RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq:RAME) today announced an update to operating activity that occurred during the third quarter of 2006. Non-acquisition capital expenditures for the quarter were $5.7 million, resulting in year-to-date non-acquisition capital expenditures totaling $16.2 million, 33 percent above 2005 levels. Of the total $5.7 million oil and gas related non-acquisition capital expenditures in the third quarter 2006, $4.6 million was allocated to exploitation activity while $1.1 million was spent on exploratory activity. Total non-acquisition capital expenditures in the third quarter and year-to-date are in line with RAM�s targeted non-acquisition capital budget of $24.3 million for the 2006 year and augur for a continued increase in activity over last year. In September 2006, the company acquired properties currently producing from the Bend Conglomerate. RAM acquired an estimated 447,000 BOE of reserves consisting of a mix of 72 percent natural gas and 28 percent oil located in close proximity to its existing properties in North Texas. The purchase price of $4.4 million includes undeveloped deep rights in the Barnett Shale. Third Quarter Activity by Area During the third quarter, RAM drilled or participated in the drilling of 24 gross (21.49 net) development wells of which 16 gross (14.99 net) wells are capable of commercial production, and seven gross (6.25 net) wells are testing or completing at the current time. During the quarter RAM also participated in one gross (0.13 net) exploratory well which is currently completing. In the Electra/Burkburnett area of North Texas, responsible for approximately 55 percent of third quarter total net production, the company continues to increase development drilling and recompletion activity. A total of 20 gross (20 net) wells were drilled during this year�s third quarter. The year-to-date total of 61 wells drilled in the North Texas area is significantly above the 42 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 continuing on proved undeveloped locations in the company�s Boonsville area in Texas, targeting gas in the Bend Conglomerate formation. One successful well was drilled in the Boonsville area during the third quarter. In the company�s Barnett Shale play in the Ft. Worth Basin in Texas, the Etta Burress #1H well, completed by Devon Energy (successor in the farmout to Chief Oil & Gas), is recovering load and flowing at an initial rate of 1.5 MMcf equivalent per day. The Etta Burress #1H well is located on the same lease as the Burress #2H well, which was completed earlier this year. The Etta Burress #1H brings to nine the total number of Barnett Shale wells in which the company has an interest. A seismic acquisition program is also underway to help identify potential future drilling locations. The seismic program targets additional portions of the company�s Barnett Shale acreage, which will expand existing 3-D seismic data covering approximately 25 percent of the company�s 27,700 gross (6,800 net) acres in the Barnett Shale. In the company�s non-operated Vinegarone field in South Texas, RAM participated in the drilling of two successful wells in the quarter; one is being hooked up to pipeline facilities, and the other is completing. RAM has a 25 percent working interest in these two wells in the Vinegarone field. During the quarter, the company also participated through a 13 percent working interest in the drilling of an exploratory well located in the Arkoma Basin that is awaiting completion. Based on gas shows and electric log results in that well, the company has elected to participate in an offset well planned for the fourth quarter this year. During the quarter, the company initiated an exploration play in Southwest Texas, targeting the Wolfcamp Shale. RAM has acquired 15,000 acres in which it currently holds a 100 percent working interest. The company plans to spud two vertical wells during the fourth quarter to test the thick Wolfcamp 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, reserves acquired, NYMEX prices of oil and gas, 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. RAM Energy Resources, Inc. (Nasdaq:RAME) today announced an update to operating activity that occurred during the third quarter of 2006. Non-acquisition capital expenditures for the quarter were $5.7 million, resulting in year-to-date non-acquisition capital expenditures totaling $16.2 million, 33 percent above 2005 levels. Of the total $5.7 million oil and gas related non-acquisition capital expenditures in the third quarter 2006, $4.6 million was allocated to exploitation activity while $1.1 million was spent on exploratory activity. Total non-acquisition capital expenditures in the third quarter and year-to-date are in line with RAM's targeted non-acquisition capital budget of $24.3 million for the 2006 year and augur for a continued increase in activity over last year. In September 2006, the company acquired properties currently producing from the Bend Conglomerate. RAM acquired an estimated 447,000 BOE of reserves consisting of a mix of 72 percent natural gas and 28 percent oil located in close proximity to its existing properties in North Texas. The purchase price of $4.4 million includes undeveloped deep rights in the Barnett Shale. Third Quarter Activity by Area During the third quarter, RAM drilled or participated in the drilling of 24 gross (21.49 net) development wells of which 16 gross (14.99 net) wells are capable of commercial production, and seven gross (6.25 net) wells are testing or completing at the current time. During the quarter RAM also participated in one gross (0.13 net) exploratory well which is currently completing. In the Electra/Burkburnett area of North Texas, responsible for approximately 55 percent of third quarter total net production, the company continues to increase development drilling and recompletion activity. A total of 20 gross (20 net) wells were drilled during this year's third quarter. The year-to-date total of 61 wells drilled in the North Texas area is significantly above the 42 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 continuing on proved undeveloped locations in the company's Boonsville area in Texas, targeting gas in the Bend Conglomerate formation. One successful well was drilled in the Boonsville area during the third quarter. In the company's Barnett Shale play in the Ft. Worth Basin in Texas, the Etta Burress #1H well, completed by Devon Energy (successor in the farmout to Chief Oil & Gas), is recovering load and flowing at an initial rate of 1.5 MMcf equivalent per day. The Etta Burress #1H well is located on the same lease as the Burress #2H well, which was completed earlier this year. The Etta Burress #1H brings to nine the total number of Barnett Shale wells in which the company has an interest. A seismic acquisition program is also underway to help identify potential future drilling locations. The seismic program targets additional portions of the company's Barnett Shale acreage, which will expand existing 3-D seismic data covering approximately 25 percent of the company's 27,700 gross (6,800 net) acres in the Barnett Shale. In the company's non-operated Vinegarone field in South Texas, RAM participated in the drilling of two successful wells in the quarter; one is being hooked up to pipeline facilities, and the other is completing. RAM has a 25 percent working interest in these two wells in the Vinegarone field. During the quarter, the company also participated through a 13 percent working interest in the drilling of an exploratory well located in the Arkoma Basin that is awaiting completion. Based on gas shows and electric log results in that well, the company has elected to participate in an offset well planned for the fourth quarter this year. During the quarter, the company initiated an exploration play in Southwest Texas, targeting the Wolfcamp Shale. RAM has acquired 15,000 acres in which it currently holds a 100 percent working interest. The company plans to spud two vertical wells during the fourth quarter to test the thick Wolfcamp 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, reserves acquired, NYMEX prices of oil and gas, 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.