RAM Energy Resources, Inc. (Nasdaq: RAME) today announced fourth
quarter and year ended December 31, 2007 earnings and operating
results. 2007 Highlights Oil and gas sales for the year rose 20
percent to $81.9 million driven by higher production and prices;
Production for the year rose 10 percent to 1.4 million barrel
equivalents (BOE) of oil and natural gas compared to 1.3 million
BOE in 2006; Operating income for the year, inclusive of
substantial non-cash unrealized losses from derivatives, was $10.7
million; Cash flow from operations, a non-GAAP measure, was $23.7
million compared to $18.1 million in 2006. Fourth Quarter 2007
Highlights Cash flow from operations, a non-GAAP measure, was $7.6
million versus $2.3 million in fourth quarter 2006; Fourth quarter
production of 436,000 BOE rose 37 percent above the 317,000 BOE in
the same quarter last year; Capital spending totaled approximately
$311 million in the quarter, primarily reflecting the acquisition
of Ascent Energy late in the year, raising the total capital
spending for the year to approximately $345 million. Post-Ascent
Acquisition Highlights RAM�s consolidated production for December
2007, the first month following the acquisition of Ascent, totaled
203,875 BOE and included a contribution of approximately 90,930 BOE
of production from Ascent; RAM�s EBITDA for the month of December
2007 was $7.5 million, excluding the effect of unrealized gains or
losses from derivatives and other non-cash items. �Just as 2006 was
a year of dramatic change during which the company transitioned
from a private to a publicly traded entity, 2007 was also year of
dramatic change for the company as it doubled reserves and
production with the acquisition of Ascent late in the fourth
quarter. The acquisition is important not only for the increase in
production and property diversification it added, but also because
of the significant development and exploitation opportunities which
substantially improve our near-to-intermediate growth potential.
The foundation laid in 2007, along with our increased
non-acquisition capital budget of $80.0 million for 2008 and
current level of activity, positions us well to take advantage of
growth opportunities during the year,� said Larry Lee, Chairman and
CEO. �We continue to position the company to grow through a
balanced strategy of acquisition, exploitation and exploration,�
added Mr. Lee. 2007 RESULTS RAM reported a net loss of $1.3 million
for 2007, or $0.03 a share, which included non-cash unrealized
losses from derivatives of $10.1 million (a $6.4 million after tax
impact), most of which was incurred in the fourth quarter as a
result of the unprecedented rise in the price of oil. For the 2006
year, RAM recorded income of $5.0 million, or $0.16 per share,
which included unrealized gains from derivatives of $6.2 million
which more than offset realized losses from derivatives of $4.7
million. Fully diluted weighted-average shares outstanding for 2006
were 32.1 million and grew to 41.2 million in 2007 primarily as a
result of common shares issued in conjunction with a common stock
offering early in the year and the acquisition of Ascent in
November. Total production for the year was 1.4 million BOE, up 10
percent from the prior year. The average price realized for oil,
natural gas liquids and natural gas as well as the company�s
production mix had a favorable impact on RAM�s oil and natural gas
sales. The average price realized for oil rose 11 percent and
positively influenced the price received for natural gas liquids,
which increased 22 percent. In addition, the realized price of
natural gas rose by six percent. Further, the higher percentage
price increases which occurred in oil and natural gas liquids aided
revenues as over 60 percent of RAM�s production mix was
attributable to oil and natural gas liquids. The beneficial effect
of the increase in hydrocarbon prices in combination with the
higher production volumes allowed oil and gas sales to rise 20
percent for the year to $81.9 million, compared to $68.0 million in
2006. Production taxes, operating costs and other operating
expenses also increased in the current year, and when combined with
realized and unrealized losses from derivatives, reduced operating
income to $10.7 million for the year ended December 2007. Cash flow
from operations, a non-GAAP measure, was $23.7 million for the 2007
year compared to $18.1 million for the same period in 2006. See the
attached table for reconciliation of these non-GAAP financial
measures to the corresponding GAAP amounts of cash provided by
operating activities of $17.0 million for the 2007 year and $29.7
million for the period ended December 31, 2006. FOURTH QUARTER 2007
INCOME AND CASH FLOW For the quarter ended December 31, 2007 RAM
posted a net loss of $6.3 million, or $0.13 per share, based upon
47.1 million weighted average fully diluted shares outstanding.
