RAM Energy Resources, Inc. (Nasdaq: RAME) today announced third
quarter 2008 production, earnings and financial highlights. Larry
Lee, Chairman and CEO stated �We continue to be pleased with record
third quarter production volumes, driven principally by our
developing field areas of the Barnett Shale and South Texas as well
as gains in our mature oil properties. We are also pleased to
report that cash flow generated from our operating activities has
enabled us to fund all of our non-acquisition capital expenditures
through the first nine months of this year.� Third quarter
production of 645,000 barrel equivalents (BOE), was up 92% from
336,000 BOE in the third quarter 2007. While year to year
comparisons are influenced considerably by the Ascent acquisition
in late 2007 and the 12 gross developmental wells that were drilled
and completed in this year�s quarter, third quarter 2008 production
was essentially flat compared to the second quarter of 2008. The
third quarter 2008 saw production increases from higher volumes in
developing fields and an increase in production from our mature oil
fields, which together were nearly completely offset by a decline
in volumes from our mature gas fields. Sequential production from
developing fields grew by nearly 18,000 BOE, or 9%, the product of
increased drilling activity primarily in our South Texas and
Barnett Shale areas. Similarly, production increased nearly 15,000
BOE, or 5%, during the quarter in the company�s mature oil fields.
Production from the company�s mature gas fields declined 31,000
BOE, or 19%, partially due to the temporary interruptions from
hurricanes in the quarter. All such temporarily shut-in hurricane
related production was reinstated by early October. Free cash flow
(a non-GAAP measure) was $26.7 million, or $0.35 per share, for the
third quarter 2008 compared to $3.1 million, or $0.08 per share, in
last year�s third quarter. Free cash flow fully funded third
quarter non-acquisition capital expenditures of $18.8 million.
EBITDA (a non-GAAP measure) was $31.5 million for the third
quarter, representing an increase of 200% from the same period last
year. For the third quarter 2008, RAM�s adjusted net income to
common shareholders (a non-GAAP measure) was $11.4 million, or
$0.15 per fully diluted share compared with $5.3 million, or $0.13
per share in last year�s third quarter. The calculation of adjusted
net income to common shareholders excludes the after tax impact of
unrealized, non-cash, mark-to-market (MTM) gains or losses
associated with oil and natural gas derivatives covering future
periods and, in the current period, MTM gains or losses associated
with the shares of RAM in escrow pending approval of a class action
settlement. Such MTM gains or losses are typically not included in
the published estimates of the company�s financial results made by
certain securities analysts. Recent extreme volatility in the price
of oil and natural gas has created wide swings in the MTM value of
RAM�s derivatives, making adjusted net income to shareholders a
more consistent measure of financial performance comparable from
period to period. Including MTM gains of $34.3 million at the end
of the third quarter, together with realized losses of $5.1 million
resulting from contract settlements and premium costs of
derivatives and a $6.7 million MTM loss on shares escrowed for the
lawsuit settlement (representing the net difference in the value at
September 30, 2008 of 3.2 million of RAM shares held in escrow
against RAM�s $16.0 million portion of the pending class action
settlement), RAM reported net income to shareholders in the third
quarter of $28.5 million, or $0.37 per fully diluted share.
