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
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