RAM Energy Resources Announces Third Well Proposal to Working Interest Owners in Barnett Shale
19 März 2007 - 8:53PM
Business Wire
RAM Energy Resources, Inc. (Nasdaq:RAME) today announced that it
has proposed a third well to EOG Resources, Inc. and other working
interest owners that jointly own interests with RAM in the
company�s North Texas Barnett Shale acreage. The Ramsey #1H is
proposed to be drilled to a true vertical depth of approximately
6,840 feet with a lateral length of approximately 2,800 feet to
test the Lower Barnett Shale formation. The well is located in
Southwest Wise County, Texas, within the prolific Fort Worth Basin.
Total estimated costs to drill and complete the well are $3.1
million. If all parties elect to participate in the drilling of the
Ramsey #1H, RAM will own a 24 percent working interest in the well
and will bear a like percentage of the costs. EOG and other working
interest owners have thirty days from receipt of RAM�s proposal to
elect to participate in the drilling of the well and share in the
costs according to their interests, or opt out of the drilling and
forfeit their working interest in the well. RAM has made two
previous well proposals in recent months; in each case EOG has
elected to participate, drill and operate the proposed wells. RAM
has an interest in 27,700 gross (6,800 net) acres in Jack and Wise
Counties, Texas with all the acreage held by production. Currently
RAM has 9 gross producing wells in the Barnett Shale, with the
tenth well, the T. L. Dickenson 1-H, awaiting completion. As a
result of its recent acquisition and ongoing review of 35
square-miles of 3-D seismic data, RAM has identified 18 additional
drilling locations on its Barnett Shale acreage. In addition, RAM
plans to acquire an additional 60 square-miles of 3-D seismic
during 2007. RAM has allocated $4.0 million of its $30.3 million
non-acquisition capital expenditure budget for 2007 to drilling and
developmental activity on its Barnett Shale acreage.
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, which address estimates of drilling costs, capital spending,
the possibility of reserve additions, the election of other working
interest owners to the Joint Operating Agreement to participate or
not in a well, and events or developments that RAM Energy Resources
expects or believes are forward-looking statements. Although RAM
Energy Resources 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, rig availability and general economic,
market or business conditions as well as numerous other risk
factors described from time-to-time in RAM Energy Resources�
periodic reports, proxy statements and other information statements
filed with the Securities and Exchange Commission. 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.
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