RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq: RAME) today announced fourth quarter and year ended December 31, 2008 earnings and operating results.

Fourth Quarter 2008 Highlights

• Record fourth quarter production of 653,000 barrel of oil equivalent (BOE) rose 50 percent above the 436,000 BOE in the same quarter last year
• EBITDA in the fourth quarter increased to $16.2 million compared to $14.1 million in the year ago quarter
• The blended interest rate on borrowings was substantially lower at 6.1 percent in the quarter versus 10.7 percent in fourth quarter 2007
• Recognized a non-cash impairment of $179.6 million after-tax to reflect the impact of lower hydrocarbon prices prevailing at year-end 2008
• Total cash expenses per BOE declined 11 percent versus those in last year�s fourth quarter

2008 Highlights

• RAM has grown production in each of the last three years, with production rising 80 percent to 2.6 million barrel equivalents (BOE) of oil and natural gas in 2008 compared to 1.4 million BOE in 2007
• Oil and gas sales rose 123 percent to $182.7 million versus $81.9 million in 2007, driven by higher production and prices
• EBITDA increased to $103.6 million compared to $42.4 million in 2007
• Free cash flow from operations was $77.1 million, or $1.09 per share, compared to $25.4 million, or $0.62 per share in 2007
• Outstanding debt was reduced by $85.0 million during the year to $250.7 million at year end compared to $335.7 million at year-end 2007
• Availability at December 31, 2008 under our revolving credit facility was $37.9 million.
• Total cash expenses per BOE declined four percent for the year compared to 2007

�The acquisition of Ascent in November 2007, in combination with existing projects, provided a rich inventory of drilling opportunities which we capitalized on during 2008. A 99 percent success rate on our drilling and increased capital spending afforded us by strong free cash flow resulted in production slightly exceeding our public guidance for 2008 and continuing production growth for the third consecutive year. Similarly our asset base, project inventory and financial liquidity, provides us the tools to maintain production levels in the current uncertain environment while positioning us to take advantage of growth opportunities in the future,� said Larry Lee, Chairman and CEO.

FOURTH QUARTER 2008

Production

RAM�s production for the fourth quarter 2008 rose 50 percent over that of the year-ago quarter, principally as a result of the contribution from Ascent production for the full quarter and increased volume from drilling activity. Total production for the fourth quarter 2008 was 653,000 BOE, an increase of 217,000 BOE compared to the year-ago quarter of 436,000 BOE. Daily average production for the fourth quarter 2008 was 7,097 BOE compared to 4,739 BOE in the same quarter of 2007.

Commodity Prices

The company�s realized price for oil decreased 35 percent to an average of $57.56 per barrel in the fourth quarter of 2008, compared with last year�s fourth quarter average realized price of $88.74 per barrel. RAM�s realized price for natural gas liquids also declined 56 percent to $26.32, compared to $59.37 per barrel in the last quarter of 2007. In addition, the price of natural gas dropped 20 percent to $5.05 per Mcf compared to $6.35 per Mcf in the fourth quarter of 2007.

Revenues

The increase in production was mitigated by the decline in hydrocarbon prices resulting in a seven percent decrease in oil and natural gas sales to $27.4 million compared to $29.4 million in 2007. Revenue from oil and gas sales was enhanced by realized and unrealized derivative gains of $42.1 million, raising total revenues to $69.7 million for the fourth quarter 2008. Total revenues for the fourth quarter of 2007 were limited to $19.2 million by realized and unrealized derivative losses totaling $10.3 million.

Costs and Expenses

Production costs rose in absolute dollar amounts with the increase in volume, however, RAM recorded benefits of cost containment efforts in several cost categories on a per BOE basis. Production expenses declined five percent to $14.55 per BOE from the 2007 level of $15.39 per BOE. Similarly, general and administrative expenses on a per BOE basis declined 37 percent in the quarter compared to the year ago quarter. Interest expense in the fourth quarter declined 39 percent to $5.0 million from the prior year�s quarter of $8.2 million, reflecting lower debt outstanding and a lower blended interest rate of 6.1 percent in the 2008 quarter compared to a rate of 10.7 percent in the 2007 quarter.

