RAM Energy Resources Announces Acquisition
14 Maggio 2007 - 4:11PM
Business Wire
RAM Energy Resources, Inc. (Nasdaq:RAME) today announced the
execution of a purchase and sale agreement covering 120 wells in
Southeast New Mexico and West Texas. The seller is a privately held
company. RAM is acquiring a 100 percent working interest in all of
the wells and will become the operator at closing, which is
scheduled for May 15, 2007. The purchase price is $18.5 million and
is subject to customary closing adjustment. Daily net production
from these wells totaled 232 BOPD and 290 MCFD during the month of
January 2007, and net cash flow for the twelve months ending
December 2006 totaled $4.1 million. �These properties represent
long life predictable reserves that are geographically
concentrated, with the majority of the value located in Southeast
New Mexico. This is an area in which RAM successfully operated
between 1989 and 2004 and one that we are excited to be
re-entering,� said Larry E. Lee, Chairman and CEO. 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, that
address estimates of drilling, capital spending, reserves acquired,
NYMEX prices of oil and gas, the impact of oil and gas hedging
activities, and events or developments that the company expects or
believes are forward-looking statements. Although the company
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, and general economic, market or business
conditions as well as other risk factors described from time to
time in the company�s filings with the SEC. The company assumes no
obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
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.
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