Higher net operating revenues in the quarter were driven by 37
percent higher production, principally resulting from the
acquisition of Ascent in late November of 2007, and higher
hydrocarbon prices. However, these gains were more than offset by
non-cash unrealized mark-to-market losses from derivatives of $8.0
million (a $5.0 million after tax impact) and higher operating and
non-operating expenses. By comparison, in the fourth quarter 2006
RAM benefited from an unrealized gain from derivatives of $365,000
which contributed to reported net income of $1.1 million. Cash flow
from operations, a non-GAAP measure, was $7.6 million for the
fourth quarter of 2007 compared to cash flow of $2.3 million in the
same quarter of 2006. See the attached table for reconciliation of
these non-GAAP financial measures to the corresponding GAAP amounts
of cash provided by operating activities of $4.3 million for the
fourth quarter of 2007 and $4.4 million for the same quarter in
2006. Production RAM�s production for the fourth quarter 2007 rose
37 percent over that of the year-ago quarter, principally as a
result of the acquisition of Ascent in late November. Total
production for the fourth quarter 2007 was 436,000 BOE, an increase
of 119,000 BOE compared to the year-ago quarter of 317,000 BOE.
Daily average production for the fourth quarter 2007 was 4,739 BOE
compared to 3,446 BOE in the same quarter of 2006. Commodity Prices
The company�s realized price for oil increased 53 percent to an
average of $88.74 per barrel in the fourth quarter of 2007,
compared with last year�s fourth quarter average realized price of
$58.09 per barrel. RAM�s realized price for natural gas liquids
also rose to $59.37, compared to $36.35 per barrel in the last
quarter of 2006. In addition, the price of natural gas rose 17
percent to $6.35 per Mcf compared to $5.42 per Mcf in the fourth
quarter of 2006. Revenues As a result of increases in production
volumes and realized prices, oil and gas sales grew 96 percent to
$29.4 million in the fourth quarter 2007 compared to $15.0 million
in the same quarter of 2006. The company does not formally
designate its derivative contracts as hedges, nor are its
derivative contracts associated with its production; therefore
realized prices are not associated with derivative gains or losses.
Revenue gains in the fourth quarter 2007 were significantly reduced
by realized and unrealized derivative losses. A realized derivative
loss in the fourth quarter 2007 of $2.3 million was primarily due
to higher premium and contract settlement costs on oil contracts
resulting from volatility in the price of oil during the quarter.
However, more significant was the nearly $8.0 million unrealized
mark-to-market non�cash loss also recorded in the fourth quarter.
These realized and unrealized derivative losses totaling $10.3
million in the fourth quarter 2007 compare with realized and
unrealized gains from derivatives in the same quarter last year of
$481,000. With the reduction to revenues of $10.3 million
attributable to derivative losses, total revenues for the fourth
quarter of 2007 were limited to $19.2 million, compared to $15.6
million of total revenues in the same period of 2006. Costs and
Expenses Production costs in the fourth quarter of 2007 totaled
$6.7 million, or $15.39 per BOE, a three percent decline from the
$15.91 per BOE in the previous year�s quarter. Production taxes
were $1.9 million, or $4.38 per BOE, in the fourth quarter of 2007,
compared to $800,000, or $2.53 per BOE during the same quarter of
2006, principally due to uniformly higher hydrocarbon prices
compared to the prior year�s quarter. General and administrative
expenses in the fourth quarter of 2007 of $4.5 million, or $10.43
per BOE, increased 12 percent on a BOE basis, excluding share based
compensation expense. Interest expense for the fourth quarter rose
113 percent to $8.2 million, principally reflecting the increased
borrowings associated with the Ascent acquisition. Post Acquisition
Results RAM�s consolidated production for December 2007, the first
month following the acquisition of Ascent, totaled 203,875 BOE and
included a contribution of approximately 90,930 BOE of production
from Ascent. RAM�s daily average production rose to 6,577 BOE with
Ascent contributing 2,930 BOE to the average for the month of
