RAM Energy Resources, Inc. (Nasdaq:RAME) today announced second
quarter 2008 production, earnings and financial highlights. Second
quarter production totaled 644 thousand barrel equivalents (BOE),
up 91 % from 337 thousand BOE in the second quarter 2007, driven
primarily by production from �developing fields� of 189 thousand
BOE and production from �mature oil fields� of 290 thousand BOE.
These areas produced 24 thousand BOE and 158 thousand BOE,
respectively, in the prior year�s quarter. While year to year
comparisons are influenced considerably by our acquisition of
Ascent Energy in November 2007, second quarter production also rose
5 % sequentially above the 612 thousand BOE produced in the first
quarter of 2008, driven primarily by our drilling activity in South
Texas, which increased production to 161 thousand BOE in the second
quarter vs. 131 thousand BOE in the first quarter 2008. Total sales
of oil, natural gas liquids (NGLs) and natural gas totaled $57.6
million, 222 % above similar hydrocarbon sales in the second
quarter of last year. Free cash flow (a non-GAAP measure) was $24.8
million, or $0.36 per share, for the second quarter 2008 compared
to $7.1 million, or $0.18 per share, in last year�s second quarter.
Free cash flow of $24.8 million fully funded the second quarter
capital expenditure program of $24.2 million. Similarly, EBITDA (a
non-GAAP measure) grew to a record level of $32.0 million for the
second quarter, representing an increase of 223 % from the same
period last year. For the second quarter 2008, RAM�s adjusted net
income to common shareholders was $14.8 million, or $0.21 per
common share. The calculation of adjusted net income to common
shareholders excludes the after tax impact of unrealized non-cash
mark-to-market (MTM) losses associated with oil and natural gas
derivatives covering future periods. Such MTM losses are typically
not included in the published estimates of the company�s financial
results made by certain securities analysts. During the second
quarter an unrealized non-cash pre-tax MTM loss of $33.8 million
attributable to future period oil and natural gas derivatives was
incurred primarily as a result of an increase in oil and natural
gas prices at June 30, 2008 compared to prevailing prices at March
31, 2008. Including the MTM losses noted above and realized losses
associated with contract settlements and premium costs of
derivatives during the second quarter 2008, RAM reported a net loss
to common shareholders during the second quarter 2008 of $5.9
million, or a loss of $0.08 per common share. Recent extreme
volatility in oil and natural gas prices has created wide swings in
the MTM value of RAM�s derivatives. As an example, from June 30,
2008 to July 31, 2008 the MTM value of the company�s derivatives
moved in the company�s favor by approximately $18.9 million. �We
are pleased with the results the company has experienced from our
drilling activities during the first half of 2008 and remain
focused on growing both our production and reserves,� said Larry
Lee, Chairman and CEO. �RAM continues to execute on our balanced
strategy of acquisitions, exploitation and exploration,� added Mr.
Lee. Commodity Prices and Revenues The company�s realized price for
oil rose 97 % to an average of $123.15 per barrel in the second
quarter of 2008, compared with last year�s second quarter average
realized price of $62.54 per barrel. Similarly, the company�s
realized price for natural gas rose 48 % to an average of $9.94 per
thousand cubic feet (Mcf) compared to an average of $6.70 per Mcf
in the second quarter of 2007. In addition, the price of NGLs
increased 36 %, averaging $60.58 per barrel for this year�s second
quarter. The positive impact arising from the substantial increase
in the price of all our commodities, however, was somewhat offset
by the cost of derivatives. At June 30, 2008 the company had
derivative contracts in place covering 3,790 BOE per day for the
next 21 months. 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
strictly associated with derivative gains or losses. In the second
quarter 2008 the realized prices of oil and natural gas rose 28 %
and 32 %, respectively, over those in the first quarter of the
year. The substantial rise in commodity prices resulted in realized
derivative losses of $7.2 million and unrealized MTM derivative
losses of $33.8 million for the second quarter. These losses offset
a substantial portion of oil and gas revenue of $57.6 million,
reducing total revenues to $16.6 million for the quarter. In the
year-ago quarter, the realized prices of oil and natural gas rose a
more modest 11 % and 8 %, respectively. The resulting impact to
realized and unrealized losses was a nominal $0.2 million, and, as
a result, total revenues for the second quarter 2007 were $17.8
million. Costs and Expenses Production expenses were $14.69 per BOE
in the second quarter of 2008, or a total of $9.5 million, similar
to the $13.89 per BOE in the previous year�s quarter. It is
noteworthy that production expense as a percentage of oil and gas
sales declined substantially to 16 % in the most recent quarter
compared to 26 % in the similar period last year. Production taxes
were $5.19 per BOE in this year�s second quarter, or a total of
$3.3 million, 71 % above the $3.04 per BOE posted in the 2007
quarter. The increase is principally the result of higher commodity
prices compared to those prevailing in the second quarter of 2007.
