Ring Energy Announces Management Team Changes

THE WOODLANDS, Texas, June 24, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) today announced management team changes, including the pending departure of two senior executives.

Mr. Stephen D. Brooks, Ring’s Executive Vice President of Land, Legal, Human Resources and Marketing, has elected to retire from his position effective July 1, 2024. The Company has an active search underway seeking to attract a new executive team member to lead the Company’s legal and human resources related initiatives. Land and Marketing will continue under existing management.

Separately, Mr. Marinos Baghdati, Executive Vice President of Operations, has elected to leave the Company on July 17, 2024, to pursue other personal interests where he plans to take some time away from a corporate role. The Company is promoting Mr. Shawn Young from the role of Production Engineering Manager to Vice President of Operations, where he will have primary oversight for Mr. Baghdati’s roles and responsibilities. Mr. Young joined Ring in 2022 and is a petroleum engineer with over 33 years of energy industry experience, including with both large and small public and private companies.

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “Although we are going to miss Steve and Marinos, we appreciate their leadership and dedication since joining us in 2020, wish them all the best in their future endeavors, and look forward to our continued friendship. Both Steve and Marinos were instrumental to our growth, profitability, and establishing a culture committed to the pursuit of excellence. They did an excellent job of developing their respective organizations at the Company, including attracting and retaining personnel to ensure our continued success. This includes Shawn Young, who has proven to be an invaluable team member that we welcome to the Ring executive management team. Shawn and I have worked together for a large part of our careers. On the legal front, I am happy to report that we have had encouraging discussions to date with several talented professionals and expect to make a formal announcement in the coming weeks. Both of these roles are key to the execution of our long-term strategy.”

Prior to joining Ring in 2022, Mr. Young most recently served as Vice President – East Texas & Rockies Business Unit Lead for Legacy Reserves Inc./Revenir Energy (“Legacy”) and joined Legacy as Engineering Manager in 2013. Prior to Legacy, Mr. Young served in operations engineering and operations management roles for Legado Resources, an Encap backed private equity company, since 2008. From 2005 to 2008, Mr. Young was with Henry Petroleum, a Permian Basin based private company, where he worked in both engineering and operations management roles. Prior to that, Mr. Young spent 15 years with Anadarko Petroleum Corporation (“Anadarko”) where he worked in various engineering and engineering/operations management roles throughout Anadarko’s U.S. onshore assets. Mr. Young received a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines in 1990.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.