December. Consolidated oil and gas sales were $13.7 million while
other cash expenses totaled $6.1 million, resulting in EBITDA
(excluding unrealized gains or losses from derivatives and other
non-cash items) for the month of December of $7.5 million. RAM to
Webcast Conference Call to Review Fourth Quarter and Year-End 2007
Results The company�s teleconference call to review fourth quarter
and year-end 2007 results will be broadcast live on a listen-only
basis over the Internet on Tuesday, March 18, at 3:00 p.m. Central
Time. Interested parties may access the webcast by visiting the RAM
Energy Resources, Inc. website at www.ramenergy.com. From the home
page, select the Investor Relations tab and then click on the
microphone icon. The teleconference may be accessed by dialing
1(800) 798-2864 (domestic) or 1(617) 614-6206 (international) and
providing the call passcode �61626877� to the operator. The webcast
and the accompanying slide presentation will be available for
replay on the company�s website. An audio replay will be available
until March 31, 2008 by dialing 1(888) 286-8010 (domestic) or 1
(617) 801-6888 (international) and using passcode �82100731.�
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 capital spending, prices of oil and
gas and company realizations, the impact of oil and gas
derivatives, drilling activities, borrowing availability, estimated
production 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 crude oil and natural
gas. 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. RAM Energy Resources, Inc. Production and Price
Summary � � Quarter ended Percent December 31, Increase � 2006 � �
2007 � (Decrease) � � Production volumes: Oil (MBbls) 176 225 27.8
NGL (MBbls) 40 64 59.2 Natural gas (MMcf) 603 878 45.6 Total (Mboe)
317 436 37.4 � Average sale prices received: Oil (per Bbl) $ 58.09
$ 88.74 52.8 NGL (per Bbl) $ 36.35 $ 59.37 63.3 Natural gas (per
Mcf) $ 5.42 $ 6.35 17.2 Total per Boe $ 47.21 $ 67.40 42.8 � Cash
effect of derivative contracts: Oil (per Bbl) $ (0.12 ) $ (11.44 )
NGL (per Bbl) $ - $ - Natural gas (per Mcf) $ 0.23 $ 0.30 Total per
Boe $ 0.37 $ (5.30 ) � Average prices computed after cash effect of
settlement of derivative contracts: Oil (per Bbl) $ 57.97 $ 77.30
33.4 NGL (per Bbl) $ 36.35 $ 59.37 63.3 Natural gas (per Mcf) $
5.64 $ 6.65 17.9 Total per Boe $ 47.57 $ 62.10 30.5 � Expenses (per
Boe): Oil and natural gas production taxes $ 2.53 $ 4.38 73.2 Oil
and natural gas production expenses $ 15.91 $ 15.39 (3.3 )
Amortization of full-cost pool $ 9.71 $ 16.70 72.1 General and
administrative $ 9.30 $ 10.43 12.1 RAM Energy Resources, Inc.
Fourth Quarter 2007 Summary Income Statement (in thousands except
share and per share amounts) � � Three Months ended December 31,
2007 � � � � Net revenues $ 19,167 Net operating expenses � 21,194
� Operating (loss) (2,027 ) � Interest expense (8,175 ) Interest
income 170 Other expense � (57 ) � (Loss) before income taxes
(10,089 ) � Income tax benefit � (3,747 ) � Net (loss) $ (6,342 ) �
� Basic net (loss) applicable to common stockholders per common
share $ (0.13 ) Diluted net (loss) applicable to common
stockholders per common share $ (0.13 ) � � � Basic weighted
average shares for fourth quarter 47,067,323 Diluted weighted
average shares for fourth quarter 47,067,323 RAM Energy Resources,
Inc. Selected Financial Data for the Month of December 31, 2007(1)
� � � Dec. 2007 � DAILY PRODUCTION: Oil (Bbls) 3,193 Gas (Mcf)
15,374 NGL�s (Bbls) � 822 � BOE 6,577 � MONTHLY PRODUCTION: Oil
(Bbls) 98,972 Gas (Mcf) 476,583 NGL�s (Bbls) � 25,472 � BOE 203,875
� REVENUES AND OTHER OPERATING INCOME: (in thousands) Oil sales $
8,892 Gas sales 3,271 NGL sales � 1,487 � Total 13,651 � Realized
(losses) from derivatives (804 ) Other income (expense) � 18 � �
Total revenues and Other operating income 12,865 OPERATING
EXPENSES: Oil and natural gas production taxes and production
expense 3,644 General and administrative expenses, net of
operator�s overhead fees � 1,756 � Total 5,400 � EBITDA (2) $ 7,465
� (1) RAM acquired Ascent Energy November 29, 2007. Table shows
selected financial data for the combined entity for the month ended
December 31, 2007. (2) The calculation of earnings before interest,
taxes and DD&A also excludes unrealized derivative gains or
losses as well as other non-cash items. RAM Energy Resources, Inc.
