Ring Energy, Inc. Announces Revised 2017 Capital Expenditure Drilling and Operational Budget

Company Announces Addition of 2^nd
Rig in Mid-August

MIDLAND, Texas–(BUSINESS WIRE)–Ring Energy, Inc. (NYSE American: REI) (“Ring”) (“Company”) announced
today it has increased its drilling and operational capital expenditure
budget (“CAPEX”) for 2017 to approximately $120 million.

Based on the continuing positive results of the Company’s horizontal
drilling program, the majority of the Company’s revised budget will be
allocated to Ring’s Central Basin Platform (“CBP”). Management had
previously announced a preliminary 2017 CAPEX budget in November 2016 of
approximately $70 million which included the drilling of up to 22 new
horizontal wells, and in July 2017, the extension of the contract on the
current drilling rig through year-end 2017. Under the revised CAPEX
budget, the Company plans to add a second drilling rig in mid-August
2017. Management estimates that under the two rig program, the Company
will drill approximately 20 additional new horizontal wells in 2017 on
its CBP asset, bringing the estimated total of new horizontal wells to
be drilled in 2017 on its CBP asset to approximately 42.

Also scheduled on the CBP for 2017 is the continued upgrading of
existing infrastructure which would include the drilling of additional
salt water disposal wells in support of the Company’s ongoing
development and expansion of its horizontal drilling program. In
addition, the Company plans on drilling up to two new vertical
science/information wells in the northern sector of the recently
acquired (April 2017) acreage in Gaines County, Texas.

Mr. Kelly Hoffman, Ring’s Chief Executive Officer, stated, “With the
recent completion of our public stock offering, the current improvement
in commodity prices, and the continuing positive results from our
current horizontal drilling and development program on our CBP asset, we
have decided to add a second rig in mid-August. We continue to work very
hard on controlling, and where possible, minimizing our drilling and
operating costs in this uncertain environment. This has given us the
confidence to move forward knowing we can add substantial production,
reserves and shareholder value at these prices.”

The 2017 CAPEX drilling and operational budget is subject to change
based on market conditions, commodity price changes, rig availability,
drilling results and general operational results.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development and
production company with current operations in Texas.
www.ringenergy.com

Safe Harbor Statement

This release contains forward-looking statements within the meaning of
the “safe-harbor” provisions of the Private Securities Litigation Reform
Act of 1995 that involve a wide variety of risks and uncertainties,
including, without limitations, statements with respect to the Company’s
strategy and prospects. Such statements are subject to certain risks and
uncertainties which are disclosed in the Company’s reports filed with
the SEC, including its Form 10-K for the fiscal year ended December 31,
2016, its Form 10-Q for the quarter ended March 31, 2017 and its other
filings with the SEC. Readers and investors are cautioned that the
Company’s actual results may differ materially from those described in
the forward-looking statements due to a number of factors, including,
but not limited to, the Company’s ability to acquire productive oil
and/or gas properties or to successfully drill and complete oil and/or
gas wells on such properties, general economic conditions both
domestically and abroad, and the conduct of business by the Company, and
other factors that may be more fully described in additional documents
set forth by the Company.

Contacts

K M Financial, Inc.
Bill Parsons, 702-489-4447