Lifting Costs was used as a financial measure because it is an indicator of a company’s efficiency and ability to control expenses. The total funding level is then modified up or down based on management’s progress toward achieving certain Health, Safety & Environmental ("HSE") objectives (the “HSE Objectives Modifier”) established by the Board. These HSE objectives were designed to be an overriding aspect of the entire AIP in 2025. The Compensation Committee reviewed the Company’s progress during 2025 of the HSE objectives. Our corporate culture continues to promote environmental stewardship and the health and well-being of all employees; therefore, the Compensation Committee determined that the HSE objectives were achieved and did not reduce or enhance the payouts for 2025. In 2025, the Company's AIP results yielded a bonus pool of approximately 120% of the AIP target. More information regarding the performance measures, their weightings, and actual results is provided below.

  27. EXECUTIVE COMPENSATION PROGRAM ELEMENTS FOR 2025

    | AIP PERFORMANCE MEASURES FOR 2025 | WEIGHTING | THRESHOLD | TARGET | MAX | ACTUAL RESULTS | PERFORMANCE FACTOR (2) | FUNDING LEVEL (3) | | Net Boe Production (Sales) | 50% | 6,525,574 | 7,250,638 | 8,700,765 | 7,392,476 | 110% | 55% | | IRR (%) | 25% | 21% | 42% | 63% | 47% | 121% | 30% | | Net Lifting Costs (1) ($/BOE) | 25% | $12.77 | $11.61 | $9.28 | $10.73 | 138% | 35% | | Total | 100% | — | — | — | — | — | 120% | | HSE Objectives Modifier (4) | 100% | N/A | 100% | 200% | 100% | | | | Total Percentage of AIP Target Earned | | | | | | | 120% |

  28. EXECUTIVE COMPENSATION PROGRAM ELEMENTS FOR 2025

    (1) Net Lifting Costs is calculated as Lease operating expenses, expressed on a barrel of oil equivalent basis. (2) The payouts for performance levels achieved between the values will be interpolated. (3) Funding level is calculated as the Weighting multiplied by the Performance Factor. (4) Pursuant to the terms of our AIP, recipients' awards cannot exceed 200% of their AIP target, regardless of modifiers. Equity-Based Long-Term Incentive Compensation – PSU Awards and RSU Awards The Compensation Committee intends 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 NEOs for the Company’s achievement of its long-term objectives and goals, each individual’s contribution to meeting those goals and to encourage continued dedication and loyalty to the Company by providing NEOs with meaningful amount of Common Stock, the majority of which is considered "at-risk" compensation. The quantum of these awards is determined by the Compensation Committee and may be reduced in size to align with our stock performance or other considerations of our Compensation Committee. In 2025, the LTIP awards were designed to align executive management with stockholder value and the long-term financial success of the Company. In 2025, we continued to grant LTIP awards with approximately 60% in the form of PSUs and 40% in the form of service-based RSUs. Restricted Stock Units ("RSUs"): ■RSUs are equity awards that are subject to a three-year vesting schedule of three equal amounts beginning with the first anniversary of the award date. ■RSUs are not subject to increases or decreases in the final share payout. Performance Stock Units ("PSUs"): ■PSUs are equity awards that cliff-vest at the end of a three-year performance period, with the number of shares that vest under the award increased or decreased based on Ring's performance against set performance targets. ■50% of PSUs measure the Company’s absolute total shareholder return (“TSR”) and the Company's TSR relative to a peer group of companies. See TSR Table below for the pre-established goals and applicable percentages. ■The remaining 50% of PSUs measure the Company’s cash return on capital employed (“CROCE”) as a performance goal. (See CROCE Table below). The Compensation Committee utilizes CROCE as a performance measure to provide a broad view of Ring’s strategic, operational and financial performance and to further emphasize the importance of capital efficiency and financial returns. ■PSUs earned can vary from 0% to a maximum of 200% of target based on actual performance achieved.

  29. TSR Performance and Payout Table

    TSR Performance and Payout Table

  30. TSR Performance and Payout Table

    | | | ABSOLUTE TSR PERFORMANCE | | | | | | | <0% | 0% | 10% | ≥25% | | RELATIVE TSR PERFORMANCE (1) | <25th Percentile | 0% | 0% | 0% | 0% | | | ≥25th Percentile | 25% | 50% | 75% | 100% | | | ≥50th Percentile | 50% | 75% | 100% | 125% | | | ≥75th Percentile | 75% | 100% | 125% | 150% | | | ≥90th Percentile | 100% | 125% | 175% | 200% |

  31. TSR Performance and Payout Table

    (1) Relative TSR Performance between the 25th and 90th percentile and Absolute TSR Performance between 0% and 25% are measured through linear interpolation.

  32. CROCE Performance and Payout Table

    CROCE Performance and Payout Table For PSU awards granted in 2025, the following table is used.

  33. CROCE Performance and Payout Table

    | | BELOW THRESHOLD | THRESHOLD | TARGET | STRETCH | MAXIMUM | | FINAL CROCE PERFORMANCE PERCENTAGE (1) | ≤5% | 10% | 15% | 18% | 20% | | CROCE PSU PERCENTAGE (2) | 0% | 50% | 100% | 150% | 200% |