General and administrative expenses of $5.5 million rose 115 %
above those expenses in last year�s second quarter of $ 2.6 million
as a result of higher salary expense, an increased number of
employees and the accrual of certain recurring expenses. As in the
case of production expense, general and administrative expenses as
a percentage of oil and gas sales declined to 10 % in the second
quarter 2008 from the year-ago level of 14 %. Capital Expenditures
Capital expenditures totaled $24.2 million in the second quarter
2008; $16.0 million was allocated to lower risk development
activities, $7.6 million to exploratory activities and $0.6 million
for the acquisition of leases. The non-acquisition capital budget
for the 2008 year remains at $80.0 million. During the second
quarter RAM participated in the drilling of 25 gross (21.8 net)
wells, of which 12 were completed as producing wells, and 13 were
in various stages of completion at June 30. Long-Term Debt Our
capital base and common stock float was enhanced by the exercise of
96 % of the company�s outstanding warrants in May 2008. The $86.6
million of new capital received from the exercise was applied to
debt reduction, lowering our net debt to total capital ratio to 57
% at June 30, 2008 from 77 % at December 31, 2007. As of June 30,
2008, RAM�s outstanding long-term debt was $ 255.1 million,
compared to $335.7 million at December 31, 2007. The current cost
of borrowed funds is 6.8 % which is a 390 basis point decrease from
the cost at December 31, 2007. In addition, 17.6 million new shares
of common stock were added as a result of the exercise, improving
the float and raising total shares outstanding to 78.6 million. Six
Month 2008 Results Six month production totaled 1.3 million BOE, up
93 % from 650 thousand BOE in 2007, driven primarily by production
from �developing fields� of 356 thousand BOE and production from
�mature oil fields� of 569 thousand BOE. These areas produced 39
thousand BOE and 416 thousand BOE, respectively, in the prior
year�s similar period. The increase in production in the first half
of the year, combined with higher prices for commodities, drove
total sales of oil, NGLs and natural gas to $101.1 million, 206 %
above sales in the same period of 2007. Free cash flow per share (a
non-GAAP measure) for the first half of 2008 was $39.3 million, or
$0.61 per share compared to $10.4 million, or $0.27 per share, for
the same period last year. Free cash flow of $39.3 million more
than funded capital expenditures of $37.4 million made during the
first six months of the year. Similarly, EBITDA (a non-GAAP
measure) was $56.0 million for the first half of 2008 compared to
$17.7 million for the same period last year, an increase of 216%.
Update to Activity in West Virginia Devonian Shale Play RAM is
underway with the drilling of the initial six wells of the 14
horizontal wells planned for 2008 on its West Virginia acreage.
Each of the planned wells requires approximately 15 days to drill
and targets the Huron Shale at a depth of approximately 6,400 feet,
which includes a lateral section of approximately 2,500 feet. Three
initial wells in the planned series, the C.S. Ball 1-H, R. Mays 1-H
and the M. Jordan 1-H have all been drilled and are in various
stages of completing or testing. A fourth well, the J.D. & B.
Sturgeon 1-H, is currently drilling. The next two wells in the
planned sequence have been permitted and are targeted to spud in
late August and early September, respectively. In these initial
wells, RAM is experimenting with several frac products and
techniques in an effort to support the ultimate commercialization
of the company�s Huron Shale play. Second Half 2008 Targets
Management anticipates production gains of 2 % - 3 % sequentially
during the remaining two quarters before the impact of a
divestiture program currently underway. Management is actively
pursuing the sale of certain non-core reserves and associated
production in selected mature fields. Although the timing
associated with the transactions is uncertain, management expects
that proceeds from these property sales could aggregate to
approximately $10 - $20 million. At the current time, uses of the
potential proceeds include additional debt reduction, an increase
in capital expenditures or other general corporate purposes.