Commodity Prices and Revenues The company�s realized price for oil
rose 61% to an average of $116.81 per barrel in the third quarter
of 2008, compared with last year�s third quarter average realized
price of $72.78 per barrel. Similarly, the company�s realized price
for natural gas increased 40% to an average of $8.85 per thousand
cubic feet (Mcf) compared to an average of $6.34 per Mcf in the
third quarter of 2007. In addition, the price of NGLs grew 41%,
averaging $66.16 per barrel for this year�s third quarter. The
substantial increase in production combined with higher hydrocarbon
prices in the third quarter 2008 compared to the year-ago quarter
resulted in total oil and natural gas sales rising to $54.2
million, an increase of 177% above last year�s level of $19.5
million. The impact from the rise in oil and gas sales was further
enhanced by net gains recorded from our derivatives. The
substantial decline in commodity prices since June 30, 2008
resulted in unrealized MTM derivative gains of $34.3 million for
the third quarter. These gains added substantially to oil and gas
revenue of $54.2 million, increasing total revenues to $83.5
million for the quarter after including realized derivative losses
of $5.1 million. The resulting impact from realized and unrealized
MTM derivative losses was a loss of $1.1 million in the prior year
and, as a result, total revenues for the third quarter 2007 were by
comparison $18.4 million. At September 30, 2008 the company had
derivative contracts in place covering approximately 2.4 million
BOE for the next six quarters. For the calendar year 2009, RAM has
a total of 1,048,500 barrels of oil, or 2,873 barrels per day of
its production hedged at an average floor price per barrel of
$64.11 and also has a total of 3.8 billion cubic feet, or 10,397
Mcf per day, of its natural gas production hedged at an average
floor price of $7.14 per Mcf. Costs and Expenses Production
expenses were $15.08 per BOE in the third quarter of 2008, or a
total of $9.7 million, substantially below the $16.85 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 18% in the most recent quarter compared to 29% in the similar
period last year. Production taxes were $4.76 per BOE in this
year�s third quarter, or a total of $3.1 million, 44% above the
$3.30 per BOE posted in the comparable 2007 quarter. The increase
is principally the result of a 45% higher average price per BOE in
the current quarter compared to the average price per BOE
prevailing in the third quarter of 2007. General and administrative
expenses of $5.0 million rose 105% above those expenses in last
year�s third quarter of $2.4 million as a result of an increased
number of employees coupled with higher salary expense 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 9% in the third quarter 2008 from the
year-ago level of 12%. Capital Expenditures Oil and natural gas
capital expenditures totaled $29.3 million in the third quarter
2008: $18.8 million to developmental and exploratory activities,
$10.5 million for the acquisition of proved and unproved
properties. During the third quarter, RAM participated in the
drilling of 17 gross (15.8 net) development wells and one gross
(1.0 net) exploratory wells. Twelve of the development wells were
capable of commercial production. The remaining wells were
completing, testing or drilling at the end of the period. Through
the nine months ended September 30, 2008 oil and natural gas
capital expenditures totaled $66.7 million; $55.1 million of
non-acquisition capital and $11.6 million allocated to
acquisitions. Long-Term Debt and Liquidity Long-term debt at
September 30, 2008 totaled approximately $246 million, while cash
and cash equivalents on the balance sheet aggregated to
approximately $6 million, for a net debt position of approximately
$240 million, largely unchanged from the net debt level of $237
million recorded at June 30, 2008. Primarily as a result of an
increase in net income for the quarter, RAM�s net debt to total
capital ratio has declined from 57% at June 30, 2008 to 54% at
