RAM Energy Resources, Inc. has announced that second quarter production totaled 644 thousand barrel equivalents, up 91 percent from 337 thousand BOE in the second quarter 2007, driven primarily by production from “developing fields” of 189 thousand BOE and production from “mature oil fields” of 290 thousand BOE. These areas produced 24 thousand BOE and 158 thousand BOE, respectively, in the prior year’s quarter.
Cash flow (a non-GAAP measure) was $24.8 million, or $0.36 per share, for the second quarter 2008 compared to $7.1 million, or $0.18 per share, in last year’s second quarter. EBITDA grew to a record level of $32.0 million for the second quarter, representing an increase of 223 percent from the same period last year.
For the second quarter 2008, RAM’s adjusted net income to common shareholders was $14.8 million, or $0.21 per common share.
During the second quarter an unrealized non-cash pre-tax Market to Market loss of $33.8 million attributable to future period oil and natural gas derivatives was incurred primarily as a result of an increase in oil and natural gas prices at June 30, 2008 compared to prevailing prices at March 31, 2008.