Production expenses are expected to continue at levels during the
second half of the year similar to those incurred in the first half
of 2008. Our blended cost of funded debt of 6.8 % should allow
interest expense to decrease to approximately $1.6 million per
month beginning in the third quarter. Additionally the company�s
effective tax rate should continue to average approximately 39 %.
Based on an assumed BOE price equal to that realized during the
first half of 2008, free cash flow is expected to continue to allow
internally generated funds to support all of the $42.6 million of
non-acquisition capital spending planned under our existing $80.0
million capital budget for the year, while at the same time also
allowing for the continued reduction of outstanding debt. RAM to
Webcast Second Quarter 2008 Conference Call The company�s
teleconference call to review second quarter results will be
broadcast live on a listen-only basis over the internet on
Wednesday, August 6 at 3:00 p.m. Central Daylight 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 866-713-8564
(domestic) or 617-597-5312 (international) and providing the call
identifier �14761781� 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 August
13, 2008 by dialing 888-286-8010 (domestic) or 617-801-6888
(international) and using pass code �21199569.� 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 targets for production, costs, property dispositions, tax
rate, EBITDA, free cash flow, estimates of capital spending,
realized prices of oil and gas, the impact of oil and gas
derivatives, drilling activities, borrowing availability, 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 natural 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. Condensed Consolidated Balance Sheets (in
thousands, except share and per share amounts) � June 30, December
31, 2008 2007 ASSETS (unaudited) CURRENT ASSETS: Cash and cash
equivalents $ 16,999 $ 6,873 Accounts receivable: Oil and natural
gas sales, net of allowance of $21 ($287 at December 31, 2007)
24,074 15,136 Joint interest operations, net of allowance of $496
($428 at December 31, 2007) 1,232 687 Income taxes 13 58 Other, net
of allowance of $33 ($26 at December 31, 2007) 740 2,180 Prepaid
expenses 2,065 1,928 Deferred tax asset 15,595 3,786 Other current
assets � 1,107 � � 842 � Total current assets 61,825 31,490
PROPERTIES AND EQUIPMENT, AT COST: Oil and natural gas properties
and equipment, using full cost accounting 612,182 573,470
Unevaluated oil and natural gas properties 24,639 26,895 Other
property and equipment � 8,724 � � 8,787 � 645,545 609,152 Less
accumulated depreciation and amortization � (89,351 ) � (67,529 )
Total properties and equipment 556,194 541,623 OTHER ASSETS:
Deferred loan costs, net of accumulated amortization of $687
($4,540 at December 31, 2007) 4,566 5,135 Other � 2,088 � � 1,994 �
Total assets $ 624,673 � $ 580,242 � � LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable: Trade $