  34. CROCE Performance and Payout Table

    (1) Calculated as the simple average of the annual CROCE performance percentages for each calendar year of the performance period. (2) CROCE PSU Percentage between 0 percent and 200 percent is measured through linear interpolation. In 2025, the Compensation Committee took the following actions: PSU Results: In 2025, the PSU awards granted in 2023 vested. Pursuant to the award agreements, the portion of the 2023 awards tied to the TSR requirement yielded a 29.95% payout for the NEOs while the portion of the PSUs tied to CROCE yielded a 149.94% payout for the NEOs. Equity Grant Reductions: 2025 was marked with volatile oil and gas pricing, and for Ring, another year where the Company believes that a stock overhang created by our previously largest stockholder exiting its stock ownership position negatively impacted our share price. Faced with these challenges, our Compensation Committee elected for the second consecutive year to reduce the size of the NEOs' equity awards by utilizing an above-market grant price to size the award, which served to better align the value of the awards with recent stock price performance, minimize dilution, and preserve shares in the 2021 Plan. This resulted in a 28% reduction in NEO equity compensation and a 20% reduction in director equity compensation for 2025. The Compensation Committee believed that this was an appropriate step considering the Company’s share price performance and limited amount of shares available for awards in the 2021 Plan. The Compensation Committee believed that these steps were appropriate in 2024 and 2025 to align NEO compensation with the muted stock performance and interests of our stockholders. The following stacked bar chart illustrates the relationship between the target and actual(1) CEO compensation paid for 2024 and 2025. (1) Actual CEO Compensation for Salary and AIP corresponds to the amounts presented in the Summary Compensation Table later in this proxy statement. Actual CEO Compensation for Equity Awards represents the simple calculation of equity award units granted multiplied by the stock price on the grant date. Employment Agreements The Company does not have any employment agreements with the NEOs. Pension Plans and Non-Qualified Deferred Compensation Plans 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, 2025. Change in Control and Severance Agreements In 2024, the Board, upon the recommendation of the Compensation Committee, approved the Ring Energy, Inc. Change in Control and Severance Benefit Plan (the "CIC Plan") which provides for severance benefits to our NEOs and certain other officers and key employees. The CIC Plan supersedes and replaces all other severance arrangements between the Company and the NEOs, which previously had been governed by separate employment agreements. Beginning on March 6, 2024 (and thereafter for newly hired NEOs) each of the NEOs became participants in the CIC Plan upon their delivery to the Company of executed participation agreements, pursuant to which the NEOs agreed to terminate the existing employment agreements between them and the Company, effective immediately, and the terms of the CIC Plan and respective participation agreements supersede any rights or entitlements to severance benefits under any employment agreement so terminated or other severance arrangements. Mr. McKinney was designated as a Tier 1 NEO, Messrs. Dyes, Feiner, Parr and Thomas were designated as Tier 2, and Mr. Kwon was designated as Tier 3 by the Compensation Committee. Tier 1: Pursuant to the CIC Plan, following a Change in Control (as defined in the CIC Plan) and during the “protection period,” which period extends from the date six months prior to a Change in Control until the date 24 months following the occurrence of a Change in Control, if the Tier 1 NEO’s employment is terminated by the Company without Cause (as defined in the CIC Plan) or by him for a CIC Good Reason (as defined in the CIC Plan), he is entitled to (1) 300% of his annual base salary; (2) 300% of his most recent target annual bonus (the “AIP Amount”); (3) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of termination); (4) acceleration and vesting of his outstanding equity awards; and (5) reimbursement of 24 months of health benefits. In addition, following the Tier 1 NEO’s death or disability, he would be entitled to (1) acceleration and vesting of his outstanding equity awards; and (2) reimbursement of 12 months of health benefits. Pursuant to the CIC Plan, if the Tier 1 NEO’s employment with the Company is terminated by the Company without Cause or by him for a Good Reason (as defined in the CIC Plan) and not during the applicable protection period, he is entitled to receive (1) 200% of his annual base salary, (2) 200% of his AIP Amount; (3) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of termination); (4) acceleration and vesting of his outstanding equity awards; and (5) reimbursement of 24 months of health benefits. Tier 2: Pursuant to the CIC Plan, following a Change in Control and during the “protection period,” which period extends from the date six months prior to a Change in Control until the date 24 months following the occurrence of a Change in Control, if the Tier 2 NEO’s employment is terminated by the Company without Cause or by him for a CIC Good Reason, he is entitled to (1) 200% of his annual base salary; (2) 200% of his AIP Amount; (3) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of termination); (4) acceleration and vesting of his outstanding equity awards; and (5) reimbursement of 18 months of health benefits. In addition, following the Tier 2 NEO’s death or disability, he would be entitled to (1) acceleration and vesting of his outstanding equity awards; and (2) reimbursement of 12 months of health benefits. Pursuant to the CIC Plan, if the Tier 2 NEO’s employment with the Company is terminated by the Company without Cause or by him for a Good Reason and not during the applicable protection period, he is entitled to receive (1) 100% of his annual base salary; (2) 100% of his AIP Amount; (3) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of termination); (4) acceleration and vesting of his outstanding equity awards; and (5) reimbursement of 18 months of health benefits. Tier 3: Pursuant to the CIC Plan, following a Change in Control and during the “protection period,” which period extends from the date six months prior to a Change in Control until the date 12 months following the occurrence of a Change in Control, if the Tier 3 NEO’s employment is terminated by the Company without Cause or by him for a CIC Good Reason, he is entitled to (1) 100% of his annual base salary; (2) 100% of his AIP Amount; (3) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of termination); (4) acceleration and vesting of his outstanding equity awards; and (5) reimbursement of 12 months of health benefits. In addition, following the Tier 3 NEO’s death or disability, he would be entitled to (1) acceleration and vesting of his outstanding equity awards; and (2) reimbursement of 12 months of health benefits. Pursuant to the CIC Plan, if the Tier 3 NEO’s employment with the Company is terminated by the Company without Cause or by him for a Good Reason and not during the applicable protection period, he is entitled to receive (1) 50% of his annual base salary; (2) 50% of his AIP Amount; (3) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of termination); (4) acceleration and vesting of his outstanding equity awards; and (5) reimbursement of 12 months of health benefits.

