RAM Energy Resources Announces Update of Review of Strategic Alternatives
07 Ottobre 2010 - 1:25PM
Business Wire
RAM Energy Resources, Inc. (Nasdaq: RAME) today announced an
update of the progress of its examination of strategic alternatives
as outlined in the company’s press release of June 15, 2010. Based
on a review of various alternatives presented by interested
parties, RAM has determined that deleveraging the company through
targeted asset sales and refinancing the company’s existing debt
will provide the greatest benefit to current shareholders. The
company is pursuing the strategic sales of selected assets with
anticipated proceeds used to reduce RAM’s outstanding debt. RAM
will be evaluating refinancing alternatives with respect to its
remaining outstanding debt while asset sales are completed. At the
current time the company does not expect that any of these
alternatives would require the issuance of additional equity
capital.
On June 15, 2010 RAM issued a press release announcing that the
Board of Directors of RAM had authorized management to investigate
a broad range of strategic alternatives available to the company,
all with a view to enhance shareholder value. The company engaged
Jefferies & Company, Inc. as its exclusive financial advisor to
assist in this strategic review process.
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
the company’s pursuit of strategic alternatives, including the
ability to complete any asset sales, the anticipated use of
proceeds from asset sales to reduce debt, any effort to refinance
outstanding debt, the current expectation that such actions can be
accomplished without requiring the issuance of additional equity
capital and the objective outcome of the strategic review process,
as well as 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.
About RAM Energy Resources
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.
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