17,038 $ 11,121 Oil and natural gas proceeds due others 11,276
7,800 Related party 34 31 Other 2,875 1,371 Accrued liabilities:
Compensation 3,293 3,807 Interest 1,174 3,794 Franchise taxes 1,251
1,286 Income taxes 312 203 Other - 75 Derivative liabilities 33,726
5,302 Asset retirement obligations 1,643 1,904 Long-term debt due
within one year � 463 � � 29,231 � Total current liabilities 73,085
65,925 � OIL & NATURAL GAS PROCEEDS DUE OTHERS 2,475 2,383
DERIVATIVE LIABILITIES 13,447 3,073 LONG-TERM DEBT 254,589 306,516
DEFERRED INCOME TAXES 74,071 71,051 ASSET RETIREMENT OBLIGATIONS
26,670 25,741 UNCERTAIN TAX POSITIONS - 6,855 COMMITMENTS AND
CONTINGENCIES � STOCKHOLDERS' EQUITY: Common stock, $0.0001 par
value, 100,000,000 and 100,000,000 shares authorized, 79,495,667
and 60,842,836, shares issued, 78,609,519 and 59,971,945 shares
outstanding at June 30, 2008 and December 31, 2007, respectively 8
6 Additional paid-in capital 219,716 131,625 Treasury stock -
904,923 shares (889,666 shares at December 31,2007) at cost (4,015
) (3,945 ) Accumulated deficit � (35,373 ) � (28,988 )
Stockholders' equity � 180,336 � � 98,698 � Total liabilities and
stockholders' equity $ 624,673 � $ 580,242 � RAM Energy Resources,
Inc. Condensed Consolidated Statements of Operations (in thousands,
except share and per share amounts) (unaudited) � Three months
ended Six months ended June 30, June 30, � 2008 � � � 2007 � � 2008
� � � 2007 � � REVENUES AND OTHER OPERATING INCOME: Oil sales $
36,984 11,658 $ 65,644 21,880 Natural gas sales 15,349 4,579 26,227
8,189 Natural gas liquids sales 5,221 1,646 9,216 2,958 Realized
losses on derivatives (7,218 ) (105 ) (9,536 ) (135 ) Unrealized
losses on derivatives (33,808 ) (102 ) (39,067 ) (1,156 ) Other �
117 � � 99 � � 211 � � 302 � Total revenues and other operating
income � 16,645 � � 17,775 � � 52,695 � � 32,038 � � OPERATING
EXPENSES: Oil and natural gas production taxes 3,341 1,026 5,770
1,850 Oil and natural gas production expenses 9,458 4,683 18,780
9,210 Depreciation and amortization 11,179 4,129 21,802 7,554
Accretion expense 540 144 1,078 290 Share-based compensation 932
221 1,479 394 General and administrative, overhead and other
expenses, net of operator's overhead fees 5,539 2,578 11,056 4,924
Total operating expenses � 30,989 � � 12,781 � � 59,965 � � 24,222
� Operating income (loss) � (14,344 ) � 4,994 � � (7,270 ) � 7,816
� � OTHER INCOME (EXPENSE): Interest expense (6,197 ) (3,990 )
(14,359 ) (7,828 ) Interest income 75 313 148 520 Other expense �
(205 ) � - � � (354 ) � - � INCOME (LOSS) BEFORE INCOME TAXES �
(20,671 ) � 1,317 � � (21,835 ) � 508 � � INCOME TAX PROVISION
(BENEFIT) � (14,809 ) � 415 � � (15,450 ) � 186 � � NET INCOME
(LOSS) $ (5,862 ) $ 902 � $ (6,385 ) $ 322 � � EARNINGS (LOSS) PER
SHARE: Basic $ (0.08 ) $ 0.02 $ (0.10 ) $ 0.01 Diluted $ (0.08 ) $
0.02 $ (0.10 ) $ 0.01 � WEIGHTED AVERAGE SHARES OUTSTANDING: Basic
69,198,767 40,292,725 64,190,725 38,759,576 Diluted 69,198,767
40,384,374 64,190,725 38,850,432 RAM Energy Resources, Inc.
