Jan. 22, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares Ring Energy Inc (OTC:RNGE) was announced concerning whether certain Ring Energy officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Ring Energy officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment to Ring Energys Articles of Incorporation.

In the Proxy Statement filed by Ring Energy Inc with the Securities and Exchange Commission the Board of Directors recommends that Ring Energys shareholders vote to approve an amendment to Ring Energys Articles of Incorporation to increase the total common shares authorized from 75,000,000 to 150,000,000. The Board of Directors also recommends that shareholders approve an amendment to the Ring Energy, Inc. Long Term Incentive Plan which would increase the total shares authorized under the Plan from 2,500,000 to 5,000,000.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of OTC:RNGE common stock.

Ring Energy Inc (OTC:RNGE) reported that its Net Loss increased from $0.08 million in 2010 to $0.32 million in 2011.

Shares of Ring Energy Inc (OTC:RNGE) closed on Jan. 17, 2013, at $7.80 per share.