Ring Energy
Ring Energy is an independent oil and natural gas exploration and production company focused on acquiring and developing oil and liquids-rich assets in the Permian Basin of West Texas, selling commodity production to midstream processors at market prices.
- Company typePublic
- Founded2012
- HeadquartersThe Woodlands, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Ring Energy does
Ring Energy, Inc. (NYSE American: REI) is an independent oil and natural gas exploration and production company headquartered in The Woodlands, Texas, focused on the acquisition, exploration, and development of oil and liquids-rich assets in the Permian Basin of West Texas. The company was formed in its current form in 2012 (though the corporate entity dates to 2004 as Blanca Corp, later Transglobal Mining Corp) and today operates across two core sub-basin areas: the Northwest Shelf and the Central Basin Platform. As of December 31, 2025, the company reported proved reserves of 153.3 million barrels of oil equivalent (59% oil, 68% proved developed) and achieved record full-year 2025 production of 20,253 Boe/d, a 3% year-over-year increase. The 108-person full-time organization (as of December 31, 2023), supplemented by independent contractors in geology, engineering, land, accounting, and field operations, is led by CEO Kelly W. Hoffman alongside a management team with over 100 years of combined oil and gas industry experience.
The company's core technology is horizontal drilling in the Permian Basin, and it is in the midst of a deliberate strategic transition from vertical to horizontal wells, with horizontal drilling expected to represent over 80% of the 2026 drilling program. Per company disclosure, horizontal wells deliver 65% higher PV-10 values and 180% greater oil recovery than the legacy vertical wells. Ring Energy's revenue model is a commodity producer model: oil and natural gas are sold at or near wellhead to midstream processors and pipelines at prevailing market prices, leaving the company fully exposed to commodity price volatility — realized prices declined 18% in 2025, driving a roughly 19.84% year-over-year decline in full-year revenue even as production grew.
Ring Energy is publicly listed and is led by an experienced management team. In early 2026 the company appointed Sundip 'Sonu' Johl as CFO (effective February 27, 2026, recruited from Raymond James where he co-headed energy investment banking) and Rocky Kwon as Chief Accounting Officer (effective March 1, 2026). The company has funded growth through a mix of equity raises — including a $1.5M private placement in 2008, $19.3M in June 2013, $30M in June 2014, and a $60M underwritten public offering of 44.4 million shares at $1.35 per share priced in May 2026 — and acquisition-driven expansion, most notably the 2022 Lime Rock / Stronghold Permian transaction for $465 million which added 66.6 MMBoe of proved reserves and a follow-on 2023 acquisition adding 9.2 MMBoe. The company is pursuing a capital structure deleveraging plan, targeting a 1.3x leverage ratio by year-end 2026 after applying equity offering proceeds to outstanding borrowings.
Ring Energy firmographics
Firmographics- Name
- Ring Energy
- Legal name
- Ring Energy, Inc.
- Website
- https://ringenergy.com
- Company type
- Public
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Ring Energy is an independent oil and natural gas exploration and production company focused on acquiring and developing oil and liquids-rich assets in the Permian Basin of West Texas, selling commodity production to midstream processors at market prices.
- Ownership category
- akta.pro rank
Ring Energy industry classification
Industry- Product category
- Oil and Gas Exploration & Production
- NAICS
- Oil and Gas Extraction (2111)
- SIC
- Crude Petroleum & Natural Gas (1311)
- akta.pro primary industry
- Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)
- akta.pro secondary industry
- Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)
Keywords
Where Ring Energy is headquartered
LocationHeadquarters
- HQ city
- The Woodlands
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Ring Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain
Revenue model
- Oil and Natural Gas Production: Ring Energy generates revenue through the sale of oil and natural gas produced from its Permian Basin assets. The company sells its products to midstream processors and pipelines. Revenue is commodity-price exposed with realized prices varying based on market conditions.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Ring Energy product offering
Product offeringCore offering
Ring Energy is an independent oil and natural gas exploration and production company that acquires, explores, develops, and produces crude oil and natural gas from its acreage in the Permian Basin of West Texas. The company operates assets in the Northwest Shelf and Central Basin Platform areas, producing oil, natural gas, and NGLs that are sold to midstream processors, pipelines, and refineries at prevailing commodity prices. As of year-end 2025, the company held 153.3 MMBoe of proved reserves and reported record production of 20,253 Boe/d.
Product overview
Ring Energy, Inc. (NYSE American: REI) is an independent oil and natural gas exploration and production company focused on the Permian Basin in Texas. The company is headquartered in The Woodlands, Texas, and is engaged in the acquisition, exploration, and development of oil and liquids-rich assets. As of year-end 2025, the company reported proved reserves of 153.3 million barrels of oil equivalent (MMBoe), with current production operations in the Permian Basin's Northwest Shelf and Central Basin Platform areas. The company does not operate as a technology platform or software product company.
