Ring Energy

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.

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

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

• Oil and gas exploration
• Permian Basin operations
• Upstream oil production
• Horizontal drilling services
• Natural gas development

Headquarters

HQ city

The Woodlands

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. 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

Core 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

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Cawley, Gillespie and AssociatesminorStrategic or Co-development PartnerIndependent 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

Direct 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

• LinkedInlinkedin.com/company/ring-energy-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ring Energy