RAM Energy Resources Reports Borrowing Base Reaffirmed by Commercial Lenders
01 Aprile 2009 - 8:30PM
Business Wire
RAM Energy Resources, Inc. (Nasdaq: RAME) reported today that
the company�s existing borrowing base of $175.0 million on its
revolving credit facility was reaffirmed by the company�s
commercial lenders as a result of RAM�s regularly scheduled
semi-annual borrowing base redetermination.
2009 Borrowing Base Reaffirmed
The company�s $250.0 million revolving credit facility had a
borrowing base of $175.0 million at December 31, 2008. As a result
of the semi-annual borrowing base redetermination, RAM�s commercial
lenders on April 1, 2009 reaffirmed the borrowing base of $175.0
million based on the value of the company�s proved reserves at
year-end 2008. Funds advanced under the revolver may be paid down
and re-borrowed during the term of the revolver which matures
November 2011. At March 31, 2009 the outstanding balance under the
revolving facility was $147.0 million, with remaining availability
of $28.0 million, less $300,000 for outstanding letters of credit.
The balance of the term loan portion of the credit facility is
$113.4 million at March 31, 2009 with a maturity of November 2012.
The weighted average LIBOR-based interest rate on total outstanding
borrowings of both the revolver and term loan are anticipated to be
less than 6.0 percent in the first quarter 2009.
�The reaffirmation of our borrowing base and the availability
remaining under our revolving credit facility provide an important
degree of liquidity and flexibility,� said Larry Lee, President and
CEO. �The excess borrowing capacity allows RAM to smooth out
quarterly volatility in operating cash flow so that on an annual
basis the 2009 non-acquisition capital budget of $40.0 - $45.0
million, remains within estimated cash flows,� added Mr. Lee.
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
explicit or implicit estimates of borrowing availability, financial
lending covenants, future production, capital spending, cash flow,
realized prices of oil and gas, interest expense and events or
developments that the company expects or believes are
forward-looking statements. Although RAM 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,
developmental, exploitation and exploration successes, actions
taken and to be taken by governments as a result of political and
economic conditions or other factors, inflation rates, 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 is an independent energy company engaged in the acquisition,
development, exploitation and exploration 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 Exchange under the symbol RAME. For additional
information, visit the company website at www.ramenergy.com.
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