RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq:RAME) today announced that it has proposed a third well to EOG Resources, Inc. and other working interest owners that jointly own interests with RAM in the company�s North Texas Barnett Shale acreage. The Ramsey #1H is proposed to be drilled to a true vertical depth of approximately 6,840 feet with a lateral length of approximately 2,800 feet to test the Lower Barnett Shale formation. The well is located in Southwest Wise County, Texas, within the prolific Fort Worth Basin. Total estimated costs to drill and complete the well are $3.1 million. If all parties elect to participate in the drilling of the Ramsey #1H, RAM will own a 24 percent working interest in the well and will bear a like percentage of the costs. EOG and other working interest owners have thirty days from receipt of RAM�s proposal to elect to participate in the drilling of the well and share in the costs according to their interests, or opt out of the drilling and forfeit their working interest in the well. RAM has made two previous well proposals in recent months; in each case EOG has elected to participate, drill and operate the proposed wells. RAM has an interest in 27,700 gross (6,800 net) acres in Jack and Wise Counties, Texas with all the acreage held by production. Currently RAM has 9 gross producing wells in the Barnett Shale, with the tenth well, the T. L. Dickenson 1-H, awaiting completion. As a result of its recent acquisition and ongoing review of 35 square-miles of 3-D seismic data, RAM has identified 18 additional drilling locations on its Barnett Shale acreage. In addition, RAM plans to acquire an additional 60 square-miles of 3-D seismic during 2007. RAM has allocated $4.0 million of its $30.3 million non-acquisition capital expenditure budget for 2007 to drilling and developmental activity on its Barnett Shale acreage. Forward-Looking Statements This release includes certain statements that may be deemed to be �forward-looking statements� within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, which address estimates of drilling costs, capital spending, the possibility of reserve additions, the election of other working interest owners to the Joint Operating Agreement to participate or not in a well, and events or developments that RAM Energy Resources expects or believes are forward-looking statements. Although RAM Energy Resources believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include oil and gas prices, exploitation and exploration successes, actions taken and to be taken by the government as a result of political and economic conditions, continued availability of capital and financing, rig availability and general economic, market or business conditions as well as numerous other risk factors described from time-to-time in RAM Energy Resources� periodic reports, proxy statements and other information statements filed with the Securities and Exchange Commission. RAM Energy Resources, Inc. is an independent energy company engaged in the acquisition, exploitation, exploration, and development of oil and gas properties and the marketing of natural gas and crude oil. Company headquarters are in Tulsa, Oklahoma, and its common shares are traded on the Nasdaq under the symbol RAME. For additional information, visit the company website at www.ramenergy.com.