  35. CROCE Performance and Payout Table

    Mr. Thomas’ departure from the Company qualified as a termination without Cause under the CIC Plan. Therefore, in connection with his departure from the Company, he became entitled to, subject to the execution and delivery of an effective release of claims in favor of the Company and continued compliance with all applicable restrictive covenants, (a) 100% of his annual base salary; (b) 100% of his AIP Amount; (c) 100% of his pro-rated AIP Amount (based on the number of days employed during the year of his departure); (d) acceleration and vesting of his outstanding equity awards; and (e) reimbursement of 18 months of health benefits. 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, 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 (the "Code"). The 401(k) 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, subject to IRS limitations.

  36. PRACTICES WITH REGARD TO TIMING OF EQUITY AWARDS

    PRACTICES WITH REGARD TO TIMING OF EQUITY AWARDS LTIP awards as a component of our executive compensation program are generally made during the first quarter of each year. The Compensation Committee generally approves these grants at its February meeting. The Compensation Committee and our Board have in the past, and may in the future, make limited off-cycle grants of equity awards on other dates for newly hired or other executives and other employees as part of compensation packages designed to recruit, retain, or reward such persons. We do not time the grant of equity awards in anticipation of the release of material nonpublic information and we do not time the release of material nonpublic information based on equity award grant dates or for the purpose of affecting the value of executive compensation. In addition, we do not take material nonpublic information into account when determining the timing and terms of such awards, as the timing of awards is in accordance with the annual compensation cycle. Although we do not have a formal policy with respect to the timing of our equity award grants, the Compensation Committee has historically granted equity awards on a predetermined annual schedule as described above. We did not grant any stock options to our NEOs in 2025, as grants of stock options are not a component of our executive compensation program.

  37. RISK CONSIDERATIONS IN OUR OVERALL COMPENSATION PROGRAM

    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 for quality of performance, Company stock price and adherence to the Company’s values. RSU awards generally vest in ratable annual installments on each of the first three anniversaries of the grant date. PSU awards generally cliff-vest at the end of the three-year performance period. Both of these vesting schedules further mitigate risk in the event any executive officer departs or is terminated prior to vesting of the awards. In November 2023, the Company adopted a clawback policy, as required by Section 10D of the Exchange Act and the listing standards adopted by the NYSE American. In the event of certain accounting restatements, this policy requires us to pursue recovery from current and former executive officers (as defined under the applicable rules) of any amount of incentive-based awards paid during the three years preceding the accounting restatement that exceeds the amount that would have otherwise been paid if calculated based on the restated financial reporting measure, calculated on a pre-tax basis. 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.

  38. EXECUTIVE COMPENSATION

    EXECUTIVE COMPENSATION The “Summary Compensation Table” should be read in connection with the tables and narrative descriptions contained in the CD&A. The “Outstanding Equity Awards at Fiscal Year End Table” and “Option Exercises and Stock Vested Table” provide further information on each NEO's potential realizable value and actual value realized with respect to his equity awards.

  39. SUMMARY COMPENSATION TABLE

    SUMMARY COMPENSATION TABLE The following table sets forth the compensation of our NEOs for the fiscal year ended December 31, 2025, and for the fiscal years ended December 31, 2024, and December 31, 2023, if they were NEOs in those years.

  40. SUMMARY COMPENSATION TABLE

    | NAME AND PRINCIPAL POSITION | YEAR | SALARY ($) | BONUS ($) (2) | EQUITY AWARDS (1) ($) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | ALL OTHER COMPENSATION (5) ($) | TOTAL | | | Paul D. McKinney, Chief Executive Officer and Chairman of the Board | 2025 | $626,667 | $— | $1,473,306 | $753,984 | $31,000 | | 2,884,957 | | | 2024 | $604,167 | $— | $1,946,712 | $821,667 | $30,500 | | 3,403,046 | | | 2023 | $569,167 | $— | $2,604,595 | $569,167 | $19,800 | | 3,762,729 | | Travis T. Thomas, Former Executive Vice President and Chief Financial Officer (3) | 2025 | $308,221 | $— | $1,341,994 | $222,688 | $823,429 | | 2,696,332 | | | 2024 | $366,667 | $— | $592,477 | $374,000 | $22,072 | | 1,355,216 | | | 2023 | $345,000 | $— | $566,215 | $258,750 | $19,800 | | 1,189,765 | | Rocky P. Kwon, Vice President, Chief Accounting Officer and Former Interim Chief Financial Officer (3) | 2025 | $255,925 | $— | $94,078 | $155,585 | $15,428 | | 521,016 | | Alexander Dyes, Executive Vice President, Chief Operations Officer | 2025 | $436,667 | $— | $446,822 | $403,920 | $23,500 | | 1,310,909 | | | 2024 | $366,667 | $— | $592,477 | $374,000 | $22,087 | | 1,355,231 | | | 2023 | $345,000 | $— | $566,215 | $258,750 | $19,800 | | 1,189,765 | | James J. Parr, Executive Vice President, Chief Exploration Officer | 2025 | $395,000 | $— | $446,822 | $359,040 | $18,982 | | 1,219,844 | | Phillip B. Feiner, Senior Vice President, General Counsel (4) | 2025 | $369,167 | $— | $205,297 | $314,160 | $22,222 | | 910,846 | | | 2024 | $141,666 | $28,333 | $150,902 | $125,233 | $3,412 | | 449,546 |

