RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq: RAME) today announced an update to operating activity reported for the first quarter of 2006. The Company's capital budget for the current year (excluding producing property acquisitions) is $24.3 million, a 62 percent increase over 2005 capital expenditures. Comparative capital spending for oil and gas exploitation and exploratory activities through April of 2006 of $5.7 million is 53 percent above the same period last year and augurs for a continued increase in activity over last year and over the first quarter 2006. In the Electra/Burkburnett area of north Texas, responsible for approximately 55 percent of first quarter total net production, the Company continues to increase development drilling and recompletion activity. A total of 14 gross (14 net) wells have been drilled to date during April and May. The year-to-date total of 34 wells drilled in the north Texas area is significantly above the 21 wells drilled during the same period last year and represents a pace of drilling for 2006 substantially above the 58 wells drilled in the area during the entire 2005 year. Activity is also increasing on proved undeveloped locations in the Company's Boonsville area in Texas, targeting gas in the Bend Conglomerate formation. One well has been drilled in the Boonsville area during the second quarter and is currently completing, while another is planned to spud early in the third quarter. In the company's non-operated Vinegarone field in south Texas, RAM has been notified by the operator of a plan to spud the first of three successive wells beginning in the third quarter of this year. RAM has a 25 percent working interest in the Vinegarone field and presently plans to participate in all three of the proposed wells. In the Company's Barnett Shale play in the Ft. Worth Basin in Texas, the EOG Resources operated Ashe #1 well targeting the Barnett Shale was successfully completed and had initial daily production of 1.9 MMcfe. RAM owns a 23.6 percent working interest in this well, the first well drilled on the Company's jointly owned acreage with EOG. In addition, the Etta Burress #1H, the sixth Barnett Shale well to be drilled by Chief Oil & Gas, is targeted to spud late in the second quarter on the same lease as the recently completed Burress #2H well. The drilling of the Etta Burress #1H will bring to nine the total number of Barnett Shale wells in which the company has an interest. A seismic acquisition program is underway targeting additional portions of the Company's Barnett Shale acreage, which will expand the existing 3-D seismic data covering approximately 25 percent of the Company's 27,700 gross (6,800 net) acres in the Barnett Shale. 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 drilling, capital spending, NYMEX prices of oil and gas and Company realizations, the impact of oil and gas hedging activities, 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 natural gas and crude oil. 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.