Reconciliation of Cash Flow from Operations (a non-GAAP measure) to
GAAP net Cash Provided by Operating Activities � � Non-GAAP
Financial Measure Cash flow, a non-GAAP measure, represents cash
provided by operating activities before the impact of discontinued
operations, changes in working capital items related to operating
activities, and further adjusted for realized gains or losses on
derivative transactions. This non-GAAP measure is presented because
management believes it is a useful adjunct to cash provided by
operating activities under accounting principles generally accepted
in the United States (GAAP). This non-GAAP cash flow measure is
widely accepted as a financial indicator of an oil and gas
company�s ability to generate cash which is used to internally fund
exploration and development activities and fund debt service costs.
This non-GAAP measure is not a measure of financial performance
under GAAP and should not be considered as an alternative to cash
provided (used) by operating, investing, or financing activities as
an indicator of cash flows, or as a measure of liquidity. � 2007 �
Three months ended � Year ended December 31 December 31 � Net cash
provided by operating activities per condensed Consolidated
statements of cash flow � $ 4,308 $ 17,042 Less: working capital
changes (3,316 ) (6,616 ) � � Cash flow from operations (a non-GAAP
measure) $ 7,624 $ 23,658 � � � Cash flow from operations (a
non-GAAP measure) $ 7,624 $ 23,658 Less: realized gains (losses) on
derivatives (2,308 ) (2,669 ) � � Cash flow from operations (a
non-GAAP measure) excluding Realized gains (losses) on derivatives
$ 9,932 � $ 26,327 � � � 2006 Three months ended Year ended
December 31 December 31 Net cash provided by operating activities
per condensed Consolidated statements of cash flow � $ 4,366 $
29,660 � Less: working capital changes � 2,070 � � 11,544 � � Cash
flow from operations (a non-GAAP measure) $ 2,296 � $ 18,116 � �
Cash flow from operations (a non-GAAP measure) $ 2,296 $ 18,116
Less: realized gains (losses) on derivatives 116 (4,650 ) � � �
Cash flow from operations (a non-GAAP measure) excluding realized
gains (losses) on derivatives $ 2,180 � $ 22,766 � RAM Energy
Resources, Inc. Net Production, Unit Prices and Costs � � Year
ended December 31, 2006 2007(1) Percent Increase Decrease
Production volumes: Oil (MBbls) 752 774 2.8 Natural gas liquids
(MBbls) 143 184 28.6 Natural gas (MMcf) 2,365 2,785 17.8 Total
(MBoe) 1,290 1,422 10.2 � Average realized prices (before effects
of derivative contracts): Oil (per Bbl) $ 63.82 $ 71.11 11.4
Natural gas liquids (per Bbl) 40.33 49.16 21.9 Natural gas (per
Mcf) 6.02 6.40 6.4 Total per Boe 52.74 57.60 9.2 � Effect of
settlement of derivative contracts: (2) Oil (per Bbl) $ (5.78 ) $
(4.35 ) Natural gas liquids (per Bbl) � � Natural gas (per Mcf)
(.13 ) 0.25 Total per Boe (3.61 ) (1.88 ) � Average realized prices
(after effects of derivative contracts): Oil (per Bbl) $ 58.04 $
66.77 15.0 Natural gas liquids (per Bbl) 40.33 49.16 21.9 Natural
gas (Per Mcf) 5.89 6.65 12.7 Total per Boe 49.13 55.72 13.4 �
Expenses (per Boe): Oil and natural gas production taxes $ 2.58 $
3.43 32.9 Oil and natural gas production expenses 14.16 15.18 7.2
Amortization of full cost pool 9.77 12.86 31.6 General and
administrative 7.21 8.36 16.0 (1) Includes data with respect to
Ascent Energy from November 29, 2007 through December 31, 2007. (2)
Our derivative contracts are financial, and our production of oil,
natural gas and NGLs, and the average realized prices we receive
from our production, are not affected by our derivative contracts.