For the quarter ended December 31, 2008 RAM posted a net loss of $160.2 million, or a loss of $2.08 per share based on 77.0 million basic weighted average shares outstanding compared to a loss of $6.3 million, or a loss of $0.13 per share based upon 47.1 million weighted average fully diluted shares outstanding in the same quarter of 2007. A non-cash impairment of $282.5 million ($179.6 million after tax) was recognized in the fourth quarter to reflect the impact of lower hydrocarbon prices prevailing at year-end 2008 on the carrying value of its oil and gas properties. The adjusted loss for the fourth quarter 2008, considering the tax effected adjustments associated with the impairment, unrealized derivative gains and the litigation settlement, was $377,000 (See following EBITDA, Free Cash Flow and Adjusted Net Income Table). By comparison, RAM�s fourth quarter 2007 loss of $6.3 million was impacted by unrealized derivative losses of $8.0 million. The adjusted loss for the last year�s fourth quarter considering a tax effected adjustment associated with unrealized derivative losses was $1.3 million, or a loss of $0.03 per share.

Higher production volumes contributed to EBITDA for the 2008 quarter increasing 15 percent to $16.2 million compared to $14.1 million in the 2007 quarter. Free cash flow was $11.1 million, or $0.14 per share for the fourth quarter 2008 year compared to $11.9 million, or $0.25 per share, for the 2007 quarter.

2008 RESULTS

Production and Revenues

Total production for the year was 2.6 million BOE, up 80 percent from the prior year. The average price realized for oil rose 39 percent and the price received for natural gas rose by 23 percent. The beneficial effect of the increase in hydrocarbon prices in combination with the higher production volumes allowed oil and gas sales to rise 123 percent for the year to $182.7 million, compared to $81.9 million in 2007. Inclusive of realized and unrealized gains and losses on derivatives and other income, total revenues for the year was $205.9 million compared to $69.6 million in 2007.

Costs and Expenses

As was the case for the fourth quarter, oil and natural gas production expenses per BOE of production fell two percent to $14.89 from last year�s $15.18 per BOE level. G&A expense on a per BOE basis fell five percent to $7.95 versus $8.36 in 2007. Interest cost only rose 16 percent to $24.2 million compared to the prior year�s $20.8 million level while average debt outstanding for the year rose 45 percent. A 350 basis point drop in average interest cost for the year helped keep total interest cost from increasing further in 2008.

RAM reported a net loss of $138.1 million for 2008, or a loss of $1.95 a share on 70.6 million weighted average basic shares outstanding, which included the non-cash impairment of $282.5 million ($179.6 million after tax), and unrealized gains from derivatives of $33.3 million ($21.2 million after tax) most of which was incurred in the fourth quarter of the year as a result of the substantial drop in the price of oil and natural gas from their mid year peaks and a litigation settlement charge of $13.2 million. Adjusted net income for 2008, considering the tax effected adjustments associated with the impairment, litigation settlement and derivative gains, was $29.1 million, or $0.45 a share compared to adjusted net income in the 2007 year of $5.2 million, or $0.13 a share.

EBITDA for the 2008 year grew 145 percent to $103.6 million compared to $42.4 million in 2007. Similarly, free cash flow was $77.1 million, or $1.09 per share for the 2008 year compared to $25.4 million, or $0.62 per share, for 2007.

RAM to Webcast Conference Call to Review Fourth Quarter and Year-End 2007 Results

The company�s teleconference call to review fourth quarter and year-end 2008 results will be broadcast live on a listen-only basis over the internet on Thursday, March 12, at 9:00 a.m. Central Daylight Time. Interested parties may access the webcast by visiting the RAM Energy Resources, Inc. website at www.ramenergy.com. The teleconference may be accessed by dialing 1 (866) 831-5605 (domestic) or 1 (617) 213-8851 (international) and providing the call passcode �24746206� 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 March 19, 2008 by dialing 1 (888) 286-8010 (domestic) or 1 (617) 801-6888 (international) and using passcode �71257964�.