Differentiator
Problem solved
Functional benefit
Products and services
- Permian Basin Crude Oil and Natural Gas Production
- Northwest Shelf Operations
- Central Basin Platform Operations
Quantifiable outcome
- 65% higher PV-10 values with horizontal wells vs vertical wells
- +4 more outcomes
Companies that use Ring Energy
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Ring Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Ring Energy partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Cawley, Gillespie and AssociatesminorIndependent petroleum engineering firm that provides reserve estimates and evaluations for Ring Energy's proved reserves reporting.
Scale indicators8 records
Recent moves6 records
Expansion highlights4 records
Ring Energy competitors and assessment
Company assessmentDirect peers
- Diamondback Energy: Independent Permian Basin-focused E&P with significant acreage in the Delaware and Midland sub-basins. Directly comparable to Ring Energy in terms of geographic focus on the Permian and horizontal drilling development strategy, but at materially larger scale.
- Matador Resources: Independent E&P focused on the Permian Basin (Delaware sub-basin) and other US plays. Closely comparable in size, capital structure profile, and Permian-focused horizontal drilling approach, with similar tactical use of equity raises to fund acquisitions.
- Permian Resources: Pure-play Permian Basin (Delaware) E&P formed through the Centennial/Colgate merger. Directly comparable operating model with horizontal drilling on similar Permian acreage, and serves as a benchmark for Ring Energy's strategic direction.
- Devon Energy: Large independent E&P with material Delaware Basin operations in the Permian. Comparable asset class (horizontal Permian development) though at much larger scale, making it a key benchmark for operating performance and capital allocation.
- Coterra Energy: Independent E&P with significant Permian (Delaware) and Marcellus positions. Comparable Permian horizontal development strategy and uses similar free-cash-flow-driven capital return approach relevant to Ring Energy's strategy.
- APA Corporation: Independent E&P (formerly Apache) with significant Permian Basin operations in both the Midland and Delaware sub-basins. Comparable horizontal development approach and active in the same regional infrastructure ecosystem.
- SM Energy: Independent E&P with core operations in the Permian Midland Basin and South Texas. Comparable asset mix of horizontal oil development with similar capital allocation philosophy of using free cash flow for debt reduction and bolt-ons.
- Magnolia Oil & Gas: Independent E&P focused on the Giddings field and Permian Basin (primarily the core of the Eagle Ford and a portion in the Permian). Comparable in size and disciplined free-cash-flow-focused capital allocation model relevant to Ring Energy's strategy.
- Earthstone Energy: Mid-sized Permian-focused E&P acquired by Diamondback in 2024. Highly comparable scale and asset base to Ring Energy prior to acquisition, providing a relevant recent M&A benchmark for valuation of small Permian operators.
Emerging players
- Murphy Oil: Independent E&P with material Permian Basin operations alongside Eagle Ford and offshore assets. Comparable in Permian horizontal drilling approach, though more diversified geographically; relevant for understanding oil-weighted valuation comps.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Ring Energy social profiles
Digital presenceRing Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ring Energy leadership team
Management profileNumber of profiles
Profiles7 records
Ring Energy funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ring Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ring Energy
What does Ring Energy do?
Ring Energy is an independent oil and natural gas exploration and production company that acquires, explores, develops, and produces crude oil and natural gas from its acreage in the Permian Basin of West Texas. The company operates assets in the Northwest Shelf and Central Basin Platform areas, producing oil, natural gas, and NGLs that are sold to midstream processors, pipelines, and refineries at prevailing commodity prices. As of year-end 2025, the company held 153.3 MMBoe of proved reserves and reported record production of 20,253 Boe/d.
Is Ring Energy a public or private company?
Ring Energy is a public company. It is classified as public and is currently operating.
When was Ring Energy founded?
Ring Energy was founded in 2012. It employs 51 to 100 people.
Where is Ring Energy based?
Ring Energy is headquartered in The Woodlands, United States, in the North America region.
How does Ring Energy make money?
One revenue line is on record: oil and Natural Gas Production.
Who are Ring Energy's main competitors?
Direct peers on record are Diamondback Energy, Matador Resources, Permian Resources, Devon Energy, Coterra Energy, APA Corporation, SM Energy, Magnolia Oil & Gas and Earthstone Energy. Murphy Oil is listed as an emerging player.
Does Ring Energy have an API?
No public API is recorded for Ring Energy.
What industry is Ring Energy in?
Ring Energy's product category is Oil and Gas Exploration & Production. Its primary akta.pro industry code is EUALAAAH, Unconventional Resources Development (Shale/Tight, CBM), with a secondary code of EUAAAAAG, Onshore Natural Gas E&P (Conventional Fields). Its NAICS code is 2111 and its SIC code is 1311.