RAM Energy Resources, Inc. Consolidated Balance Sheets (1) (in
thousands, except share and per share amounts) � � As of December
31, � 2007 � � 2006 � ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 6,873 $ 6,721 Accounts receivable: Oil and natural
gas sales, net of allowance of $287 ($0 at December 31, 2006)
15,136 6,194 Joint interest operations, net of allowance of $428
($187 at December 31, 2006) 687 750 Income taxes 58 121 Other, net
of allowance of $26 ($33 at December 31, 2006) 2,180 236 Derivative
assets � 677 Prepaid expenses 1,928 1,013 Deferred tax asset 3,786
� Other current assets � 842 � � � � Total current assets 31,490
15,712 � PROPERTIES AND EQUIPMENT, AT COST: Proved oil and natural
gas properties and equipment, using full cost accounting 573,470
185,284 Unevaluated oil and natural gas properties 26,895 � Other
property and equipment � 8,787 � � 6,098 � 609,152 191,382 Less
accumulated depreciation and amortization � (67,529 ) � (48,577 )
Total properties and equipment 541,623 142,805 OTHER ASSETS:
Deferred loan costs, net of accumulated amortization of $4,540
($4,840 at December 31, 2006) 5,135 2,593 Other � 1,994 � � 615 �
Total assets $ 580,242 � $ 161,725 � LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable: Trade $
11,121 $ 7,810 Oil and natural gas proceeds due others 7,800 3,886
Related party 31 14 Other 1,371 31 Accrued liabilities:
Compensation 3,807 1,611 Interest 3,794 3,849 Franchise taxes 1,286
� Income taxes 203 223 Other 75 � Derivative liabilities 5,302 �
Asset retirement obligations 1,904 � Long-term debt due within one
year � 29,231 � � 756 � Total current liabilities 65,925 18,180 �
OIL & NATURAL GAS PROCEEDS DUE OTHERS 2,383 2,481 DERIVATIVE
LIABILITIES 3,073 � LONG-TERM DEBT 306,516 131,481 DEFERRED INCOME
TAXES 71,051 17,044 ASSET RETIREMENT OBLIGATIONS 25,741 10,801
UNCERTAIN TAX POSITIONS 6,855 9,633 COMMITMENTS AND CONTINGENCIES �
STOCKHOLDERS' EQUITY (DEFICIT): Common stock, $0.0001 par value,
100,000,000 shares authorized, 60,842,836 and 34,276,805 shares
issued, 59,971,945 and 33,439,530 shares outstanding at December
31, 2007 and 2006, respectively 6 3 Additional paid-in capital
131,625 2,308 Treasury stock�889,666 shares (837,275 shares at
December 31,2006) at cost (3,945 ) (3,768 ) Accumulated deficit �
(28,988 ) � (26,438 ) Stockholders' equity (deficit) � 98,698 � �
(27,895 ) Total liabilities and stockholders' equity (deficit) $
580,242 � $ 161,725 � (1) The accompanying notes contained in our
10-K filing with the SEC are an integral part of these consolidated
financial statements. RAM Energy Resources, Inc. Consolidated
Statements of Operations (1) (in thousands, except share and per
share amounts) � � Years ended December 31, � 2007 � � 2006 �
REVENUES AND OTHER OPERATING INCOME: Oil and natural gas sales $
81,877 $ 68,015 Gain on sale of assets 61 142 Other 427 498
Realized and unrealized gains (losses) from derivatives � (12,725 )
� 1,589 � Total revenues and other operating income 69,640 70,244
OPERATING EXPENSES: Oil and natural gas production taxes 4,869
3,329 Oil and natural gas production expenses 21,574 18,266
Depreciation and amortization 18,948 13,252 Accretion expense 704
535 Share-based compensation 989 2,308 General and administrative,
overhead and other expenses, net of operator�s overhead fees �
11,891 � � 9,300 � Total operating expenses � 58,975 � � 46,990 �
Operating income 10,665 23,254 OTHER INCOME (EXPENSE): Interest