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 adjusted financial results, capital spending, prices of oil and gas and company realizations, the impact of oil and gas derivatives, drilling activities, borrowing availability, estimated production 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 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.

Consolidated Statements of Operations

�(in thousands, except share and per share amounts)

� � Three months ended Twelve months ended December 31, � December 31, � � 2008 � � � 2007 � � 2008 � � � 2007 � � REVENUES AND OTHER OPERATING INCOME: Oil sales $ 16,909 $ 19,978 $ 117,036 $ 55,000 Natural gas sales 7,677 5,575 47,884 17,830 Natural gas liquids sales 2,825 3,809 17,770 9,047 Realized gains (losses) on derivatives 4,118 (2,308 ) (10,472 ) (2,669 ) Unrealized gains (losses) on derivatives 38,022 (7,980 ) 33,257 (10,056 ) Gain on sale of assets - 50 10 61 Other � 102 � � 43 � � 372 � � 427 � Total revenues and other operating income � 69,653 � � 19,167 � � � 205,857 � � 69,640 � � OPERATING EXPENSES: Oil and natural gas production taxes 1,640 1,909 10,480 4,869 Oil and natural gas production expenses 9,523 6,706 38,030 21,574 Depreciation and amortization 14,001 7,481 46,758 18,948 Accretion expense 577 268 2,207 704 Impairment 282,465

-

282,465

-

Share-based compensation 482 287 2,563 989 General and administrative, overhead and other expenses, net of operator's overhead fees

�

�

� 4,287 � � 4,543 � � 20,305 � � 11,891 � Total operating expenses � 312,975 � � 21,194 � � 402,808 � � 58,975 � Operating income � (243,322 ) � (2,027 ) � (196,951 ) � 10,665 � � OTHER INCOME (EXPENSE): Interest expense (5,006 ) (8,175 ) (24,182 ) (20,757 ) Interest income 22 170 208 1,047 Other expense � (6,449 ) � � (57 ) � (13,536 ) � � (57 ) INCOME BEFORE INCOME TAXES � (254,755 ) � (10,089 ) � (234,461 ) � (9,102 ) � INCOME TAX PROVISION (BENEFIT) � (94,580 ) � � (3,747 ) � (96,389 ) � � (7,852 ) � NET INCOME $ (160,175 ) $ (6,342 ) $ (138,072 ) $ (1,250 ) � EARNINGS PER SHARE: Basic $ (2.08 ) $ (0.13 ) $ (1.95 ) $ (0.03 ) Diluted $ (2.08 ) $ (0.13 ) $ (1.95 ) $ (0.03 ) � WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 77,024,195 47,067,323 70,629,452 41,240,021 Diluted 77,024,195 47,067,323 70,629,452 41,240,021

