RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq: RAME) announced today that estimates of its proved oil and natural gas reserves at June 30, 2008 totaled 41.8 million barrels of oil equivalent (BOE) compared to 39.4 million BOE at year-end 2007. Reserve Replacement and Finding Cost Additions to proved reserves of 3.7 million BOE from all sources replaced 295% of 2008 first half production of 1.256 million BOE; finding and development cost associated with proved reserve additions from all sources, was approximately $10.09 per BOE in the first half of 2008. Mid-year 2008 estimated proved reserves of 41.8 million BOE are composed of 19.3 million barrels of oil, 5.0 million barrels of natural gas liquids and 105.4 Bcf of natural gas. Crude oil and natural gas liquids represent 58 percent of total proved reserves and natural gas reserves represent the remaining 42 percent of total proved reserves. Of the total proved reserves, a substantial 65 percent were classified as proved developed reserves. Prices and PV-10 Value Based on June 30, 2008 average prices of $138.32 per barrel for oil, $72.06 per barrel for natural gas liquids and $12.27 per Mcf for natural gas, calculated using SEC mandated methodology, the present value of estimated future net revenues, before income taxes, discounted at 10 percent (PV-10), attributable to the estimate of total proved reserves was $1.6 billion at June 30, 2008. This compares to a PV-10 of $911.5 million at year-end 2007, calculated using year-end 2007 average prices of $93.90 per barrel for oil, $54.69 per barrel for natural gas liquids and $7.00 per Mcf for natural gas. The increase in PV-10 value at mid-year 2008 compared to that of the year-end 2007 is primarily attributable to the increase in reserve volumes associated from drilling activity and the increases in prices at mid-year 2008 over those of year-end 2007 for oil, natural gas liquids and natural gas. RAM continues to employ, as it has in the past, independent petroleum engineering firms to prepare estimates of its proved reserves in all its operating areas. Capital Expenditures During the first half of 2008, the company made total oil and gas capital expenditures of $37.4 million; $27.27 million was spent primarily on development and exploitation activities, $9.0 million was spent on exploration and $1.17 million on the acquisition of unproven properties and allocated geological and geophysical expense. The capital spending of $37.4 million was focused primarily on growing production in our developing fields in South Texas and in the Barnett Shale, as well as, Fitts/Allen and other mature fields. Probable and Possible Reserves We are currently assessing our internal estimates of probable and possible reserves and intend to release these estimates later this year. 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 reserves, PV-10, standardized measure, future production, exploitation activities, operating costs, capital spending, cash flow, realized prices of oil and gas, the impact of oil and gas derivative financial instruments, and events or developments that the company expects or believes are forward-looking statements. Although RAM 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, developmental, exploitation and exploration successes, actions taken and to be taken by governments as a result of political and economic conditions or other factors, inflation rates, 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 is an independent energy company engaged in the acquisition, development, exploitation and exploration 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 Exchange under the symbol RAME. For additional information, visit the company website at www.ramenergy.com.