RAM Energy Resources, Inc. has reported first quarter production totaled 612,000 barrel equivalents, up 96 percent from 313,000 BOE in the first quarter 2007.
The company has also reported a net loss in the first quarter 2008 of $523,000 and a net income of $2.8 million.
RAM’s interest in Barnett Shale wells has increased to 20 wells, of which five are drilling or completing. The company had interests in 11 producing wells at year-end 2007. RAM’s inventory of seismically identified locations stands at 29.
Cash flow from operations increased 298 percent in the first quarter of 2008 to $16.2 million compared to $4.1 million reported in last year’s first quarter. Similarly, adjusted EBITDA rose 206 percent in the first quarter to $24.0 million compared to $7.8 million in the first quarter of 2007.
Oil and gas sales rose to $43.5 million, an increase of 188 percent above last year’s level, on the strength of higher production and higher hydrocarbon prices.
During the quarter, RAM participated in the drilling of 23 gross wells, 15 of which were completed as producing wells and eight were in various stages of completion at March 31.