  41. SUMMARY COMPENSATION TABLE

    (1)For the RSUs granted, the awards were valued based on the closing market price for our shares of Common Stock on the NYSE American on the grant dates. For the PSUs half of the awards were valued using a Monte Carlo simulation as of the grant dates, and the other half of the awards were valued based on the closing market price for our shares of Common Stock on the NYSE American on the grant dates. The PSUs granted in 2025 were valued using the Monte Carlo simulation as of the grant dates and incorporated the following assumptions: performance period end date – December 31, 2027; expected term (years) – 2.67 years; expected volatility – 55.73%; risk-free interest rate – 3.62%; and expected dividend yield – —%. The maximum award opportunity for each applicable NEO for the 2025 PSU awards as of the grant date is as follows: Mr. McKinney $1,387,391, Mr. Thomas $420,767, Mr. Dyes $420,767, Mr. Parr $420,767, and Mr. Feiner $193,325.The amount reported for Mr. Thomas reflects the incremental fair value, calculated in accordance with FASB ASC Topic 718, arising from the modification and accelerated vesting of previously granted equity awards, as described above in the CD&A section. Under SEC disclosure rules, the incremental fair value of the modification is required to be reported in the Summary Compensation Table; however, this modification does not constitute the grant of any additional stock awards. Because the awards are reported based on their incremental fair value, the table reflects the adjustment resulting from the modification rather than a new grant. The fair value of Mr. Thomas’ accelerated RSU awards and PSU awards is $1.06 based on a September 12, 2025 modification date. (2)Represents the discretionary portion of AIP (if any), as well as a sign-on bonus for Mr. Feiner. (3)Mr. Thomas served as Executive Vice President, Chief Financial Officer and Treasurer of the Company until September 12, 2025. As of September 12, 2025, Mr. Kwon, who previously held the position of Vice President of Accounting, Controller and Assistant Treasurer, was appointed Interim Chief Financial Officer and Principal Financial Officer, which he held throughout the remainder of 2025. On February 4, 2026, the Company announced that it had hired Mr. Sundip "Sonu" Johl to serve as Executive Vice President, Chief Financial Officer and Treasurer effective February 27, 2026, and on March 1, 2026, Mr. Kwon was named Vice President, Chief Accounting Officer, and Principal Accounting Officer and continued to serve as Principal Financial Officer. (4)Mr. Feiner began working at the Company on July 31, 2024 as Vice President, General Counsel. On March 1, 2025, Mr. Feiner was promoted to Senior Vice President, General Counsel & Corporate Secretary. (5)The amounts reported in the “All Other Compensation” column for 2025 are summarized in the following table: All Other Compensation

  42. SUMMARY COMPENSATION TABLE

    | NAME | YEAR | 401(K) CONTRIBUTIONS (a) | SEVERANCE PAY (b) | TOTAL | | Paul D. McKinney | 2025 | $31,000 | $— | $31,000 | | | 2024 | $30,500 | $— | $30,500 | | | 2023 | $19,800 | $— | $19,800 | | Travis T. Thomas | 2025 | $17,564 | $805,865 | $823,429 | | | 2024 | $22,072 | $— | $22,072 | | | 2023 | $19,800 | $— | $19,800 | | Rocky P. Kwon | 2025 | $15,428 | $— | $15,428 | | Alexander Dyes | 2025 | $23,500 | $— | $23,500 | | | 2024 | $22,087 | $— | $22,087 | | | 2023 | $19,800 | $— | $19,800 | | James J. Parr | 2025 | $18,982 | $— | $18,982 | | Phillip B. Feiner | 2025 | $22,222 | $— | $22,222 | | | 2024 | $3,412 | $— | $3,412 |

  43. SUMMARY COMPENSATION TABLE

    (a)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. (b)The severance payment made to Mr. Thomas consisted of 100% of his base salary of $425,000, 100% of his most recent AIP amount of $374,000, and three months of COBRA benefits post-separation, $6,865.

  44. GRANTS OF PLAN-BASED AWARDS DURING 2025

    GRANTS OF PLAN-BASED AWARDS DURING 2025 The following table reflects the AIP targets and PSUs and RSUs granted during 2025 to our NEOs.

  45. GRANTS OF PLAN-BASED AWARDS DURING 2025

    | | | Estimated future payouts under non-equity incentive plan awards (4) | | | AIP | Estimated future payouts under equity incentive plan awards | | | | | | NAME | GRANT DATE | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | ANNUAL INCENTIVE PLAN ACTUAL ($) | THRESHOLD (#) | TARGET (#) (2) | MAXIMUM (#) | ALL OTHER STOCK AWARDS: NUMBER OF SHARES OF STOCK (#) (1) | GRANT DATE FAIR VALUE STOCK AWARDS AND PERFORM-ANCE UNITS (3) | | Paul D. McKinney | 2/12/25 | $— | $630,000 | $1,260,000 | $753,984 | | | | | | | | 2/12/25 | | | | | | | | 595,122 | $779,610 | | | 4/29/25 | | | | | — | 743,790 | 1,487,580 | | $693,696 | | Travis T. Thomas | 2/12/25 | $— | $318,750 | $637,500 | $222,688 | | | | | | | | 2/12/25 | | | | | | | | 180,488 | $236,439 | | | 4/29/25 | | | | | — | 225,576 | 451,152 | | $210,383 | | Rocky P. Kwon | 2/12/25 | $— | $130,000 | $260,000 | $155,585 | | | | | | | | 2/12/25 | | | | | | | | 71,815 | $94,078 | | | 4/29/25 | | | | | — | — | — | | $— | | Alexander Dyes | 2/12/25 | $— | $337,500 | $675,000 | $403,920 | | | | | | | | 2/12/25 | | | | | | | | 180,488 | $236,439 | | | 4/29/25 | | | | | — | 225,576 | 451,152 | | $210,383 | | James J. Parr | 2/12/25 | $— | $300,000 | $600,000 | $359,040 | | | | | | | | 2/12/25 | | | | | | | | 180,488 | $236,439 | | | 4/29/25 | | | | | — | 225,576 | 451,152 | | $210,383 | | Phillip B. Feiner | 2/12/25 | $— | $262,500 | $525,000 | $314,160 | | | | | | | | 2/12/25 | | | | | | | | 82,927 | $108,634 | | | 4/29/25 | | | | | — | 103,643 | 207,286 | | $96,663 |

