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Ram Energy Resources Inc. (RAME) Posts 1st Quarter Loss, but Production Rises 40% over Last Quarter

Ram Energy Resources Inc. (NASDAQ: RAME) posted a first-quarter net loss due to unrealized derivative losses of $5.3 million. The company reported a net loss of $523,000, or 1 cent per share, compared with a net loss of $580,000, or 2 cents per share, in the first quarter of 2007. Chairman and CEO Larry Lee did state that the company is positioned for growth through acquisition, exploitation and exploration.

Chairman and CEO Larry Lee said, “In the near term we are focused on growing overall production from our growth drivers while keeping up an active drilling pace in our project maintenance areas,” The company almost doubled its production of barrels of oil over the same period last year. The company stated that production was up 40% from the 4th quarter of 2007.

The increase in production was relevant to the acquisition of Ascent Energy Inc. late last year. RAM Energy Resources, Inc. based in Tulsa, Oklahoma is an independent energy company engaged in the acquisition, exploitation, exploration, and development of oil and gas properties and the marketing of crude oil and natural gas. RBC Capital Markets reiterated this morning that Ram Energy Resources, Inc. is an “Outperform” security and raised the target price from $7.00 to $8.00 per share.

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