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RAM Energy Resources, Inc (RAME) Announces Preliminary Capital Budget for 2008

RAM Energy Resources, Inc. (RAME) announced the company’s non-acquisition capital budget for 2008.

Report highlights include:

• A non-acquisition capital budget of $80 million
• $71.5 million, or 89 percent of this total, will be designated for the development and exploitation of further properties
• $3.5 million, or 4 percent, is allocated for various exploratory activities
• $5.0 million, or 5 percent, is designated for capitalized geological and geophysical costs

During the year of 2007, RAM’s capital expenditures have totaled $327.7 million. Throughout year 2007, approximately $286 million was attributed to the acquisition of Ascent, with an additional $18.7 million acquisition to be recognized by year end.

In RAM’s most prevalent property, the North Texas area, the company plans to further develop this area in 2008. The company has designated a total of $7.5 million, or nine percent of the total budget, for further operations in this location. Consequently, RAM plans to devote $5.0 million for the drilling of 36 additional wells when such fiscal need is recognized. The company has identified over 156 locations where significant reserves can exist, with further testing to be conducted during 2008.

Larry E. Lee, Chairman and CEO, stated, “The acquisition of Ascent effectively doubles the size of RAM’s proved reserves and production, enhances the diversification of our asset base and expands the company’s footprint as a shale player. The size and scope of our preliminary capital budget for 2008 is an expression of our aim to increase production over the near term from our existing asset base through conventional drilling opportunities along with the exploitation of newer opportunities in conventional and unconventional shale plays”

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