Condensed Consolidated Statement of Cash Flows (in thousands)
(unaudited) � � Six months ended June 30, � 2008 � � � 2007 �
OPERATING ACTIVITIES: � Net income (loss) $ (6,385 ) $ 322
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation and amortization 21,802 7,554
Amortization of deferred loan costs and Senior Notes discount 602
413 Accretion expense 1,078 290 Unrealized loss on derivatives
39,067 1,156 Deferred income taxes (15,490 ) (66 ) Share-based
compensation 1,479 394 Loss on disposal of other property,
equipment and subsidiary 174 - Undistributed losses on investment
174 - Changes in operating assets and liabilities, net of
acquisitions Accounts receivable (8,366 ) 101 Prepaid expenses and
other current assets (405 ) 166 Accounts payable and oil and gas
proceeds due others 11,250 (2,283 ) Accrued liabilities and other
(2,843 ) (697 ) Income taxes payable (237 ) 146 Asset retirement
obligations � (309 ) � - � Total adjustments � 47,976 � � 7,174 �
Net cash provided by operating activities 41,591 7,496 � INVESTING
ACTIVITIES: Payments for oil and natural gas properties and
equipment (37,434 ) (28,515 ) Proceeds from sales of oil and
natural gas properties and equipment 295 50 Payments for other
property and equipment (504 ) (109 ) Proceeds from sales of other
property and equipment 19 - Proceeds from sale of subsidiary, net
of cash 308 - Payments of merger costs � 35 � � - � Net cash used
in investing activities (37,281 ) (28,574 ) � FINANCING ACTIVITIES:
Payments on long-term debt (134,924 ) (546 ) Proceeds from
borrowings on long-term debt 54,226 16,056 Payments for deferred
loan costs (30 ) - Common stock repurchased (70 ) - Common stock
offering, net of direct costs - 27,366 Warrants exercised � 86,614
� � - � Net cash provided by financing activities � 5,816 � �
42,876 � � INCREASE IN CASH AND CASH EQUIVALENTS 10,126 21,798 CASH
AND CASH EQUIVALENTS, beginning of period � 6,873 � � 6,721 � CASH
AND CASH EQUIVALENTS, end of period $ 16,999 � $ 28,519 � RAM
Energy Resources, Inc. Condensed Consolidated Statements of Cash
Flows, continued (in thousands) (unaudited) � � Six months ended
June 30, 2008 � 2007 SUPPLEMENTAL CASH FLOW INFORMATION: � Cash
paid for interest $ 16,335 $ 7,300 Cash paid for income taxes $ 277
$ 5 � DISCLOSURE OF NON CASH INVESTING AND FINANCING ACTIVITIES:
Establishment of asset retirement obligations $ 224 $ - Amount
removed from asset retirement obligations for sold or retired wells
$ 292 $ - RAM Energy Resources, Inc. EBITDA, Free Cash Flow and
Adjusted Net Income ( non-GAAP measures) (unaudited) � Non-GAAP
Financial Measures EBITDA, a non-GAAP measure, represents cash
provided by operating activities before the impact of interest
expense, income taxes, DD&A, accretion, share based
compensation and unrealized gains or losses on derivative
transactions.��Free cash flow is also a non-GAAP measure
representing EBITDA after adjustments for the cash portion of
interest and income taxes.��Adjusted net income is a non-GAAP
measure which excludes the income tax affected impact of unrealized
derivative gains or losses on GAAP income. These non-GAAP measures
are 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).��These non-GAAP
measures are widely accepted as financial indicators 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. These non-GAAP measures are 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. � � � � RAM Energy Resources, Inc. Free Cash Flow
$000s, except per share amounts Qtr Ended Qtr Ended YTD YTD
6/30/2008 6/30/2007 6/30/2008 6/30/2007 EBITDA: Net income (loss) $
(5,862 ) $ 902 $ (6,385 ) $ 322 Plus: Interest expense $ 6,197 $
3,990 $ 14,359 $ 7,828 Plus: Amortization and depreciation &
accretion $ 11,719 $ 4,273 $ 22,880 $ 7,844 Plus: Share-based
compensation $ 932 $ 221 $ 1,479 $ 394 Plus: Income tax provision