September 30, 2008. Further, RAM�s near-term target is to reduce
net debt to total capital to a level below 50%. Net debt per BOE at
September 30, 2008 was $5.75 compared to the net debt per BOE level
of $7.61 at year-end 2007. At the end of the third quarter, RAM had
approximately $42 million of immediately available funds under the
existing credit facility. The current credit facility is composed
of a term loan of $113 million which matures in 4 years and a
revolving credit agreement of $175 million, with current borrowings
outstanding of $133 million, which matures in 3 years. RAM�s
weighted average cost of borrowed funds in the third quarter was
6.9%. Despite the well publicized widening of credit spreads in the
marketplace recently, the average cost of funds as of October 31,
2008 was nearly unchanged at 7.0%. Additionally, RAM was
comfortably in compliance with all of the covenants contained in
its credit agreements at the end of the third quarter. Nine Month
2008 Results The company�s nine month production totaled 1.9
million BOE, up 93% from 986,000 BOE during the same period in
2007. Increased production in the nine months ended September 30,
2008, combined with higher prices for commodities, drove total
sales of oil, NGLs and natural gas to $155.3 million, 196% above
sales in the same period of 2007. Free cash flow per share (a
non-GAAP measure) for the first nine months of 2008 was $66.1
million, or $0.96 per share, compared to $13.5 million, or $0.34
per share, for the same period last year. Free cash flow of $66.1
million more than funded non-acquisition capital expenditures of
$55.1 million made during the first nine months of the year. EBITDA
(a non-GAAP measure) was $87.5 million for the first nine months of
2008 compared to $28.3 million for the same period last year, an
increase of 209%. Guidance Based on third quarter results and the
company�s outlook for the remainder of the year, RAM expects
aggregate production for the 2008 year to meet or exceed the upper
range of its previous target of 2,550 MBOE before the impact of a
divestiture program currently underway. Additionally, based on
prices for oil and gas expected to prevail during the fourth
quarter 2008 resulting from current market conditions and existing
company derivative positions, management expects that cash flow
will continue to be sufficient to fund the remainder of the
company�s capital expenditures for the year. Management is actively
pursuing the sale of certain non-core reserves and associated
production in selected mature gas fields. The timing of such
transactions is uncertain. Through the end of the third quarter,
the company had realized proceeds of $1.0 million from its
divestiture program. At the current time, any additional proceeds
from divestitures are anticipated to be applied to reduce debt or
other general corporate purposes with the near-term goal to reduce
net debt to total capital to a level below 50%. RAM to Webcast
Third Quarter 2008 Conference Call The company�s teleconference
call to review third quarter results will be broadcast live on a
listen-only basis over the internet on Wednesday, November 5 at
8:00 a.m. Central Standard 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 (800) 291-9234 (domestic)
or (617) 614-3923 (international) and providing the call identifier
�94802829� 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 November 12, 2008 by
dialing (888) 286-8010 (domestic) or (617) 801-6888 (international)
and using pass code �89598105�. 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, long-term debt and associated
ratios, property dispositions, 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,
estimates of RAM�s portion of liability in a pending lawsuit, 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) � September 30,
December 31, 2008 2007 ASSETS (unaudited) CURRENT ASSETS: Cash and
cash equivalents $ 6,159 $ 6,873 Accounts receivable: Oil and
natural gas sales, net of allowance of $21 ($287 at December 31,