RAM Energy Resources, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

� As of December 31, � 2008 � � � 2007 � ASSETS CURRENT ASSETS: Cash and cash equivalents $ 164 $ 6,873 Cash, restricted 16,000 - Accounts receivable: Oil and natural gas sales, net of allowance of $50 ($287 at December 31, 2007) 8,702 15,136 Joint interest operations, net of allowance of $515 ($428 at December 31, 2007) 818 687 Income taxes - 58 Other, net of allowance of $35 ($26 at December 31, 2007) 4,045 2,180 Derivative assets 21,006 - Prepaid expenses 2,330 1,928 Deferred tax asset - 3,786 Other current contingencies 2,816 - Other current assets � 4,141 � � 842 � Total current assets 60,022 31,490 PROPERTIES AND EQUIPMENT, AT COST: Proved oil and natural gas properties and equipment, using full cost accounting 683,341 573,470 Unevaluated oil and natural gas properties - 26,895 Other property and equipment � 9,460 � � 8,787 � 692,801 609,152 Less accumulated depreciation, amortization and impairment � (396,301 ) � (67,529 ) Total properties and equipment 296,500 541,623 OTHER ASSETS: Deferred tax asset 28,724 - Derivative assets 4,531 - Deferred loan costs, net of accumulated amortization of $1,282 ($4,540 at December 31, 2007) 4,015 5,135 Other � 2,053 � � 1,994 � Total assets $ 395,845 � $ 580,242 � LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable: Trade $ 26,370 $ 11,121 Oil and natural gas proceeds due others 7,218 7,800 Other 982 1,402 Accrued liabilities: Compensation 2,893 3,807 Interest 865 3,794 Franchise taxes 1,300 1,286 Income taxes 399 203 Contingencies 16,000 - Other - 75 Deferred income taxes 5,779 - Derivative liabilities - 5,302 Asset retirement obligations 1,093 1,904 Long-term debt due within one year � 160 � � 29,231 � Total current liabilities 63,059 65,925 OIL & NATURAL GAS PROCEEDS DUE OTHERS 2,523 2,383 DERIVATIVE LIABILITIES - 3,073 LONG-TERM DEBT 250,536 306,516 DEFERRED INCOME TAXES - 71,051 ASSET RETIREMENT OBLIGATIONS 29,106 25,741 UNCERTAIN TAX POSITIONS - 6,855 COMMITMENTS AND CONTINGENCIES 900 - � STOCKHOLDERS' EQUITY: Common stock, $0.0001 par value, 100,000,000 shares authorized, 79,423,574 and 60,842,836, shares issued, 78,532,134 and 59,971,945 shares outstanding at December 31, 2008 and 2007, respectively 8 6 Additional paid-in capital 220,800 131,625 Treasury stock - 891,440 shares (889,666 shares at December 31,2007) at cost (4,027 ) (3,945 ) Accumulated deficit � (167,060 ) � (28,988 ) Stockholders' equity � 49,721 � � 98,698 � Total liabilities and stockholders' equity $ 395,845 � $ 580,242 �

RAM Energy Resources, Inc.

Consolidated Statements of Cash Flows

(in thousands)

� Years ended December 31, � 2008 � � � 2007 � OPERATING ACTIVITIES: Net income (loss) $ (138,072 ) $ (1,250 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities- Depreciation and amortization 46,758 18,948 Amortization of deferred loan costs and Senior Notes discount 1,197 945 Write off of loan fees due to debt refinancing - 2,435 Accretion expense 2,207 704 Impairment 282,465 - Unrealized (gain) loss on derivatives (33,257 ) 10,056 Deferred income taxes provision (benefit) (97,024 ) (9,165 ) Other expense 13,184 - Share-based compensation 2,563 989 Loss (gain) on disposal of other property, equipment and subsidiary 180 (61 ) Undistributed losses on investment 165 57 Changes in operating assets and liabilities, net of acquisitions Accounts receivable 4,168 (2,775 ) Prepaid expenses and other assets (4,283 ) (117 ) Accounts payable and proceeds due others 14,606 (3,626 ) Accrued liabilities and other (3,917 ) (1,286 ) Restricted cash (16,000 ) - Income taxes payable (46 ) 1,313 Asset retirement obligations � (440 ) � (125 ) Total adjustments � 212,526 � � 18,292 � Net cash provided by operating activities 74,454 17,042 INVESTING ACTIVITIES: Payments for oil and natural gas properties and equipment (84,723 ) (40,101 ) Proceeds from sales of oil and natural gas properties 2,950 170 Payments for other property and equipment (1,275 ) (1,394 ) Proceeds from sales of other property and equipment 23 71 Proceeds from sale of subsidiary, net of cash 308 - Acquisition of Ascent, net of cash acquired 35 (199,726 ) Cash acquired in reverse merger - - Other investments � 114 � � (212 ) Net cash used in investing activities � (82,568 ) � (241,192 ) FINANCING ACTIVITIES: Payments on long-term debt (175,306 ) (921 ) Proceeds from borrowings on long-term debt 90,253 199,508 Payments for deferred loan costs (74 ) (1,480 ) Stock redemption - - Stock repurchased (82 ) (177 ) Common stock offering, net of direct costs - 27,366 Warrants exercised 86,614 6 Dividends paid � - � � - � Net cash provided by financing activities 1,405 224,302 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (6,709 ) 152 CASH AND CASH EQUIVALENTS, beginning of year � 6,873 � � 6,721 � CASH AND CASH EQUIVALENTS, end of year $ 164 � $ 6,873 � � SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes $

682

� $ 18 � Cash paid for interest $ 25,813 � $ 16,936 � DISCLOSURE OF NON CASH INVESTING AND FINANCING ACTIVITIES:

Accrued interest added to principal balance of credit facility

$ - � $ 481 �

Loan fees added to principal balance of credit facility

$ - � $ 4,400 � Issuance of stock and warrants for Ascent merger $ - � $ 101,065 �

Asset retirement obligations

$

787

� $

16,140

� �

�

RAM Energy Resources, Inc. Production by Area � � � � � � Mature Mature Developing Fields Oil Fields* Natural Gas Fields � Year Ended December 31, 2008 South

Texas

Barnett

Shale

Appalachia Various Various Total Aggregate Net Production Oil (MBbls) 49 7 1 977 153 1,187 NGLs (MBbls) 113 85 - 81 75 354 Natural Gas (MMcf) 2,587 576 62 1,046 1,811 6,082 MBoe 593 188 11 1,232 530 2,554 � Year Ended December 31, 2007 Aggregate Net Production Oil (MBbls) 3 4 - 706 61 774 NGLs (MBbls) 8 41 - 65 70 184 Natural Gas (MMcf) 199 490 - 405 1,691 2,785 MBoe 44 127 - 838 413 1,422 � Change in MBoe 549 61 11 394 117 1,132 Percentage Change in MBoe 1247.7% 48.0% NM 47.0% 28.3% 79.6% �

*Includes Electra/Burkburnett, Allen/Fitts and Layton Fields.

RAM Energy Resources, Inc. Production and Prices Summary � � � � � � � � � � For Three Months Ended December 31, Increase For Year Ended December 31, Increase � 2008 � 2007 � (Decrease) � 2008 � � 2007 � (Decrease) � Production volumes: Oil (MBbls) 293 226 29.6 % 1,187 774 53.3 % NGL (MBbls) 108 64 68.8 % 354 184 92.2 % Natural gas (MMcf) 1,517 879 72.6 % 6,082 2,785 118.4 % Total (Mboe) 653 436 49.8 % 2,554 1,422 79.6 % � Average sale prices received: Oil (per Bbl) $ 57.56 $ 88.74 -35.1 % $ 98.59 $ 71.11 38.6 % NGL (per Bbl) $ 26.32 $ 59.37 -55.7 % $ 50.24 $ 49.16 2.2 % Natural gas (per Mcf) $ 5.05 $ 6.35 -20.4 % $ 7.87 $ 6.40 23.0 % Total per Boe $ 41.80 $ 67.40 -38.0 % $ 71.52 $ 57.60 24.2 % � Cash effect of derivative contracts: Oil (per Bbl) $ 8.84 $ (11.44 ) -177.3 % $ (8.84 ) $ (4.35 ) 103.3 %

�

NGL (per Bbl) $ - $ - 0.0 % $ - $ - 0.0 % Natural gas (per Mcf) $ 1.00 $ 0.30 233.3 % $ 0.00 $ 0.25 -98.3 % Total per Boe $ 6.29 $ (5.30 ) -218.7 % $ (4.10 ) $ (1.88 ) 118.4 %