(benefit) $ (14,809 ) $ 415 $ (15,450 ) $ 186 Less: Unrealized loss
on derivatives $ 33,808 $ 102 $ 39,067 $ 1,156 � � � � � EBITDA $
31,985 $ 9,903 $ 55,950 $ 17,730 � Less: � Cash paid for interest $
6,869 $ 2,813 $ 16,335 $ 7,300 Cash paid for income tax $ 277 $ 5 $
277 $ 5 � � � � � Free Cash Flow $ 24,839 � $ 7,085 $ 39,338 � $
10,425 � Weighted average shares outstanding - basic 69,199 40,293
64,191 38,760 Weighted average shares outstanding - diluted 69,199
40,384 64,191 38,850 � Cash Flow per Share - basic $ 0.36 $ 0.18 $
0.61 $ 0.27 Cash Flow per Share - diluted $ 0.36 $ 0.18 $ 0.61 $
0.27 � � Adjusted net income (loss): Net income (loss) $ (5,862 ) $
902 $ (6,385 ) $ 322 � Plus: Tax effected unrealized (gain)loss on
derivatives � 20,623 � � 69 � 24,222 � $ 728 � Adjusted net income
(loss) $ 14,761 � $ 971 $ 17,837 � $ 1,050 � Weighted average
shares outstanding - basic 69,199 40,293 64,191 38,760 Weighted
average shares outstanding - diluted 69,199 40,384 64,191 38,850 �
Earnings per Share - basic $ 0.21 $ 0.02 $ 0.28 $ 0.03 Earnings per
Share - diluted $ 0.21 $ 0.02 $ 0.28 $ 0.03 RAM Energy Resources,
Inc. Production By Areas Three Months Ended June 30, 2008 � � � � �
� Developing Fields Mature Oil Fields (a) Mature NaturalGas Fields
� � � � � Three Months Ended June 30, 2008 South Texas BarnettShale
Appalachia Total Aggregate Net Production Bbls Oil 11,361 544 -
237,265 51,142 300,312 Bbls NGLs 31,912 13,700 - 21,932 18,646
86,190 MCF 704,424 77,550 5,294 186,444 570,197 1,543,909 BOE
160,677 27,169 882 290,271 164,821 643,820 � Three Months Ended
June 30, 2007 Aggregate Net Production Bbls Oil - 1,649 - 144,761
39,983 186,393 Bbls NGLs - 1,671 - 12,740 22,469 36,880 MCF -
121,890 - - 561,905 683,795 BOE - 23,635 - 157,501 156,103 337,239
� Change in BOE 160,677 3,534 882 132,770 8,718 306,581 Percentage
Change in BOE 100.0% 15.0% 100.0% 84.3% 5.6% 90.9% � (a)�Includes
Electra/Burkburnett, Allen/Fitts and Layton fields. RAM Energy
Resources, Inc. Production By Areas Six Months Ended June 30, 2008
� � � � � � Developing Fields MatureOil Fields (a) MatureNaturalGas
Fields � Six Months Ended June 30, 2008 South Texas BarnettShale
Appalachia Total Aggregate Net Production Bbls Oil 21,493 1,792 -
470,231 104,780 598,296 Bbls NGLs 52,447 30,774 - 39,612 36,989
159,822 MCF 1,308,424 176,550 9,874 353,130 1,137,760 2,985,738 BOE
292,011 61,991 1,646 568,698 331,396 1,255,742 � Six Months Ended
June 30, 2007 Aggregate Net Production Bbls Oil - 2,101 - 364,836
796 367,733 Bbls NGLs - 2,547 - 31,143 37,769 71,459 MCF - 203,883
- 118,726 942,795 1,265,404 BOE - 38,628 - 415,767 195,697 650,092
� Change in BOE 292,011 23,363 1,646 152,931 135,699 605,650
Percentage Change in BOE 100.0% 60.5% 100.0% 36.8% 69.3% 93.2% �
(a) Includes Electra/Burkburnett, Allen/Fitts and Layton fields.
RAM Energy Resources, Inc. Net Production, Unit Prices and Costs �
Three Months Ended Six Months Ended 30-Jun-08 30-Jun-08 Production
volumes: Oil (MBbls) 300 598 NGL (MBbls) 86 160 Natural gas (MMcf)
1,544 2,986 Total (Mboe) 644 1,256 � � Average sale prices
received: Oil (per Bbl) $123.15 $109.72 NGL (per Bbl) $60.58 $57.66
Natural gas (per Mcf) $9.94 $8.78 Total per Boe $89.39 $80.50 �
Cash effect of derivative contracts: Oil (per Bbl) ($19.39)
($13.61) NGL (per Bbl) $0.00 $0.00 Natural gas (per Mcf) ($0.90)
($0.47) Total per Boe ($11.21) ($7.59) � Average prices computed
after cash effect of settlement of derivative contracts: Oil (per
Bbl) $103.76 $96.11 NGL (per Bbl) $60.58 $57.66 Natural gas (per
Mcf) $9.04 $8.31 Total per Boe $78.18 $72.91 � Cash expenses (per
Boe): Oil and natural gas production taxes $5.19 $4.59 Oil and
natural gas production expenses $14.69 $14.96 General and
administrative $8.60 $8.80 Net cash interest expense $9.05 $10.84
Total per Boe $37.53 $39.19 � Cash flow per Boe $40.65 $33.72
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