2007) 18,770 15,136 Joint interest operations, net of allowance of
$474 ($428 at December 31, 2007) 963 687 Income taxes 13 58 Other,
net of allowance of $32 ($26 at December 31, 2007) 801 2,180
Prepaid expenses 1,396 1,928 Deferred tax asset 15,595 3,786 Other
current assets � 11,068 � � 842 � Total current assets 54,765
31,490 PROPERTIES AND EQUIPMENT, AT COST: Oil and natural gas
properties and equipment, using full cost accounting 652,700
573,470 Unevaluated oil and natural gas properties 14,091 26,895
Other property and equipment � 9,306 � � 8,787 � 676,097 609,152
Less accumulated depreciation and amortization � (100,334 ) �
(67,529 ) Total properties and equipment 575,763 541,623 OTHER
ASSETS: Deferred loan costs, net of accumulated amortization of
$984 ($4,540 at December 31, 2007) 4,299 5,135 Other � 2,051 � �
1,994 � Total assets $ 636,878 � $ 580,242 � � LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable: Trade $
15,727 $ 11,121 Oil and natural gas proceeds due others 10,020
7,800 Related party 27 31 Other 943 1,371 Accrued liabilities:
Compensation 2,764 3,807 Interest 1,011 3,794 Franchise taxes 1,271
1,286 Income taxes 256 203 Contingencies 16,000 - Other - 75
Derivative liabilities 9,856 5,302 Asset retirement obligations
1,662 1,904 Long-term debt due within one year � 197 � � 29,231 �
Total current liabilities 59,734 65,925 � OIL & NATURAL GAS
PROCEEDS DUE OTHERS 2,493 2,383 DERIVATIVE LIABILITIES 2,645 3,073
LONG-TERM DEBT 246,571 306,516 DEFERRED INCOME TAXES 87,666 71,051
ASSET RETIREMENT OBLIGATIONS 28,349 25,741 UNCERTAIN TAX POSITIONS
- 6,855 COMMITMENTS AND CONTINGENCIES � STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value, 100,000,000 shares authorized,
79,455,051 and 60,842,836, shares issued, 78,568,372 and 59,971,945
shares outstanding at September 30, 2008 and December 31, 2007,
respectively 8 6 Additional paid-in capital 220,318 131,625
Treasury stock - 905,454 shares (889,666 shares at December 31,
2007) at cost (4,021 ) (3,945 ) Accumulated deficit � (6,885 ) �
(28,988 ) Stockholders' equity � 209,420 � � 98,698 � Total
liabilities and stockholders' equity $ 636,878 � $ 580,242 � � �
RAM Energy Resources, Inc. Condensed Consolidated Statements of
Operations (in thousands, except share and per share amounts)
(unaudited) � Three months ended Nine months ended September 30,
September 30, 2008 � 2007 2008 � 2007 � REVENUES AND OTHER
OPERATING INCOME: Oil sales $ 34,483 13,143 $ 100,127 35,022
Natural gas sales 13,980 4,066 40,207 12,255 Natural gas liquids
sales 5,729 2,279 14,945 5,238 Realized losses on derivatives
(5,054 ) (226 ) (14,590 ) (361 ) Unrealized gains (losses) on
derivatives 34,302 (920 ) (4,765 ) (2,076 ) Gain on sale of assets
- 11 10 11 Other � 69 � � 82 � � 270 � � 384 � Total revenues and
other operating income � 83,509 � � 18,435 � � 136,204 � � 50,473 �
� OPERATING EXPENSES: Oil and natural gas production taxes 3,070
1,110 8,840 2,960 Oil and natural gas production expenses 9,727
5,658 28,507 14,868 Depreciation and amortization 10,955 3,913
32,757 11,467 Accretion expense 552 146 1,630 436 Share-based
compensation 602 308 2,081 702 General and administrative, overhead
and other expenses, net of operator's overhead fees � 4,962 � �
2,424 � � 16,018 � � 7,348 � Total operating expenses � 29,868 � �
13,559 � � 89,833 � � 37,781 � Operating income � 53,641 � � 4,876
� � 46,371 � � 12,692 � � OTHER INCOME (EXPENSE): Interest expense
(4,817 ) (4,754 ) (19,176 ) (12,582 ) Interest income 38 357 186
877 Other expense � (6,733 ) � - � � (7,087 ) � - � INCOME BEFORE
INCOME TAXES � 42,129 � � 479 � � 20,294 � � 987 � � INCOME TAX
PROVISION (BENEFIT) � 13,641 � � (4,291 ) � (1,809 ) � (4,105 ) �
NET INCOME $ 28,488 � $ 4,770 � $ 22,103 � $ 5,092 � � EARNINGS PER
SHARE: Basic $ 0.37 $ 0.12 $ 0.32 $ 0.13 Diluted $ 0.37 $ 0.12 $
0.32 $ 0.13 � WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 76,972,191
40,292,725 68,482,312 39,276,241 Diluted 77,287,370 40,437,280
68,788,850 39,399,262 � RAM Energy Resources, Inc. Condensed
