Tulsa-based Ram Energy Resources, Inc. today announced an update to operating activity.
Highlights for the company included a 37 percent increase in production over Q4 of 2006. Ram’s production for the fourth quarter 2007 was approximately 436,000 barrels of oil equivalent, raising the company’s total oil and gas production for 2007 to 1.4 million BOE, an increase of 10 percent over the prior year total of 1.3 million BOE.
The company also reported average daily production for the fourth quarter 2007 of 4,739 BOE compared to 3,446 BOE for the same quarter in 2006, raising average daily production for the 2007 year to 3,895 BOE.
Average daily production for the month of December 2007, the first full month of production following the acquisition of Ascent, was 6,580 BOE.
Ram’s Capital spending for the fourth quarter totaled approximately $311 million, of which approximately $304 million is attributable to the acquisition of Ascent. Exclusive of the Ascent transaction, non-acquisition capital spending was $6.8 million in the quarter, compared to non-acquisition capital spending of $6.6 million in the same quarter last year.
“The acquisition of Ascent substantially extended the scope and size of our operations and opportunities for growth from both conventional and unconventional resources. Coincident with the approval of our much increased non-acquisition capital expenditure budget for the year, we began to ramp up drilling and geological activity on selected new properties targeting production growth,” said Larry Lee, Chairman and CEO. ‘‘We continue to position the company to grow through a balanced strategy of acquisition, exploitation and exploration.’’