RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq: RAME) announced today that the Company expects to receive net proceeds of $86.6 million from the exercise, at a price of $5.00 per share, of 17.6 million of its previously publicly traded warrants upon completion of the settlement process. The 17.6 million registered shares of RAM common to be issued in conjunction with the exercise of the warrants, combined with the company�s existing outstanding common shares at March 31, 2008 of 60.8 million, brings total common shares outstanding to approximately 78.4 million. The remaining 1.2 million of unexercised warrants expired by their terms at 5:00 p.m., EDT on Monday, May 12, 2008. All proceeds will be utilized to reduce the $200 million term portion of the company�s outstanding debt, which currently bears an interest rate of 10.25%. As a result of this reduction, interest expense is anticipated to decrease by $739,000 per month or approximately $0.02 per fully diluted share on a quarterly basis. �This influx of capital will allow the company to significantly reduce leverage by substantially shrinking the most expensive tranche of borrowings and further enhance our investment competitiveness in the current market,� said Larry E. Lee, RAM�s 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 anticipated proceeds from warrant exercise, number of common shares ultimately issued from the warrant exercise and consequently the estimated total number of resulting shares outstanding, planned non-acquisition capital expenditures 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 the failure to deliver up to 6.1 million warrants during the remainder of the �broker protect period,� actions taken and to be taken by the company or 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.