Consolidated Statements of Cash Flows (in thousands) (unaudited) �
Nine months ended September 30, 2008 � 2007 OPERATING ACTIVITIES: �
Net income $ 22,103 $ 5,092 Adjustments to reconcile net income to
net cash provided by operating activities: Depreciation and
amortization 32,757 11,467 Amortization of deferred loan costs and
Senior Notes discount 899 657 Accretion expense 1,630 436
Unrealized loss on derivatives 4,765 2,076 Deferred income taxes
(1,880 ) (4,385 ) Share-based compensation 2,081 702 Other expense
6,752 - Loss (gain) on disposal of other property, equipment and
subsidiary 174 (11 ) Undistributed losses on investment 165 -
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable (2,825 ) (896 ) Prepaid expenses and other
current assets (575 ) 246 Accounts payable and oil and gas proceeds
due others 6,753 1,313 Accrued liabilities and other (3,884 )
(4,142 ) Income taxes payable (309 ) 179 Asset retirement
obligations � (354 ) � - � Total adjustments � 46,149 � � 7,642 �
Net cash provided by operating activities 68,252 12,734 � INVESTING
ACTIVITIES: Payments for oil and natural gas properties and
equipment (66,739 ) (34,076 ) Proceeds from sales of oil and
natural gas properties and equipment 886 81 Payments for other
property and equipment (1,086 ) (650 ) Proceeds from sales of other
property and equipment 19 - Proceeds from sale of subsidiary, net
of cash 308 - Proceeds on investment 114 - Other � 35 � � - � Net
cash used in investing activities (66,463 ) (34,645 ) � FINANCING
ACTIVITIES: Payments on long-term debt (158,234 ) (741 ) Proceeds
from borrowings on long-term debt 69,253 16,208 Payments for
deferred loan costs (60 ) (657 ) Common stock repurchased (76 ) -
Common stock offering, net of direct costs - 27,366 Warrants
exercised � 86,614 � � - � Net cash (used in) provided by financing
activities � (2,503 ) � 42,176 � � (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS (714 ) 20,265 CASH AND CASH EQUIVALENTS, beginning
of period � 6,873 � � 6,721 � CASH AND CASH EQUIVALENTS, end of
period $ 6,159 � $ 26,986 � � RAM Energy Resources, Inc. Condensed
Consolidated Statements of Cash Flows, continued (in thousands)
(unaudited) � Nine months ended September 30, 2008 � 2007
SUPPLEMENTAL CASH FLOW INFORMATION: � Cash paid for interest $
20,994 $ 14,723 Cash paid for income taxes $ 380 $ 18 � DISCLOSURE
OF NON CASH INVESTING AND FINANCING ACTIVITIES: Establishment of
asset retirement obligations $ 1,540 $ 405 Amount removed from
asset retirement obligations for sold or retired wells $ 306 $ - �
� RAM Energy Resources, Inc. Net Production, Unit Prices and Costs
� Three Months Ended Nine Months Ended September 30, 2008 September
30, 2008 Production volumes: Oil (MBbls) 295 893 NGL (MBbls) 87 246
Natural gas (MMcf) 1,580 4,566 Total (Mboe) 645 1,901 � � Average
sale prices received: Oil (per Bbl) $ 116.81 $ 112.08 NGL (per Bbl)
$ 66.16 $ 60.65 Natural gas (per Mcf) $ 8.85 $ 8.81 Total per Boe $
83.92 $ 81.67 � � Cash effect of derivative contracts: Oil (per
Bbl) ($16.77 ) ($14.66 ) NGL (per Bbl) $ 0.00 $ 0.00 Natural gas
(per Mcf) ($0.06 ) ($0.33 ) Total per Boe ($7.83 ) ($7.68 ) � �
Average prices computed after cash effect of settlement of
derivative contracts: Oil (per Bbl) $ 100.04 $ 97.42 NGL (per Bbl)
$ 66.16 $ 60.65 Natural gas (per Mcf) $ 8.79 $ 8.48 Total per Boe $
76.09 $ 73.99 � � Cash expenses (per Boe): Oil and natural gas
production taxes $ 4.76 $ 4.65 Oil and natural gas production
expenses $ 15.08 $ 15.00 General and administrative $ 7.69 $ 8.43
Net cash interest expense $ 6.95 � $ 9.52 � Total per Boe $ 34.48 �
$ 37.60 � � Cash flow per Boe $ 41.61 � $ 36.39 � � � � � 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 or MTM settlement 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 or
unrealized MTM settlement 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 9/30/2008 9/30/2007 9/30/2008 9/30/2007 EBITDA: Net income
(loss) $ 28,488 $ 4,770 $ 22,103 $ 5,092 Plus: Interest expense $
4,817 $ 4,754 $ 19,176 $ 12,582 Plus: Amortization and depreciation