  46. GRANTS OF PLAN-BASED AWARDS DURING 2025

    (1)The shares granted on February 12, 2025 represent the 2025 awards of service-based RSUs, which vest in three equal annual installments beginning on the first anniversary of the grant date. (2)The amounts granted on April 29, 2025 represent the target number of PSUs. The PSUs have a cliff vesting date of December 31, 2027 and were valued using a Monte Carlo simulation as of the grant date for half of the awards and based on the Common Stock price for the other half. (3)Reflects the full grant date fair value of the equity awards granted pursuant to the 2021 Plan calculated in accordance with FASB ASC Topic 718. The PSUs granted in 2025 were valued using the Monte Carlo simulation as of the grant dates and incorporated the following assumptions: performance period end date – December 31, 2027; expected term (years) – 2.67 years; expected volatility – 55.73%; risk-free interest rate – 3.62%; and expected dividend yield – 0.00%. These amounts were calculated based on the closing market price for our shares of Common Stock on the NYSE American on the date of grant. (4)This represents the performance-based portion of the AIP awards. The target amount is based upon a percentage of the NEO's base salary. For 2025, the Compensation Committee chose net Boe production (sales), internal rate of return, and net lifting costs as the performance measures. See “Annual Incentive Plan” above in the CD&A section for additional information.

  47. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END The following table provides certain information regarding RSU awards and PSU awards outstanding for each NEO as of December 31, 2025.

  48. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    | | RSUs | | PSUs | | | NAME | NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#) (1) | MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($) (2) | EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES THAT HAVE NOT VESTED (#) (3)(4) | EQUITY INCENTIVE PLAN AWARDS: MARKET VALUE OF UNEARNED SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($) (5) | | Paul D. McKinney | 1,009,536 | $878,296 | | | | | | | 1,365,412 | $1,187,908 | | Rocky P. Kwon | 118,293 | $102,915 | | | | | | | — | $0 | | Alexander Dyes | 294,602 | $256,304 | | | | | | | 414,765 | $360,846 | | James J. Parr | 235,821 | $205,164 | | | | | | | 225,576 | $196,251 | | Phillip Feiner | 133,994 | $116,575 | | | | | | | 103,643 | $90,169 |

  49. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    (1)The following table shows the vesting dates for the respective unvested RSUs listed in the above Outstanding Equity Awards at 2025 Fiscal Year-End table:

  50. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    | VESTING DATE | MR. MCKINNEY | MR. KWON | MR. DYES | MR. PARR | MR. FEINER | | February 12, 2026 | 198,374 | 23,938 | 60,163 | 60,163 | 27,642 | | February 13, 2026 | 138,138 | 16,314 | 42,042 | — | — | | February 16, 2026 | 138,138 | 13,851 | 30,030 | — | — | | July 31, 2026 | — | | — | — | 25,534 | | November 18, 2026 | — | | — | 27,666 | — | | February 12, 2027 | 198,374 | 23,939 | 60,162 | 60,162 | 27,643 | | February 13, 2027 | 138,138 | 16,313 | 42,042 | — | — | | July 31, 2027 | — | | — | — | 25,533 | | November 18, 2027 | — | | — | 27,667 | — | | February 12, 2028 | 198,374 | 23,938 | 60,163 | 60,163 | 27,642 | | Total | 1,009,536 | 118,293 | 294,602 | 235,821 | 133,994 |

  51. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    (2)The value of the unvested RSUs is shown assuming a market value of $0.87 per share, the closing market price of a share of Common Stock on December 31, 2025. (3)The following table shows the vesting dates for the respective unvested PSUs listed in the above Outstanding Equity Awards at 2025 Fiscal Year-End table:

  52. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    | VESTING DATE | MR. MCKINNEY | MR. KWON | MR. DYES | MR. PARR | MR. FEINER | | December 31, 2026 | 621,622 | — | 189,189 | — | — | | December 31, 2027 | 743,790 | — | 225,576 | 225,576 | 103,643 | | Total | 1,365,412 | — | 414,765 | 225,576 | 103,643 |

  53. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    (4)The number of shares of Common Stock that may be issued upon settlement of the PSU awards may vary from 0% to 200% of the number of PSUs granted. (5)The value of the unvested PSUs is shown assuming a market value of $0.87 per share, the closing market price of a share of Common Stock on December 31, 2025.

  54. OPTION EXERCISES AND STOCK VESTED

    OPTION EXERCISES AND STOCK VESTED The following table summarizes the vesting of RSUs and PSUs held by our NEOs during 2025. No options were exercised in 2025.

  55. OPTION EXERCISES AND STOCK VESTED

    | | RSUs | | PSUs | | | NAME | SHARES ACQUIRED ON VESTING (#) | VALUE REALIZED ON VESTING ($) (1) | SHARES ACQUIRED ON VESTING (#) | VALUE REALIZED ON VESTING ($) (1) | | Paul D. McKinney | 371,855 | $491,595 | 559,118 | $704,489 | | Rocky P. Kwon | 37,484 | $49,667 | — | $— | | Travis T. Thomas (2) | 390,569 | $438,961 | 549,900 | $582,894 | | Alexander Dyes | 95,967 | $126,683 | 121,547 | $153,149 | | James J. Parr | 27,667 | $26,416 | — | $— | | Phillip Feiner | 25,533 | $19,494 | — | $— |

  56. OPTION EXERCISES AND STOCK VESTED

    (1) The value realized on vesting is equal to the number of shares of Common Stock, multiplied by the closing price of the shares of Common Stock on the date of vesting. (2) Mr. Thomas departed the Company on September 12, 2025. Accordingly, the vesting of all unvested time-based RSUs and performance-based PSUs previously awarded to Mr. Thomas pursuant to the 2021 Plan was accelerated. As a result, 294,602 RSUs and 549,900 PSUs vested on September 12, 2025.