�

� Average prices computed after cash effect of settlement of derivative contracts: Oil (per Bbl) $ 66.40 $ 77.30 -14.1 % $ 89.75 $ 66.76 34.4 % NGL (per Bbl) $ 26.32 $ 59.37 -55.7 % $ 50.24 $ 49.16 2.2 % Natural gas (per Mcf) $ 6.05 $ 6.65 -9.0 % $ 7.87 $ 6.65 18.3 % Total per Boe $ 48.09 $ 62.10 -22.5 % $ 67.42 $ 55.72 21.0 % � Cash expenses (per Boe): Oil and natural gas production taxes $ 2.51 $ 4.38 -42.7 % $ 4.10 $ 3.43 19.8 % Oil and natural gas production expenses $ 14.55 $ 15.39 -5.5 % $ 14.89 $ 15.18 -1.9 % General and administrative $ 6.55 $ 10.43 -37.2 % $ 7.95 $ 8.36 -5.0 % Interest $ 7.38 $ 5.08 45.3 % $ 10.11 $ 11.91 -15.1 % Taxes $ 0.46 $ - 0.0 % $ 0.27 $ 0.01 2600.0 % Total per Boe $ 31.45 $ 35.28 -10.8 % $ 37.32 $ 38.89 -4.0 %

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, is determined by adding the following to net income (loss): interest expense, income taxes, depreciation, amortization, accretion, share based compensation, impairment charges 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 , MTM settlements transactions and impairment charges 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.

� � � $000s, except per share amounts � Qtr Ended � Qtr Ended YTD � YTD 12/31/2008 12/31/2007 12/31/2008 12/31/2007 EBITDA: Net income (loss) $ (160,175 ) $ (6,342 ) $ (138,072 ) $ (1,250 ) Plus: Interest expense $ 5,006 $ 8,175 $ 24,182 $ 20,757 Plus: Amortization and depreciation & accretion $ 14,578 $ 7,749 $ 48,965 $ 19,652 Plus: Share-based compensation $ 482 $ 287 $ 2,563 $ 989 Plus: Income tax provision (benefit) $ (94,580 ) $ (3,747 ) $ (96,389 ) $ (7,852 ) Plus: Impairment charges $ 282,465 $ - $ 282,465 $ - Plus: Settlement charge $ 6,432 $ - $ 13,184 $ - Less: Unrealized (gain) loss on derivatives $ (38,022 ) $ 7,980 $ (33,257 ) $ 10,056 � � � � � EBITDA $ 16,186 $ 14,102 $ 103,641 $ 42,352 � Less: � Cash paid for interest $ 4,819 $ 2,213 $ 25,813 $ 16,936 Cash paid for taxes $ 302 $ - $ 682 $ 18 � � � � �

Free cash flow

$ 11,065 � $ 11,889 � $ 77,146 � $ 25,398 � � Weighted average shares outstanding - basic 77,024 47,067 70,629 41,240 Weighted average shares outstanding - diluted

77,051

47,204

70,711 41,328 � Free Cash flow per share - basic $ 0.14 $ 0.25 $ 1.09 $ 0.62 Free Cash flow per share - diluted $ 0.14 $ 0.25 $ 1.09 $ 0.61 � � Adjusted net income (loss): Net income (loss) $ (160,175 ) $ (6,342 ) $ (138,072 ) $ (1,250 ) � Plus: Tax effected impairment charge 179,919 - 179,919 $ - � Plus: Tax effected settlement charge 4,097 - 8,398 - � Plus: Tax effected unrealized (gain)loss on derivatives � (24,218 ) � 5,083 � � (21,183 ) � 6,405 � � Adjusted net income (loss) $ (377 ) $ (1,259 ) $ 29,062 � $ 5,155 � � Weighted average shares outstanding - basic 77,024 47,067 70,629 41,240 Weighted average shares outstanding - diluted

77,024

47,067

70,711 41,328 � Adjusted net income (loss) per share - basic $ (0.00 ) $ (0.03 ) $ 0.41 $ 0.13 Adjusted net income (loss) per share - diluted $ (0.00 ) $ (0.03 ) $ 0.41 $ 0.12