& accretion $ 11,507 $ 4,059 $ 34,387 $ 11,903 Plus:
Share-based compensation $ 602 $ 308 $ 2,081 $ 702 Plus: Income tax
provision (benefit) $ 13,641 $ (4,291 ) $ (1,809 ) $ (4,105 ) Less:
Unrealized gain (loss) on derivatives $ 34,302 $ (920 ) $ (4,765 )
$ (2,076 ) Less: Unrealized gain (loss) on MTM settlement $ (6,752
) - $ (6,752 ) - � � � � � EBITDA $ 31,505 $ 10,520 $ 87,455 $
28,250 � Less: Cash paid for interest $ 4,659 $ 7,423 $ 20,994 $
14,723 Cash paid for income tax $ 103 $ 13 $ 380 $ 18 � � � � �
Free Cash Flow $ 26,743 � $ 3,084 � $ 66,081 � $ 13,509 � �
Weighted average shares outstanding - basic 76,972 40,293 68,482
39,276 Weighted average shares outstanding - diluted 77,287 40,437
68,789 39,399 � Free Cash Flow per Share - basic $ 0.35 $ 0.08 $
0.96 $ 0.34 Free Cash Flow per Share - diluted $ 0.35 $ 0.08 $ 0.96
$ 0.34 � Adjusted net income (loss): Net income (loss) $ 28,488 $
4,770 $ 22,103 $ 5,092 � Plus: Tax effected unrealized (gain)loss
on derivatives $ (17,081 ) $ 570 $ 7,141 $ 1,287 � � � � Adjusted
net income (loss) $ 11,407 � $ 5,340 � $ 29,244 � $ 6,379 � �
Weighted average shares outstanding - basic 76,972 40,293 68,482
39,276 Weighted average shares outstanding - diluted 77,287 40,437
68,789 39,399 � Adjusted net income per Share - basic $ 0.15 $ 0.13
$ 0.43 $ 0.16 Adjusted net income per Share - diluted $ 0.15 $ 0.13
$ 0.43 $ 0.16 � � � � � � RAM Energy Resources, Inc. Production by
Areas Three Months Ended September 30, 2008 Mature Mature
Developing Fields Oil Fields (a) Natural Gas Fields � Three Months
Ended September 30, 2008 South Texas � Barnett Shale � Appalachia
Various Various Total Aggregate Net Production Oil (Bbls) 16,841
2,144 248 244,621 31,352 295,206 NGLs (Bbls) 31,662 13,495 - 20,579
20,857 86,593 Natural Gas (Mcf) 690,602 � � 141,601 � � 19,924 �
237,984 � 489,550 � 1,579,661 � Boe 163,603 � � 39,239 � � 3,569 �
304,864 � 133,801 � 645,076 � � Three Months Ended September 30,
2007 Aggregate Net Production Oil (Bbls) - 1,216 - 135,871 43,484
180,571 NGLs (Bbls) - 8,835 - 13,374 26,224 48,433 Natural Gas
(Mcf) - � � 139,000 � � - � - � 501,962 � 640,962 � Boe - � �
33,218 � � - � 149,245 � 153,368 � 335,831 � � Change in Boe
163,603 6,022 3,569 155,619 (19,567 ) 309,245 Percentage Change in
Boe 100.0 % 18.1 % 100.0 % 104.3 % -12.8 % 92.1 % � (a) Includes
Electra/Burkburnett, Allen/Fitts and Layton fields. � Three months
ended September 30, 2008 � 2007 Increase � Average sale prices: Oil
(per Bbl) $ 116.81 $ 72.78 60.5 % NGL (per Bbl) $ 66.16 $ 47.07
40.6 % Natural gas (per Mcf) $ 8.85 $ 6.34 39.6 % Per Boe $ 83.92 $
58.03 44.6 % � RAM Energy Resources, Inc. Production by Areas Nine
Months Ended September 30, 2008 � � � � � Mature � Mature �
Developing Fields Oil Fields (a) Natural Gas Fields � Nine Months
Ended Sept. 30, 2008 South Texas � Barnett Shale � Appalachia
Various Various Total Aggregate Net Production Oil (Bbls) 38,334
3,936 248 714,851 136,134 893,503 NGLs (Bbls) 84,109 44,269 -
60,191 57,846 246,415 Natural Gas (Mcf) 1,999,026 � � 318,151 � �
29,798 � 591,114 � 1,627,310 � 4,565,399 � Boe 455,614 � � 101,230
� � 5,214 � 873,561 � 465,198 � 1,900,817 � � Nine Months Ended
Sept. 30, 2007 Aggregate Net Production Oil (Bbls) - 3,317 -
500,707 44,281 548,305 NGLs (Bbls) - 11,382 - 44,517 63,993 119,892
Natural Gas (Mcf) - � � 342,883 � � - � 118,726 � 1,444,757 �
1,906,366 � Boe - � � 71,846 � � - � 565,012 � 349,067 � 985,925 �
� Change in Boe 455,614 29,384 5,214 308,549 116,131 914,892
Percentage Change in Boe 100.0 % 40.9 % 100.0 % 54.6 % 33.3 % 92.8
% � (a) Includes Electra/Burkburnett, Allen/Fitts and Layton
fields. � Nine months ended September 30, 2008 � 2007 Increase �
Average sale prices: Oil (per Bbl) $ 112.08 $ 63.87 75.5 % NGL (per
Bbl) $ 60.65 $ 43.69 38.8 % Natural gas (per Mcf) $ 8.81 $ 6.43
37.0 % Per Boe $ 81.67 $ 53.26 53.3 %
Ram Energy Resources, Inc. (MM) (NASDAQ:RAME)
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Ram Energy Resources, Inc. (MM) (NASDAQ:RAME)
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