  57. PENSION BENEFITS AND NONQUALIFIED DEFERRED COMPENSATION

    PENSION BENEFITS AND NONQUALIFIED DEFERRED COMPENSATION We do not maintain any defined benefit pension plans. Further, we do not maintain any nonqualified deferred compensation arrangements.

  58. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

    POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL The material terms in effect as of December 31, 2025 with respect to potential payments upon various termination and change in control scenarios is set forth below. Except as described in Change in Control Agreements within our CD&A and in the “Potential Payments” table below, as of December 31, 2025, Ring did 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. Our Company's policy requires 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 the CIC Plan 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, 2025, when the closing price of our Common Stock was $0.87. Actual amounts that may 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 acceleration of the vesting of the equity award occurs. The disclosures below do not take into consideration any requirements under Section 409A of the Code, which could affect, among other things, the timing of payments and distributions.

  59. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

    | NAME/EVENT | CASH SEVERANCE (1) | ACCELERATED STOCK INCENTIVE AWARD VESTING (2) | COMPANY-PAID COBRA PREMIUMS (3) | TOTAL | | Paul D. McKinney (Tier 1) | | | | | | Termination by Employee for Good Reason, or by Company without Cause | $3,150,000 | $2,066,204 | $50,720 | $5,266,924 | | 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. | $4,410,000 | $2,066,204 | $50,720 | $6,526,924 | | Death | $— | $2,066,204 | $25,360 | $2,091,564 | | Disability | $— | $2,066,204 | $25,360 | $2,091,564 | | Alexander Dyes (Tier 2) | | | | | | Termination by Employee for Good Reason, or by Company without Cause | $1,125,000 | $617,150 | $10,343 | $1,752,493 | | 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. | $1,912,500 | $617,150 | $10,343 | $2,539,993 | | Death | $— | $617,150 | $6,895 | $624,045 | | Disability | $— | $617,150 | $6,895 | $624,045 | | James J. Parr (Tier 2) | | | | | | Termination by Employee for Good Reason, or by Company without Cause | $1,000,000 | $401,415 | $— | $1,401,415 | | 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. | $1,700,000 | $401,415 | $— | $2,101,415 | | Death | $— | $401,415 | $— | $401,415 | | Disability | $— | $401,415 | $— | $401,415 |

  60. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

    | NAME/EVENT | CASH SEVERANCE (1) | ACCELERATED STOCK INCENTIVE AWARD VESTING (2) | COMPANY-PAID COBRA PREMIUMS (3) | TOTAL | | Phillip B. Feiner (Tier 2) | | | | | | Termination by Employee for Good Reason, or by Company without Cause | $900,000 | $206,744 | $1,382 | $1,108,126 | | 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. | $1,537,500 | $206,744 | $1,382 | $1,745,626 | | Death | $— | $206,744 | $921 | $207,665 | | Disability | $— | $206,744 | $921 | $207,665 | | Rocky P. Kwon (Tier 3) | | | | | | Termination by Employee for Good Reason, or by Company without Cause | $403,000 | $102,915 | $25,386 | $531,301 | | 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 12 months following a Change in Control. | $624,000 | $102,915 | $25,386 | $752,301 | | Death | $— | $102,915 | $25,386 | $128,301 | | Disability | $— | $102,915 | $25,386 | $128,301 |

  61. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

    (1)The cash severance represents the potential payment of a single lump sum of (i) the officer's base salary, multiplied by a factor dependent upon the type of Tier the officer is categorized as; (ii) the officer's most recent AIP (current "target" annual incentive payment amount), multiplied by a factor dependent upon the type of Tier the officer is categorized as; and (iii) 100% of the pro rata earned portion of the officer's most recent target AIP, which is deemed fully earned as the table is presenting amounts as of December 31, 2025. For Tier 1 officers, the factor referenced in items (i) and (ii) is 200% for termination by the Company without cause or by the officer for good reason and 300% under the same circumstances but under a change in control. For Tier 2 officers, the factor is 100% for termination by the Company without cause or by the officer for good reason and 200% under the same circumstances but under a change in control. For Tier 3 officers, the factor is 50% for termination by the Company without cause or by the officer for good reason and 100% under the same circumstances but under a change in control. (2)Represents accelerated vesting of RSUs and PSUs, valued based on the December 31, 2025 closing price of $0.87 per share of Common Stock. (3)The Company paid COBRA premiums represent reimbursement of 24 months of health benefits for Tier 1 officers, 18 months of health benefits for Tier 2 officers, and 12 months of health benefits for Tier 3 officers for termination by the Company without cause or by the officer for good reason, with or without a change in control. All officers receive reimbursement of 12 months of health benefits upon death or disability. CIC Plan and Termination Pursuant to the CIC Plan in effect as of December 31, 2025, Messrs. McKinney, Kwon, Dyes, Parr, and Feiner were entitled to receive severance payments and benefits, as described above in our CD&A within the section Change in Control Agreements. RSU Awards and PSU Awards under the LTIP As disclosed above, our Company's policy requires that each award agreement governing an award granted under the LTIP provide for double-trigger vesting upon a “change in control.” The RSU awards received by our NEOs, may generally 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 (or 12 months for Tier 3 officers) following a change in control. Departure of Former EVP, CFO In connection with Mr. Thomas’ departure from the Company, which qualified as a termination without Cause under the CIC Plan, the Company and Mr. Thomas entered into a general release agreement memorializing the terms of his departure (the “Release Agreement”). The Release Agreement required a general release of claims in favor of the Company and contained certain customary protective covenants in favor of the Company, including certain confidentiality and non-disparagement provisions. The Release Agreement also provided, subject to his non-revocation of the release of claims in favor of the Company, for compensation to be paid consistent with the terms and conditions of the CIC Plan as follows: (1) a cash payment of $1,021,688 (less applicable tax withholdings) representing one times his annual base salary, one times his most recent target AIP award, his pro-rated current target AIP award for 2025; (2) immediate vesting of all of his outstanding but unvested RSUs and PSUs (vesting at the greater of target or actual performance) and valued at approximately $895,172 (based on a closing Common Stock price of $1.06 on September 12, 2025); and (3) reimbursement of COBRA premiums for 18 months.

