RAM Energy Resources, Inc. today announced the execution of a definitive agreement to acquire Ascent Energy Inc., a privately-held company. Total consideration will be a combination of cash, RAM common stock and RAM warrants.
Estimated acquisition price of $289.5 million, which equates to approximately $15.58 per BOE of proved reserves.
The purchase adds 18.6 million barrels of oil equivalent of proved reserves to RAM and daily production of approximately 3,162 BOE. It also adds upside potential from approximately 83,000 net acres of undeveloped leasehold, a majority of which are in active shale plays.