RAM Energy Resources, Inc. today announced the execution of a purchase and sale agreement covering 120 wells in Southeast New Mexico and West Texas.
The seller is a privately held company.
RAM is acquiring a 100 percent working interest in all of the wells and will become the operator at closing, which is scheduled for May 15, 2007.
The purchase price is $18.5 million and is subject to customary closing adjustment. Daily net production from these wells totaled 232 BOPD and 290 MCFD during the month of January 2007, and net cash flow for the twelve months ending December 2006 totaled $4.1 million.