  62. CEO PAY RATIO

    CEO PAY RATIO As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2012 ("Dodd-Frank Act"), 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 2025:

  63. CEO PAY RATIO

    | Median Employee total annual compensation | $162,362 | | Total Compensation of Chief Executive Officer – Paul D. McKinney | $2,884,957 | | Ratio of CEO to Median Employee compensation | 18 to 1 |

  64. CEO PAY RATIO

    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, 2025, our employee population excluding our CEO consisted of 110 individuals with all of these individuals located in the U.S. This population consisted of our full-time employees, as we do not have part-time, temporary, or seasonal employees. We selected December 31, 2025 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 RSU awards granted in 2025 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 2025 year in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, inclusive of bonuses, 401(k) contributions, and RSU awards granted, resulting in annual total compensation of $162,362. ■With respect to the annual total compensation of our CEO, we used salary, bonus and RSU awards granted and all other compensation for the 2025 fiscal year in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation of $2,884,957.

  65. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, we provide the following disclosure regarding executive “compensation actually paid” (“CAP”), calculated in accordance with SEC rules, and certain Company performance for the fiscal years listed below. This disclosure was prepared in accordance with the requirements of Item 402(v) and does not necessarily reflect the value actually realized by our NEOs, how our NEOs’ compensation relates to Company performance, or how the Compensation Committee evaluates compensation decisions in light of Company or individual performance. For example, the Compensation Committee does not use CAP as a basis for making compensation decisions, nor does it use net income (as reflected below) for purposes of determining our NEOs’ incentive compensation. Please refer to our CD&A for a complete description of how NEO compensation relates to Company performance and how the Compensation Committee makes its compensation decisions. The information provided under this Pay versus Performance section will not be deemed to be incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically incorporates it by reference.

  66. PAY VERSUS PERFORMANCE

    | | | | | | VALUE OF INITIAL FIXED $100 INVESTMENT BASED ON: | | | | | FISCAL YEAR | SUMMARY COMPENSATION TABLE TOTAL FOR PEO (1) | COMPENSATION ACTUALLY PAID TO PEO (1)(2) | AVERAGE SUMMARY COMPENSATION TABLE TOTAL FOR NON-PEO NEOS (3)(4)- | AVERAGE COMPENSATION ACTUALLY PAID TO NON-PEO NEOS (3)(4) | TOTAL SHAREHOLDER RETURN (5) | PEER GROUP TOTAL SHAREHOLDER RETURN (5) | NET INCOME (6) | CROCE (%) (7) | | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | | 2025 | $2,884,957 | $1,338,101 | $1,331,789 | $965,311 | $131.84 | $246.96 | $(34,731,199) | 11.9% | | 2024 | $3,403,046 | $2,548,311 | $919,180 | $484,003 | $206.09 | $251.80 | $67,470,314 | 15.9% | | 2023 | $3,762,729 | $1,481,896 | $1,189,765 | $627,525 | $221.25 | $253.58 | $104,864,641 | 17.2% | | 2022 | $3,718,193 | $3,338,519 | $1,260,139 | $1,183,597 | $372.78 | $244.21 | $138,635,025 | 20.7% | | 2021 | $3,493,117 | $3,586,781 | $934,244 | $1,158,645 | $345.51 | $167.58 | $3,322,892 | 11.6% |

  67. PAY VERSUS PERFORMANCE

    (1) Reflects the summary compensation table total compensation of our current Chief Executive Officer, Paul D. McKinney. (2) The dollar amounts reported in this column represent the amount of “Compensation Actually Paid” to Mr. McKinney as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. McKinney during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. McKinney’s total compensation for 2025 to determine the compensation actually paid:

  68. PAY VERSUS PERFORMANCE

    | | PEO 1 (MR. McKINNEY) | | FISCAL YEAR | 2025 | | Summary Compensation Table Total | $2,884,957 | | - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | (1,473,306) | | + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year | 1,048,092 | | + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years | (722,276) | | + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year | — | | + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | (399,366) | | - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year | — | | Compensation Actually Paid | $1,338,101 |

  69. PAY VERSUS PERFORMANCE

    (3) The non-PEO NEOs included in this column are:

  70. PAY VERSUS PERFORMANCE

    | YEAR | NON-PEO NEOs | | 2025 | Travis T. Thomas, Rocky P. Kwon, Alexander Dyes, James J. Parr, and Phillip B. Feiner | | 2024 | Travis T. Thomas, Marinos C. Baghdati, Stephen D. Brooks, Alexander Dyes, Phillip B. Feiner, and Shawn Young | | 2023 | Travis T. Thomas, Marinos C. Baghdati, Stephen D. Brooks and Alexander Dyes | | 2022 | Travis T. Thomas, Marinos C. Baghdati, Stephen D. Brooks and Alexander Dyes | | 2021 | Travis T. Thomas, Marinos C. Baghdati, Stephen D. Brooks, Alexander Dyes and William D. Broaddrick |