expense (20,757 ) (17,050 ) Interest income 1,047 309 Other expense
� (57 ) � � � INCOME (LOSS) BEFORE INCOME TAXES (9,102 ) 6,513
INCOME TAX PROVISION (BENEFIT) � (7,852 ) � 1,465 � Net income
(loss) $ (1,250 ) $ 5,048 � BASIC EARNINGS (LOSS) PER SHARE $ (0.03
) $ 0.16 � BASIC WEIGHTED AVERAGE SHARES OUTSTANDING � 41,240,021 �
� 30,808,065 � DILUTED EARNINGS (LOSS) PER SHARE $ (0.03 ) $ 0.16 �
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING � 41,240,021 � �
32,105,885 � (1) The accompanying notes contained in the 10-K filed
with the SEC are an integral part of these consolidated financial
statements. RAM Energy Resources, Inc. Consolidated Statements of
Cash Flows (1) (in thousands) � � � Years ended December 31, � �
2007 � � 2006 � OPERATING ACTIVITIES: Net income (loss) $ (1,250 )
$ 5,048 Adjustments to reconcile net income (loss) to net cash
provided by operating activities- Depreciation and amortization
18,948 13,252 Amortization of deferred loan costs and Senior Notes
discount 945 988 Write off of loan fees due to debt refinancing
2,435 1,055 Accretion expense 704 535 Unrealized (gain) loss on
derivatives 10,056 (6,239 ) Derivative premiums net of amortization
� � Deferred income taxes (9,165 ) 1,311 Share-based compensation
989 2,308 Gain on disposal of other property and equipment (61 )
(142 ) Undistributed losses on investment 57 � Changes in operating
assets and liabilities, net of acquisitions Accounts receivable
(2,775 ) 1,012 Prepaid expenses and other assets (117 ) 229
Accounts payable and proceeds due others (3,626 ) 4,173 Accrued
liabilities and other (1,286 ) 6,025 Income taxes payable 1,313 105
Asset retirement obligations � (125 ) � � � Total adjustments �
18,292 � � 24,612 � Net cash provided by operating activities
17,042 29,660 INVESTING ACTIVITIES: Payments for oil and natural
gas properties and equipment (40,101 ) (28,145 ) Proceeds from
sales of oil and natural gas properties 170 3,565 Payments for
other property and equipment (1,394 ) (812 ) Proceeds from sales of
other property and equipment 71 461 Acquisition of Ascent, net of
cash acquired (199,726 ) (4,187 ) Cash acquired in reverse merger �
3,801 Other investments � (212 ) � � � Net cash used in investing
activities � (241,192 ) � (25,317 ) FINANCING ACTIVITIES: Payments
on long-term debt (921 ) (88,094 ) Proceeds from borrowings on
long-term debt 199,508 107,443 Payments for deferred loan costs
(1,480 ) (2,981 ) Stock redemption � (9,792 ) Stock repurchased
(177 ) (3,768 ) Common stock offering, net of costs 27,366 �
Warrants exercised 6 � Dividends paid � � � � (500 ) Net cash
provided by (used in) financing activities 224,302 2,308 INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS 152 6,651 CASH AND CASH
EQUIVALENTS, beginning of year � 6,721 � � 70 � CASH AND CASH
EQUIVALENTS, end of year $ 6,873 � $ 6,721 � SUPPLEMENTAL CASH FLOW
INFORMATION: Cash paid for income taxes $ 18 � $ 124 � Cash paid
for interest $ 16,936 � $ 10,080 � DISCLOSURE OF NON CASH INVESTING
AND FINANCING ACTIVITIES: Accrued interest added to principal
balance of credit facility $ 481 � $ 2,848 � Loan fees added to
principal balance of credit facility $ 4,400 � $ � � Issuance of
stock and warrants for Ascent merger $ 101,065 � $ � �
Establishment of asset retirement obligations $ 17,328 � $ � � (1)
The accompanying notes contained in the 10-K filed with the SEC are
an integral part of these consolidated financial statements.
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