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RAM Energy Reports Net Loss for 2007

Posted on: Wednesday, 19 March 2008, 09:00 CDT

RAM Energy Resources has reported a net loss of $1.3 million, or $0.03 per share for 2007, compared to a net income of $5 million, or $0.16 per share in 2006.

Total production for 2007 was 1.4 million barrels of oil equivalent (boe), up 10% compared to 2006. RAM's production for the fourth quarter of 2007 rose 37% over the same period of 2006, principally as a result of the acquisition of Ascent.

For the quarter ended December 31, 2007 RAM posted a net loss of $6.3 million, or $0.13 per share, based upon 47.1 million weighted average fully diluted shares outstanding.

As a result of increases in production volumes and realized prices, oil and gas sales grew 96% to $29.4 million in the quarter compared to $15 million in the same quarter of 2006.

Larry Lee, chairman and CEO of RAM Energy, said: "Just as 2006 was a year of dramatic change during which the company transitioned from a private to a publicly traded entity, 2007 was also year of dramatic change for the company as it doubled reserves and production with the acquisition of Ascent late in the fourth quarter."

Source: Datamonitor

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