  71. PAY VERSUS PERFORMANCE

    (4) The dollar amounts reported in this column represent the average amount of “Compensation Actually Paid” to the Company’s NEOs as a group (excluding Mr. McKinney) as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average total compensation for the NEOs as a group (excluding Mr. McKinney) for 2025 to determine the compensation actually paid using the same methodology described above in footnote (2):

  72. PAY VERSUS PERFORMANCE

    | | NON-PEO NEOs | | FISCAL YEAR | 2025 | | Summary Compensation Table Total | $1,331,789 | | - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | (507,003) | | + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year | 168,851 | | + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years | (57,769) | | + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year | 86,086 | | + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | (56,643) | | - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year | — | | Compensation Actually Paid | $965,311 |

  73. PAY VERSUS PERFORMANCE

    (5) TSR is cumulative for the measurement periods beginning on December 31, 2020 and ending on December 31 of each of 2025, 2024, 2023, 2022, and 2021 respectively, calculated in accordance with Item 201(e) of Regulation S-K. The peer group for purposes of this table is the S&P Oil and Gas Exploration and Production Select Industry Total Return Index (“SPSIOP”), which is the same peer group as for the Shareholder Return Performance Presentation of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. (6) Reflects “Net Income (Loss)” in the Company’s Statements of Operations included in the Company’s Annual Report on Form 10-K for each of the years ended December 31, 2025, 2024, 2023, 2022, and 2021. (7) The Company calculates “CROCE,” or Cash Return on Capital Employed, by dividing the Company's net cash provided by operating activities from its Statements of Cash Flows, excluding changes in working capital (referred to as Adjusted Cash Flows From Operations, or "ACFFO"), by the Company's average total debt and stockholders' equity for each calendar year, with average total debt and stockholders' equity being based on the simple average of such values as of the first and last day of the applicable calendar year. See Appendix A for additional information regarding non-GAAP financial measures, including a reconciliation of non-GAAP financial measures to the nearest comparable GAAP financial measures. Performance Measure The following table sets forth an unranked list of the performance measures which we view as the “most important” measures for linking our NEOs’ compensation actually paid to Company performance, as specifically listed below.

  74. PAY VERSUS PERFORMANCE

    | TOTAL SHAREHOLDER RETURN (TSR) | NET BOE PRODUCTION (SALES) | | CASH RETURN ON CAPITAL EMPLOYED (CROCE) | NET LIFTING COSTS |

  75. PAY VERSUS PERFORMANCE

    Relationship between CAP and Performance Measures The illustrations below provide a graphical presentation of the relationship between CAP (as calculated in accordance with SEC rules) and the information presented in the Pay versus Performance table.

  76. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION During the year ended December 31, 2025, the non-employee directors received the following annual compensation paid quarterly in advance:

  77. DIRECTOR COMPENSATION

    | COMPENSATION ELEMENT | | | Independent Director Base Fee | $75,000 | | NESG Chair Fee | $15,000 | | Audit Chair Fee | $20,000 | | Compensation Chair Fee | $15,000 | | Lead Independent Director Fee | $25,000 | | Stock Awards | Determined Annually |

  78. DIRECTOR COMPENSATION

    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 is equity-based. 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. Annual Cash Retainer We provide our non-management directors with an annual cash retainer as shown in the tables above, paid on a quarterly basis. Equity Awards We use equity awards to reward our independent directors for significant contributions to the successful implementation of our business objectives and strategy. In 2025, each non-employee director, except for Ms. Tharp, received an award of 91,463 RSUs pursuant to the 2021 Plan. Ms. Tharp received an RSU award of 76,177 RSUs pursuant to the 2021 Plan. The RSUs granted to our directors vest on the one year anniversary of the grant date. Our Compensation Committee considered several factors in determining the appropriate amount of RSUs to be granted under the 2021 Plan for the 2025 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 who receive equity awards. We believe the management stock ownership guidelines further align the interests of our directors with the interests of our stockholders with respect to our long-term growth and success. The director stock ownership guidelines require our non-employee directors to own five times the amount of their annual cash retainer. For purposes of satisfying the guidelines, shares that a director has the right to acquire through the exercise of stock options (whether or not vested) and unvested performance-based equity awards (e.g., PSUs) are not included as qualifying shares. After becoming subject to the stock ownership guidelines, non-employee 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 Common Stock are limited to normal trading restrictions for insiders and Company policies.

  79. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION The following table summarizes the compensation earned by our non-employee directors during the year ended December 31, 2025.

  80. DIRECTOR COMPENSATION

    | NAME | FEES EARNED OR PAID IN CASH ($) | STOCK AWARDS ($) (1) | TOTAL ($) | | John A. Crum (3) | $90,000 | $119,817 | $209,817 | | David S. Habachy (3) | $75,000 | $119,817 | $194,817 | | Richard E. Harris (3) | $75,000 | $119,817 | $194,817 | | Thomas L. Mitchell (3) | $95,000 | $119,817 | $214,817 | | Anthony B. Petrelli (3) | $100,000 | $119,817 | $219,817 | | Regina Roesener (2) (3) | $34,863 | $119,817 | $154,680 | | Carla T. Tharp (3) | $62,739 | $69,725 | $132,464 |

  81. DIRECTOR COMPENSATION

    (1) Amounts in this column represent the grant date fair value of RSU awards granted on February 12, 2025 and April 29, 2025, 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 and settlement of the awards. (2) Ms. Roesener retired from the Board effective April 14, 2025. Accordingly, her fees earned have been pro-rated. (3) The aggregate number of unvested RSUs as of December 31, 2025 were as follows:

  82. DIRECTOR COMPENSATION

    | NAME | UNVESTED RSUs | | John A. Crum | 91,463 | | David S. Habachy | 91,463 | | Richard E. Harris | 91,463 | | Thomas L. Mitchell | 91,463 | | Anthony B. Petrelli | 91,463 | | Carla T. Tharp | 76,177 |